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Income Taxes

12 Months Ended

Dec. 31, 2024

Income Taxes

Income Taxes

11.         Income Taxes

The Company’s components of (loss) income before income tax, with the year ended December 31, 2023 being reported exclusive of Breckenridge, were as follows (in thousands):

​	​	​	​	​	​	​	​
​	​	Year Ended December 31,					​
​		2024			2023
Domestic	​	$	(4,900)	​	$	(9,177)	​
Foreign	​	​	788	​	​	(2,090)	​
Loss before income tax	​	$	(4,112)	​	$	(11,267)	​

​

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

​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
​		2024			2023
Current federal benefit	​	$	—	​	$	17	​
Current state expense	​		(6)	​		(42)	​
Deferred federal benefit	​		5	​		114	​
Deferred state (expense) benefit	​	​	(6)	​	​	7	​
Income tax (expense) benefit	​	$	(7)	​	$	96	​

​

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,					​
​		2024			2023
Tax benefit computed at statutory rate of 21%	​	$	864	​	$	2,571	​
Breckenridge Earnings not subject to tax	​	​	—	​	​	(205)	​
Change in valuation allowance	​		(493)	​		(2,599)	​
State income tax expense, net of federal tax	​		(9)	​		(28)	​
Foreign losses	​		(264)	​		492	​
Other	​		(105)	​		(135)	​
Income tax (expense) benefit	​	$	(7)	​	$	96	​

​

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

​	​	​	​	​	​	​
​		December 31,
​		2024			2023
Deferred tax assets:	​	​	​	​	​	​
Federal tax net operating loss ("NOL") carryforward	​	$	16,596	​	$	14,505
Foreign tax NOL carryforward	​		6,342	​		7,031
Deferred revenue	​		—	​		1,697
State tax NOL carryforward	​	​	2,630	​	​	1,579
Intangible Assets - Breckenridge	​	​	935	​	​	939
Accrued severance	​		250	​		456
Other comprehensive income	​	​	583	​	​	421
Foreign deferred taxes	​	​	262	​	​	256
Right-of-use assets	​		69	​		79
Canadian start-up costs	​	​	47	​	​	58
Other	​	​	117	​	​	53
Self-insurance	​		40	​		39
Workers’ compensation	​		—	​		3
Restricted stock and restricted stock unit awards	​		21	​		—
Gross deferred tax assets	​	​	27,892	​	​	27,116
Less valuation allowances	​		(27,527)	​		(26,443)
Net deferred tax assets	​	​	365	​	​	673
Deferred tax liabilities:	​	​	​	​	​	​
Property and equipment	​		(381)	​		(688)
Net deferred tax liabilities	​	$	(16)	​	$	(15)
​	​	​	​	​	​	​
Domestic deferred tax liabilities	​	$	(16)	​	$	(15)
Foreign deferred tax liabilities	​	​	—	​	​	—
Net deferred tax liabilities	​	$	(16)	​	$	(15)

​

At December 31, 2024, the Company had a gross NOL for U.S. federal income tax purposes of approximately $173,807,000 but expects approximately $94,779,000 to expire unused with the remaining NOL beginning 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 $16,596,000. The Company also had state net NOLs that will affect state taxes of approximately $2,630,000 at December 31, 2024. State NOLs began to expire in 2015 and continue to expire each year. The Company also had a Canadian gross NOL of $24,394,000 that will begin to expire in 2037.

In evaluating the possible sources of taxable income during 2023 and 2024, 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 and maintained a full valuation allowance against foreign deferred tax assets and its federal and state deferred tax assets with the exception of its trademark intangible. The change in valuation allowance amounted to $1.1 million and $5.3 million for the years ended December 31, 2024 and 2023, respectively, including amounts recorded as a component of other comprehensive income or loss.

At December 31, 2024 and 2023, 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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The entire disclosure for income tax.

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