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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2021
Income Taxes  
Schedule of Reconciliation of Effective Tax Rate to Statutory Federal Rate

A reconciliation of the statutory U.S. federal income tax rate to the Company’s effective tax rate consist of the following:

    

For the Years  Ended  December 31, 

2021

    

2020

 

Federal statutory rate

 

(21.00)

%  

(21.00)

%

Permanent items

 

(0.05)

%  

(0.04)

%

Fair market value earnout

(4.72)

%

%

Settlement warrants

13.35

%

%

Stock compensation

(0.02)

%

%

Foreign rate differential

 

(0.00)

%  

0.01

%

State taxes

 

(0.05)

%  

(1.74)

%

Increase in valuation allowance

 

12.62

%  

23.01

%

R&D credit

 

(0.13)

%  

(0.24)

%

Other

 

%  

0.00

%

Effective tax rate

 

0.00

%  

0.00

%

Schedule of Components of Income Tax Provision (Benefit)

The components of income tax provision (benefit) are as follows (in thousands):

    

As of December 31,

2021

    

2020

Federal

 

$

  

 

$

  

Current

Deferred

 

(11,709)

 

(11,016)

Foreign

 

  

 

  

Current

 

 

Deferred

 

(5)

 

3

State and Local

 

  

 

  

Current

 

 

Deferred

 

(42)

 

(901)

Change in Valuation Allowance

 

11,756

 

11,914

Total

$

$

Schedule of Deferred Tax Assets and Liabilities

As of December 31,

    

2021

    

2020

Deferred tax assets (liabilities):

Net operating loss carryforwards

$

28,053

$

8,244

Common stock warrants

 

1,876

 

1,406

Foreign net operating loss carryforwards

 

134

 

128

Founder share options

 

 

469

Stock-based compensation

 

1,584

 

681

Bonus accrual

 

100

 

121

Settlement liability

 

 

9,006

Other

 

 

59

R&D credit

 

500

 

375

Depreciation

 

(2)

 

 

32,245

 

20,489

Valuation allowance

 

(32,245)

 

(20,489)

Deferred tax assets, net of allowance

$

$