Post-effective amendment to a registration statement that is not immediately effective upon filing

Income Taxes (Successor)

v3.21.2
Income Taxes (Successor)
 12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
Income Taxes (Successor)
13. Income Taxes (Successor)
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
) 
    
 
 
  
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
 
    
 
 
  
The Company has determined that no valuation allowance on any of its deferred tax assets was necessary as of December 31, 2020.
As of December 31, 2020, the Company’s federal net operating loss carryforwards for income tax purposes was $6,944,000 which can be carried forward indefinitely.
The current portion of refundable income taxes was $215 as of December 31, 2020. There were no long-term refundable income taxes as of December 31, 2020.
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 )