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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Provision for Income Taxes

The provision for income taxes for the years ended December 31, 2023 and 2022, consists of the following (in thousands):

			2023						2022
Current expense
State expense			$	(35)					$	(17)
Total current expense			(35)						(17)
Deferred (expense) benefit:
Federal expense			(1,940)						(857)
State benefit			102						346
Total deferred expense			(1,838)						(511)
Total expense			$	(1,873)					$	(528)

Schedule of Effective Income Tax Rate Reconciliation

The effective tax rate for the years ended December 31, 2023 and 2022, differs from the statutory rate as follows:

			2023						2022
Statutory rate			21.0		%				21.0		%
State and local taxes			(1.3)		%				812.2		%
Stock based compensation			0.7		%				(58.5)		%
Nondeductible compensation			8.2		%				(1,846.3)		%
Other			(0.3)		%				(217.1)		%
Effective rate			28.3		%				(1,288.7)		%

Schedule of Deferred Tax Assets and Liabilities

The income tax effects of temporary differences that give rise to significant portions of deferred income tax assets and (liabilities) as of December 31, 2023 and 2022, are as follows (in thousands):

			2023						2022
Deferred income tax assets:
Net operating loss			$	22,190					$	6,391
Research and development credits			1,313						1,338
Stock compensation			153						121
Interest expense			991						—
Inventory reserves			893						—
Deferred compensation			792						617
Other			285						354
Total deferred income tax assets			26,617						8,821
Deferred income tax liabilities:
Property and equipment			(68,110)						(48,427)
Goodwill and other intangible assets			(143)						(192)
Total deferred income tax liabilities			(68,253)						(48,619)
Net deferred income tax liabilities			$	(41,636)					$	(39,798)

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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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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 9
-Section 50
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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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