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)