Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes [Abstract]

Schedule of Tax Effects of Temporary Differences and Net Operating Loss (“NOL”) Carryforwards

The tax effects of temporary differences and net operating loss (“NOL”) carryforwards that gave rise to significant portions of the deferred tax assets and deferred tax liabilities were approximately as follows at December 31, 2023 and December 31, 2022 (in thousands):

	2023			2022
Deferred tax assets:
Net operating loss carry forwards	$	7,790		$	6,103
ASC 842 Lease liability		514			690
Equity based compensation		201			1,993
Fixed assets		-			435
Intangible assets		106			45
Capitalized research & development expenses		3,830			1,753
Tax credits		1,258
Accrual to cash adjustment		-			911
Other		468			-
Total deferred tax assets		14,167			11,930
Valuation allowance		(13,776	)		(11,524	)
Deferred tax assets, net of valuation allowance		391			406
Deferred tax liabilities:
ASC 842 Right-of-use asset		(307	)		(406	)
Depreciation and amortization		(84	)		-
Total deferred tax liabilities		(391	)		(406	)
Deferred tax assets and liabilities, net of valuation allowance	$	-		$	-

Schedule of Reconciliations of Income Tax Benefit Federal and State Statutory Tax Rates

Reconciliations of the difference between income tax benefit computed at the federal and state statutory tax rates and the provision for income tax benefit for the years ended December 31, 2023 and 2022 were as follows:

	2023			2022
Federal tax at statutory rate		21.0	%		21.0	%
State tax benefits, net of federal benefit		4.2			6.9
Other		1.6			0.8
Change in valuation allowance		(26.7	)		(28.7	)
Income tax benefit		-	%		-	%