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Income Taxes (Tables)

12 Months Ended

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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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-9

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-2

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Tabular disclosure of tax credit carryforwards available to reduce future taxable income, including amounts, expiration dates, limitations on use and the related deferred tax assets and valuation allowances.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-3

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Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-2

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