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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2022
Income Taxes  
Schedule of reconciliation of the statutory federal income tax rates

 

 

2022

 

 

2021

 

 

 

($ in thousands)

 

 

 

 

 

 

Percent of

 

 

 

 

 

Percent of

 

 

 

Amount of tax

 

 

Pre-tax Loss

 

 

Amount of tax

 

 

Pre-tax Loss

 

Expected tax credit

 

$-

 

 

 

-21.0%

 

$(297)

 

 

-21.0%

State income taxes, net of federal tax benefits

 

 

-

 

 

 

-4.0%

 

 

(56)

 

 

-4.0%

Decrease in environmental liability

 

 

-

 

 

 

0.0%

 

 

-

 

 

 

0.0%

Increase (decrease) in valuation allowance

 

 

-

 

 

 

25.0%

 

 

353

 

 

 

25.0%

 

 

$-

 

 

 

0.0%

 

$-

 

 

 

0.0%
Schedule of deferred tax assets

 

 

2022

 

 

2021

 

 

 

($ in thousands)

 

Deferred tax asset:

 

 

 

 

 

 

Net operating loss carryover

 

$-

 

 

$18,154

 

Expenses capitalized under IRC 263(a)

 

 

-

 

 

 

37

 

Tax credits (AMT)

 

 

-

 

 

 

57

 

Valuation allowance

 

 

-

 

 

 

(18,248)

 

 

 

 

 

 

 

 

 

Net deferred tax asset

 

$-

 

 

$-