Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.21.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
Schedule of Effective Income Tax Rate Reconciliation
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, 2020 December 31, 2019
Expected federal income tax (benefit) expense at statutory rate $ (9,977) $ (6,067)
State tax expense, net of federal benefit (652) 108 
Loss attributable to non-controlling interests 5,628  6,264 
Valuation allowance 5,290  10,041 
Other, net (95) 589 
Income tax expense $ 194  $ 10,935 
Schedule of Deferred Tax Assets and Liabilities The components of deferred tax assets and liabilities were as follows:
(in thousands) December 31, 2020 December 31, 2019
Deferred tax assets:
Intangible assets $ 9,197  $ 9,144 
Basis difference in investment in the Operating Company 742  — 
Net operating loss carryforwards 5,129  1,120 
Other 43  — 
Total deferred tax assets 15,111  10,264 
Valuation allowance (15,111) (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 $ —  $ —