Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Significant components of the Company’s deferred income taxes at December 31, 2023 and 2022 are shown below (table in thousands):

	2023			2022
Deferred tax assets:
Net operating loss carryforwards	$	22,005		$	21,368
Compensation		583			474
Research and development tax credits		3,196			2,710
Capitalized and Research Expenditures		5,288			2,595
Other		848			487
Total deferred tax assets		31,920			27,633

Deferred tax liabilities:
Property and equipment		(29	)		(27	)
Other		(410	)		(60	)
Total deferred tax liabilities		(439	)		(87	)

Total deferred taxes, net		31,481			27,546
Valuation allowance		(31,481	)		(27,546	)

Deferred tax liability, net	$	-		$	-

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

	2023			2022

Statutory federal income tax rate		21.0	%		21.0	%
Goodwill impairment		0.0	%		(10.3	)%
Research credits		2.8	%		0.7	%
Change in valuation allowance		(21.9	)%		(10.2	)%
Equity		(0.4	)%		(1.4	)%
Other tax, credit and adjustments		(1.5	)%		0.2	%
Effective income tax rate		0.0	%		0.0	%