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INCOME TAXES | 12 Months Ended
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Dec. 31, 2021
INCOME TAXES |
INCOME TAXES | NOTE 11 — INCOME TAXES For the years ended December 31, 2021 and 2020, federal and state income tax expense totaled zero. The Company has net operating loss carryforwards available to reduce future taxable income. At December 31, 2021, the Company had U.S. federal net operating loss carry forwards of $58,569,000, of which (i) $25,202,000 expire at various dates through fiscal 2038, (ii) $17,477,000 can be carried forward indefinitely under the provisions of the Tax Cuts and Jobs Act (TCJA) and are able to offset 100% of taxable income due to the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act), and (iii) $15,890,000 were generated in 2021 and can be carried forward indefinitely but will only be able to offset up to 80% of taxable income in any given year. Future tax benefits for these net operating loss carryforwards are recognized to the extent that realization of these benefits is considered more likely than not. To the extent that the Company will not realize a future tax benefit, a valuation allowance is established. At this time, the Company is unable to determine if it will be able to benefit from its deferred tax asset. There are limitations on the utilization of net operating loss carryforwards, including a requirement that losses be offset against future taxable income, if any. In addition, there are limitations imposed by certain transactions, which are deemed to be ownership changes. Accordingly, our net deferred tax asset was zero as of December 31, 2021 and 2020 as the Company established a full valuation allowance of $17,319,000 and $13,304,000, respectively. Significant components of our deferred tax assets and liabilities as of December 31, 2021 and 2020 consist of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31,
(in thousands) |  | 2021 |  | 2020
Deferred tax assets: | ​ | ​ |  | ​ | ​ |
Intangible assets | ​ | $ | 295 | ​ | $ | 269
Bad debt expense | ​ |  | 41 | ​ |  | 21
Accrued compensation expense | ​ |  | 15 | ​ |  | 83
Deferred revenue and costs | ​ |  | — | ​ |  | 2
Stock-based compensation | ​ |  | 1,789 | ​ |  | 1,494
Operating lease liability | ​ |  | 255 | ​ |  | 193
State NOL carryforwards | ​ |  | 3,122 | ​ |  | 2,516
Federal NOL carryforwards | ​ |  | 12,299 | ​ |  | 8,954
Total Deferred Tax Assets | ​ |  | 17,816 | ​ |  | 13,532
Valuation allowance | ​ |  | (17,319) | ​ |  | (13,304)
Net deferred tax assets | ​ |  | 497 | ​ |  | 228
Deferred tax liabilities: | ​ |  |  | ​ |  |
Property and equipment | ​ |  | (270) | ​ |  | (62)
Deferred revenue and costs | ​ | ​ | (8) | ​ | ​ | —
Right of use assets | ​ |  | (219) | ​ |  | (166)
Total deferred tax liabilities | ​ |  | (497) | ​ |  | (228)
Net deferred tax asset (liability) | ​ | $ | — | ​ | $ | —
​ The Company is subject to U.S. federal income tax as well as income taxes in multiple state and local jurisdictions. The Company has concluded all U.S. federal tax matters for years through December 31, 2017. All material state and local income tax matters have been concluded for years through December 31, 2016. The Company is no longer subject to IRS examination for the tax years ended on or before December 31, 2017; however, carryforward losses that were generated through the tax year ended December 31, 2017 may still be adjusted by the IRS if they are used in a future period. The Company had no reserve for uncertain tax positions as of December 31, 2021 and 2020.

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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