Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.24.0.1
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2023
INCOME TAXES  
Schedule of components of income tax provision

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

(In thousands)

Year Ended December 31, 

    

2023

    

2022

Current Taxes

Federal

$

$

State

 

489

 

 

489

 

Deferred Taxes

 

  

 

  

Federal

 

(5,007)

 

(4,077)

State

 

(3,108)

 

(1,279)

Increase in valuation allowance

 

8,775

 

5,325

 

660

 

(31)

$

1,149

$

(31)

Schedule of effective income tax rate reconciliation

(In thousands)

Year Ended December 31, 

2023

2022

Tax Rate Reconciliation

    

Percent

Amount

    

Percent

Amount

Federal income tax benefit at U.S. statutory rate

 

21.0

%  

$

(4,988)

 

21.0

%  

$

(3,115)

State taxes, net of federal benefit

 

11.0

%  

 

(2,621)

 

8.6

%  

 

(1,279)

Change in valuation allowance

 

(36.9)

%  

 

8,775

 

(35.9)

%  

 

5,325

Permanent differences

 

(0.7)

%  

 

168

 

(0.5)

%  

 

77

Credits

 

0.8

%  

 

(191)

 

0.7

%  

 

(110)

Other

 

%  

 

6

 

6.3

%  

 

(929)

 

(4.8)

%  

$

1,149

 

0.2

%  

$

(31)

Schedule of deferred tax assets and liabilities

(In thousands)

December 31, 

    

2023

    

2022

Deferred tax assets:

Deferred compensation

$

2,452

$

1,673

Intangible assets and amortization

 

6,071

 

3,972

Net operating loss carry-forwards

 

12,158

 

8,364

Accrued expenses

 

804

 

603

Credits

 

1,152

 

916

Loan Fees

1,269

1,206

Interest limitation

 

4,418

 

1,668

Lease liabilities

12,085

4,718

Deferred revenues

1,781

789

Valuation allowance

 

(23,966)

 

(15,191)

Other

354

144

 

18,578

 

8,862

Deferred tax liabilities:

 

  

 

  

Depreciation of fixed assets

 

(1,777)

 

(423)

Amortization of indefinite-lived intangibles

 

(5,621)

 

(4,021)

Right-of-use assets

(12,033)

(4,739)

Other

 

(831)

 

(703)

 

(20,262)

 

(9,886)

$

(1,684)

$

(1,024)