XML 31 R17.htm IDEA: XBRL DOCUMENT
v3.24.0.1

INCOME TAXES | 12 Months Ended
--- | ---
Dec. 31, 2023
INCOME TAXES |
INCOME TAXES | (11) INCOME TAXES The pre-tax income from continuing operations on which the provision for income taxes was computed is as follows for the years ended December 31, 2023 and 2022 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022
United States | ​ | $ | 12,579 | ​ | $ | 22,220
Foreign | ​ |  | — | ​ |  | (22)
Total | ​ |  | 12,579 | ​ |  | 22,198
​ Income tax expense consists of the following for the years ended December 31, 2023 and 2022 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022
Current tax expense: |  | ​ |  |  | ​ |
Federal | ​ | $ | 3,433 | ​ | $ | 4,891
State | ​ |  | 1,717 | ​ |  | 1,110
Total tax expense: | ​ |  | 5,150 | ​ |  | 6,001
Deferred tax benefit | ​ |  |  | ​ |  |
Federal | ​ |  | (1,873) | ​ |  | (730)
State | ​ |  | (430) | ​ |  | (121)
Total deferred tax benefit | ​ | $ | (2,303) | ​ | $ | (851)
Total | ​ | $ | 2,847 | ​ | $ | 5,150
​ A reconciliation of income tax computed at the U.S. statutory rate of 21% to the effective income tax rate is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | ​ | 2022 |
Statutory rate |  | 21 | % | ​ | 21 | %
State taxes |  | 7 | % | ​ | 3 | %
Meals and entertainment | ​ | 3 | % | ​ | — | %
Excess officer's compensation | ​ | 3 | % | ​ | — | %
Stock based compensation |  | (7) | % | ​ | — | %
Research and development credit |  | (4) | % | ​ | (1) | %
Effective rate |  | 23 | % | ​ | 23 | %
​ The tax effects of temporary differences that give rise to deferred tax assets (liabilities) at December 31, 2023 and 2022 are as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022
Deferred tax assets: |  | ​ |  |  | ​ |
Accrued expenses | ​ | $ | 34 | ​ | $ | 31
Lease liability | ​ |  | 4,540 | ​ |  | 3,955
Accounts receivable | ​ |  | — | ​ |  | 18
Inventory | ​ |  | 261 | ​ |  | 198
Stock based compensation | ​ |  | 371 | ​ |  | 253
Section 174 costs | ​ |  | 2,829 | ​ |  | 991
​ | ​ |  | 8,035 | ​ |  | 5,446
​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred tax assets | ​ | $ | 8,035 | ​ | $ | 5,446
Deferred tax liabilities: | ​ |  |  | ​ |  |
Property and equipment | ​ |  | (469) | ​ |  | (519)
Finance lease | ​ |  | (149) | ​ |  | (67)
Prepaid expenses | ​ |  | (198) | ​ |  | (116)
Right-of-use asset | ​ |  | (3,172) | ​ |  | (3,170)
Amortization | ​ |  | (182) | ​ |  | (12)
Deferred tax liabilities | ​ | $ | (4,170) | ​ | $ | (3,884)
​ | ​ | ​ | ​ | ​ | ​ | ​
Net deferred tax assets | ​ | $ | 3,865 | ​ | $ | 1,562
​ The accounting standard related to income taxes applies to all tax positions and defines the confidence level that a tax position must meet in order to be recognized in the financial statements. The accounting standard requires that the tax effects of a position be recognized only if it is “more-likely-than-not” to be sustained by the taxing authority as of the reporting date. If a tax position is not considered “more-likely-than-not” to be sustained, then no benefits of the position are to be recognized. Differences between financial and tax reporting which do not meet this threshold are required to be recorded as unrecognized tax benefits. This standard also provides guidance on the presentation of tax matters and the recognition of potential interest and penalties. As of December 31, 2023 and 2022, the Company does not have an unrecognized tax liability. The Company does not classify penalty and interest expense related to income tax liabilities as an income tax expense. Penalties and interest are included within general and administrative expenses on the consolidated statements of income. The Company files income tax returns in the U.S. and various state jurisdictions, and there are open statutes of limitations for taxing authorities to audit our tax returns from 2020 through the current period.

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480990/946-20-50-13 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//740/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-14 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-21 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 270 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482526/740-270-50-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 17 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-17 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482603/740-30-50-2 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration