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 Taxes  
Schedule of reconciliation of federal statutory income tax rate

 

 

December 31,

2023

 

 

December 31,

2022

 

Book income at federal statutory rate, 21%

 

 

21.00 %

 

 

21.00 %

State taxes, net of federal benefit

 

 

4.25 %

 

 

4.82 %

Change in valuation allowance

 

 

(25.40 )%

 

 

(31.97 )%

Permanent difference

 

 

(0.15 )%

 

 

(0.16 )%

True-Ups, Stock-based compensation and Other

 

 

0.30 %

 

 

6.31 %

 

 

 

 —

%

 

 

%

Schedule for Deferred Tax Assets

 

 

December 31,

2023

 

 

December 31,

2022

 

Stock-based compensation

 

$ 3.7

 

 

$ 3.5

 

Patent impairment provision

 

 

0.3

 

 

 

0.4

 

Net operating loss carry-forwards

 

 

15.0

 

 

 

13.6

 

Research and development expenses – capitalized for tax purposes

 

 

0.5

 

 

 

0.1

 

Research and development tax credits

 

 

0.3

 

 

 

0.3

 

Total deferred tax asset

 

 

19.8

 

 

 

17.9

 

Less: valuation allowance

 

 

(19.8 )

 

 

(17.9 )

Net deferred tax asset

 

$

 

 

$

 

Summary of income taxes (benefit)

 

 

December 31,

2023

 

 

December 31,

 2022

 

Tax benefit at U.S. federal statutory rates

 

$ (1.7 )

 

$ (1.6 )

Tax benefit at state statutory rates

 

 

(0.3 )

 

 

(0.4 )

Other

 

 

 

 

 

(0.4 )

Increase in valuation allowance

 

 

2.0

 

 

 

2.4

 

Total provision for income tax benefit

 

$

 

 

$