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)
Total state and local income tax expense (310) (164) (164)
Foreign income tax (expense) benefit
Current (101) 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.