Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.24.0.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2023
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,

 

 

 

2023

 

 

2022

 

Federal statutory rate

 

$

(9,800

)

 

 

21.00

%

 

$

(46,515

)

 

 

21.00

%

Effect of:

 

 

 

 

 

 

 

 

 

 

 

 

State taxes, net of federal tax benefit

 

 

(1,799

)

 

 

3.85

%

 

 

(3,962

)

 

 

1.79

%

Deferred rate change

 

 

552

 

 

 

(1.18

)%

 

 

(847

)

 

 

0.38

%

Change in fair value of warrant liability

 

 

99

 

 

 

(0.21

)%

 

 

(1,664

)

 

 

0.75

%

Return to provision

 

 

(2,313

)

 

 

4.95

%

 

 

396

 

 

 

(0.18

)%

Goodwill impairment

 

 

25

 

 

 

(0.05

)%

 

 

28,720

 

 

 

(12.97

)%

Other permanent differences

 

 

708

 

 

 

(1.52

)%

 

 

(4,972

)

 

 

2.24

%

Other

 

 

41

 

 

 

(0.08

)%

 

 

1,411

 

 

 

(0.63

)%

Release of valuation allowance

 

 

 

 

 

%

 

 

(26,020

)

 

 

11.75

%

Change in valuation allowance

 

 

11,411

 

 

 

(24.45

)%

 

 

27,819

 

 

 

(12.56

)%

Total

 

$

(1,076

)

 

 

2.31

%

 

$

(25,634

)

 

 

11.57

%

Schedule of income tax benefit

The income tax benefit is as follows:

 

 

Years Ended
December 31,

 

 

 

2023

 

 

2022

 

Current:

 

 

 

 

 

 

Federal

 

$

 

 

$

 

State and local

 

 

672

 

 

 

185

 

Non-U.S.

 

 

343

 

 

 

201

 

 

 

1,015

 

 

 

386

 

 

 

 

 

 

 

Deferred taxes:

 

 

 

 

 

 

Federal

 

 

(2,091

)

 

 

(20,930

)

State and local

 

 

 

 

 

(5,090

)

Non-U.S.

 

 

 

 

 

 

 

 

(2,091

)

 

 

(26,020

)

Income tax benefit

 

$

(1,076

)

 

$

(25,634

)

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,

 

 

 

2023

 

 

2022

 

Net operating loss carryforwards

 

$

104,072

 

 

$

112,952

 

Allowance for losses on finance receivables

 

 

9,085

 

 

 

6,576

 

Research and development credit

 

 

1,246

 

 

 

1,246

 

Stock compensation

 

 

2,489

 

 

 

1,235

 

Interest expense deduction limitation

 

 

2,917

 

 

 

 

Operating lease liability

 

 

1,795

 

 

 

 

Legal reserve

 

 

70

 

 

 

454

 

Contingent liability

 

 

1,276

 

 

 

 

Other

 

 

375

 

 

 

718

 

Total deferred tax assets, gross

 

 

123,325

 

 

 

123,181

 

Less: valuation allowance

 

 

(96,363

)

 

 

(84,952

)

Total deferred tax assets, net

 

 

26,962

 

 

 

38,229

 

 

 

 

 

 

 

Depreciation and amortization

 

 

(26,145

)

 

 

(41,169

)

Operating lease right-of-use assets

 

 

(1,580

)

 

 

 

Other

 

 

(199

)

 

 

(114

)

Total deferred tax liabilities

 

 

(27,924

)

 

 

(41,283

)

Total deferred tax liabilities, net

 

$

(962

)

 

$

(3,054

)