Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.22.4
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Schedule of Income before Income Tax, Domestic and Foreign
The components of income (loss) before income tax expense (benefit) were:

For the Years Ended
December 31,
2022
September 30,
2021
October 1, 2021 - December 31, 2021 (Transition Period)
United States $ (21,563) $ (43,695) $ 947 
Foreign (6,469) —  (284)
Total (28,032) (43,695) 663 
Schedule of Components of Income Tax Expense (Benefit)
The provision (benefit) for income taxes is comprised of the following components:

For the Years Ended
Current:
December 31,
2022
September 30,
2021
October 1, 2021 - December 31, 2021 (Transition Period)
Federal
$ —  $ —  $ — 
State
—  —  — 
Total current
—  —  — 
Deferred:
Federal
(84) (2,701) (79)
State
(60) (942) (30)
Foreign (628) —  — 
Total deferred (772) (3,643) (109)
Total income tax benefit
$ (772) $ (3,643) $ (109)
Schedule of Effective Income Tax Rate Reconciliation The benefit for income taxes differs from the amount computed by applying the statutory federal income tax rate to income before benefit for income taxes. The sources and tax effects of the differences are as follows:
For the Years Ended
December 31,
2022
September 30,
2021
October 1, 2021 - December 31, 2021 (Transition Period)
Tax at federal statutory rate (21.00) % (21.00) % 21.00  %
State and local tax (8.43) % (4.17) % (4.57) %
Foreign rate differential 7.08  % —  % (2.35) %
Warrant liability (18.17) % 9.65  % (345.17) %
Non-deductible expenses —  % 1.20  % —  %
Transaction costs 2.27  % —  % 7.82  %
Earn-out 4.72  % —  % —  %
Prior year adjustments 0.64  % —  % (50.96) %
Other 0.57  % 0.43  % (0.28) %
Change in valuation allowance 35.07  % 22.23  % 358.15  %
Effective tax rate 2.75  % 8.34  % (16.36) %
Schedule of Deferred Tax Assets and Liabilities
The Company’s deferred tax assets/(liabilities) consist of the following:

As of December 31,
2022 2021
Deferred tax assets:
Net operating loss carryforwards $ 22,522  $ 15,882 
Stock-based compensation 2,225  1,654 
Research and development credits 424  222 
Capitalized Research Expenses 1,244  — 
Operating lease liability 4,690  188 
Accrued expenses 657  — 
Other 691  96 
Total deferred tax assets 32,453  18,042 
Deferred tax liabilities:
Property and equipment (155) (286)
481(a) Adjustment (97) (193)
Operating right-of-use asset (4,492) (188)
Amortization of intangibles (3,917) (2,371)
Total deferred tax liabilities (8,661) (3,038)
Total gross deferred tax assets 23,792  15,004 
Less: Valuation allowance (25,668) (15,148)
Deferred tax liabilities, net of valuation allowance $ (1,876) $ (144)