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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2021
Income Tax Disclosure [Abstract] |
Schedule of Income Tax Provisions | The provision for income taxes for the year ended December 31, 2021 and 2020, respectively, consisted of:
| Year Ended December 31,
| 2021 |  | 2020
| (in thousands)
Current |  |  |
Federal | $ | 4,504 |  |  | $ | 109 |
State | 1,068 |  |  | 1,212 |
| 5,572 |  |  | 1,321 |
Deferred |  |  |
Federal | (576) |  |  | 4,172 |
State | 93 |  |  | (234) |
| (483) |  |  | 3,938 |
Provision for income taxes | $ | 5,089 |  |  | $ | 5,259 |
Schedule of Deferred Tax Assets and Liabilities | The Company’s deferred tax assets (liabilities), calculated using effective tax rates is as follows:
| December 31, 2021 |  | December 31, 2020
| (in thousands)
Deferred tax assets: |  |  |
State taxes | $ | 257 |  |  | $ | 237 |
Reserves | 537 |  |  | 590 |
Accruals & deferred expenses | 188 |  |  | 132 |
Tenant improvement allowance | 1,216 |  |  | 1,336 |
R&D credit | 44 |  |  | 45 |
Section 263A | 1,196 |  |  | 993 |
Government grant | 311 |  |  | 235 |
Stock based compensation | 267 |  |  | — |
Total deferred tax assets | 4,016 |  |  | 3,568 |
Deferred tax liabilities: |  |  |
Fixed assets – depreciation | (9,518) |  |  | (9,613) |
Investment in Global Wells Investment Group | (132) |  |  | (72) |
Total deferred tax liabilities | (9,650) |  |  | (9,685) |
Net deferred tax liability | $ | (5,634) |  |  | $ | (6,117) |
Schedule of Reconciliation of Income Taxes | Reconciliation of income taxes are as follows from statutory rate of 21% to the effective tax rate for the year ended December 31, 2021 and 2020, respectively:
| Year Ended December 31,
| 2021 |  | 2020
| (in thousands)
Income tax computed at the federal statutory rate | $ | 5,780 |  |  | $ | 4,608 |
State taxes, net of federal tax benefits | 1,055 |  |  | 939 |
Noncontrolling Interest -Income not subject to tax | (349) |  |  | 178 |
Government forgiveness of debt | (1,050) |  |  | — |
Permanent items | 201 |  |  | 100 |
R&D Credit | (239) |  |  | (295) |
Excess tax benefit from stock based compensation | (237) |  |  | — |
Other | (72) |  |  | (271) |
Provision for income taxes | $ | 5,089 |  |  | $ | 5,259 |

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- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319 + Details
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- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + Details
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- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319 + Details
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