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]  
Provision for income taxes
The provision for income taxes consists of the following:
Year Ended December 31,
2023 2022
Income tax provision:
Current
Non-U.S.
 $ —  $ 5 
Federal —  (1)
State —  — 
Deferred
Non-U.S.
 —  — 
Federal 23  23 
State 1  4 
Provision for income taxes $ 24  $ 31 
Schedule of effective income tax rate reconciliation
A reconciliation of the income tax expense calculated using the applicable federal statutory rate to the Company’s actual income tax expense is as follows:
December 31,
2023 2022
Federal statutory income tax rate 21.00  % 21.00  %
State and local income taxes, net of federal benefit 4.82  % 3.48  %
Nondeductible expenses (0.03) % (0.10) %
Other —  % (0.03) %
Warrant liabilities —  % 1.65  %
Stock-based compensation 0.05  % (0.01) %
Change in state tax rates 5.16  % 1.74  %
State net operating loss true-up
(5.58) % —  %
Change in valuation allowance (24.75) % (26.83) %
True-up adjustments (0.45) % (1.06) %
PSU Cancellation
(0.12) % —  %
Foreign rate differential (0.16) % (0.01) %
(0.06) % (0.17) %
Schedule of deferred tax assets The tax effect of temporary differences that give rise to a significant portion of the deferred tax assets and tax liabilities are as follows:
December 31,
2023 2022
Deferred tax assets:
Intangible assets and goodwill $ 607  $ 15 
Sec. 174 research and development costs 3,835  2,159 
Accrued expense 124  112 
Sec. 263(a) 18  17 
Stock compensation 1,796  1,157 
ASC 842 – Operating lease liabilities 464  565 
Property and equipment 3,026  216 
Net operating losses 32,250  27,036 
Earnout consideration 260  261 
Tax credits 893  893 
Acquisition costs 90  90 
Other —  251 
Less: valuation allowance (42,969) (32,196)
Total deferred tax assets 394  576 
Deferred tax liabilities:
Intangible assets and goodwill $ —  $ (28)
Property equipment —  (25)
ASC 842 Right-of-use assets (444) (550)
Other
(2) — 
Total deferred tax liabilities (446) (603)
Net deferred tax liabilities $ (52) $ (27)