Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.22.0.1
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2021
INCOME TAXES  
Schedule of components of income tax provision

The income tax expense (benefit) attributable to the Company’s income (loss) before income taxes consisted of the following:

(In thousands)

Year Ended December 31, 

    

2021

    

2020

    

2019

Current Taxes

Federal

$

$

$

State

 

 

 

 

 

 

Deferred Taxes

 

  

 

  

 

  

Federal

 

2,421

 

157

 

(1,014)

State

 

(744)

 

(395)

 

(743)

(Decrease) increase in valuation allowance

 

(1,242)

 

146

 

1,837

 

435

 

(92)

 

80

$

435

$

(92)

$

80

Schedule of effective income tax rate reconciliation

(In thousands)

Year Ended December 31, 

2021

2020

2019

Tax Rate Reconciliation

    

Percent

Amount

    

Percent

Amount

Percent

Amount

Federal income tax expense at U.S. statutory rate

 

21.0

%  

$

2,550

 

21.0

%  

$

12

21.0

%  

$

(1,206)

State taxes, net of federal benefit

 

(4.8)

%  

 

(588)

 

(567.3)

%  

 

(312)

10.2

%  

 

(587)

Change in valuation allowance

 

(10.2)

%  

 

(1,242)

 

265.5

%  

 

146

(32.0)

%  

 

1,837

Permanent differences

 

(5.4)

%  

 

(657)

 

221.8

%  

 

122

(3.7)

%  

 

215

Adjustment to deferred taxes

3.6

%  

 

440

 

%  

 

%  

 

Credits

 

(0.6)

%  

 

(73)

 

(118.2)

%  

 

(65)

2.7

%  

 

(156)

Other

 

%  

 

5

 

9.9

%  

 

5

0.4

%  

 

(23)

 

3.6

%  

$

435

 

(167.3)

%  

$

(92)

(1.4)

%  

$

80

Schedule of deferred tax assets and liabilities

(In thousands)

December 31, 

    

2021

    

2020

Deferred tax assets:

Deferred compensation

$

1,568

$

637

Intangible assets and amortization

 

2,950

 

3,293

Net operating loss carry-forwards

 

7,325

 

7,486

Accrued expenses

 

702

 

984

Allowance for doubtful accounts

 

61

 

40

Credits

 

761

 

733

Common stock warrant liability

 

 

558

Loan Fees

76

157

Interest valuation

 

63

 

64

Interest limitation

 

186

 

Lease liabilities

4,111

4,045

Charitable contribution carry-forward

 

137

 

137

Deferred revenues

1,287

1,408

Accrued Social Security

158

291

Valuation allowance

 

(9,866)

 

(11,108)

 

9,519

 

8,725

Deferred tax liabilities:

 

  

 

  

Depreciation of fixed assets

 

(671)

 

(1,054)

Amortization of indefinite-lived intangibles

 

(4,048)

 

(3,022)

Prepaid expenses

 

(822)

 

(571)

Effect of state taxes on future federal returns

 

(1,024)

 

(868)

Right of use assets

(3,960)

(3,856)

Other

 

(49)

 

26

 

(10,574)

 

(9,345)

$

(1,055)

$

(620)