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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2021

INCOME TAXES

Schedule of pre-tax income from continuing operations on which the provision for income taxes

The pre-tax income from continuing operations on which the provision for income taxes was computed is as follows (in thousands):

​

​	​	​	​	​	​	​
​		2021			2020
United States	​	$	22,295	​	$	10,185
Foreign	​		(24)	​		(32)
Total	​		22,271	​		10,153

​

Schedule of income tax expense

Income tax expense consists of the following for the years ended December 31, 2021 and 2020 (in thousands):

​

​	​	​	​	​	​	​
​		2021			2020
Current tax expense:		​			​
Federal	​	$	4,289	​	$	841
State	​		1,025	​		292
Total tax expense:	​		5,314	​		1,133
Deferred tax expense/(benefit):	​			​
Federal	​		(135)	​		(122)
State	​		(11)	​		68
Total deferred tax expense/(benefit):	​	$	(146)	​	$	(54)
Total	​	$	5,168	​	$	1,079

​

Schedule of reconciliation of income tax

A reconciliation of income tax computed at the U.S. statutory rate of 21% to the effective income tax rate is as follows:

​

​	​	​	​	​	​
​		2021		2020
Statutory rate		21	%	21	%
State taxes		4	%	3	%
Permanent differences and other		0	%	1	%
Stock based compensation		(1)	%	(15)	%
Effective rate		24	%	10	%

​

Schedule of tax effects of temporary differences that give rise to deferred tax assets (liabilities)

The tax effects of temporary differences that give rise to deferred tax assets (liabilities) at December 31, 2021 and 2020 are as follows (in thousands):

​

​	​	​	​	​	​	​
​		2021			2020
Deferred tax assets:		​			​
Accrued expenses	​	$	26	​	$	10
Lease liability	​		4,620	​		1,721
Accounts receivable	​		18	​		18
Inventory	​		484	​		495
Stock based compensation	​		271	​		306
Tax credits and NOL carryforward	​		8	​		20
Other	​		—	​		1
Amortization	​		90	​		43
​	​		5,517	​		2,614
Less: valuation allowance	​		—	​		—
Deferred tax assets	​	$	5,517	​	$	2,614
​	​	​	​	​	​	​
Deferred tax liabilities:	​		​	​		​
Property and equipment	​	$	(599)	​	$	(470)
Finance lease	​	​	(96)	​	​	(78)
Prepaid expenses	​	​	(77)	​	​	(20)
Right-of-use-asset	​		(4,034)	​		(1,480)
Deferred tax liabilities	​	$	(4,806)	​	$	(2,048)
​	​	​	​	​	​	​
Net deferred tax assets	​	$	711	​	$	566

​

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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

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-Section 50
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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.

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-SubTopic 10
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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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-SubTopic 10
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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
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