v3.25.1
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
SCHEDULE OF COMPONENTS OF NET DEFERRED TAX ASSETS (LIABILITIES)

The components of net deferred tax assets at December 31, 2024 and 2023 were as follows:

 

         
   Year Ended December 31, 
(in thousands)  2024   2023 
Deferred tax assets:          
Net operating losses  $55,899   $52,540 
Capitalized research expenses   3,120    3,432 
Fixed asset depreciation   477    487 
Other   544    697 
ASC 842 Right of Use Liability   300    137 
Total deferred tax assets   60,340    57,293 
Valuation allowance   (60,055)   (57,170)
Deferred tax assets  $285   $123 
           
Deferred tax liabilities:          
ASC 842 Right of Use Asset  $(285)  $(123)
Deferred tax liabilities  $(285)  $(123)
           
Net deferred tax assets  $-   $- 
SCHEDULE OF RECONCILIATION OF STATUTORY FEDERAL INCOME TAX RATE

The reconciliation of the statutory federal income tax rate to the Company’s effective tax rate for the years ended December 31, 2024 and 2023 was as follows:

 

   Year Ended December 31, 
   2024   2023 
Tax at federal statutory rate   21%   21%
State tax, net of federal benefit   3    - 
Change in valuation allowance   (22)   (17)
Change in warrant valuation   2    1 
Net operating loss reduction due to Section 382 limitation   (1)   (1)
Permanent items   (1)   (1)
Deferred adjustments, return to provision   (2)   (3)
Effective income tax rate   -%   -%
SCHEDULE OF RECONCILIATION OF CHANGES IN THE COMPANY’S UNRECOGNIZED TAX BENEFITS

 

(in thousands)  Federal Tax   State Tax   Total 
Balance at December 31, 2022  $4,375   $5,856   $10,231 
Increase in tax position during 2023   282    211    493 
Balance at December 31, 2023  4,657   6,067   10,724 
Return to provision true up   (282)   (211)   (493)
Decrease due to expirations during 2024   (974)   -    (974)
Balance at December 31, 2024  $3,401   $5,856   $9,257