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Income Taxes
 12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
A reconciliation of income tax expense at the statutory rate to income tax expense at our effective tax rate is as follows (dollars in thousands):
20222021
Tax Expense (Benefit) Computed at 22.68% and 22.62% of Pretax Income (Loss)
$(4,361)$(6,744)
Changes in Tax Laws— — 
Foreign Income Tax Expense— — 
Effect of Change in Valuation Allowance4,361 6,744 
Total Income Tax Expense$— $— 
The details of the net deferred tax asset are as follows (dollars in thousands):
December 31,
20222021
Deferred tax assets:
Net Operating Loss Carryforward$70,686 $66,895 
Stock Based Compensation7,792 7,726 
Deferred Revenue983 1,846 
General Business Credit6,872 6,872 
Accrued Expenses605 174 
Inventories234 88 
Book over Tax Depreciation— 6 
Research & Experimental Expenses371 — 
Other Deferred Tax Assets1,274 865 
Total Deferred Tax Assets88,817 84,472 
Deferred Tax Liabilities:
Book over Tax Depreciation8 — 
Goodwill & Intangible Assets224 183 
Prepaid Expenses316 381 
Total Deferred Tax Liabilities548 564 
Subtotal88,269 83,908 
Valuation Allowance(88,269)(83,908)
Net Deferred Tax Asset$— $— 

The Tax Cuts and Jobs Act of 2017 ("TCJA") impacted how net operating losses are utilized. The Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") temporarily suspends the TCJA limitation, allowing a net operating loss carryforward to fully offset taxable income in tax years beginning before January 1, 2021. The CARES Act also temporarily reinstated a carryback period for all net operating losses generated in years beginning after December 31, 2017 and before January 1, 2021. The carryback period for those years is five years under the CARES Act.

Deferred tax assets result primarily from net operating loss carryforwards. For federal tax purposes, we have net operating loss carryforwards of approximately $311.6 million of which approximately $165.3 million expire between 2023 and 2038.

In assessing the potential for realization of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized upon the generation of future taxable income during the periods in which those temporary differences become deductible. The Company recognized no income tax expense or benefit for the years ended December 31, 2022, and 2021. Considered together with the Company's limited history of operating income and its net losses in 2022 and 2021, management has placed a full valuation allowance against the net deferred tax assets as of December 31, 2022 and 2021. The portion of the valuation allowance resulting from excess tax benefits on share based compensation that would be credited directly to contributed capital if recognized in subsequent periods is $3.9 million.

Rockwell accounts for its uncertain tax positions in accordance with ASC 740‑10, Income Taxes and the amount of unrecognized tax benefits related to tax positions is not significant at December 31, 2022 and 2021. The Company has not been under tax examination in any jurisdiction for the years ended December 31, 2022 and 2021. Tax examination years of 2018 to 2021 remain open.