Schedule Of (Benefit) Provision For Income Taxes |
The components of the (benefit) provision for income taxes are as follows:
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Years Ended December 31, |
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2022 |
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2021 |
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2020 |
Current: |
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Federal |
$ |
— |
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$ |
— |
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$ |
— |
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State and Local |
— |
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(13,159) |
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— |
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Total Current |
— |
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(13,159) |
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— |
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Deferred: |
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Federal |
— |
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(21,864,569) |
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21,864,569 |
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State and Local |
— |
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30,639 |
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(30,639) |
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Total Deferred |
— |
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(21,833,930) |
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21,833,930 |
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Total (benefit) provision for income taxes |
$ |
— |
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$ |
(21,847,089) |
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$ |
21,833,930 |
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Schedule of Deferred Tax Assets and Liabilities |
Significant components of the Company’s deferred tax assets and liabilities are as follows:
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December 31 |
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2022 |
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2021 |
Deferred Tax (Liabilities) Assets: |
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Accrued expenses and reserves |
$ |
4,528,418 |
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$ |
590,340 |
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Warranty reserve |
470,342 |
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976,956 |
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Inventory and prepaid purchase reserves |
17,326,397 |
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21,506,626 |
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Non-qualified stock options |
(328,410) |
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(160,921) |
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Property, plant and equipment |
(1,955,842) |
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54,556 |
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Research and experimental costs |
4,435,891 |
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— |
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Lease right-of-use assets |
(2,515,792) |
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— |
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Lease liability |
2,175,883 |
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— |
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Issuance fees on convertible notes |
343,886 |
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687,772 |
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Federal tax credits |
5,099,750 |
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4,873,099 |
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Net operating losses |
66,112,929 |
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45,143,740 |
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Total Deferred Tax (Liabilities) Assets |
95,693,452 |
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73,672,168 |
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Valuation Allowance |
(95,693,452) |
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(73,672,168) |
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Total Deferred Tax Assets (Liabilities), net of valuation allowance |
$ |
— |
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$ |
— |
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Schedule of Unrecognized Tax Benefits Roll Forward |
The following table presents a reconciliation of unrecognized tax benefits:
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2022 |
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2021 |
Unrecognized tax benefits - January 1 |
$ |
805,392 |
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$ |
1,163,282 |
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Gross increases - tax positions in prior period |
— |
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— |
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Gross decreases - tax positions in prior period |
— |
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(357,890) |
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Gross increases - tax positions in current period |
— |
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— |
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Settlement |
— |
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— |
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Lapse of statute of limitations |
— |
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— |
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Unrecognized tax benefits - December 31 |
$ |
805,392 |
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$ |
805,392 |
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