Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Components of Income Tax Expense (Benefit)

The income tax expense (benefit) in 2023, 2022, and 2021 consisted of the following:


	Year Ended December 31,
	2023		2022		2021
Current
Federal	$	—	$	—	$	(306)
State	—		—		(20)
	—		—		(326)
Deferred
Federal	400		—		433
State	(16)		—		353
	384		—		786
Total income tax expense	$	384	$	—	$	460

Schedule of Effective Income Tax Rate Reconciliation

The differences between the federal tax rate and the Company’s effective tax rate for the years ended December 31, 2023, 2022, and 2021 are as follows:


	Year Ended December 31,
	2023		2022		2021
Federal statutory income tax rate	21.00	%	21.00	%	21.00	%
State taxes, net of federal benefit	1.01		-11.94		-97.95
State rate change	-0.05		-2.15		-3.41
Revisions to prior years' estimates	-0.38		-3.71		-0.38
Nontaxable passthrough LLC income	-10.41		-87.14		-658.26
Change in valuation allowance	-6.93		83.94		864.95
Other	0.00		0.00		3.38
Transaction related expenses	-4.57		0.00		0.00
Revaluation of warrants	-0.29		0.00		0.00
Effective tax rate	(0.62)	%	—	%	129.33	%

Schedule of Deferred Tax Assets and Liabilities

Components of the net deferred tax assets and liabilities at December 31, 2023, 2022, and 2021 are as follows:


	As of December 31
	2023		2022
Deferred tax assets
Investment in partnership	$	9,337	$	—
Net operating loss carryforwards	10,092		6,589
Accrued expenses	160		165
Start-up costs	748		—
Gross deferred tax assets	20,337		6,754
Valuation allowance	(17,443)		(5,835)
Total deferred tax assets (after valuation allowance)	2,894		919

Deferred tax liabilities
Accounting method change	—		918
Fixed assets	—		1
Total deferred tax liabilities	—		919
Net deferred tax asset	$	2,894	$	—