Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.24.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2023
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,
2023		 December 31,
2022
Deferred tax assets:
Net operating loss carryforwards $ 41,454  $ 42,716 
Inventory write-down 347  503 
Allowance for doubtful accounts 87  169 
Lease obligations 5,867  5,643 
Stock-based compensation 6,084  5,274 
Capitalized research and development costs 11,530  6,357 
Debt derivative liability 772  1,174 
Charitable contributions 3  203 
Accrued compensation 56  1,010 
Total deferred tax assets 66,200  63,049 
Deferred tax liabilities:
Depreciation (978) (983)
Amortization (51) (17)
Right-of-use assets (4,031) (3,744)
Contract liabilities —  4 
Total deferred tax liabilities (5,060) (4,740)
Net deferred tax assets 61,140  58,309 
Valuation allowance $ (61,140) $ (58,309)
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,
2023 2022 2021
Federal tax rate 21.0  % 21.0  % 21.0  %
State taxes - net of Federal benefit 1.5  % 4.1  % 5.1  %
Permanent items and other deductions (8.7) % (7.1) % (1.6) %
Other (0.8) % (0.5) % 0.2  %
Valuation allowance (13.0) % (17.5) % (24.7) %
Effective income tax rate —  % —  % —  %