Annual report [Section 13 and 15(d), not S-K Item 405]

Income Taxes (Tables)

v3.25.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of differences between the carrying amount of assets and liabilities for financial reporting purposes and their respective income tax basis
Deferred income taxes are accounted for using the balance sheet approach, which requires recognition of deferred tax assets and liabilities for the expected future consequences of temporary differences between the financial reporting basis and the tax basis of assets and liabilities, as measured by enacted state and federal tax rates. Deferred tax assets and deferred tax liabilities are as follows:
(in thousands) December 31,
2024		 December 31,
2023
Deferred tax assets:
Net operating loss carryforwards $ 37,323  $ 41,454 
Inventory write-down 423  347 
Allowance for doubtful accounts 204  87 
Lease obligations 5,489  5,867 
Stock-based compensation 7,371  6,084 
Capitalized research and development costs 14,785  11,530 
Debt derivative liabilities
 622  772 
Charitable contributions 31  3 
Accrued compensation 49  56 
Total deferred tax assets 66,297  66,200 
Deferred tax liabilities:
Depreciation (949) (978)
Amortization (99) (51)
Right-of-use assets (3,708) (4,031)
Contract liabilities (86) — 
Total deferred tax liabilities (4,842) (5,060)
Net deferred tax assets 61,455  61,140 
Valuation allowance $ (61,455) $ (61,140)
Schedule of effective income tax rate reconciliation The Company’s effective income tax rate differs from the statutory federal income tax rate as follows:
December 31,
2024 2023 2022
Federal tax rate 21.0  % 21.0  % 21.0  %
State taxes - net of Federal benefit 1.0  1.5  4.1 
Permanent items and other deductions (16.1) (8.7) (7.1)
Other (2.7) (0.8) (0.5)
Valuation allowance (3.2) (13.0) (17.5)
Effective income tax rate —  % —  % —  %