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Income Taxes | 12 Months Ended
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Dec. 31, 2023
Income Taxes |
Income Taxes | 11. Income Taxes The Company’s components of loss before income tax, exclusive of Breckenridge were as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, | ​
​ |  | 2023 |  | 2022 |
Domestic | ​ | $ | (9,177) | ​ | $ | (20,566) | ​
Foreign | ​ | ​ | (2,090) | ​ | ​ | 222 | ​
Loss before income tax | ​ | $ | (11,267) | ​ | $ | (20,344) | ​
​ The Company’s components of income tax benefit (expense) were as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, |
​ |  | 2023 |  | 2022 |
Current federal benefit | ​ | $ | 17 | ​ | $ | 9 | ​
Current state expense | ​ |  | (42) | ​ |  | — | ​
Deferred federal benefit (expense) | ​ |  | 114 | ​ |  | (109) | ​
Deferred state benefit (expense) | ​ | ​ | 7 | ​ | ​ | (7) | ​
Income tax benefit (expense) | ​ | $ | 96 | ​ | $ | (107) | ​
​ The income tax provision differs from the amount computed by applying the statutory federal income tax rate to loss before income tax as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, | ​
​ |  | 2023 |  | 2022 |
Tax benefit computed at statutory rate of 21% | ​ | $ | 2,366 | ​ | $ | 4,272 | ​
Change in valuation allowance | ​ |  | (2,599) | ​ |  | 15,352 | ​
State income tax expense, net of federal tax | ​ |  | (28) | ​ |  | (5) | ​
Foreign losses | ​ |  | 492 | ​ |  | 70 | ​
Section 382 limited NOL | ​ | ​ | — | ​ | ​ | (19,904) | ​
Other | ​ |  | (135) | ​ |  | 108 | ​
Income tax benefit (expense) | ​ | $ | 96 | ​ | $ | (107) | ​
​ The principal components of the Company’s net deferred tax assets (liabilities) (in thousands) were as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31,
​ |  | 2023 |  | 2022
Deferred tax assets: | ​ | ​ | ​ | ​ | ​ | ​
Federal tax net operating loss ("NOL") carryforward | ​ | $ | 14,505 | ​ | $ | 13,373
Foreign tax NOL carryforward | ​ |  | 7,031 | ​ |  | 6,423
Deferred revenue | ​ |  | 1,697 | ​ |  | 379
State tax NOL carryforward | ​ | ​ | 1,579 | ​ | ​ | 1,398
Intangible Assets - Breckenridge | ​ | ​ | 939 | ​ | ​ | —
Accrued severance | ​ |  | 456 | ​ |  | —
Other comprehensive income | ​ | ​ | 421 | ​ | ​ | 458
Foreign deferred taxes | ​ | ​ | 256 | ​ | ​ | 252
Right-of-use assets | ​ |  | 79 | ​ |  | 80
Canadian start-up costs | ​ | ​ | 58 | ​ | ​ | 74
Other | ​ | ​ | 53 | ​ | ​ | 52
Self-insurance | ​ |  | 39 | ​ |  | 37
Workers’ compensation | ​ |  | 3 | ​ |  | 8
Gross deferred tax assets | ​ | ​ | 27,116 | ​ | ​ | 22,534
Less valuation allowances | ​ |  | (26,443) | ​ |  | (21,184)
Net deferred tax assets | ​ | ​ | 673 | ​ | ​ | 1,350
Deferred tax liabilities: | ​ | ​ | ​ | ​ | ​ | ​
Property and equipment | ​ |  | (688) | ​ |  | (1,486)
Net deferred tax liabilities | ​ | $ | (15) | ​ | $ | (136)
​ | ​ | ​ | ​ | ​ | ​ | ​
Domestic deferred tax liabilities | ​ | $ | (15) | ​ | $ | (136)
Foreign deferred tax liabilities | ​ | ​ | — | ​ | ​ | —
Net deferred tax liabilities | ​ | $ | (15) | ​ | $ | (136)
​ At December 31, 2023, the Company had a gross NOL for U.S. federal income tax purposes of approximately $163,849,000 but expects approximately $94,779,000 to expire unused due to the 382 event discussed below. The remaining 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 $14,505,000. The Company also had state net NOLs that will affect state taxes of approximately $1,579,000 at December 31, 2023. State NOLs began to expire in 2015 and continue to expire each year. The Company also had a Canadian gross NOL of $27,043,000 that will begin to expire in 2037. On January 14, 2022, the Company was subject to an Internal Revenue Code section 382 event that limited some of our NOL utilization in future periods. The 382 limitation rendered a substantial portion of the NOLs unusable and caused the Company to write off approximately $19,904,000 of the federal net NOLs against the valuation allowance. It also caused the Company to adjust the valuation allowance so we are still in a naked credit position domestically, but it did not have a material impact on tax expense. In evaluating the possible sources of taxable income during 2023, 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, 2023 and 2022, 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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