
(in thousands)	As of December 31,
	2025		2024
Accrued compensation	$	468	$	331
Accrued construction in progress	9		-
Accrued legal fees	261		468
Accrued professional fees	120		68
Accrued excise tax liability	-		978

Other accrued expenses	48		62
Total accrued liabilities	$	906	$	1,907

On August 16, 2022, the Inflation Reduction Act of 2022 (the “IR Act”) was signed into federal law. The IR Act provides for, among other things, a new U.S. federal 1% excise tax on certain repurchases of stock occurring on or after January 1, 2023. The excise tax is imposed on the repurchasing corporation itself, not its stockholders from which shares are repurchased. The amount of the excise tax is generally 1% of the fair market value of the shares repurchased at the time of the repurchase. The amount of repurchases applicable to the excise tax can be reduced by the fair market value of any issuances at the time of issuance that occurred during the year, as well as certain exceptions provided by the U.S. Department of the Treasury.

As of December 31, 2024, the Company had recorded an accrual for an excise tax liability of $978. During the year ended December 31, 2024, the Company reduced the estimated excise tax liability by $610, which was recorded as an increase to additional paid in capital within stockholders’ equity upon finalization of the calculation of the amount owed and ultimate submission of the excise tax return filed.