Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.24.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit) The Company's provision for income taxes from continuing operations for the years ended December 31, 2023 and 2022 is as follows:
Years Ended December 31,
2023 2022
(in thousands)
Current:
Federal $ —  $ — 
State 569  — 
Foreign 104  — 
Total current $ 673  $ — 
Deferred:
Federal —  — 
State —  — 
Total deferred $ —  $ — 
Total provision for income taxes $ 673  $ — 
Schedule of Effective Income Tax Rate Reconciliation The provision for income taxes differed from the amount computed by applying the federal statutory income tax rate of 21% to loss before income taxes due to the following items for the years ended December 31, 2023 and 2022:
Years Ended December 31,
2023 2022
(in thousands)
Tax benefit at federal statutory rate $ (11,169) $ (15,725)
Non-deductible compensation 2,342  (1,092)
State tax, net of federal benefit (9,393) (3,227)
Valuation allowance 17,251  18,834 
Shortfall of stock compensation deduction 2,666  3,190 
Non-taxable warrants (1,613) (2,481)
Other 589  501 
Income tax expense $ 673  $ — 
Schedule of Deferred Tax Assets and Liabilities
Deferred tax assets and liabilities as of December 31, 2023 and 2022, consisted of the following:
December 31,
2023 2022
(in thousands)
Deferred tax assets:
Net operating loss carryforwards $ 68,374  $ 54,892 
Sec. 163(j) carryforward 9,214  7,741 
Accruals and reserves 1,841  1,613 
Deferred revenue 194  271 
Capital loss carryforward 4,004  3,919 
Section 174 - research expenditures 7,914  6,238 
Other deferred tax assets 6,604  6,385 
Total deferred tax assets 98,145  81,059 
Valuation allowance (97,388) (80,137)
Total net deferred tax assets 757  922 
Deferred tax liabilities
Basis difference in intangibles (332) (468)
Other deferred tax liabilities (425) (454)
Total deferred tax liabilities (757) (922)
Net deferred tax liabilities $ —  $ — 
Summary of Operating Loss Carryforwards
Tax Effected Expiration
(in thousands)
Federal net operating loss (“NOL”) carryforward $ 8,313  2033-2037
Federal NOL carryforward 49,512  Indefinite
Federal capital loss carryforward 4,004  2025
State NOL carryforwards 10,548  2034-2043
Schedule of Unrecognized Tax Benefits Roll Forward
Below is a tabular reconciliation of the total amounts of unrecognized tax benefits:
2023 2022
(in thousands)
Unrecognized tax benefits - January 1 $ 9,006  $ 8,443 
Gross decrease - tax positions in current period —  — 
Gross increase - tax positions in current period —  563 
Unrecognized tax benefits - December 31 $ 9,006  $ 9,006