Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.22.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Schedule of domestic and foreign pre-tax income The domestic and foreign components of pre-tax income are as follows
    Years Ended December 31,  
$ in thousands   2021
(As Restated)		     2020  
Domestic   $ (136,753 )   $ (7,437 )
Foreign     (653 )    
—
  
Total loss before tax   $ (137,406 )   $ (7,437 )

 
Schedule of effective income tax rate reconciliation The effective tax rate of the provision for income tax differs from the federal statutory rate as follows for the periods indicated
    Years Ended December 31,  
$ in thousands   2021
(As Restated)		     2020  
U.S. federal statutory income tax rate   $ (28,855 )     21.0 %   $ (1,562 )     21.0 %
State taxes, net of federal benefit     (3,590 )     2.6 %     (75 )     1.0 %
SAFE instruments remeasurement     18,250       (13.3 )%    
—
      
—
 %
Warrant liability remeasurement     1,397       (1.0 )%    
—
      
—
 %
Transaction costs     (1,531 )     1.1 %    
—
      
—
 %
Valuation allowance     14,531       (10.6 )%     1,770       (23.8 )%
Other     (200 )     0.2 %     (133 )     1.8 %
Income tax expense   $ 2      
—
 %   $
—
      
—
 %

  
Schedule of deferred tax assets and liabilities The components of the deferred tax assets are as follows for the periods indicated
    Years Ended December 31,  
$ in thousands   2021     2020  
Deferred tax assets:            
Net operating loss carryforwards   $ 19,816     $ 5,605  
Stock compensation     1,705       158  
Operating lease liability     4,896       171  
Other     1,619       606  
Gross deferred tax assets     28,036       6,540  
Less: Valuation allowance     (21,238 )     (6,258 )
Net deferred tax assets     6,798       282  
Deferred tax liabilities:                
Depreciation and amortization     (887 )     (111 )
Right of use asset     (4,824 )     (171 )
Other     (1,087 )    
—
  
Net deferred income taxes   $
—
     $
—