XML 28 R17.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
Income Taxes
 3 Months Ended
Mar. 31, 2024
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
We recorded an income tax provision of $5 and $20 for the three months ended March 31, 2024 and 2023, respectively. The income tax provisions for the three months ended March 31, 2024 and 2023 relates predominately to state income taxes. The Company’s effective tax rate for the three months ended March 31, 2024 and 2023 is different than the statutory rate primarily due to changes in the Company’s valuation allowance
As of December 31, 2023, the Company had U.S. federal net operating loss carryforward of $132,800 that expire at various dates from 2032 through 2037 and includes $102,200 that have an unlimited carryforward period. As of December 31, 2023, the Company has U.S. state and local net operating loss carryforwards of $96,900 that expire from 2024 to 2043.
In evaluating its ability to realize its net deferred tax assets, the Company considered all available positive and negative evidence, such as past operating results, forecasted earnings, prudent and feasible tax planning strategies, and the future realization of the tax benefits of existing temporary differences. The Company remains in a cumulative tax loss position for the 36 months ended March 31, 2024, and determined that it is more likely than not that its net deferred tax assets will not be realized. The Company continues to maintain a full valuation allowance as of March 31, 2024 and December 31, 2023.