Quarterly report pursuant to Section 13 or 15(d)

Income Taxes

v3.21.2
Income Taxes
 9 Months Ended
Sep. 30, 2021
Income Tax Disclosure [Abstract]  
Income Taxes
Note 6 - Income Taxes
The following table summarizes the Company’s income tax expense and effective tax rates for the three and nine months ended September 30, 2021, and 2020:
 
    
Three Months Ended
September 30,
    
Nine Months Ended
September 30,
  
    
2021
    
2020 (Revised)
    
2021
    
2020 (Revised)
  
Loss before income taxes
    $ (11,745 )    $ (19,862 )    $ (31,278 )    $ (274,365 ) 
Income tax expense
      4,090       5,609       19,265       12,272  
    
 
 
    
 
 
    
 
 
    
 
 
  
Effective tax rate
      (34.8 )%      (28.2 )%      (61.6 )%      (4.5 )% 
    
 
 
    
 
 
    
 
 
    
 
 
  
The effective tax rate may vary significantly from period to period and can be influenced by many factors. These factors include, but are not limited to, changes to the statutory rates in the jurisdictions where the Company has operations and changes in the valuation of deferred tax assets and liabilities. The difference between the effective tax rate and the federal statutory rate of 21% primarily relates to certain
non-deductible
items, state and local income taxes and the valuation allowance for deferred tax assets of
non-cultivator
entities.