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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

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 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

​

Schedule of income tax expense

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

​

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:

​

​	​	​	​	​	​	​
​		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	%

​

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, 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

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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.

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

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