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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Taxes [Abstract] |
Schedule of Provision for (Benefit from) Income Taxes | The Company’s provision for (benefit from) income taxes is comprised of the following:
|  | Year Ended December 31 |
|  | 2023 |  |  | 2022 |
Current |  |  |  |  |  |
Federal |  | $ | 3,023,000 |  |  | $ | (749,000 | )
State and local |  |  | 499,000 |  |  |  | 104,000 |
Total Current |  |  | 3,522,000 |  |  |  | (645,000 | )
Deferred |  |  |  |  |  |  |  |
Federal |  | $ | (366,000 | ) |  | $ | (305,000 | )
State and local |  |  | 259,000 |  |  |  | (350,000 | )
Total Deferred |  |  | (107,000 | ) |  |  | (655,000 | )
Total Provision for (benefit from) income taxes |  | $ | 3,415,000 |  |  | $ | (1,300,000 | )
Schedule of Effective Tax Rate | The Company’s effective tax rate differs from the U.S. federal statutory income tax rate of 21% for the periods indicated are as follows:
|  | Year Ended December 31 |
|  | 2023 |  |  | 2022 |
Federal statutory income tax rate |  |  | 21.0 | % |  |  | 21.0 | %
Goodwill amortization |  |  | (2.5 | )% |  |  | 6.5 | %
Non-deductible fines and penalties |  |  | — | % |  |  | — | %
Share based compensation |  |  | — | % |  |  | — | %
Permanent differences |  |  | 2.7 | % |  |  | (6.1 | )%
State and local taxes, net of federal benefit |  |  | 5.7 | % |  |  | 9.4 | %
Change in valuation allowance |  |  | 2.4 | % |  |  | 2.0 | %
Other |  |  | 1.1 | % |  |  | (2.5 | )%
Effective tax rate |  |  | 30.4 | % |  |  | 30.3 | %
Schedule of Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax assets and liabilities are as follows:
|  | As of December 31 |
|  | 2023 |  |  | 2022 |
Deferred tax assets: |  |  |  |  |  |
Net operating losses |  | $ | 3,393,000 |  |  | $ | 5,023,000 |
Lease liabilities |  |  | 840,000 |  |  |  | 648,000 |
Share-based compensation |  |  | — |  |  |  | — |
Investment in Tigress |  |  | — |  |  |  | 775,000 |
Investment in RISE |  |  | 123,000 |  |  |  | 10,000 |
Investment in OpenHand |  |  | 239,000 |  |  |  | — |
R&D costs capitalization |  |  | 142,000 |  |  |  | — |
Settlement liability related to Kakaopay termination |  |  | 1,253,000 |  |  |  | — |
Capital loss carryover |  |  | 803,000 |  |  |  | — |
Other |  |  | 79,000 |  |  |  | 45,000 |
Subtotal |  |  | 6,872,000 |  |  |  | 6,501,000 |
Less: valuation allowance |  |  | (1,243,000 | ) |  |  | (978,000 | )
Total Deferred tax assets |  | $ | 5,629,000 |  |  | $ | 5,523,000 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Fixed assets |  | $ | (1,125,000 | ) |  | $ | (1,126,000 | )
Total Deferred tax liabilities |  |  | (1,125,000 | ) |  |  | (1,126,000 | )
Net Deferred tax assets |  | $ | 4,504,000 |  |  | $ | 4,397,000 |
Schedule of Unrecognized Tax Benefits, Excluding Interest and Penalties | A reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding interest and penalties, is as follows:
|  | Amount |
Balance as of December 31, 2021 |  | $ | 2,418,000 |
Additions for tax positions taken during current year |  |  | — |
Additions for tax positions taken during prior year |  |  | 12,000 |
Reductions for tax positions taken during prior years |  |  | (834,000 | )
Settlements |  |  | — |
Expirations of statutes of limitations |  |  | — |
Balance as of December 31, 2022 |  | $ | 1,596,000 |
Additions for tax positions taken during current year |  |  | 15,000 |
Additions for tax positions taken during prior year |  |  | — |
Reductions for tax positions taken during prior years |  |  | (2,000 | )
Settlements |  |  | — |
Expirations of statutes of limitations |  |  | (204,000 | )
Balance as of December 31, 2023 |  | $ | 1,405,000 |

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