Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.24.1.u1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Schedule of Income Tax (Benefit) Provision

The income tax (benefit) provision consists of the following:

 

    2023     2022  
    For The Years Ended  
    December 31  
    2023     2022  
Federal:                
Current   $

(617

 )   $

(619

 )
Deferred    

617

       619  
State and local:                
Current    

(156

 )     (159 )
Deferred     156       159  
Income tax provision   $ —     $ —  
Schedule of Effective Income Tax Rate Reconciliation

For the years ended December 31, 2023 and 2022, the expected tax benefit based on the statutory rate reconciled with the actual benefit is as follows:

 

    2023     2022  
    For The Years Ended December 31,  
    2023     2022  
U.S. federal statutory rate     21.0 %     21.0 %
State tax rate, net of federal benefit     5.3 %     5.3 %
Permanent differences                
Non-deductible expenses     (1.9 )%     (9.7 )%
Timing differences     —     —
Change in valuation allowance     (24.4 )%     (16.6 )%
Income tax provision     — %     — %
Schedule of Deferred Tax Assets and Liabilities

As of December 31, 2023 and 2022, the Company’s deferred tax assets consisted of the effects of temporary differences attributable to the following:

 

    2023     2022  
    As of December 31,  
    2023     2022  
Deferred tax assets:                
Net operating loss carryforwards   $ 4,882     $ 4,112  
Other     9       6  
Total deferred tax assets     4,891       4,118  
Valuation allowance     (4,891 )     (4,118 )
Deferred tax assets, net of valuation allowance   $ —     $ —