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INCOME TAXES | 12 Months Ended
--- | ---
Dec. 31, 2023
INCOME TAXES |
INCOME TAXES | 6. INCOME TAXES Income tax expense is comprised of the following (in thousands):
|  | December 31, |
|  | 2023 |  |  | 2022 |
Federal: |  |  |  |  |  |
Current |  | $ | 467 |  |  | $ | (63 | )
Deferred |  |  | (275 | ) |  |  | 212 |
|  |  | 192 |  |  |  | 149 |
State: |  |  |  |  |  |  |  |
Current |  |  | 495 |  |  |  | 78 |
Deferred |  |  | (159 | ) |  |  | (82 | )
|  |  | 336 |  |  |  | (4 | )
Income tax expense |  | $ | 528 |  |  | $ | 145 |
The provision for income taxes differs from the amount determined by applying the federal statutory tax rate to pre-tax income as a result of the following (in thousands):
|  | December 31, |
|  | 2023 |  |  | 2022 |
Income taxes at statutory rate |  | $ | 278 |  |  |  | 21.0 | % |  | $ | 199 |  |  |  | 21.0 | %
Increase (decrease) in taxes resulting from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
State income taxes, net of federal benefit |  |  | 32 |  |  |  | 2.4 | % |  |  | (22 | ) |  |  | (2.3 | )%
Stock compensation |  |  | (2 | ) |  |  | (0.1 | )% |  |  | (11 | ) |  |  | (1.2 | )%
Provision-to-return |  |  | 240 |  |  |  | 18.2 | % |  |  | (2 | ) |  |  | (0.2 | )%
Other |  |  | (20 | ) |  |  | (1.5 | )% |  |  | (19 | ) |  |  | (1.9 | )%
Income tax expense |  | $ | 528 |  |  |  | 40.0 | % |  | $ | 145 |  |  |  | 15.4 | %
Deferred tax assets (liabilities) are as follows (in thousands):
|  | December 31, |
|  | 2023 |  |  | 2022 |
Deferred tax assets: |  |  |  |  |  |
Net operating loss carryforwards |  | $ | 213 |  |  | $ | 319 |
Allowance for credit losses and doubtful accounts |  |  | 195 |  |  |  | 180 |
Accrued vacation |  |  | 70 |  |  |  | 59 |
Deferred revenue |  |  | 1,509 |  |  |  | 768 |
Equity Compensation |  |  | 135 |  |  |  |  |
Right-of-use asset |  |  | 11 |  |  |  | 28 |
Other |  |  | 151 |  |  |  | 118 |
Gross deferred tax assets |  |  | 2,284 |  |  |  | 1,472 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Retainage |  |  | (299 | ) |  |  | (240 | )
Fixed assets |  |  | (3,422 | ) |  |  | (3,195 | )
Prepaid expenses |  |  | (188 | ) |  |  | (76 | )
Amortization - intangibles |  |  | (15 | ) |  |  | (14 | )
Realized gain loss |  |  | — |  |  |  | (4 | )
Lease liability |  |  | (11 | ) |  |  | (28 | )
Gross deferred tax liabilities |  |  | (3,935 | ) |  |  | (3,557 | )
Net deferred tax liability |  | $ | (1,651 | ) |  | $ | (2,085 | )
In assessing the need for a valuation allowance, management must determine that there will be sufficient taxable income to realize deferred tax assets. Based upon the historical and anticipated future positive earnings, management has determined that the deferred tax assets are realizable. As of December 31, 2023 and 2022, the Company had approximately $5,061 and $4,217 (in thousands), respectively, of state net operating losses (NOLs) available to offset future state taxable income. The state NOLs begin expiring at various times between 2028 and 2037.

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