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Income Taxes

12 Months Ended

Dec. 31, 2021

Income Taxes

Income Taxes

12.         Income Taxes

The Company’s components of loss before income tax (in thousands) were as follows:

​	​	​	​	​	​	​	​
​	​	Year Ended December 31,					​
​		2021			2020
Domestic	​	$	(25,931)	​	$	(15,116)	​
Foreign	​	​	(3,186)	​	​	1,944	​
Loss before income tax	​	$	(29,117)	​	$	(13,172)	​

​

The Company’s components of income tax (expense) benefit (in thousands) were as follows:

​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
​		2021			2020
Current federal benefit	​	$	21	​	$	117	​
Current state expense	​		6	​		(131)	​
Deferred federal expense	​		(159)	​		(268)	​
Deferred state benefit	​		158	​		258	​
Income tax benefit (expense)	​	$	26	​	$	(24)	​

​

The income tax provision (in thousands) differs from the amount computed by applying the statutory federal income tax rate to loss before income tax as follows:

​	​	​	​	​	​	​	​
​	​	Year Ended December 31,					​
​		2021			2020
Tax benefit computed at statutory rate of 21%	​	$	6,047	​	$	2,766	​
Change in valuation allowance	​		(6,632)	​		(2,152)	​
State income tax benefit, net of federal tax	​		130	​		100	​
Foreign loss (income)	​		706	​		(536)	​
Other	​		(225)	​		(202)	​
Income tax benefit (expense)	​	$	26	​	$	(24)	​

​

The Coronavirus Aid, Relief, and Economic Security Act (“The CARES Act”) was enacted on March 27, 2020 resulting in tax law changes that impacted the Company by accelerating the AMT credit owed to the Company and allowed for a temporary change in NOL taxable income limitations. For tax years beginning January 1, 2018 and those prior to 2021, an NOL deduction equal to 100% of taxable income is allowed. Tax years 2021 and forward will revert back to the 80% limitation established by the 2017 Tax Cuts and Jobs Act.

The Consolidated Appropriations Act, 2021 (“The ACT”) was enacted by Congress on December 27, 2020. The ACT did not have a material impact to the Company’s consolidated financial statements.

The principal components of the Company’s net deferred tax assets (liabilities) (in thousands) were as follows:

​	​	​	​	​	​	​
​		December 31,
​		2021			2020
Deferred tax assets:	​	​	​	​	​	​
Federal tax net operating loss ("NOL") carryforward	​	$	30,649	​	$	26,754
Foreign tax NOL carryforward	​		6,947	​		6,244
State tax NOL carryforward	​		2,194	​		1,509
Other comprehensive income	​	​	235	​	​	273
Foreign deferred taxes	​	​	197	​	​	207
Right-of-use assets	​		125	​		124
Canadian start-up costs	​	​	90	​	​	104
Restricted stock and restricted stock unit awards	​	​	55	​	​	230
Other	​		48	​		51
Self-insurance	​		45	​		62
Workers’ compensation	​		11	​		44
Gross deferred tax assets	​	​	40,596	​	​	35,602
Less valuation allowances	​		(37,571)	​		(30,396)
Net deferred tax assets	​	​	3,025	​	​	5,206
Deferred tax liabilities:	​	​	​	​	​	​
Property and equipment	​		(3,045)	​		(5,225)
Net deferred tax liabilities	​	$	(20)	​	$	(19)
Domestic deferred tax liabilities	​	$	(20)	​	$	(19)
Foreign deferred tax liabilities	​	​	—	​	​	—
Net deferred tax liabilities	​	$	(20)	​	$	(19)

​

At December 31, 2021, the Company had a gross NOL for U.S. federal income tax purposes of approximately $145,949,000. This NOL will begin to expire in 2027. Losses incurred after the year ended December 31, 2017 have no expiration. The Company will carry forward the tax benefits related to federal net NOL of approximately $30,649,000. The Company also had state net NOLs that will affect state taxes of approximately $2,194,000 at December 31, 2021. State NOLs began to expire in 2015. The Company also had a Canadian gross NOL of $26,718,000 that will begin to expire in 2037.

In evaluating the possible sources of taxable income during 2021, the Company determined it is more likely than not that the remaining deferred tax assets will not be realizable. As a result, the Company recorded full valuation allowance against foreign deferred tax assets and its federal and state deferred tax assets with the exception of its trademark intangible.

At December 31, 2021 and 2020, the Company did not have any uncertain tax positions. The Company’s policy is to recognize interest and penalties related to an uncertain tax position in income tax expense.

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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

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