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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes [Abstract]

Loss before Income Taxes

Loss before income taxes consist of the following (in thousands):

		Years ended December 31,
		2023				2022
(in thousands)
Domestic		$	(21,654	)		$	(24,513	)
Foreign			(17	)			(21	)
Total loss before income taxes		$	(21,671	)		$	(24,534	)

Income Tax Provision

For each of the years ended December 31, 2023 and 2022, current tax provisions and current deferred tax provisions were recorded as follows (in thousands):

		Years ended December 31,
		2023				2022
Current Tax Provision
Federal		$	-			$	-
State			1				4
Foreign			-				-
			1				4
Deferred Tax Provision
Federal			(2,155	)			(6,851	)
State			8				(1,602	)
Foreign			(2	)			(187	)
			(2,149	)			(8,640	)
Change in valuation allowance			2,145				8,681
Total tax (benefit) provision for income taxes		$	(3	)		$	45

Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities consist of the effects of temporary differences as shown in the table below (in thousands). Deferred tax assets have been fully reserved by a valuation allowance since it is more likely than not that such tax benefits will not be realized.

		As of December 31,
		2023				2022
Deferred Tax Assets:
Net operating losses		$	12,740			$	9,382
Foreign net operating losses			784				782
Stock compensation			2,141				2,173
In-process research and development			1,009				1,233
Capitalized rearch and development expenses			3,105				1,502
R&D credit carryforwards			437				517
Compensation accrual			3				81
ROU Liabilities			8,932				334
Other			132				549
Total gross deferred tax assets			29,283				16,553
Valuation allowance			(18,302	)			(16,157	)
Net deferred tax assets			10,981				396
Deferred Tax Liabilities:
Fixed assets			(6	)			(10	)
ROU Assets			(8,349	)			(291	)
Convertible debt			(2,507	)			-
Intangibles - goodwill			(179	)			(160	)
Total deferred tax liabilities			(11,041	)			(461	)
Net deferred taxes		$	(60	)		$	(65	)

Reconciliation of Computed Expected Income Taxes to Effective Income Taxes

The reconciliation of computed expected income taxes to effective income taxes by applying the federal statutory rate of 21% is as follows:

		As of December 31,
		2023				2022
Tax at federal income tax rate			21.00	%			21.00	%
State income tax, net of federal tax			4.92	%			6.52	%
Foreign tax differential			(0.01	%)			(0.01	%)
Non-deductible expenses/excludable items			(0.74	%)			6.09	%
Change in valuation allowance			(9.90	%)			(35.38	%)
Convertible debt			(11.92	%)			0.00	%
Credits			0.00	%			0.98	%
Uncertain tax positions			0.00	%			(0.49	%)
Other			(3.34	%)			1.11	%
Benefit (provision) for income taxes			0.01	%			(0.18	%)

Uncertain Tax Positions

The following table summarizes amounts the Company recorded for uncertain tax positions as of December 31, 2023 and 2022 (in thousands):

		As of December 31,
		2023				2022
Beginning balance of uncertain tax positions		$	121			$	-
Additions based on current year’s tax positions			-				45
Net changes based on prior year’s tax positions			272				76
Ending balance of uncertain tax positions		$	393			$	121

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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.

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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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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of the change in unrecognized tax benefits.

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