Annual report [Section 13 and 15(d), not S-K Item 405]

Income Taxes (Tables)

v3.25.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2024
Income Taxes  
Schedule of provision for income taxes

Year Ended December 31, 

Income (Loss) before Income Tax Provision

    

2024

    

2023

United States

 

(54,757)

 

(27,263)

Canada

 

1,568

 

(3,393)

 

(53,189)

 

(30,656)

Schedule of Deferred Tax Assets

As of December 31, 

Deferred Tax Assets

2024

    

2023

Deferred tax assets

    

    

Compensation accruals

 

145

 

59

ITC credits

235

255

Asset retirement obligation

10,332

7,662

Equity compensation

822

611

Net operating loss

60,235

47,715

Lease liability

2

3

Fixed assets

7,571

4,821

Cumulative eligible capital deductions

20

22

Share issues cost

1,537

944

Total deferred tax assets

80,899

62,092

Deferred tax liabilities

Unrealized gain/loss

(1)

(1)

ROU asset

(2)

(3)

Total deferred tax liabilities

(3)

(4)

Valuation allowance

(80,896)

(62,088)

 

 

Net deferred taxes

-

-

Summary of Income Tax Loss Carryforwards

Income Tax Loss Carryforwards

    

Gross Amounts

    

Expiration Years

Net operating losses, federal (Pre-January 1, 2018)

 

79,699

 

2029 - 2035

Net operating losses, federal (Post-December 31, 2017)

 

97,061

 

No expirations

Net operating losses, state

 

144,079

 

Varies by state

Net operating losses, Canada

 

26,770

 

2026 - 2044

Tax credits, foreign

 

235

 

2025-2028

Schedule of Income Tax Rate Reconciliation

Year Ended December 31, 

Income Tax Rate Reconciliation

    

2024

    

2023

Statutory rate

 

26.5

%  

 

26.5

%  

State tax

 

12.6

%  

 

(2.0)

%  

Foreign tax

 

(5.6)

%  

 

(4.7)

%  

Change in valuation allowance

 

(38.6)

%  

 

(21.2)

%  

Nondeductible items

 

2.5

%  

 

(1.5)

%  

True-ups/other

 

%  

 

(0.1)

%  

Share issuance costs

 

2.4

%  

 

2.8

%  

Stock compensation

 

0.2

%  

 

0.2

%  

 

0.0

%  

 

0.0

%  

Year Ended December 31, 

Income Tax Reconciliation

    

2024

    

2023

Statutory rate

 

(13,752)

(8,141)

State tax

 

(6,547)

617

Foreign tax

2,940

1,433

Change in valuation allowance

20,037

6,512

Nondeductible items

 

(1,318)

477

True-ups/other

 

(1)

31

Share of issuance costs

 

(1,250)

(856)

Stock compensation

 

(109)

(73)

 

-

-