Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.23.1
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
SCHEDULE OF INCOME TAX EXPENSE

Income tax expense differs from the statutory amounts for each of the following years (in thousands):

 

    2022     2021  
    For the year ended December 31,  
    2022     2021  
             
Income taxes at U.S. statutory rate   $ (8,336 )   $ (17,836 )
Current year reserve     9,539       12,539  
Expenses not deductible     (1,203 )     5,297  
Total tax expense   $     $  
SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES

Deferred taxes are provided for the temporary differences between the financial reporting bases and the tax bases of the Company’s assets and liabilities. The temporary differences that give rise to deferred tax assets and liabilities were as follows (in thousands):

 

    2022     2021  
    For the year ended December 31,  
    2022     2021  
             
Deferred tax assets (liabilities):                
Net operating loss carryforwards   $ 75,544     $ 71,001  
General business credit carryforwards     4,497       4,741  
State credits     2,780       2,780  
Property, equipment and goodwill     380       200  
Stock options     10,797       10,537  
Deferred revenue           62  
Intangible assets     612       367  
Accruals     211       16  
Accruals     5,480        
Gross deferred tax assets     100,301       89,704  
Valuation allowance     (100,301 )     (89,704 )
Net deferred taxes   $     $  
SUMMARY OF NET OPERATING LOSS AND GENERAL BUSINESS CREDIT CARRYFORWARDS

 

   

Net operating

loss carryforwards

   

General business credit

carryforwards

 
             
2023   $ 5,434     $ 362  
2024     8,711       287  
2025     2,370       182  
2026     7,160       72  
2027     9,977       93  
Thereafter     80,439       3,501  
    $ 114,091     $ 4,497