Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Taxes [Abstract]

Components of Income Tax Expense (Benefit)

The components of income tax expense (benefit) are as follows:

(in thousands)	Year Ended December 31, 2021			Year Ended December 31, 2020
Federal - current	$	-		$	(30	)
State - current		1			2
Total current		1			(28	)
Federal - deferred		(1,106	)		(1,171	)
State - deferred		(434	)		(1,524	)
Change in valuation allowance		1,540			2,695
Total deferred		-			-
Income tax expense (benefit)	$	1		$	(28	)

Income Tax Reconciliation

The components of pretax income (loss) and the difference between income taxes computed at the statutory federal rate and the provision for income taxes are as follows:

(in thousands)	Year Ended December 31, 2021			Year Ended December 31, 2020
Income (loss) before income taxes	$	(5,207	)	$	(5,632	)
Tax expense (benefit) :
Tax at statutory federal rate	$	(1,094	)	$	(1,182	)
State income taxes		(445	)		(1,511	)
Permanent items, tax credits and other adjustments		-			(30	)
Deferred true-ups		-			-
Change in valuation allowance		1,540			2,695
Income tax expense (benefit)	$	1		$	(28	)

A reconciliation of the United States federal statutory rate to the Company’s effective income tax rate is as follows:

	Year Ended December 31, 2021			Year Ended December 31, 2020
Tax at statutory federal rate		21.0	%		21.0	%
State income taxes		8.5			27.0
Permanent difference, tax credits and other adjustments		-			0.5
Change in valuation allowance		(29.5	)%		(48.0	)%
Effective income tax rate		0.0			0.5

Calculation of Net Deferred Tax Assets from NOL Carryforwards

The Company’s deferred tax asset, arising primarily from NOL carryforwards, is as follows:

(in thousands)	December 31, 2021			December 31, 2020
Deferred tax asset	$	39,680		$	38,140
Valuation allowance		(39,680	)		(38,140	)
Net deferred tax asset recognized	$	-		$	-