Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

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INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit)
The provisions for income taxes for the years ended December 31, 2023 and December 31, 2022 are as follows:
(in thousands) Year ended December 31,
2023		 Year ended December 31,
2022
Current:
Federal $ —  $ — 
State —  — 
Foreign 118  — 
118  — 
Deferred:
Federal —  — 
State —  — 
Foreign 203  (348)
Change in valuation allowance —  — 
203  (348)
Income tax benefit (loss) $ 321  $ (348)
Schedule of Effective Income Tax Rate Reconciliation
A reconciliation of the federal statutory rate to the effective tax rate is as follows:
Year ended December 31,
2023		 Year ended December 31,
2022
Federal statutory rate 21  % 21  %
State, net of federal tax benefit 6  % 7  %
Change in valuation allowance (27) % (27) %
Effective tax rate —  % 1  %
Schedule of Deferred Income Tax Assets and Liabilities for Temporary Differences
Deferred income tax assets and liabilities consisted of the following temporary differences at December 31, 2023 and December 31, 2022:
(in thousands) As of December 31, 2023 As of December 31, 2022
Deferred tax assets:
Net operating losses $ 70,455  $ 34,885 
Share based compensation 710  727 
Accrued vacation 346  149 
Accrued payroll 1,817  877 
Accrued interest 3,894  447 
Lease liabilities 425  1,027 
Contingent liabilities
 104,253  — 
Other 378  — 
Total deferred assets 182,278  38,112 
Less valuation allowance for deferred tax assets (59,971) (34,905)
Net deferred tax asset 122,307  3,207 
Deferred tax liabilities:
Capitalized research and development costs (17,230) — 
State taxes (2) — 
Property, plant and equipment (104,386) (243)
Intangibles (1,776) (1,901)
Lease assets (377) (1,093)
Fair value of Warrant Commitment Liability —  (274)
Fair value - Class B Units —  (958)
Total deferred tax liabilities (123,771) (4,469)
Net deferred tax liability $ (1,464) $ (1,262)