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 reconciliation of the federal statutory income tax rate

A reconciliation of the federal statutory income tax rate to the effective tax rate is as follows:

 

 

 

Years Ended December 31,

 

 

 

2022

 

 

2021

 

Federal statutory rate

 

$

(46,515

)

 

 

21.00

%

 

$

(38,258

)

 

 

21.00

%

Effect of:

 

 

 

 

 

 

 

 

 

 

 

 

State taxes, net of federal tax benefit

 

 

(3,962

)

 

 

1.79

%

 

 

(6,649

)

 

 

3.65

%

Deferred rate change

 

 

(847

)

 

 

0.38

%

 

 

(367

)

 

 

0.20

%

Change in fair value of subordinated convertible notes

 

 

 

 

 

%

 

 

8,794

 

 

 

(4.83

)%

Change in fair value of warrant liability

 

 

(1,664

)

 

 

0.75

%

 

 

8,322

 

 

 

(4.57

)%

Return to provision

 

 

396

 

 

 

(0.18

)%

 

 

3,453

 

 

 

(1.90

)%

Goodwill impairment

 

 

28,720

 

 

 

(12.97

)%

 

 

 

 

 

%

Other permanent differences

 

 

(4,972

)

 

 

2.24

%

 

 

(473

)

 

 

0.26

%

Other

 

 

1,411

 

 

 

(0.63

)%

 

 

1,180

 

 

 

(0.65

)%

Release of valuation allowance

 

 

(26,020

)

 

 

11.75

%

 

 

 

 

 

%

Change in valuation allowance

 

 

27,819

 

 

 

(12.56

)%

 

 

24,054

 

 

 

(13.20

)%

Total

 

$

(25,634

)

 

 

11.57

%

 

$

56

 

 

 

(0.03

)%

Schedule of income tax (benefit) expense

The income tax (benefit) expense is as follows:

 

 

 

Years Ended
December 31,

 

 

 

2022

 

 

2021

 

Current:

 

 

 

 

 

 

Federal

 

$

 

 

$

 

State and local

 

 

185

 

 

 

56

 

Non-U.S.

 

 

201

 

 

 

 

 

 

 

386

 

 

 

56

 

 

 

 

 

 

 

 

Deferred taxes:

 

 

 

 

 

 

Federal

 

 

(20,930

)

 

 

 

State and local

 

 

(5,090

)

 

 

 

Non-U.S.

 

 

 

 

 

 

 

 

 

(26,020

)

 

 

 

Income tax (benefit) expense

 

$

(25,634

)

 

$

56

 

Schedule of net deferred tax assets and liabilities

The tax effects of the primary temporary differences included in net deferred tax assets and liabilities are shown in the following table:

 

 

 

December 31,

 

 

 

2022

 

 

2021

 

Net operating loss carryforwards

 

$

112,952

 

 

$

72,867

 

Allowance for losses on finance receivables

 

 

6,576

 

 

 

6,318

 

Research and development credit

 

 

1,246

 

 

 

1,173

 

Stock compensation

 

 

1,235

 

 

 

326

 

Legal reserve

 

 

454

 

 

 

465

 

Other

 

 

718

 

 

 

3,610

 

Total deferred tax assets, gross

 

 

123,181

 

 

 

84,759

 

Less: valuation allowance

 

 

(84,952

)

 

 

(83,153

)

Total deferred tax assets, net

 

 

38,229

 

 

 

1,606

 

 

 

 

 

 

 

 

Deferred finance receivable fees and costs, net

 

 

(84

)

 

 

(261

)

Depreciation and amortization

 

 

(41,169

)

 

 

(1,312

)

Other

 

 

(30

)

 

 

(33

)

Total deferred tax liabilities

 

 

(41,283

)

 

 

(1,606

)

Total deferred tax liabilities, net

 

$

(3,054

)

 

$