XML 55 R34.htm IDEA: XBRL DOCUMENT
v3.25.1

INCOME TAXES (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
INCOME TAXES [Abstract] |
Income Tax Expense (Benefit) | The components of the Company’s income tax expense (benefit) are as follows:
|  | Year Ended December 31, |
|  | (In thousands) |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Current: |  |  |  |  |  |  |  |  |
Federal |  | $ | 10,434 |  |  | $ | - |  |  | $ | - |
State |  |  | 1,887 |  |  |  | - |  |  |  | - |
Total current |  |  | 12,321 |  |  |  | - |  |  |  | - |
Deferred: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | (72,858 | ) |  |  | - |  |  |  | - |
State |  |  | (11,422 | ) |  |  | - |  |  |  | - |
Total deferred |  |  | (84,280 | ) |  |  | - |  |  |  | - |
Total benefit from income taxes |  | $ | (71,959 | ) |  | $ | - |  |  | $ | - |
Reconciliation of Income Taxes | A reconciliation of income taxes at the U.S. federal statutory rate to the benefit for income taxes is as follows:
|  | Year Ended December 31, |
|  | (In thousands) |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Tax provision (benefit) at U.S. federal statutory rate |  | $ | 26,400 |  |  | $ | (5,930 | ) |  | $ | (13,840 | )
State taxes, net of federal benefit |  |  | (9,931 | ) |  |  | (763 | ) |  |  | (1,773 | )
Non-deductible executive compensation |  |  | 4,340 |  |  |  | 983 |  |  |  | 862 |
Excess tax benefits related to stock-based compensation |  |  | (5,661 | ) |  |  | - |  |  |  | - |
Change in valuation allowance |  |  | (87,969 | ) |  |  | 4,696 |  |  |  | 15,117 |
Other |  |  | 862 |  |  |  | 1,014 |  |  |  | (366 | )
Benefit for income taxes |  | $ | (71,959 | ) |  | $ | - |  |  | $ | - |
Deferred Tax Assets | The significant components of the Company’s deferred tax assets are as follows:
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |
Deferred tax assets: |  | (in thousands) |
Federal and state net operating loss carryforwards |  | $ | 65,615 |  |  | $ | 76,645 |
Interest expense limitation carryforwards |  |  | 13,604 |  |  |  | 21,165 |
Inventory |  |  | 3,911 |  |  |  | 2,937 |
Stock-based compensation |  |  | 2,523 |  |  |  | 1,795 |
Lease obligations |  |  | 2,549 |  |  |  | 2,330 |
Accrued expenses and other |  |  | 5,779 |  |  |  | 5,831 |
Total gross deferred tax assets |  |  | 93,981 |  |  |  | 110,703 |
Less: valuation allowance for deferred tax assets |  |  | - |  |  |  | (101,422 | )
Total deferred tax assets, net of valuation allowance |  |  | 93,981 |  |  |  | 9,281 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Depreciation of property and equipment |  |  | (6,166 | ) |  |  | (6,837 | )
Right-of-use assets |  |  | (2,247 | ) |  |  | (2,077 | )
Other deferred tax liabilities |  |  | (1,288 | ) |  |  | (367 | )
Total deferred tax liabilities |  |  | (9,701 | ) |  |  | (9,281 | )
Net deferred tax assets |  | $ | 84,280 |  |  | $ | - |
Expiration of Federal Net Operating Loss | The annual amount of Federal NOLs that expire each year is as follows (in thousands):
Expiration Date |  |  | Remaining Available |
2031 |  |  | $ | 2,409 |
2032 |  |  |  | 7,430 |
2033 |  |  |  | 11,295 |
2034 |  |  |  | 1,025 |
2035 |  |  |  | 1,025 |
2036 |  |  |  | 1,025 |
2037 |  |  |  | 9,157 |
Indefinite |  |  |  | 232,240 |
Total |  |  | $ | 265,606 |

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-2 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of pertinent information, such as tax authority, amounts, and expiration dates, of net operating loss carryforwards, including an assessment of the likelihood of utilization. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-3 + Details
Name: | us-gaap_SummaryOfOperatingLossCarryforwardsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration