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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2023
INCOME TAXES |
Components of income (loss) before taxes |
|  | Year Ended December 31, |
(in thousands) |  | 2023 |  |  | 2022 |
U.S. operations |  | $ | (536 | ) |  | $ | (1,622 | )
Foreign operations |  |  | 1,216 |  |  |  | 1,185 |
Total income (loss) before taxes |  | $ | 680 |  |  | $ | (437 | )
Components of income tax expense (benefit) |
|  | Year Ended December 31, |
(in thousands) |  | 2023 |  |  | 2022 |
Current tax expense (benefit) |  |  |  |  |  |
U.S. federal |  | $ | 0 |  |  | $ | 0 |
State |  |  | 20 |  |  |  | 19 |
Foreign |  |  | 174 |  |  |  | 664 |
|  |  | 194 |  |  |  | 683 |
Deferred tax expense (benefit) – U.S. federal |  |  | - |  |  |  | - |
Total income tax expense (benefit) |  | $ | 194 |  |  | $ | 683 |
Reconciliation of effective income tax |
|  | Year Ended December 31, |
(in thousands) |  | 2023 |  |  | 2022 |
Statutory tax |  | $ | 143 |  |  | $ | (92) |
State and foreign income tax, net of federal tax benefit |  |  | (178 | ) |  |  | (189 | )
Valuation allowance for deferred tax asset |  |  | 139 |  |  |  | 370 |
Foreign sourced deemed dividend income |  |  | 322 |  |  |  | 738 |
Stock based compensation |  |  | (250 | ) |  |  | (154 | )
Other |  |  | 18 |  |  |  | 10 |
Total income tax expense (benefit) |  | $ | 194 |  |  | $ | 683 |
Schedule of deferred tax assets and liabilities | Year Ended December 31, 2023 2022 (in thousands) Deferred income tax assets: Allowance for credit losses $14 $22 Inventory and product return reserves 1,168 477 Compensation accruals 2,750 2,511 Accrued liabilities 65 151 Book-over-tax depreciation and amortization 18 25 Foreign net operating loss carryforwards 184 149 U.S. net operating loss carryforwards 2,899 4,399 U.S. credit carryforwards 1,557 1,560 8,655 9,294 Valuation Allowance (8,655) (9,294)Total Deferred Income Tax Assets $- $-
Schedule of unrecognized tax benefits |
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |
(in thousands) |  |  |  |  |  |
Unrecognized tax benefits, opening balance |  | $ | 422 |  |  | $ | 392 |
Prior period tax position increases |  |  | (6 | ) |  |  | - |
Additions based on tax positions related to current year |  |  | 14 |  |  |  | 30 |
Unrecognized tax benefits, ending balance |  | $ | 430 |  |  | $ | 422 |

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