Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Taxes [Abstract]

Components of Income Tax Expense (Benefit)

The components of income tax expense (benefit) are as follows:

(in thousands)	Year Ended December 31, 2024			Year Ended December 31, 2023
Federal - current	$	-		$	-
State - current		1			1
Total current		1			1
Federal - deferred		(1,389	)		(1,105	)
State - deferred		(202	)		(158	)
Change in valuation allowance		1,591			1,263
Total deferred		-			-
Income tax expense (benefit)	$	1		$	1

Income Tax Reconciliation

The components of pretax income (loss) and the difference between income taxes computed at the statutory federal rate and the provision for income taxes are as follows:

(in thousands)	Year Ended December 31, 2024			Year Ended December 31, 2023
Income (loss) before income taxes	$	(6,619	)	$	(5,270	)
Tax expense (benefit):
Tax at statutory federal rate	$	(1,391	)	$	(1,107	)
State income taxes		(202	)		(157	)
Permanent items, tax credits and other adjustments		3			2
Change in valuation allowance		1,591			1,263
Income tax expense (benefit)	$	1		$	1

A reconciliation of the United States federal statutory rate to the Company’s effective income tax rate is as follows:

	Year Ended December 31, 2024			Year Ended December 31, 2023
Tax at statutory federal rate		21.0	%		21.0	%
State income taxes		3.0			3.0
Permanent items, tax credits and other adjustments		-			-
Change in valuation allowance		(24.0	)		(24.0	)
Effective income tax rate		0.0	%		0.0	%

Calculation of Net Deferred Tax Assets from NOL Carryforwards

The Company’s deferred tax asset, arising primarily from NOL carryforwards, is as follows:

(in thousands)	December 31, 2024			December 31, 2023
Deferred tax asset	$	43,375		$	41,784
Valuation allowance		(43,375	)		(41,784	)
Net deferred tax asset recognized	$	-		$	-