Annual report [Section 13 and 15(d), not S-K Item 405]

INCOME TAXES (Tables)

v3.25.0.1
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2024
INCOME TAXES  
Schedule of components of income tax provision

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

(In thousands)

Year Ended December 31, 

    

2024

    

2023

Current Taxes

Federal

$

$

State

 

(41)

 

489

 

(41)

 

489

Deferred Taxes

 

  

 

  

Federal

 

(7,958)

 

(5,007)

State

 

(3,447)

 

(3,108)

Increase in valuation allowance

 

11,667

 

8,775

 

262

 

660

$

221

$

1,149

Schedule of effective income tax rate reconciliation

(In thousands)

Year Ended December 31, 

2024

2023

Tax Rate Reconciliation

    

Percent

Amount

    

Percent

Amount

Federal income tax benefit at U.S. statutory rate

 

21.0

%  

$

(8,495)

 

21.0

%  

$

(4,988)

State taxes, net of federal benefit

 

8.6

%  

 

(3,488)

 

11.0

%  

 

(2,621)

Change in valuation allowance

 

(28.8)

%  

 

11,667

 

(36.9)

%  

 

8,775

Permanent differences

 

%  

 

7

 

(0.7)

%  

 

168

Credits

 

0.4

%  

 

(162)

 

0.8

%  

 

(191)

Other

 

(1.7)

%  

 

692

 

%  

 

6

 

(0.5)

%  

$

221

 

(4.8)

%  

$

1,149

Schedule of deferred tax assets and liabilities

(In thousands)

December 31, 

    

2024

    

2023

Deferred tax assets:

Deferred compensation

$

2,505

$

2,452

Intangible assets and amortization

 

5,706

 

6,071

Net operating loss carry-forwards

 

21,810

 

12,158

Accrued expenses

 

1,255

 

804

Credits

 

1,269

 

1,152

Loan Fees

1,133

1,269

Interest limitation

 

6,647

 

4,418

Lease liabilities

14,675

12,085

Deferred revenues

1,352

1,781

Valuation allowance

 

(35,634)

 

(23,966)

Other

177

354

 

20,895

 

18,578

Deferred tax liabilities:

 

  

 

  

Depreciation of fixed assets

 

(692)

 

(1,777)

Amortization of indefinite-lived intangibles

 

(6,859)

 

(5,621)

Right-of-use assets

(14,509)

(12,033)

Other

 

(781)

 

(831)

 

(22,841)

 

(20,262)

$

(1,946)

$

(1,684)