Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.22.0.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2021
Income Taxes  
Schedule of income tax provision

Our (loss) income before income taxes is comprised of the following:

(in thousands)

Year Ended December 31, 

2021

2020

    

2019

Domestic

$

(6,711)

$

30

$

13,061

Foreign

-

-

-

Total

$

(6,711)

$

30

$

13,061

The income tax provision consists of the following:

(in thousands)

Year Ended December 31, 

2021

2020

    

2019

Current Tax (Benefit) Expense

Federal

$

-

$

-

$

-

State

(81)

23

1

Total Current Tax (Benefit) Expense

(81)

23

1

Deferred Tax Expense

Federal

323

-

-

State

56

-

-

Total Deferred Tax Expense

379

-

-

Total Income Tax Expense

$

298

$

23

$

1

Schedule of reconciliation of federal statutory tax rate

(in thousands, except percentages)

Year Ended December 31, 

2021

2020 (1)

2019 (1)

$

%

$

%

$

%

Statutory Rate Applied to (Loss) Income Before Taxes

$

(1,409)

21.0%

$

-

-

%

$

-

-

%

Effect of

 

  

State Taxes, Net of Federal Benefit

45

(0.7)%

-

-

  

-

-

Pre-IPO Non-taxable/deductible Income

2,186

(32.5)%

-

-

  

-

-

Noncontrolling Interests

(464)

6.9%

-

-

  

-

-

Texas Tax Payable Write-off

(81)

1.2%

-

-

  

-

-

Other

21

(0.3)%

-

-

  

-

-

Total Effective Tax Rate

$

298

(4.4)%

$

-

-

%

$

-

-

%

(1) Prior to the IPO, Solaris LLC was structured as a partnership and, therefore, was generally not subject to U.S. federal income taxes.
Schedule of deferred tax assets and liabilities

(in thousands)

December 31, 

2021

    

2020

Deferred Income Tax Assets

 

 

  

Net Operating Losses

$

67,769

$

-

Total Deferred Income Tax Assets

67,769

 

-

Valuation Allowance

(608)

 

-

Net Deferred Income Tax Assets

67,161

 

-

Deferred Income Tax Liabilities

 

 

  

Investment in Partnership

(47,228)

 

-

Total Deferred Income Tax Liabilities

(47,228)

 

-

Net Deferred Income Tax Asset

$

19,933

$

-