Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.23.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit) The Company's provision for income taxes from continuing operations for the years ended December 31, 2022 and 2021 is as follows:
Years Ended December 31,
2022 2021
(in thousands)
Current:
Federal $ —  $ — 
State —  — 
Total current $ —  $ — 
Deferred:
Federal —  — 
State —  — 
Total deferred $ —  $ — 
Total provision for income taxes $ —  $ — 
Schedule of Effective Income Tax Rate Reconciliation Income tax (benefit) expense differed from the amount computed by applying the federal statutory income tax rate of 21% to loss before income taxes due to the following items for the years ended December 31, 2022 and 2021:
Years Ended December 31,
2022 2021
(in thousands)
Tax benefit at federal statutory rate $ (15,725) $ (51,673)
Non-deductible compensation (1,092) 4,431 
State tax, net of federal benefit (3,227) (3,296)
Valuation allowance 18,834  25,631 
Shortfall of stock compensation deduction 3,190  — 
Non-deductible interest —  21,715 
Non-taxable warrants (2,481) (5,016)
Uncertain tax position —  8,449 
Other 501  (241)
Income tax (expense) benefit $ —  $ — 
Schedule of Deferred Tax Assets and Liabilities
Deferred tax assets and liabilities as of December 31, 2022 and 2021, consisted of the following:
December 31,
2022 2021
(in thousands)
Deferred tax assets:
Net operating loss carryforwards $ 54,892  $ 45,181 
Sec. 163(j) carryforward 7,741  6,414 
Accruals and reserves 1,613  2,359 
Deferred revenue 271  778 
Capital loss carryforward 3,919  3,689 
Section 174 - research expenditures 6,238  — 
Other deferred tax assets 6,385  3,631 
Total deferred tax assets 81,059  62,052 
Valuation allowance (80,137) (61,460)
Total net deferred tax assets 922  592 
Deferred tax liabilities
Basis difference in intangibles (468) (588)
Other deferred tax liabilities (454) (4)
Total deferred tax liabilities (922) (592)
Net deferred tax liabilities $ —  $ — 
Summary of Operating Loss Carryforwards
Tax Effected Expiration
(in thousands)
Federal net operating loss (“NOL”) carryforward $ 7,966  2033-2036
Federal NOL carryforward 45,122  Indefinite
Federal capital loss carryforward 3,919  2025
State NOL carryforwards 1,804  2037-2042
Schedule of Unrecognized Tax Benefits Roll Forward
Below is a tabular reconciliation of the total amounts of unrecognized tax benefits:
2022 2021
(in thousands)
Unrecognized tax benefits - January 1 $ 8,443  $ — 
Gross increase - tax positions in current period —  8,443 
Gross increase - tax positions in prior period 563  — 
Unrecognized tax benefits - December 31 $ 9,006  $ 8,443