XML 95 R45.htm IDEA: XBRL DOCUMENT v3.24.0.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Schedule of Net Deferred Tax Assets

The following table sets forth the tax effects of temporary differences that give rise to significant portions of the Company’s net deferred tax assets (in thousands):

December 31, 

    

2023

    

2022

Deferred tax assets, net:

 

  

 

  

Net operating loss carryforwards

$

48,638

$

40,511

Operating lease assets

 

(405)

 

(371)

Operating lease liabilities

 

545

 

410

Depreciation

 

11,421

 

9,145

Stock compensation

 

2,530

 

2,027

Business interest expense

 

1,110

 

1,033

Capitalized research cost

 

7,332

 

3,334

Other temporary differences

 

820

 

691

Deferred tax assets

 

71,991

 

56,780

Valuation allowance

 

(71,991)

 

(56,780)

Net deferred tax assets

$

$

Schedule of Effective Income Tax Rate Reconciliation

Year Ended December 31, 

    

2023

    

2022

Federal income tax at statutory rate

 

21.0

%  

21.0

%

State income taxes, net of federal benefits

 

6.8

%  

1.6

%

Officers compensation limit

 

(1.8)

%  

(1.2)

%

Stock based compensation

(2.5)

%  

%

Other permanent

(0.2)

%  

(1.0)

%

Valuation allowance

 

(23.3)

%  

(20.4)

%

Effective tax rate

 

%  

%