Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Income (Loss) Before Provision for Income Taxes

Income (loss) before provision for income taxes consisted of the following (in thousands):

	Year Ended December 31,
	2022			2021
Domestic	$	2,221		$	33,191
Foreign		(509	)		(286	)
Income before provision for income taxes	$	1,712		$	32,905

Schedule of Income Tax Provision

The income tax provision for the year ended December 31, 2022 and 2021 consists of the following:

	Year Ended December 31,
	2022			2021
Current income tax provision (benefit):
Federal	$	749		$	—
State and Local		377			286
Foreign		5			—
Total current expense (benefit):		1,131			286
Deferred income tax provision (benefit):
Federal		(714	)		—
State and Local		(29	)		—
Foreign	-				—
Total deferred expense (benefit):		(743	)		—
Total income tax provision (benefit)	$	388		$	286

Schedule of Reconciliation of the Federal Income Tax Rate to the Company Effective Tax Rate

A reconciliation of the federal income tax rate to the Company’s effective tax rate for the year ended December 31, 2022 and 2021 is as follows:

	Year Ended December 31,
	2022			2021
Statutory federal income tax rate		21.00	%		21.00	%
State taxes, net of federal benefit		18.20	%		0.87	%
Nontaxable partnership income		-41.39	%		-21.00	%
Foreign rate differential		-2.71	%		0.00	%
Change in valuation allowance		27.55	%		0.00	%
		22.65	%		0.87	%

Schedule of Deferred Tax Assets and Liabilities

The Company’s net deferred tax assets (liabilities) as of December 31, 2022 and 2021 is as follows:

	Year Ended December 31,
	2022			2021
Deferred tax assets:
Outside basis difference in partnership	$	1,173		$	—
Net operating loss carryforwards		164			—
Intangibles		978			—
Total deferred tax assets	$	2,315		$	—
Valuation allowance		(477	)		—
Deferred tax assets, net of allowance	$	1,838		$	—