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INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
COMPOSITION OF LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES

(a) Composition of income (loss) before income taxes is as follows (in thousands):

 

  

Year ended

December 31,

 
   2023   2022 
Domestic  $138   $(631)
COMPONENTS OF INCOME TAX EXPENSE

Income tax expense consists of the following (in thousands):

 

  

Year ended

December 31,

 
   2023   2022 
Current:          
Federal  $—   $— 
State and local   9    — 
 Current income tax expense    —    — 
Deferred:          
Federal   —    — 
State and local   —    — 
Deferred income tax expense   —    — 
Total income tax expense  $9   $— 
SUMMARY OF RECONCILIATION BETWEEN FEDERAL TAX RATE

Set forth below is a reconciliation between the federal tax rate and the Company’s effective income tax rates with respect to continuing operations:

 

   2023   2022 
   Year ended December 31, 
   2023   2022 
Statutory Federal rates   21%   21%
Increase (decrease) in income tax rate resulting from:          
Nondeductible/nontaxable items   2%   (3)%
State taxes   4%   — 
Rate change   69%   — 
Prior year rate change adjustment   173%   — 
Deferred true-ups   147%   — 
Valuation allowance   (409)%   (18)%
Effective income tax rates   7%   (—)%
SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES

(c) Analysis of Deferred Tax Assets and (Liabilities) (in thousands):

 

   2023   2022 
   As of December 31, 
   2023   2022 
Deferred tax assets (liabilities) consist of the following:          
Employee benefits and deferred compensation  $61   $49 
Deferred revenue   202    — 
Right-of-use assets   (41)   — 
Lease liability   47    — 
Fixed assets   (88)   (154)
Intangible assets   311    529 
Other temporary differences   46    3 
Section 174 expenditures   290    205 
Net operating loss and capital loss carryforwards   15,258    16,021 
Deferred tax assets, gross   16,086    16,653 
Valuation allowance   (16,086)   (16,653)
Net deferred tax assets  $—   $— 
SUMMARY OF TAX LOSS CARRYFORWARDS

As of December 31, 2023, the Company had various operating loss carryforwards expiring as follows (in thousands):

 

Expiration  Federal   Capital Loss   State 
2023  $—   $556   $— 
2025 – 2031*   2,579           
2032 – 2037   61,351    —    14,818 
Unlimited   4,958    —    1,877 
Total  $68,888   $556   $16,695 

 

*   The utilization of a portion of these net operating loss carryforwards is limited due to limits on utilizing net operating loss carryforwards under Internal Revenue Service regulations for separate return limitation years.