Marpai, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Cover
- Document and Entity Information
Financial Statements
Notes to Financial Statements
Accounting Policies
- Summary of Significant Accounting Policies (Policies)
Notes Tables
Notes Details

Income Taxes (Tables)

v3.24.1

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Summary of Income Tax Benefit

Income tax benefit consists of the following:


	December 31, 2023			December 31, 2022
Current:
Federal	$	—		$	—
State		—			—
Foreign		—			—
Total Current		—			—

Deferred:
Federal		(224,224	)		(456,438	)
State		(65,914	)		(64,694	)
Total Deferred		(290,138	)		(521,132	)

Income tax benefit	$	(290,138	)	$	(521,132	)

Schedule of Reconciliation between the Effective Tax Rate on Loss before Provision for Income Taxes and the Statutory Tax Rate


	12/31/2023
Income tax expense (benefit) at federal statutory rate		21.0	%
State and local taxes		0.2	%
Change in valuation allowance		(15.8	)%
Change in state and local tax rates		0.9	%
Permanent book to tax differences		(3.3	)%
Provision to return adjustments		0.3	%
Earnings of foreign subsidiary		(2.7	)%
Earnings of captive insurance subsidiary		(0.1	)%
Other - net		0.5	%
Income tax expense (benefit)		1.0	%


	12/31/2022
Income tax expense (benefit) at federal statutory rate		21.0	%
State taxes		0.2	%
Change in valuation allowance		(20.4	)%
Change in deferred tax liability		1.9	%
Permanent differences		(1.4	)%
Other - net		0.6	%
Income tax expense (benefit)		1.9	%

Schedule of Deferred Tax Assets, Net


	December 31, 2023			December 31, 2022
Deferred income tax assets (liabilities):
Startup costs	$	1,016,420		$	1,035,317
Stock compensation - RSAs		1,068,953			875,498
Net operating losses - Federal		10,130,630			6,204,900
Net operating losses - State and Local		1,820,726			1,264,598
Accrued expenses		-			-
Amortization		(898,046	)		(1,217,409	)
Depreciation		(257,764	)		(262,179	)
Operating lease assets		(587,268	)		(813,972	)
Operating lease liabilities		1,038,552			1,370,631
Deferred revenue		45,980			45,388
Allowance for Doubtful Accounts		(6,093	)		—
		13,372,090			8,502,772
Less: Valuation allowance		(14,561,832	)		(9,982,652	)
Deferred tax liabilities, net	$	(1,189,742	)	$	(1,479,880	)

- References

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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