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 Taxes [Abstract]  
Schedule of Tax Effects of the Temporary Differences and Carry Forwards At December 31, 2023 and December 31, 2022, the tax effects of the temporary differences and carryovers that give rise to deferred tax assets consisted of the following (in thousands):
    December 31,     December 31,  
    2023     2022  
Net operating loss carryforwards   $ 14,539     $ 8,438  
Equity based compensation     729       923  
Amortization     227       25  
Lease liability     392       409  
Capitalized research costs     968       707  
Accruals and other temporary differences     168       78  
Gross Deferred Tax Assets     17,023       10,580  
Depreciation     (105 )     (46 )
Right of use asset     (386 )     (388 )
Accruals and other temporary differences    
-
      
-
  
Less Valuation Allowance     (16,532 )     (10,146 )
Net Deferred Taxes   $
-
     $
-
  
Schedule of Reconciliation of the Statutory Income Tax Rates and the Company’s Effective Tax Rate A reconciliation of the statutory income tax rates and the Company’s effective tax rate for the years ended December 31, 2023 and December 31, 2022 are as follows:
    Year ended     Year ended  
    December 31,     December 31,  
    2023     2022  
Tax provision at statutory rate     21.0 %     21.0 %
State taxes, net of federal benefit     1.7 %     0.1 %
Permanent items     (0.9 )%     (0.2 )%
Stock-based compensation    
-
 %     (4.0 )%
Change in fair value of warrant liability    
-
 %     1.5 %
Deferred tax true-up / return to provision     0.3 %     (4.6 )%
Tax reform rate change    
-
 %     - %
Increase (decrease) in valuation allowance     (22.0 )%     (13.8 )%
Income taxes provision (benefit)    
-
 %     - %