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Income Taxes | 12 Months Ended
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Dec. 31, 2023
Income Taxes |
Income Taxes | Note 13: Income Taxes The provision for income taxes consisted of the following components for the years ended December 31 (in 000’s):
|  | 2023 |  |  | 2022 |
Current: |  |  |  |  |  |
Federal |  | $ | 743 |  |  | $ | 688 |
State |  |  | 274 |  |  |  | 172 |
Foreign |  |  | (40 | ) |  |  | 142 |
Total Current |  |  | 977 |  |  |  | 1,002 |
Deferred: |  |  |  |  |  |  |  |
Federal |  |  | (369 | ) |  |  | (202 | )
State |  |  | (53 | ) |  |  | (37 | )
Foreign |  |  | (12 | ) |  |  | (39 | )
Total Deferred |  |  | (434 | ) |  |  | (278 | )
Total expense for income taxes |  | $ | 543 |  |  | $ | 724 |
Reconciliation between the statutory rate and the effective tax rate is as follows on December 31 (in 000's, except percentages):
|  | 2023 |  |  | 2022 |
|  | Amount |  |  | Percentage |  |  | Amount |  |  | Percentage |
Federal statutory tax rate |  | $ | 275 |  |  |  | 21.0 | % |  | $ | 558 |  |  |  | 21.0 | %
State tax rate |  |  | 113 |  |  |  | 8.6 | % |  |  | 114 |  |  |  | 4.2 | %
Permanent difference – stock-based compensation |  |  | 57 |  |  |  | 4.0 | % |  |  | 25 |  |  |  | 1.0 | %
Permanent difference – other |  |  | 23 |  |  |  | 1.5 | % |  |  | 38 |  |  |  | 1.4 | %
Foreign tax credit generated |  |  | (32 | ) |  |  | (2.3 | )% |  |  | (96 | ) |  |  | (3.6 | )%
Tax on foreign earnings – tax reform |  |  | 32 |  |  |  | 2.3 | % |  |  | 96 |  |  |  | 3.6 | %
Foreign rate differential |  |  | (8 | ) |  |  | (0.5 | )% |  |  | 15 |  |  |  | 0.6 | %
FDII Deduction |  |  | (23 | ) |  |  | (1.6 | )% |  |  | (26 | ) |  |  | (1.0 | )%
Other |  |  | 106 |  |  |  | 7.4 | % |  |  | — |  |  |  | — |
Total |  | $ | 543 |  |  |  | 41.5 | % |  | $ | 724 |  |  |  | 27.2 | %
Components of net deferred income tax assets are as follows on December 31 (in 000's):
|  | 2023 |  |  | 2022 |  |  | Change |
Assets: |  |  |  |  |  |  |  |  |
Deferred revenue |  | $ | 80 |  |  | $ | 29 |  |  | $ | 51 |
Allowance for doubtful accounts |  |  | 311 |  |  |  | 185 |  |  |  | 126 |
Stock options |  |  | 338 |  |  |  | 151 |  |  |  | 187 |
Transaction costs |  |  | 69 |  |  |  | 41 |  |  |  | 28 |
IRC Section 174 capitalized costs |  |  | 510 |  |  |  | 216 |  |  |  | 294 |
ROU lease liability |  |  | 293 |  |  |  | 427 |  |  |  | (134 | )
Other |  |  | 19 |  |  |  | 10 |  |  |  | 9 |
Total deferred tax asset |  |  | 1,620 |  |  |  | 1,059 |  |  |  | 561 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Prepaid expenses |  |  | (1 | ) |  |  | — |  |  |  | (1 | )
Basis difference in fixed assets |  |  | (149 | ) |  |  | (155 | ) |  |  | 6 |
Capitalized software |  |  | (20 | ) |  |  | (35 | ) |  |  | 15 |
ROU Assets |  |  | (260 | ) |  |  | (393 | ) |  |  | 133 |
Purchase of intangibles |  |  | (1,268 | ) |  |  | (1,048 | ) |  |  | (220 | )
Other |  |  | (61 | ) |  |  | — |  |  |  | (61 | )
Total deferred tax liability |  |  | (1,759 | ) |  |  | (1,631 | ) |  |  | (128 | )
Total net deferred tax asset / (liability) |  | $ | (139 | ) |  | $ | (572 | ) |  | $ | 433 |
As of each reporting date, the Company’s management considers new evidence, both positive and negative, that could impact management’s view with regard to future realization of deferred tax assets. In assessing the recovery of the deferred tax assets, management considers whether it is more likely than not that some portion or all the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income in the periods in which those temporary differences become deductible. Management considers the scheduled reversals of future deferred tax assets, projected future taxable income, and tax planning strategies in making this assessment. It has been determined that is more likely than not that the Company's deferred tax assets are able to be realized based on future positive earnings and reversal of existing temporary differences. The Company had no unrecognized tax benefits as of December 31, 2023 or December 31, 2022. Interest and, if applicable, penalties are recognized related to unrecognized tax benefits in income tax expense. There are no accruals for interest and penalties on December 31, 2023. Undistributed earnings of the Company are insignificant as of December 31, 2023. With the enactment of the 2017 Act, the Company does not consider any of its foreign earnings as indefinitely reinvested. The Company is subject to income taxation by both federal and state taxing authorities. Income tax returns for the years ended December 31, 2022, 2021 and 2020 are open to audit by federal and state taxing authorities.

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- 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
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