INCOME TAX (Tables)

12 Months Ended

Dec. 31, 2021

Reconciliation of Federal Statutory Income Tax Rate to the Effective Income tax Rate

A reconciliation of income tax expense (benefit) at the US federal statutory income tax rate and the income tax provision in the financial statements is as follows:


	December 31,
	2021		2020
Expected income tax benefit at the federal statutory rate	21.0	%	21.0	%
State and local taxes, net of federal benefit	10.6		12.8
Non-deductible items and other	(0.5)		—
Prior year provision to return adjustments	—		6.4
Change in valuation allowance	(31.1)		(40.2)
Total	—	%	—	%

Schedule of Deferred Tax Assets

The principal components of the Company’s deferred tax assets and liabilities are as follows:


	December 31,
	2021		2020
Deferred tax assets:
Federal and state net operating loss carryforwards	$	6,617	$	3,939
Share based compensation	308		97
Lease liabilities	57		96
Accruals and other	98		108
Gross deferred tax assets	7,080		4,240
Less: deferred tax liabilities	(70)		(94)
Less: valuation allowance	(7,010)		(4,146)
Net deferred tax assets	$	—	$	—