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

Income taxes (FY) (Tables)

v3.21.1
Income taxes (FY) (Tables)
 12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
Schedule of effective income tax rate reconciliation
The following table is a reconciliation of the components that caused our provision for income taxes to differ from amounts computed by applying the United States federal statutory rate of 21% (in thousands):

   
Years Ended December 31,
  
   
2020
    
2019
  
Statutory U.S. Federal income tax
  
$
(12,482
)
    
21.0
%
  
$
(38,760
)
    
21.0
%
State income taxes, net
    
(1,720
)
    
2.9
%
    
(818
)
    
0.4
%
LLC income not taxed
    
—
      
—
%
    
2,376
      
(1.3
%)
Loss on acquisitions
    
—
      
—
%
    
29,051
      
(15.7
%)
Change in valuation allowance
    
8,811
      
(14.8
%)
    
7,892
      
(4.3
%)
Warrant valuation
    
4,763
      
(8.0
)%
    
19
      
—
%
Tax effect of non-deductible warrant expense
    
2,000
      
(3.4
)%
    
—
      
—
%
Return to provision adjustment
    
(1,571
)
    
2.6
%
    
—
      
—
%
Other
    
199
      
(0.3
)%
    
240
      
0.1
%
Total provision
  
$
—
      
0
%
  
$
—
      
0
%
Schedule of deferred tax assets and liabilities
Significant components of the Company’s deferred tax assets and liabilities are as follows (in thousands):

   
December 31,
  
   
2020
    
2019
  
Deferred income tax assets:
            
Net operating loss carryforwards
  
$
11,185
    
$
8,503
  
ROU assets
    
81
      
—
  
Share-based compensation
    
5,728
      
2,493
  
Inventory
    
212
      
—
  
Other assets
    
2,595
      
301
  
Gross deferred tax assets
    
19,801
      
11,297
  
Valuation allowance
    
(16,724
)
    
(7,913
)
Net deferred tax assets
  
$
3,077
    
$
3,384
  
Deferred income tax liabilities:
                
Inventory
    
—
      
(137
)
Operating lease liabilities
    
(79
)
    
—
  
Intangibles
    
(2,998
)
    
(3,247
)
Deferred tax assets, net of valuation allowance
  
$
—
    
$
—
  
Summary of valuation allowance
Changes in valuation allowance are as follows (in thousands):

   
Years Ended December 31,
  
   
2020
    
2019
  
Valuation allowance, at beginning of year
  
$
7,913
    
$
—
  
Increase in valuation allowance
    
8,811
      
7,892
  
Halo Acquisition
    
—
      
21
  
Valuation allowance, at end of year
  
$
16,724
    
$
7,913