General form of registration statement for all companies including face-amount certificate companies

INCOME TAXES (Tables)

v3.23.1
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2022
INCOME TAXES  
Schedule of income tax expense

The following table sets forth income tax expense for the years ended December 31, 2022 and 2021 (stated in thousands):

    

Years Ended December 31,

2022

    

2021

Income tax expense:

Federal

$

$

State

 

5

 

30

 

5

 

30

Deferred tax benefit:

 

  

  

Federal

 

179

 

(707)

State

 

18

 

(152)

 

197

 

(859)

Total income tax benefit

$

202

$

(829)

Schedule of deferred tax assets and liabilities

The following table sets forth deferred tax assets and liabilities as of December 31, 2022 and 2021 (stated in thousands):

    

Years Ended December 31,

2022

    

2021

Deferred Tax Assets (Liabilities):

 

  

 

  

Noncurrent:

 

  

 

  

Fixed assets

$

(101)

$

(185)

Stock-based and performance share compensation.

 

1,920

 

1,977

Equity method investments

 

(138)

 

(149)

Accrual to cash adjustment

 

(4,053)

 

(7,549)

Net operating loss and carryforward

 

7,792

 

5,762

Intangibles

1,773

(34)

Debt issuance costs

10

20

Accretion expense

(268)

(443)

Total Noncurrent DTL

6,935

(601)

Valuation Allowance

 

(7,731)

 

Deferred Tax Liabilities, net

$

(796)

$

(601)

Schedule of effective tax rate reconciliation

The following table sets forth the effective tax rate reconciliation for the years ended December 31, 2022 and 2021 (stated in thousands):

    

Years Ended December 31,

2022

2021

Reconciliation of effective tax rate:

 

  

 

  

Federal taxes at statutory rate

 

21.0

%  

21.0

%

State taxes, net of federal benefit

 

2.0

%  

2.8

%

Permanent items

 

%  

(0.8)

%

Performance shares

1.1

%  

%

Provision to return adjustment and other

 

(0.4)

%  

(2.3)

%

Change in rate

0.8

%  

3.8

%

Change in valuation allowance

(24.7)

%

%

NOL carryback difference

 

(0.5)

%  

(1.4)

%

Effective income tax rate

 

(0.7)

%  

23.1

%