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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Taxes

Schedule of components of the (benefit) provision for income taxes

​

​	​	​	​	​	​	​
​		2024			2023
Current tax provision:		​			​
Federal	​	$	948		$	3,576
State	​		310			605
Total current tax provision	​	​	1,258	​	​	4,181
Deferred tax provision:	​		​			​
Federal	​		5,015			(680)
State	​		712			16
Total deferred tax provision	​	​	5,727	​	​	(664)
Total income tax provision	​	$	6,985		$	3,517

Schedule of differences between the Company's effective income tax rate and the federal statutory income tax rate

​

​	​	​	​	​	​
​		2024		2023	​
Federal statutory rate		21.00	%	21.00	%
State income tax rate, net of federal benefit		1.96	%	2.04	%
Stock-based compensation	​	(8.32)	%	(7.98)	%
Permanent items		(0.03)	%	(0.71)	%
Other		(0.07)	%	0.24	%
Effective income tax rate		14.54	%	14.59	%

Schedule of deferred tax (liabilities) assets

​

​	​	​	​	​	​	​
​		2024			2023
Net operating loss carryforwards		$	185		$	188
Deferred revenue		​	185		​	268
Stock based compensation		​	208		​	385
Accrual and reserves		​	180		​	251
Research and development credits		​	251		​	262
Other	​	​	179	​	​	156
Depreciation and amortization	​	​	2,004	​	​	1,450
Lease liability	​	​	17	​	​	38
Total gross deferred tax assets		​	3,209		​	2,998
Less valuation allowance		​	—		​	—
Net deferred tax assets	​	​	3,209	​	​	2,998
Deferred tax liabilities:	​	​	​	​	​	​
Right of use assets	​	​	(16)	​	​	(36)
Change in fair value of digital assets	​	​	(5,958)	​	​	—
Total deferred tax liabilities	​	​	(5,974)	​	​	(36)
Net deferred tax (liabilities) assets	​	$	(2,765)		$	2,962

Schedule of activity related to unrecognized tax benefits

​

​	​	​	​	​	​	​
​		​	Gross Unrecognized Tax Benefits 2024		​	Gross Unrecognized Tax Benefits 2023
Unrecognized tax benefits – January 1	​	$	470		$	401
Gross increases related to prior tax positions	​		—			4
Gross decreases related to prior tax positions	​	​	(3)	​	​	—
Gross increases related to current tax positions	​		20			65
Unrecognized tax benefits – December 31	​	$	487		$	470

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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

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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.

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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.

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Tabular disclosure of the change in unrecognized tax benefits.

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