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

Income Taxes (Successor) (Tables)

v3.21.1
Income Taxes (Successor) (Tables)
12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
Schedule of Provision For (Benefit) From Income Taxes
The provision for (benefit) from income taxes is set forth below (in thousands):
 
    
Successor
 
    
December 16, 2020

Through

December 31, 2020
 
Current:
        
U.S. Federal
   $ 4  
State
     —    
Foreign
     —    
    
 
 
 
Current tax provision
  
 
4
 
Deferred:
        
U.S. Federal
     (314
State
     (56
Foreign
     —    
    
 
 
 
Deferred tax provision (benefit)
  
 
(370
    
 
 
 
Income tax provision (benefit)
  
$
(366
    
 
 
 
Schedule of Deferred Tax Assets (Liabilities)
Deferred tax assets (liabilities) are set forth below (in thousands):
 
    
Year Ended
December 31, 2020
 
Deferred tax assets:
        
Allowance for doubtful accounts
   $ 33  
Fixed assets
     (1,876
Intangible assets
     (87
Goodwill
     (20
Deferred franchise fees
     752  
Deferred rent
     7  
Stock compensation
     203  
Accrued expenses
     —    
Accrued paid time off
     21  
Unrealized gain/loss on disposal of assets
     3  
Transaction costs
     127  
Net operating losses
     1,550  
    
 
 
 
Total net Deferred Tax Assets
  
$
713
 
    
 
 
 
Schedule of Reconciliation of Income Tax Rate
The reconciliation of income tax computed at the U.S. federal
s
tatutory rate of 21% to reported income tax is set forth below:
 
    
Successor
 
    
December 16, 2020
Through
December 31, 2020
 
Income tax provision at the U.S. federal statutory rate
   $ 1,046  
Permanent differences
     (181
Change in derivative liability
     (1,175
State taxes (tax effected)
     (56
    
 
 
 
Total tax expense (benefit)
   $ (366