Lucid Diagnostics Inc. Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income tax (benefit) expense for respective periods noted is as follows:

	2022			2021
	Year Ended December 31,
	2022			2021
Current
Federal, State and Local	$	—		$	—
Deferred
Federal		(12,703	)		(4,862	)
State and Local		1,209			(4,833	)
Current and Deferred tax (benefit) expense		(11,494	)		(9,695	)
Less: Valuation allowance reserve		11,494			9,695
Income tax (benefit) expense	$	—		$	—

The reconciliation of the federal statutory income tax rate to the effective income tax rate for the respective period noted is as follows:

	2022			2021
	Year Ended December 31,
	2022			2021
U.S. federal statutory rate		21.0	%		21.0	%
U.S. state and local income taxes, net of federal benefit		7.2	%		13.6	%
Permanent differences		0.6	%		—	%
Tax credits		0.5	%		—	%
Revaluation of state deferred taxes		(8.8	)%		—	%
Valuation allowance		(20.5	)%		(34.6	)%
Effective tax rate		—	%		—	%

The tax effects of temporary differences which give rise to the net deferred tax assets for the respective period noted is as follows:

Schedule of Net Deferred Tax Assets

	2022			2021
	Year Ended December 31,
	2022			2021
Deferred Tax Assets
Net operating loss	$	16,015		$	11,023
Stock-based compensation expense		6,920			3,422
Accrued expenses		80			56
Depreciation & amortization		240			—
Research and development expenditures		2,442			—
Research and development tax credit carryforwards		295			—
Deferred tax assets	$	25,992		$	14,501

Deferred Tax Liabilities
Depreciation		—			(3	)
Deferred Tax Liabilities	$	—		$	(3	)

Deferred tax assets, net of deferred tax liabilities		25,992			14,498
Less: valuation allowance		(25,992	)		(14,498	)
Deferred tax assets, net after valuation allowance	$	—		$	—