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 expense (benefit)

The following table sets forth income tax expense for the years ended December 31, 2023 and 2022 (stated in thousands):

    

Years Ended December 31,

2023

    

2022

Income tax expense:

Federal

$

$

State

 

60

 

5

 

60

 

5

Deferred tax (benefit) expense:

 

  

  

Federal

 

(729)

 

179

State

 

(67)

 

18

 

(796)

 

197

Total income tax (benefit) expense

$

(736)

$

202

Schedule of deferred tax assets and liabilities

The following table sets forth deferred tax assets and liabilities as of December 31, 2023 and 2022 (stated in thousands):

    

Years Ended December 31,

2023

    

2022

Deferred Tax Assets (Liabilities):

 

  

 

  

Noncurrent:

 

  

 

  

Fixed assets

$

(41)

$

(101)

Stock-based and performance share compensation.

 

1,408

 

1,920

Equity method investments

 

(134)

 

(138)

Accrual to cash adjustment

 

243

 

(4,079)

ROU Asset

 

(139)

 

(154)

Lease liability

 

161

 

180

Net operating loss and carryforward

 

9,354

 

7,792

Intangibles

1,347

1,773

Debt issuance costs

1

10

Accretion expense

(14)

(268)

Total Noncurrent DTL

12,186

6,935

Valuation Allowance

 

(12,186)

 

(7,731)

Deferred Tax Liabilities, net

$

$

(796)

Schedule of effective tax rate reconciliation

The following table sets forth the effective tax rate reconciliation for the years ended December 31, 2023 and 2022 (stated in thousands):

    

Years Ended December 31,

2023

2022

Reconciliation of effective tax rate:

 

  

 

  

Federal taxes at statutory rate

 

21.0

%  

21.0

%

State taxes, net of federal benefit

 

1.4

%  

2.0

%

Permanent items

 

(1.2)

%  

%

Performance shares

%  

1.1

%

Provision to return adjustment and other

 

(1.6)

%  

(0.4)

%

Change in rate

0.4

%  

0.8

%

Change in valuation allowance

(16.8)

%

(24.7)

%

NOL carryback difference

 

(0.5)

%  

(0.5)

%

Effective income tax rate

 

2.7

%  

(0.7)

%