General form of registration statement for all companies including face-amount certificate companies

Income Taxes (Tables)

v3.22.2.2
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit)
The components of the Company’s deferred tax assets and liabilities are as follows:
 
 
  
Year Ended
December 31,

(in thousands)
 
 
  
2021
 
  
2020
 
Currently reportable expense
  
     
  
     
Federal
   $ —        $ —    
State
     —          —    
    
 
 
    
 
 
 
       —          —    
Deferred benefit:
                 
Federal
     6,129        1,841  
State
     2,163        591  
    
 
 
    
 
 
 
       8,292        2,432  
Less valuation allowance
     (8,292      (2,432
    
 
 
    
 
 
 
Total provision for income tax expense
   $ —        $ —    
    
 
 
    
 
 
 
Schedule of Deferred Tax Assets and Liabilities
 
  
December 31,

(in thousands)
 
 
  
2021
 
  
2020
 
Gross deferred tax assets arising from
  
     
  
     
Net operating loss carryforwards
   $ 11,619      $ 1,990  
ASC 842
right-of-use
asset and liability
     3,661        979  
Capitalized SPAC transaction costs
     1,207        —    
    
 
 
    
 
 
 
       16,487        2,969  
Deferred tax liabilities arising from:
                 
Deferred franchise tax
     (598      —    
ASC 842
right-of-use
asset
     (3,071      —    
Depreciation
     (1,714      (156
    
 
 
    
 
 
 
Total deferred tax liabilities
     (5,383      (156
Net deferred tax assets before valuation allowance
     11,104        2,813  
Less valuation allowance
     (11,104      (2,813
    
 
 
    
 
 
 
Net deferred tax assets
   $ —        $ —