Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.22.4
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Schedule of Income Tax (Benefit) Expense

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   $     $  
Schedule of Reconciliation of Federal Statutory Income Tax Rate

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     %     %
Schedule of Net Deferred Tax Assets

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

 

    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   $     $