Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Summary of Income Tax Provision (Benefit) Reported in Consolidated Statements of Operations

Income tax provision (benefit) reported in the consolidated statements of operations is comprised of the following:

	For the Years Ended
	December 31,
($ in thousands)	2019			2018
Current provision (benefit)
Federal	$	—		$	—
State, net of state tax credits		70			—
Total current provision (benefit)		70			—
Deferred provision (benefit)
Federal		(7,515	)		1,377
State and local		(666	)		511
Valuation allowance		2,708			(1,888	)
Total deferred provision (benefit)		(5,473	)		—
Total income tax provision (benefit)	$	(5,403	)	$	—

Schedule of Reconciliation of Statutory Federal Income Tax Rate

The following is a reconciliation of the statutory federal income tax rate applied to pre-tax accounting net income (loss), compared to the income tax provision (benefit) in the consolidated statements of operations:

	For the Years Ended
	December 31,
($ in thousands)	2019					2018
Expected federal tax expense (benefit)	$	(8,005	)	21.0	%	$	(1,381	)	21.0	%
State tax provision, net of federal benefit		(1,298	)	3.4	%		(513	)	7.8	%
Acquisition accounting		(5,848	)	15.3	%		—		0.0	%
Prior year true up		662		-1.7	%		—		0.0	%
Change in tax rate		538		-1.4	%		—		0.0	%
Effect of increase in valuation allowance		8,560		-22.5	%		1,888		-28.7	%
Other permanent differences		(12	)	0.0	%		6		-0.1	%
Provision (benefit)	$	(5,403	)	14.2	%	$	—		0.0	%

Components of Net Deferred Taxes for Federal and State Income Taxes

The following are the components of the Company’s net deferred taxes for federal and state income taxes:

	December 31,
($ in thousands)	2019			2018
Deferred tax assets
Accrued expenses and other	$	823		$	206
Fixed assets and intangibles		—			2,069
Interest		1,522			—
Inventory		158			—
Stock based compensation		550			213
Lease liability		4,420			—
Loss carryforwards		9,930			3,970
Total deferred tax assets		17,403			6,458
Valuation allowance		(7,667	)		(4,129	)
Net deferred tax assets		9,736			2,329
Deferred tax liabilities:
Debt discount		(211	)		(2,329	)
Prepaid expenses		(269	)		—
Lease assets		(4,305	)		—
Fixed assets and intangibles		(5,326	)		—
Total deferred tax liabilities		(10,111	)		(2,329	)
Net non-current deferred tax liability	$	(375	)	$	—