Annual report [Section 13 and 15(d), not S-K Item 405]

Income Taxes (Tables)

v3.25.0.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit)

 

Years Ended December 31,

 

(in thousands)

 

2024

 

 

2023

 

Income tax benefit at federal statutory rate

 

$

(3,992

)

 

$

(4,584

)

Adjustments for tax effects of:

 

 

 

 

 

 

State income tax, net of federal benefit

 

 

(650

)

 

 

(1,191

)

Permanent adjustments

 

 

305

 

 

 

49

 

Benefit state rate change

 

 

136

 

 

 

(23

)

Other

 

 

144

 

 

 

152

 

Share-based compensation

 

 

1,336

 

 

 

520

 

Net operating loss write-off

 

 

216

 

 

 

(574

)

Change in valuation allowance

 

 

2,517

 

 

 

5,659

 

Income tax expense

 

$

12

 

 

$

8

 

Schedule of Deferred Tax Assets and Liabilities

The tax effect of temporary differences and carryforwards that give rise to significant portions of the deferred income tax assets are as follows:

 

 

Years Ended December 31,

 

(in thousands)

 

2024

 

 

2023

 

Deferred income tax assets:

 

 

 

 

 

 

Net operating loss carryforwards

 

$

31,776

 

 

$

30,145

 

Share-based compensation

 

 

1,390

 

 

 

2,193

 

Accrued expenses

 

 

295

 

 

 

319

 

174 Capitalization

 

 

4,606

 

 

 

3,026

 

Other

 

 

267

 

 

 

170

 

 

 

38,334

 

 

 

35,853

 

Less valuation allowance

 

 

(38,333

)

 

 

(35,815

)

Total deferred income tax assets

 

 

1

 

 

 

38

 

Deferred tax liability - depreciation

 

 

 

 

 

(38

)

Deferred tax liability - unrealized FX (gain)/loss

 

 

(1

)

 

 

 

Net deferred tax assets

 

$

 

 

$