Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes [Abstract]

Schedule of Income Tax Provision

The income tax provision consists of the following ($ in thousands):

	For the years ended December 31,
	2023			2022
Federal
Current	$	-		$	-
Deferred		(3,820	)		(3,618	)
Increase in valuation allowance		3,820			3,618
State and local
Current
Deferred		(3,012	)		(4,825	)
Increase in valuation allowance		3,012			4,825
Income Tax Provision (Benefit)	$	-		$	-

Schedule of Effective Income Tax Rates

The following is a reconciliation of the U.S. federal statutory rate to the effective income tax rates for the years ended December 31, 2023 and 2022:

	For the years ended December 31,
	2023			2022
U.S. Statutory Federal Rate		21.00	%		21.00	%
State Taxes, Net of Federal Tax Benefit		15.36	%		13.58	%
Other Permanent Differences		(0.54	)%		(0.11	)%
State rate change in effect		(4.18	)%		2.95	%
AMT credit benefit		-	%		-	%
Decrease due to true up of State NOL		(0.11	)%		0.69	%
Decrease due to change in Federal NOL and other true ups		(1.67	)%		0.04	%
Change in Valuation Allowance		(29.85	)%		(38.15	)%
Income Tax Benefit		0.00	%		0.00	%

Schedule of Deferred Tax Assets and Liabilities

As of December 31, 2023 and 2022, the Company’s deferred tax assets and liabilities consisted of the effects of temporary differences attributable to the following ($ in thousands):

	As of December 31,
	2023			2022
Deferred tax assets:
Net-operating loss carryforward	$	33,124		$	26,241
Stock based compensation		9,754			8,358
Patents & Licenses		8,061			9,898
Transaction Costs		209			23
Research & Development		1,937			2,207
Operating lease liability		1,202			272
Investment portfolio and other		2,879			2,445
Total Deferred Tax assets		57,166			49,443
Valuation allowance		(55,946	)		(49,115	)
Deferred Tax Asset, Net of Allowance	$	1,220		$	328
Deferred tax liability:
Depreciation		(57	)		-
Right of use asset		(1,163	)		(328	)