Greenlane Holdings, Inc. Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

A reconciliation of the income tax benefit computed at the U.S. federal statutory income tax rate to the income tax expense recognized is as follows:


(in thousands)	December 31, 2019
Expected federal income tax (benefit) expense at statutory rate	$	(6,067)
State tax expense, net of federal benefit	108
Loss attributable to non-controlling interests	6,264
Valuation allowance	10,041
Other, net	589
Income tax expense	$	10,935

The components of deferred tax assets and liabilities were as follows:


(in thousands)	December 31, 2019
Deferred tax assets:
Intangible assets	$	9,144
Net operating loss carryforwards	1,120
Total deferred tax assets	10,264
Valuation allowance	(10,041)
Net deferred tax assets	223
Deferred tax liability:
Basis difference in investment in the Operating Company	(223)
Net deferred tax assets and liabilities	$	—