Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Schedule of Income Before Income Tax, Domestic and Foreign
The following table summarizes the Company’s income before income taxes (in thousands):
Years Ended December 31,
2023 2022 2021
U.S income $ 1,566  $ 63  $ 1,033 
Non-U.S. income 285  67  224 
Income before income taxes $ 1,851  $ 130  $ 1,257 
Schedule of Components of Income Tax Expense (Benefit)
The following table summarizes the Company’s components of the consolidated (provision for) benefit from income taxes (in thousands):
Years Ended December 31,
2023 2022 2021
U.S Federal income tax (expense) benefit
Current $ —  $ —  $ — 
Deferred (568) 44  150 
Total U.S. Federal income tax (expense) benefit (568) 44  150 
State and local income tax (expense) benefit
Current (245) (99) (167)
Deferred (65) (65) 3 
Total state and local income tax expense (310) (164) (164)
Foreign income tax (expense) benefit
Current (101) 8  177 
Total income tax (expense) benefit $ (979) $ (112) $ 163 
Schedule of Effective Income Tax Rate Reconciliation
The following table summarizes a reconciliation of the Company’s income tax (expense) benefit from the effective income tax rate to the U.S. federal statutory rate (in thousands):
Years Ended December 31,
2023 2022 2021
Income tax expense at the statutory rate $ (389) $ (27) $ (264)
State and local income tax expense (245) (130) (130)
Foreign income tax (16) (4) (12)
Share-Based compensation and other permanent differences (260) (58) 462
Credits (39) 79 34
Other adjustments (30) 28 73
Income tax (expense) benefit at effective income tax rate $ (979) $ (112) $ 163
Schedule of Deferred Tax Assets and Liabilities
The following table summarizes the temporary differences and carryforwards that give rise to deferred tax assets and liabilities (in thousands):
December 31, 2023 December 31, 2022
Deferred Federal, state and local tax assets –
Bad debt reserves $ 3,318  $ 2,603 
Stock-based compensation 1,812  1,668 
Net operating loss (a)
6,400  8,680 
Operating lease liabilities 1,864  1,210 
Accrued compensation 792  552 
Inventories 626  639 
Research & development credits
555  555 
Other credits 102  141 
Other 616  432 
Total deferred Federal, state and local tax assets
16,085  16,480 
Deferred Federal, state and local tax liabilities –
Depreciation and asset basis differences (4,131) (4,505)
Goodwill and intangible assets (768) (800)
Right-of-use assets (1,718) (1,075)
Derivative financial instruments (353) (475)
Total deferred Federal, state and local tax liabilities
(6,970) (6,855)
Net deferred tax assets $ 9,115  $ 9,625 
(a) At December 31, 2023 and 2022, this includes state and local net operating losses of $0.8 million and $1.2 million, respectively.