Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.22.0.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2021
Income Taxes  
Schedule of components of provision for income taxes

December 31, 

2021

2020

Current provision:

    

  

    

  

Federal

$

$

State

 

92

 

38

Total current

 

92

 

38

Deferred benefit:

 

 

Federal

 

(2,983)

 

(38)

State

 

(356)

 

(8)

Total deferred

 

(3,339)

 

(46)

Income tax benefit

$

3,247

$

8

Schedule of reconciliation of the statutory U.S. federal rate to the Company's effective tax rate

For the Years Ended December 31, 

    

2021

2020

 

Provision for federal income taxes at statutory rates

    

3,305

    

(21)

%  

284

    

(21)

%

Provision for state income taxes, net of federal benefit

 

200

(1)

%  

(0.2)

 

%

Change in valuation allowance

 

(203)

1

%  

(272)

 

20

%

Nondeductible expenses

 

(55)

%  

(4)

 

%

Return to provision adjustments

 

%  

0.7

 

%

Other

 

%  

(0.6)

 

%

Income tax benefit

 

3,247

21

%  

8

 

1

%

Effective Tax Rate

 

20.6

%  

0.63

%  

  

Schedule of tax effects of the temporary differences and carryforwards that give rise to the deferred tax assets

December 31, 

2021

2020

Deferred tax assets

    

  

    

  

Net operating loss carryforward

$

5,581

$

2,103

Property and equipment

 

 

6

Intangibles

 

 

(39)

Reserves

 

47

 

15

Share based compensation

713

Interest expense carryforward

 

43

 

53

Research and development credits

35

Lease liability

 

1,009

 

101

Basis in partnership

3

Charitable contributions carryover

 

16

 

5

Total deferred tax assets

 

7,447

 

2,244

Deferred tax liabilities

 

 

Property and equipment

(66)

Intangibles

(3,432)

Internally developed software

 

(877)

 

(173)

Share based compensation

(126)

Right-of-Use assets

(991)

(100)

Prepaid expenses

 

(229)

 

(198)

Total deferred tax liabilities

 

(5,595)

 

(596)

Valuation allowance

 

(1,852)

 

(1,648)

Deferred tax asset, net

$

$