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Note 9 - Income Tax Provision
 9 Months Ended
Sep. 30, 2024
Notes to Financial Statements  
Income Tax Disclosure [Text Block]

9)

INCOME TAX PROVISION

 

The following table summarizes the income tax provision.  

 

   

Three Months Ended September 30,

    

Nine Months Ended September 30,

  
   

2024

    

2023

    

2024

    

2023

  

Income tax (benefit) provision

   $ (3 )   $ 12     $ 635     $ 34  

Effective tax rate

     0.3 %     0.4 %     4.8 %     0.2 %

 

The Company’s income tax benefit was insignificant in the three months ended September 30, 2024. In the nine months ended September 30, 2024, the provision was comprised primarily of an increase in the valuation allowance against net deferred assets, plus immaterial state taxes and miscellaneous items.  No deferred tax benefits on ongoing tax losses or other deferred tax assets have been recognized, reflecting management’s determination that none of the net deferred tax assets are more likely than not to be realized.  The three- and nine-month periods in 2023 reflected immaterial state taxes and miscellaneous items.

 

The Company evaluates its deferred tax assets quarterly and records a valuation allowance to reduce these assets to the amount that is more likely than not to be realized.