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)