Rodgers Silicon Valley Acquisition Corp. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Income Tax (Tables)

Income Tax (Tables)

12 Months Ended

Jan. 02, 2022

Schedule of income before income tax domestic and foreign

The following table discloses net loss before income taxes is attributable to the following geographic locations for the fiscal years 2021 and 2020 (in thousands).


	Fiscal Years
	2021			2020
United States	$	(125,797	)	$	(39,637	)
Foreign		(77	)		(13	)
Net loss before income taxes	$	(125,874	)	$	(39,650	)

Schedule of effective income tax rate

The difference between the effective tax rate and the U.S. federal statutory tax rate for the fiscal years 2021, and 2020 are as follows:


	Fiscal Years
	2021			2020
Federal statutory tax rate		21.0	%		21.0	%
State and local income taxes, net of federal benefit		3.7	%		4.3	%
Change in fair value of convertible promissory notes		—	%		(1.3	%)
Non-deductible convertible preferred stock warrant expense		(9.4	%)		(8.1	%)
Federal tax credits		0.3	%		0.5	%
Share-based compensation		(0.8	%)		(0.3	%)
Extinguishment of PPP Loan		—	%		0.9	%
Impact of changes in valuation allowance		(14.6	%)		(16.9	%)
Other		(0.2	%)		(0.1	%)
Effective tax rate		—	%		—	%

Schedule of deferred tax assets (liabilities)

Deferred tax assets (liabilities) as of January 2, 2022 and December 31, 2020 consist of the following:



	January 2, 2022			December 31, 2020
Gross deferred tax assets:
Deferred rent	$	—		$	442
Lease liabilities		2,687			—
Deferred revenue		2,201			1,538
Share-based compensation		1,769			346
Federal and state credit carryovers		4,604			3,994
Federal and state net operating losses		63,522			48,934
Transaction costs		1,656			—
Depreciation and amortization		250			—
Total gross deferred tax assets		76,689			55,254
Valuation allowance		(74,823	)		(54,734	)
Total deferred tax assets, net of valuation allowance		1,866			520
Deferred tax liabilities:
Depreciation and amortization		—			(520	)
Right-of-use asset		(1,866	)		—
Total deferred tax liabilities		(1,866	)		(520	)
Net deferred tax assets	$	—		$	—

Schedule of unrecognized tax benefits

The activity related to unrecognized tax benefits for the fiscal years 2021, and 2020 are as follows:


	Fiscal Years
	2021		2020
Balance at beginning of fiscal year	$	4,368	$	3,974
Increases related to current year tax positions		537		394
Increases related to the prior year tax positions		143		—
Balance at end of fiscal year	$	5,048	$	4,368