Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.22.4
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2022
INCOME TAXES  
Schedule of components of income tax provision

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

​

​

​

​

​

​

​

(In thousands)

​

Year Ended December 31, 

​

    

2022

    

2021

Current Taxes

​

​

​

​

​

​

Federal

​

$

—

​

$

—

State

​

 

—

​

 

—

​

​

 

—

​

 

—

Deferred Taxes

​

 

  

​

 

  

Federal

​

 

(4,077)

​

 

2,421

State

​

 

(1,279)

​

 

(744)

Increase (decrease) in valuation allowance

​

 

5,325

​

 

(1,242)

​

​

 

(31)

​

 

435

​

​

$

(31)

​

$

435

​

Schedule of effective income tax rate reconciliation

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(In thousands)

​

Year Ended December 31, 

​

​

2022

​

2021

Tax Rate Reconciliation

    

Percent

​

Amount

    

Percent

​

Amount

Federal income tax (benefit) expense at U.S. statutory rate

 

21.0

%  

​

$

(3,115)

 

21.0

%  

​

$

2,550

State taxes, net of federal benefit

 

8.6

%  

​

 

(1,279)

 

(4.8)

%  

​

 

(588)

Change in valuation allowance

 

(35.9)

%  

​

 

5,325

 

(10.2)

%  

​

 

(1,242)

Permanent differences

 

(0.5)

%  

​

 

77

 

(1.8)

%  

​

 

(217)

Credits

 

0.7

%  

​

 

(110)

 

(0.6)

%  

​

 

(73)

Other

 

6.3

%  

​

 

(929)

 

—

%  

​

 

5

​

 

0.2

%  

​

$

(31)

 

3.6

%  

​

$

435

​

Schedule of deferred tax assets and liabilities

​

​

​

​

​

​

​

​

(In thousands)

​

December 31, 

​

    

2022

    

2021

Deferred tax assets:

​

​

​

​

​

​

Deferred compensation

​

$

1,673

​

$

1,568

Intangible assets and amortization

​

 

3,972

​

 

2,950

Net operating loss carry-forwards

​

 

8,364

​

 

7,325

Accrued expenses

​

 

603

​

 

702

Credits

​

 

916

​

 

761

Loan Fees

​

​

1,206

​

​

76

Interest limitation

​

 

1,668

​

 

186

Lease liabilities

​

​

4,718

​

​

4,111

Deferred revenues

​

​

789

​

​

1,287

Valuation allowance

​

 

(15,191)

​

 

(9,866)

Other

​

​

144

​

​

419

​

​

 

8,862

​

 

9,519

Deferred tax liabilities:

​

 

  

​

 

  

Depreciation of fixed assets

​

 

(423)

​

 

(671)

Amortization of indefinite-lived intangibles

​

 

(4,021)

​

 

(4,048)

Right-of-use assets

​

​

(4,739)

​

​

(3,960)

Other

​

 

(703)

​

 

(1,895)

​

​

 

(9,886)

​

 

(10,574)

​

​

$

(1,024)

​

$

(1,055)

​