Registration of securities issued in business combination transactions

TAX EXPENSE (Tables)

v3.23.3
TAX EXPENSE (Tables)
12 Months Ended
Dec. 31, 2022
TAX EXPENSE  
Schedule of provision for income taxes

 

 

Year Ended December 31,

 

 

 

2022

 

 

2021

 

Current:

 

 

 

 

 

 

Federal

 

$ 3,339

 

 

$ 107

 

State

 

 

 

 

 

860

 

Total Current Tax Expense

 

 

3,339

 

 

 

967

 

 

 

 

 

 

 

 

 

 

Deferred:

 

 

 

 

 

 

 

 

Federal

 

$ 1,073

 

 

$ 1,112

 

State

 

 

(7,196 )

 

 

(277 )

Total Deferred Tax Expense

 

 

(6,123 )

 

 

835

 

 

 

 

 

 

 

 

 

 

TOTAL TAX PROVISION

 

$ (2,784 )

 

$ 1,802

 

Schedule of deferred income tax assets and (liabilities)

 

 

Year Ended December 31,

 

 

 

2022

 

 

2021

 

Deferred Income Tax Assets:

 

 

 

 

 

 

Fixed Assets

 

$ 208

 

 

$

 

Accrued Expenses

 

 

22

 

 

 

58

 

Net Operating Losses

 

 

4,030

 

 

 

5,010

 

Total

 

 

4,260

 

 

 

5,068

 

 

 

 

 

 

 

 

 

 

Deferred Income Tax Liabilities:

 

 

 

 

 

 

 

 

Fixed Assets and Intangibles

 

 

 

 

 

(11,094 )

Leases

 

 

(134 )

 

 

(96 )

Total

 

 

(134 )

 

 

(11,190 )

 

 

 

 

 

 

 

 

 

Valuation Allowance

 

 

(4,126 )

 

 

 

Net Deferred Tax Assets (Liabilities)

 

$

 

 

$ (6,122 )
Schedule of effective tax rate and the statutory tax rate

 

 

Year Ended December 31,

 

 

 

2022

 

 

2021

 

 

 

 

 

 

 

 

Expected Income Tax  Benefit at Statutory Tax Rate, Net

 

$ (41,039 )

 

$ (6,385 )

Changes in Income Taxes Resulting From:

 

 

 

 

 

 

 

 

State Taxes (Net of Federal Tax Benefits)

 

 

(10,036 )

 

 

9,937

 

Decrease in Valuation Allowance

 

 

4,126

 

 

 

(14,375 )

Gain/Loss on Extinguishment of Debt

 

 

 

 

 

1,255

 

Non-Deductible 280E

 

 

5,339

 

 

 

5,421

 

Goodwill impairment

 

 

9,355

 

 

 

1,296

 

Debt Discount

 

 

274

 

 

 

239

 

Pass through and Managed

 

 

1,725

 

 

 

308

 

Disposal of Depreciable Assets

 

 

2,820

 

 

 

 

Impairment of Intangibles

 

 

25,024

 

 

 

 

Prior Year Adjustments and Other

 

 

(372 )

 

 

4,106

 

Reported Income Tax Expense (Benefit)

 

$ (2,784 )

 

$ 1,802