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Income Taxes
 12 Months Ended
Dec. 31, 2023
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):
Year Ended December 31,
20232022
Tax Benefit Computed of Pretax Loss$(1,772)$(4,361)
Changes in Tax Laws— — 
Foreign Income Tax Expense— — 
Effect of Change in Valuation Allowance1,772 4,361 
Total Income Tax Expense$— $— 
The details of the net deferred tax asset are as follows (dollars in thousands):
December 31,
20232022
Deferred tax assets:
Net Operating Loss Carryforward$72,612 $70,686 
Stock Based Compensation7,856 7,792 
General Business Credit6,872 6,872 
Research & Experimental Expenses459 371 
Inventories398 234 
Accrued Expenses144 605 
Deferred License Revenue118 983 
Other Deferred Tax Assets1,989 1,274 
Total Deferred Tax Assets90,448 88,817 
Deferred Tax Liabilities:
Goodwill & Intangible Assets259 224 
Prepaid Expenses181 316 
Book over Tax Depreciation35 8 
Total Deferred Tax Liabilities475 548 
Subtotal89,973 88,269 
Valuation Allowance(89,973)(88,269)
Net Deferred Tax Asset$— $— 

Deferred tax assets result primarily from net operating loss carryforwards. For federal tax purposes, we have net operating loss carryforwards of approximately $321.4 million of which approximately $164.7 million began expiring in 2023 and will continue to expire through 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, 2023 and 2022. Considered together with the Company's limited history of operating income and its net losses in 2023 and 2022, management has placed a full valuation allowance against the net deferred tax assets as of December 31, 2023 and 2022.
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, 2023 and 2022. The Company has not been under tax examination in any jurisdiction for the years ended December 31, 2023 and 2022. A recent IRC Section 382 study has not been performed, which could limit the value of the Company's net operating losses.