Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Net income (losses) before income taxes for the years ended December 31, 2023 and 2022 was as follows:


	For the years ended December 31,
	2023		2022
U.S.	$	(229,585)	$	(229,923)
Non-U.S.	110		161
Total income (loss) before income tax	$	(229,475)	$	(229,762)

Income tax expense (benefit) was as follows:


	For the years ended December 31,
	2023		2022
Current expense (benefit):
U.S. federal	$	—	$	—
U.S. state and local	—		—
Non-U.S.	31		51
Total current income tax (benefit) provision	$	31	$	51
Deferred expense (benefit):
U.S. federal	$	—	$	—
U.S. state and local	—		—
Non-U.S.	—		—
Total deferred income tax (benefit) provision	—		—
Total income tax (benefit) provision	$	31	$	51

The reconciliation from the statutory U.S. federal income tax rate to the effective tax rate is as follows:


	For the years ended December 31,
	2023		2022
Income (loss) before income taxes	$	(229,475)	$	(229,762)

Statutory U.S. federal income tax (21%)	(48,190)		(48,250)
State and local income tax	330		(12,051)
Income taxed at rates other than statutory	8		17
Non-deductible convertible debt	8,420		(2,220)
Non-deductible warrant cost	(5)		(178)
Stock-based compensation	1,687		1,622
Non-deductible officers compensation	2,580		—
Valuation allowance	34,821		60,444
Other	380		667
Total income tax expense	$	31	$	51
Effective tax rate	—		—

The components of deferred tax assets and liabilities at December 31, 2023 and 2022 were as follows:


	December 31,
	2023		2022
Deferred tax assets:
NOL carryforwards	$	152,380	$	121,142
Capital loss carryforwards	235		235
Tax credit carryforwards	65		65
Goodwill	6,735		7,427
Capitalized research & experimental costs	8,213		3,952
Stock-based compensation	3,819		4,819
Accruals and reserves	2,503		1,678
Organizational costs	124		140
Lease liability	1,309		1,413
Fixed assets	268		316

Inventory	977		663
Transaction costs	244		266
Deferred tax assets, gross	$	176,872	$	142,116
Valuation allowance	(175,680)		(140,858)
Total deferred tax assets, net	$	1,192	$	1,258
Deferred tax liabilities:

Right of use asset	(1,144)		(1,194)

Intangibles	(41)		(63)
Other	(7)		(1)
Deferred tax liabilities	(1,192)		(1,258)
Total deferred tax asset (liability)	$	—	$	—

The Company has unrecognized tax benefits associated with uncertain tax positions as of December 31, 2023 and 2022 as follows:


	For the years ended December 31,
	2023		2022
Gross unrecognized tax benefits as of January 1	$	685	$	719
Additions:
Current year tax positions	—		—
Prior year tax positions	—		—
Rate change	(5)		(34)
Settlements	—		—
Lapse of statute of limitations	—		—
Gross unrecognized tax benefits as of December 31	$	680	$	685