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

Annual report pursuant to Section 13 and 15(d)

Cover
- Cover Page
Financial Statements
Notes to Financial Statements
Accounting Policies
- Summary of Significant Accounting Policies (Policies)
Notes Tables
Notes Details

Income Taxes (Tables)

v3.24.1

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Summary of Income Tax Expense And Effective Tax Rates

Income tax expense (recoveries) for the years ended December 31, 2023 and 2022 consisted of the following:


	2023			2022
Current income tax expense
Federal	$	15,769		$	16,035
State		4,362			2,438
Total current income tax expense		20,131			18,473
Deferred income tax recoveries
Federal		(2,787	)		(7,360	)
State		(644	)		(422	)
Total deferred income tax recoveries		(3,431	)		(7,782	)
Income tax expense	$	16,700		$	10,691

Summary of Effective Income Tax Rate Reconciliation

ncome tax expense differed from the amount computed by applying the federal statutory tax rate of 21.0% for the years ended December 31, 2023 and 2022 due to the following:


	2023			2022
Pretax loss at federal statutory rate	$	(12,583	)	$	(92,128	)
State income tax expense, net of federal expense		(1,249	)		(512	)
Non-deductible items		16,443			109,980
True-up of income taxes payable		(104	)		(398	)
Foreign deferred taxes with no benefit recognized		—			(24,663	)
Other items		(40	)		(31	)
Change in valuation allowance		14,233			18,443
Income tax expense	$	16,700		$	10,691

Summary of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred income tax assets and liabilities as of December 31, 2023 and 2022 are presented below:


	2023			2022
Deferred income tax assets:
Net operating loss carryforwards	$	47,431		$	45,761
Interest expense carryforwards		37,014			32,440
Stock based compensation		16,209			14,927
Intangible assets		2,916			3,901
Property, plant and equipment		5,391			4,898
Inventories		139			309
Other items		638			597
		109,738			102,833
Valuation allowance		(105,257	)		(98,519	)
Deferred income tax assets	$	4,481		$	4,314
Deferred income tax liabilities:
Intangibles resulting from acquisitions		(24,893	)		(28,129	)
Deferred income tax liabilities		(24,893	)		(28,129	)
Net deferred income tax liabilities	$	(20,412	)	$	(23,815	)

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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