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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Provision for Income Tax

The provision for income taxes for the years ended December 31, 2023 and 2022 consisted of the following, which is included in general and administrative expense in the Consolidated Statements of Operations (dollars in thousands):

Schedule of Provision for Income Tax 

		2023				2022
Current
Federal			—				—
State			41				29
Total Current		$	41			$	29
Deferred
Federal			—				—
State			—				—
Total Deferred			—				—
Total		$	41			$	29

Schedule of Reconciliation of Statutory Corporate U.S Federal Income Tax Rate

The following table presents a reconciliation of the statutory corporate U.S. federal income tax rate to the Company’s effective tax rate as of December 31, 2023:

Schedule of Reconciliation of Statutory Corporate U.S Federal Income Tax Rate 

		2023				2022
Tax at U.S. statutory rate			21.00	%			21.00	%
State taxes, net of federal effect			2.13	%			2.29	%
Non-Deductible Expenses			(9.85	)%			0.89	%
Change in Valuation Allowance			(13.40	)%			(24.54	)%
Effective income tax rate			—				—

Schedule of Deferred Taxes

The balances for deferred taxes for the years ended December 31, 2023 and 2022 consisted of the following (dollars in thousands):

Schedule of Deferred Taxes 

		2023				2022
		Year Ended December 31,
		2023				2022
Deferred Tax Assets:
NOL Carryforward		$	17,522			$	14,030
Intangible Assets			4,171				4,676
Investment in Operating Partnership			9,631				8,388
Gross deferred tax assets		$	31,324			$	27,094
Less valuation allowance			(31,324	)			(27,094	)
Total deferred tax assets		$	—			$	—
Deferred Tax Liabilities:
Straight-line Rent			—				—
Total net deferred taxes		$	—			$	—

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- Definition

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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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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