Schedule of Deferred Tax Assets and Liabilities |
The components of net deferred tax assets are as follows (in thousands):
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December 31, |
|
2023 |
|
2022 |
Deferred tax assets: |
|
|
|
Net operating loss carryforwards |
$ |
125,850 |
|
|
$ |
119,345 |
|
Deferred revenue |
1,745 |
|
|
2,581 |
|
Inventory reserve and uniform capitalization |
2,509 |
|
|
3,365 |
|
Operating lease liabilities |
4,364 |
|
|
4,720 |
|
Accruals and other reserves |
1,332 |
|
|
1,876 |
|
Stock-based compensation |
5,570 |
|
|
6,856 |
|
Business Interest Carryforwards |
7,660 |
|
|
4,840 |
|
Other |
268 |
|
|
268 |
|
Total deferred tax assets |
149,298 |
|
|
143,851 |
|
Less: valuation allowance |
(145,711) |
|
|
(139,033) |
|
Total deferred tax assets, net of valuation allowance |
3,587 |
|
|
4,818 |
|
Deferred tax liabilities: |
|
|
|
Operating lease right-of-use assets |
(2,344) |
|
|
(2,933) |
|
Depreciation and amortization |
(1,243) |
|
|
(1,885) |
|
Total deferred tax liabilities |
(3,587) |
|
|
(4,818) |
|
Net deferred tax assets |
$ |
— |
|
|
$ |
— |
|
|
Summary of Valuation Allowance |
The following summarizes the activity related to valuation allowances on deferred tax assets:
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December 31, |
|
2023 |
|
2022 |
Valuation allowance, as of beginning of year |
$ |
139,033 |
|
|
$ |
107,301 |
|
Valuation allowance established |
5,947 |
|
|
31,270 |
|
Changes to existing valuation allowances |
731 |
|
|
462 |
|
Valuation allowance, as of end of year |
$ |
145,711 |
|
|
$ |
139,033 |
|
|