Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2022 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Schedule of components of loss from continuing operations by domestic and foreign jurisdictions |
The following table presents the components of the loss from continuing operations before income taxes:
|
|
|
|
|
|
|
|
|
|
|
|
For the years ended December 31, |
|
|
2022 |
|
2021 |
|
2020 |
Domestic |
|
$ |
(521,302) |
|
$ |
(15,183) |
|
$ |
(14,107) |
Foreign |
|
|
— |
|
|
— |
|
|
— |
Loss from Continuing Operations before Income Taxes |
|
$ |
(521,302) |
|
$ |
(15,183) |
|
$ |
(14,107) |
|
| Schedule of components of income tax benefit expense |
The following table presents the components of income tax benefit (expense):
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, |
|
|
2022 |
|
2021 |
|
2020 |
Current: |
|
|
|
|
|
|
|
|
|
US Federal |
|
$ |
— |
|
$ |
— |
|
$ |
— |
US State |
|
|
(789) |
|
|
(254) |
|
|
— |
Foreign |
|
|
— |
|
|
— |
|
|
— |
Total current benefit (expense) |
|
$ |
(789) |
|
$ |
(254) |
|
$ |
— |
Deferred: |
|
|
|
|
|
|
|
|
|
US Federal |
|
$ |
12,538 |
|
$ |
— |
|
$ |
— |
US State |
|
|
— |
|
|
— |
|
|
— |
Foreign |
|
|
— |
|
|
— |
|
|
— |
Total deferred benefit |
|
|
12,538 |
|
|
— |
|
|
— |
Total benefit (expense) for income taxes |
|
$ |
11,749 |
|
$ |
(254) |
|
$ |
— |
|
| Schedule of deferred tax assets and liabilities |
The following table presents the tax effects of temporary differences and tax loss and credit carry forwards that give rise to significant portions of deferred tax assets and liabilities:
|
|
|
|
|
|
|
|
|
As of December 31, |
|
|
2022 |
|
2021 |
Deferred income tax assets: |
|
|
|
|
|
|
Net operating loss carryforwards |
|
$ |
150,167 |
|
$ |
65,681 |
Research and development credit carryforwards |
|
|
1,063 |
|
|
1,119 |
Long-term investments |
|
|
— |
|
|
3,402 |
Operating lease liabilities |
|
|
5,178 |
|
|
1,454 |
Stock option expense |
|
|
17,422 |
|
|
15,827 |
Bitcoin assets |
|
|
29,111 |
|
|
11,403 |
Intangible assets |
|
|
6,501 |
|
|
— |
Other assets |
|
|
1,330 |
|
|
— |
Deferred revenue |
|
|
4,595 |
|
|
— |
Total deferred tax assets |
|
|
215,367 |
|
|
98,886 |
Valuation allowance |
|
|
(108,060) |
|
|
(61,609) |
Net deferred tax assets |
|
|
107,307 |
|
|
37,277 |
Deferred income tax liabilities: |
|
|
|
|
|
|
Derivative asset |
|
|
(22,678) |
|
|
(5,477) |
Property and equipment and other |
|
|
(84,629) |
|
|
(31,800) |
Net deferred tax assets (liabilities) |
|
$ |
— |
|
$ |
— |
|
| Schedule of tax expense (benefit) based on the U.S. federal statutory rate |
The following table reconciles the tax expense (benefit) based on the U.S. federal statutory rate with actual tax expense (benefit):
|
|
|
|
|
|
|
|
|
|
|
|
For the years ended December 31, |
|
|
2022 |
|
2021 |
|
2020 |
Statutory federal income tax expense (benefit) |
|
$ |
(109,376) |
|
$ |
(3,188) |
|
$ |
(2,660) |
State taxes, net of federal tax expense (benefit) |
|
|
(3,403) |
|
|
67 |
|
|
(471) |
Goodwill impairment |
|
|
64,295 |
|
|
— |
|
|
(45) |
Contingent payment |
|
|
(12,538) |
|
|
— |
|
|
— |
Stock compensation |
|
|
(2,904) |
|
|
|
|
|
|
Other nondeductible expenses |
|
|
11,433 |
|
|
1,732 |
|
|
— |
Tax return to provision true-up |
|
|
(9,026) |
|
|
67 |
|
|
(8,737) |
State tax rate change |
|
|
3,321 |
|
|
(1,908) |
|
|
2,231 |
Other |
|
|
— |
|
|
— |
|
|
— |
Change in valuation allowance |
|
|
46,449 |
|
|
3,484 |
|
|
9,682 |
Income taxes expense (benefit) |
|
$ |
(11,749) |
|
$ |
254 |
|
$ |
— |
|