XML 52 R35.htm IDEA: XBRL DOCUMENT v3.25.1

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Taxes [Abstract]

Schedule of Effective Income Tax Rate

The following table reconciles the federal statutory income rate to the Company’s effective income tax rate:

		2024				2023
Federal income tax rate			21.00	%			21.00	%
State income tax benefit			(0.65	)%			(0.10	)%
Impact of non-U.S. Earnings			(0.63	)%			0.10	%
Permanent items			(7.34	)%			(8.20	)%
Return to provision adjustments			(0.05	)%			0.00	%
Non-deductible stock compensation			(1.03	)%			(1.10	)%
Non-deductible executive compensation			(1.35	)%			0.00	%
Tax Credits			0.16	%			0.00	%
Difference and changes in tax rates			0.06	%			0.00	%
Other			0.01	%			0.00	%
Change in valuation allowance			(11.95	)%			(11.82	)%
Effective income tax rate			(1.78	)%			(0.10	)%

Schedule of Components of Income Tax Expense/(Benefit)

The components of income tax expense/(benefit) for the years ended December 31, 2024 and 2023 are as follows (in thousands):

		2024				2023
Current
US Federal		$	157			$	(5	)
US State			114				15
Total current provision			271				10
Total provision for income taxes		$	271			$	10

Schedule of Components of Deferred Tax Assets/(Liabilities)

The main components of deferred tax assets/(liabilities) for the periods ended December 31, 2024 and 2023, are as follows (in thousands):

		2024				2023
Deferred income tax assets:
Net operating loss carryforwards		$	4,518			$	2,419
Capitalized research expenses			870				717
Stock-based compensation			337				278
Lease liabilities			-				179
Tax credits			118				44
Other			81				875
Total deferred income tax assets			6,661				4,512
Deferred income tax liabilities:
Right-of-use assets			(412	)			(163	)
Lease liabilities			(75	)			-
Other			-				-
Total deferred income tax liabilities		$	(487	)		$	(163	)
Net deferred income tax assets		$	6,174			$	4,349
Valuation allowance			(6,174	)			(4,349	)
Deferred income tax assets, net of valuation allowance			-				-

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-9

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-2

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration