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INCOME TAXES | 12 Months Ended
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Dec. 31, 2021
Income Tax Disclosure [Abstract] |
INCOME TAXES | INCOME TAXES The provision (benefit) for income taxes for the years ended December 31, 2021 and 2020 consisted of the following:
| Year Ended
| December 31, 2021 |  | December 31, 2020 |  | December 31, 2019
Income Tax Expense (benefit) |  |  |  |  |
Current federal tax expense (benefit) |  |  |  |  |
Federal | $ | (115) |  |  | $ | 1,732 |  |  | $ | 479 |
State | 949 |  |  | 768 |  |  | — |
Deferred tax (benefit) |  |  |  |  |
Federal | 1,473 |  |  | 1,706 |  |  | (479) |
State | 136 |  |  | 227 |  |  | — |
Valuation allowance | — |  |  | (1,182) |  |  | — |
Total | $ | 2,443 |  |  | $ | 3,251 |  |  | $ | — |
A summary of deferred tax assets and liabilities as of December 31, 2021 and 2020 is as follows:
| Year Ended
| December 31, 2021 |  | December 31, 2020
Deferred tax assets: |  |  |
Deferred right to use lease liabilities | 11,573 |  |  | 3,249 |
Stock based compensation | 974 |  |  | 757 |
Inventory reserves | 239 |  |  | 236 |
Warranty reserves | 128 |  |  | 146 |
Accruals and other | 1,266 |  |  | 180 |
| 14,180 |  |  | 4,568 |
Deferred tax liabilities: |  |  |
Deferred right to use lease assets | (11,147) |  |  | (3,147) |
Accumulated depreciation and amortization | (5,392) |  |  | (2,171) |
| (16,539) |  |  | (5,318) |
Deferred tax asset (liability) | (2,359) |  |  | (750) |
Valuation Allowance | — |  |  | — |
Deferred tax asset (liability), net | $ | (2,359) |  |  | $ | (750) |
We recorded a valuation allowance against all of our deferred tax assets as of December 31, 2019. Given our current earnings and anticipated future earnings, we believe that there was sufficient positive evidence available that allowed us to reach the conclusion that the valuation allowance was no longer be needed as of December 31, 2020. Release of the valuation allowance in 2020 resulted in the recognition of certain deferred tax assets and a decrease to income tax expense for the period the release is recorded. As of December 31, 2021 and 2020 the Company had cumulative state net operating loss carryforwards of $1.6 million and $0.1 million. State net operating loss carryforwards will begin to expire in calendar year 2036. The differences between the U.S. Federal statutory income tax rate and the Company’s effective tax rate were as follows for the years ended December 31, 2021 and 2020, and 2019:
| Years Ended December 31,
| 2021 |  | 2020 |  | 2019
Federal statutory tax rate | 21 | % |  | 21 | % |  | 21 | %
State and local income taxes (net of federal tax benefit) | 7 | % |  | 6 | % |  | 4 | %
| 28 | % |  | 27 | % |  | 25 | %
Other | — | % |  | 6 | % |  | — | %
Stock-based compensation | (8) | % |  | 7 | % |  | — | %
Return to provision adjustments | (4) | % |  | 12 | % |  | — | %
Valuation allowance | — | % |  | (14) | % |  | (25) | %
| 16 | % |  | 38 | % |  | — | %

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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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