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Income taxes | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Income taxes | Note 10 – Income taxes The provision for income taxes consists of the following:
Provision for income taxes |  |  |  |  |  |
|  | For the Years Ended December 31, |
|  | 2023 |  |  | 2022 |
Current: |  |  |  |  |  |
Federal |  | $ | 3,591 |  |  | $ | 645 |
State and local |  |  | 1,719 |  |  |  | 444 |
Total current |  |  | 5,310 |  |  |  | 1,089 |
Deferred |  |  | (28 | ) |  |  | (172 | )
Provision for income taxes |  | $ | 5,282 |  |  | $ | 917 |
The following is a reconciliation of income tax expense computed at the U.S. federal statutory tax rate to income tax expense reported in the consolidated statement of operations:
Reconciliation to effective rate for income taxes |  |  |  |  |  |  |  |  |  |  |  |
|  | 2023 |  |  | 2022 |
|  | Amount |  |  | Percentage |  |  | Amount |  |  | Percentage |
Federal income tax at statutory rate |  | $ | 3,496 |  |  |  | 21.0% |  |  | $ | 392 |  |  |  | 21.0% |
State and local tax, net |  |  | 1,126 |  |  |  | 6.8% |  |  |  | 287 |  |  |  | 15.4% |
Other permanent differences |  |  | 17 |  |  |  | 0.1% |  |  |  | 8 |  |  |  | 0.4% |
Section 162m |  |  | 435 |  |  |  | 2.6% |  |  |  | 229 |  |  |  | 12.2% |
Stock based compensation |  |  | 203 |  |  |  | 1.2% |  |  |  | 127 |  |  |  | 6.8% |
Change in tax rates |  |  | 5 |  |  |  | 0.0% |  |  |  | (83 | ) |  |  | (4.4% | )
Other |  |  | – |  |  |  | –% |  |  |  | (43 | ) |  |  | (2.3% | )
Provision for income taxes |  | $ | 5,282 |  |  |  | 31.7% |  |  | $ | 917 |  |  |  | 49.1% |
The tax effects of temporary differences giving rise to deferred income tax assets and liabilities were:
Schedule of deferred tax assets and liabilities |  |  |  |  |  |
|  | December 31, |
|  | 2023 |  |  | 2022 |
Deferred tax liabilities attributable to: |  |  |  |  |  |  |  |
Accumulated depreciation and amortization |  | $ | (3,519 | ) |  | $ | (3,394 | )
Unrealized gains |  |  | (469 | ) |  |  | (472 | )
Total deferred tax liabilities |  |  | (3,988 | ) |  |  | (3,866 | )
Deferred tax assets attributable to: |  |  |  |  |  |  |  |
Net operating losses |  |  | 6 |  |  |  | 6 |
Accrued compensation |  |  | 403 |  |  |  | 287 |
Incentive compensation |  |  | 301 |  |  |  | 194 |
Inventory |  |  | 280 |  |  |  | 328 |
Allowances for doubtful accounts and discounts |  |  | 3 |  |  |  | 5 |
Other |  |  | (6 | ) |  |  | 17 |
Total net deferred tax assets |  |  | 987 |  |  |  | 837 |
Net deferred tax liabilities |  | $ | (3,001 | ) |  | $ | (3,029 | )
The following table details the Company’s tax attributes related to net operating losses for which it has recorded deferred tax assets.
Schedule of tax attributes related to net operating losses |  |  |  |  |  |  |  |  |  |  |  |
Tax Attributes |  | Gross Amount |  |  | Net Amount |  |  |  | Expiration Years |
State net operating losses |  | $ | 116 |  |  | $ | 6 |  |  |  | 2035 |
|  |  |  |  |  | $ | 6 |  |  |  |  |
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
Reconciliation of amount of unrecognized tax benefits |  |  |  |  |  |
|  | 2023 |  |  | 2022 |
Balance at January 1 |  | $ | – |  |  | $ | 396 |
Additions based on tax positions of prior years |  |  | – |  |  |  | – |
Settlement for tax positions of prior years |  |  | – |  |  |  | (396 | )
Balance at December 31 |  | $ | – |  |  | $ | – |
Lifeway is subject to U.S. federal income tax as well as income tax in multiple state and city jurisdictions. With limited exceptions, Lifeway’s calendar year 2020 and subsequent federal and state tax years remain open by statute. As of December 31, 2023, the unrecognized tax benefit is $0. The amount of interest and penalties recognized in the consolidated statements of operations was $0 during 2023 and 2022, respectively. The amount of accrued interest and penalties recognized in the consolidated balance sheets was $0 at December 31, 2023 and 2022, respectively.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480990/946-20-50-13 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//740/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-14 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-21 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 270 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482526/740-270-50-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 17 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-17 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482603/740-30-50-2 + Details
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