Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes [Abstract]

Components of Net Loss before Income Taxes

The components of the net loss before income taxes are as follows:

	Year ended December 31,
(In thousands)	2023			2022
Domestic	$	(25,783	)	$	(10,279	)
Foreign		(20	)		(12	)
Net loss before income taxes	$	(25,803	)	$	(10,291	)

Income Tax Provision (Benefit)

The income tax provision (benefit) from continuing operations consists of the following:

(In thousands)	December 31, 2023			December 31, 2022
Current:
Federal	$	-		$	-
State		4			2
Foreign		-			-
Current Tax Provision	$	4		$	2
Deferred:
Federal	$	(3,564	)	$	(5,657	)
State		(459	)		753
Foreign		(3	)		(1	)
Change in valuation allowance		4,026			4,905
Deferred Tax Provision	$	-		$	-

Effective Income Tax Reconciliation

The income tax provision (benefit) amounts differ from the amounts computed by applying the United States Federal statutory income tax rate of 21% for the years ended December 31, 2023, and 2022. Adjustments to determine income tax expense are as follow:

(In thousands)	Years ended December 31,
	2023			2022
Tax benefit at statutory rate	$	(5,485	)	$	(2,161	)
Increase (reduction) in income taxes resulting from:
State income tax benefits, net of federal benefit		(307	)		(473	)
Non-deductible gain on warrant adjustment valuation		2,102			(3,270	)
Change in valuation allowance		4,026			4,905
Registration penalties		-			67
Other		(332	)		934
Income Tax Expense	$	4		$	2

Deferred Tax Assets

The tax effects of temporary differences that give rise to the deferred tax assets are as follows:

(In thousands)	December 31, 2023			December 31, 2022
Deferred Tax Assets
Net operating loss carryforwards	$	42,484		$	38,323
Net operating loss carryforwards - foreign		27			24
Excess of tax basis over book value of property and equipment		70			9
Excess of tax basis over book value of intangible assets		1,162			1,325
Lease liability		192			150
Stock-based compensation		1,495			1,487
Accrued employee compensation		338			750
Capitalized equity costs		235			-
Capitalized research and development		1,273			116
Net change in reserve accounts		-			1,031
Gross deferred tax asset		47,276			43,215
Valuation Allowance		(47,096	)		(43,070	)
Net Deferred Tax Asset		180			145
Deferred Tax Liabilities
Right-of-use asset		(180	)		(145	)
Gross deferred tax liability		(180	)		(145	)
TOTAL	$	-		$	-