Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income Tax Expense

Income tax expense (benefit) for each of the years ended December 31 consists of the following:

(Dollars in thousands)	2023			2022
Federal	$	—		$	—
State		40			42
Deferred		(1,107	)		(1,388	)
Total	$	(1,067	)	$	(1,346	)

Schedule of Deferred Income Tax Expense

The significant components of deferred income tax expense (benefit) from operations for each of the years ended December 31 consists of the following:

(Dollars in thousands)	2023			2022
Deferred tax expense (benefit)	$	2,566		$	(12,760	)
Net operating loss carry forward		(9,813	)		(7,359	)
Valuation allowance		6,140			18,731
	$	(1,107	)	$	(1,388	)

Schedule of Effective Income Tax Rate

The Company’s effective income tax rate from operations differed from the Federal statutory rate for each of the years ended December 31 as follows:

	2023			2022
Federal statutory tax rate		21	%		21	%
Change in valuation allowance		(15	)		(17	)
State taxes, net of federal benefit		—			—
Expiration of stock option		(1	)		—
Loss on extinguishment of debt		(1	)		(2	)
Other deferred Adjustments		(1	)		(1	)
Tax rate		3	%		1	%

Schedule of Deferred Tax Assets

(Dollars in thousands)	2023			2022
Deferred tax assets:
Accruals and reserves	$	274		$	251
Net operating loss		28,951			19,137
Property, plant and equipment		5,777			10,093
Stock options		1,562			996
Research and development tax credit		227			174
Deferred tax assets		36,791			30,651
Valuation allowance		(36,791	)		(30,651	)
Deferred tax assets, net of valuation allowance		—			—
Deferred tax liabilities:
Intangibles		(7,779	)		(8,886	)
Deferred tax liabilities		(7,779	)		(8,886	)
Deferred tax liabilities, net	$	(7,779	)	$	(8,886	)

Schedule of Deferred Tax Asset Valuation Allowance

(Dollars in thousands)	2023			2022
Valuation allowance, beginning of year	$	30,651		$	11,921
Net operating (loss) income		9,813			7,361
Property, plant and equipment		(4,316	)		10,093
Stock options		566			996
Research and development credit		53			30
Accrued expenses		24			250
Valuation allowance, end of year	$	36,791		$	30,651