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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Summary of Change in Valuation Allowance | The following table summarizes the change in the valuation allowance during 2023 and 2024, (in thousands):
Balance as of December 31, 2022 |  | $ | 4,428 |
Change during 2023 |  |  | (2,205 | )
Balance as of December 31, 2023 |  |  | 2,223 |
Change during 2024 |  |  | 1,290 |
Balance as of December 31, 2024 |  | $ | 3,513 |
Schedule of Components of Income Tax Expense (Benefit) | The reported tax expense varies from the amount that would be provided by applying the statutory U.S. Federal income tax rate to the income before income tax expense for the following reasons in each of the years ended December 31, (in thousands except for percentages):
|  | 2024 |  |  | 2023 |
|  | Dollars |  |  | Percent |  |  | Dollars |  |  | Percent |
Expected income tax expense at federal statutory rate |  | $ | 1,885 |  |  |  | 21.0 | % |  | $ | 2,939 |  |  |  | 21.0 | %
Increase (reduction) in taxes resulting from: |  |  |  |  |  |  |  |  |  |  |  |
State income taxes |  |  | 656 |  |  |  | 7.3 | % |  |  | 996 |  |  |  | 7.1 | %
Non-deductible expenses (permanent differences) |  |  | (22 | ) |  |  | (0.2 | )% |  |  | (196 | ) |  |  | (1.4 | )%
Change in valuation allowance |  |  | 1,290 |  |  |  | 13.9 | % |  |  | (2,205 | ) |  |  | (15.8 | )%
Changes in unrecognized tax benefits |  |  | (18 | ) |  |  | (0.2 | )% |  |  | (14 | ) |  |  | (0.8 | )%
Income tax expense |  | $ | 3,791 |  |  |  | 41.8 | % |  | $ | 1,520 |  |  |  | 10.1 | %
Summary of Income tax expense/(benefit) | Income tax expense (benefit) for the years ended December 31, 2024 and 2023 was comprised of the following (in thousands):
|  | 2024 |  |  | 2023 |
Current provision for income taxes: |  |  |  |  |  |
Federal |  | $ | - |  |  | $ | - |
State |  |  | 684 |  |  |  | 1,188 |
Total |  |  | 684 |  |  |  | 1,188 |
Deferred provision for income taxes: |  |  |  |  |  |
Federal |  |  | 3,145 |  |  |  | 465 |
State |  |  | (38 | ) |  |  | (133 | )
Total |  |  | 3,107 |  |  |  | 332 |
Total provision for income taxes |  | $ | 3,791 |  |  | $ | 1,520 |
Schedule of Deferred Tax Assets and Liabilities | The components of the net deferred tax assets as of December 31, 2024 and 2023 are as follows (in thousands):
|  | 2024 |  |  | 2023 |
Deferred tax assets: |  |  |  |  |  |
Net operating loss carry forwards |  | $ | 9,059 |  |  | $ | 11,012 |
Stock based compensation |  |  | 551 |  |  |  | 348 |
Intangibles |  |  | 282 |  |  |  | 224 |
Operating lease liabilities |  |  | 617 |  |  |  | 628 |
Equity method investments |  |  | 194 |  |  |  | 239 |
Allowance for credit loss |  |  | 104 |  |  |  | 176 |
Accruals |  |  | 120 |  |  |  | 131 |
Other |  |  | 118 |  |  |  | 136 |
Total gross deferred tax assets |  |  | 11,045 |  |  |  | 12,894 |
Deferred tax liabilities: |  |  |  |  |  |
Trade names |  |  | (681 | ) |  |  | (708 | )
Customer relationships |  |  | (68 | ) |  |  | (48 | )
Equity method investments |  |  | (20 | ) |  |  | (28 | )
Operating lease right-of-use assets |  |  | (588 | ) |  |  | (599 | )
Other |  |  | (167 | ) |  |  | (173 | )
Total gross deferred tax liabilities |  |  | (1,524 | ) |  |  | (1,556 | )
Total deferred tax assets |  |  | 9,521 |  |  |  | 11,338 |
Less: valuation allowance |  |  | (3,513 | ) |  |  | (2,223 | )
Deferred tax assets, net of valuation allowance |  | $ | 6,008 |  |  | $ | 9,115 |

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