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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

INCOME TAXES

Summary of income tax benefit (provision)

​

​	​	​	​	​	​	​
​		2024			2023
Federal:	​	​	​	​	​	​
Current	​	$	584	​	$	180
Deferred	​		623	​		(354)
​	​	​	​	​	​	​
State and local:	​			​
Current	​		224	​		119
Deferred	​		(16)	​		(30)
Income tax provision (benefit)	​	$	1,415	​	$	(85)

Summary of reconciliation between the U.S. statutory federal income tax rate and the Company's effective tax rate

The reconciliation between the U.S. statutory federal income tax rate and the Company’s effective tax rate for the years ended December 31, 2024 and 2023 are as follows:

​

​	​	​	​	​	​
​		2024		2023	​
U.S. federal statutory rate	​	21.0	%	21.0	%
State income taxes, net of federal benefit		(5.1)	%	13.2	%
Non-deductible meals and entertainment		(1.1)	%	6.3	%
Non-deductible transaction costs		(4.7)	%	—	​
Gain/(loss) on the fair value of warrants		4.1	%	—	​
Deferred adjustments		(31.5)	%	(127.3)	%
Non-taxable pass through entities	​	(18.1)	%	69.7	%
Net operating loss true-up	​	(6.9)	%	—	​
Other adjustments		(2.8)	%	(0.4)	%
​	​	​	​	​	​
Effective rate	​	(45.1)	%	(17.5)	%

Summary of temporary differences, and net operating loss carryforwards that give rise to deferred tax assets and liabilities

​

​	​	​	​	​	​	​
​		2024			2023
Deferred tax assets/(liabilities):	​	​	​	​	​	​
Property, and equipment, net	​	$	(116)	​	$	(92)
Intangibles, net	​	​	246	​	​	—
IRC 163(j) interest limitation, carryover	​		340	​		190
Net operating loss	​		281	​		832
Other	​		138	​		63
Total	​		889	​		993
Valuation Allowance	​		(529)	​		—
Net deferred tax asset	​	$	360	​	$	993

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- Definition

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

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
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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.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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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.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
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-Name Accounting Standards Codification
-Section 55
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