Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Significant components of the Company’s deferred income taxes at December 31, 2022 and 2021 are shown below (table in thousands):

	2022			2021
Deferred tax assets:
Net operating loss carryforwards	$	21,368		$	19,993
Compensation		474			846
Research and development tax credits		2,710			2,423
Capitalized and Research Expenditures		2,595			-
Other		487			466
Total deferred tax assets		27,633			23,728

Deferred tax liabilities:
Property and equipment		(27	)		(21	)
Other		(60	)		(105	)
Total deferred tax liabilities		(87	)		(126	)

Total deferred taxes, net		27,546			23,602
Valuation allowance		(27,546	)		(23,602	)

Deferred tax liability, net	$	-		$	-

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

	2022			2021

Statutory federal income tax rate		21.0	%		21.0	%
Goodwill impairment		(10.3	)%		0	%
Research credits		0.7	%		1.9	%
Change in valuation allowance		(10.2	)%		(22.3	)%
Equity		(1.4	)%		0.0	%
Other tax, credit and adjustments		0.2	%		(0.6	)%
Effective income tax rate		0.0	%		0.0	%