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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

SCHEDULE OF INCOME TAX EXPENSE

Income tax expense differs from the statutory amounts for each of the following years (in thousands):

 SCHEDULE OF INCOME TAX EXPENSE 

		2023				2022
		For the year ended December 31,
		2023				2022
Income taxes at U.S. statutory rate		$	(11,379	)		$	(8,336	)
State tax, net of federal benefit			(242	)			—
Research and development credit			(1,137	)			—
Valuation allowance			8,687				9,539
Change in fair value of warrant liabilities			2,456				—
Expired tax losses and credits			1,503				—
Expenses not deductible			112				(1,203	)
Total tax expense		$	—			$	—

SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES

Deferred taxes are provided for the temporary differences between the financial reporting bases and the tax bases of the Company’s assets and liabilities. The temporary differences that give rise to deferred tax assets and liabilities were as follows (in thousands):

 SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES 

		2023				2022
		For the year ended December 31,
		2023				2022
Deferred tax assets (liabilities):
Net operating loss carryforwards		$	78,698			$	75,544
General business credit carryforwards			4,752				4,497
State credits			2,780				2,780
Property, equipment and goodwill			887				380
Stock options			11,983				10,797
Intangible assets			615				612
Accruals			347				211
Capitalized research and development			8,843				5,480
Other			83				—
Gross deferred tax assets			108,988				100,301
Valuation allowance			(108,988	)			(100,301	)
Net deferred taxes		$	—			$	—

SUMMARY OF NET OPERATING LOSS AND GENERAL BUSINESS CREDIT CARRYFORWARDS

 SUMMARY OF NET OPERATING LOSS AND GENERAL BUSINESS CREDIT CARRYFORWARDS 

		Net operating loss carryforwards				General business credit carryforwards
2024		$	8,711			$	287
2025			2,370				182
2026			7,160				72
2027			9,977				93
2028			6,886				141
Thereafter			73,552				3,977
		$	108,656			$	4,752

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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.

+ References

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 9
-Section 50
-Publisher FASB
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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 pertinent information, such as tax authority, amounts, and expiration dates, of net operating loss carryforwards, including an assessment of the likelihood of utilization.

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