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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2024
INCOME TAXES [Abstract] |
Provision for Income Taxes | The provision for income taxes consists of the following:
(in thousands) |  | Year Ended December 31, |
Income Tax Provision (Benefits) |  | 2024 |  |  | 2023 |
Current provision (benefit): |  |  |  |  |  |
Federal |  | $ | 261 |  |  | $ | 892 |
State |  |  | 71 |  |  |  | 181 |
Foreign |  |  | (68 | ) |  |  | 102 |
Related to UTP |  |  | (31 | ) |  |  | (34 | )
|  |  | 233 |  |  |  | 1,141 |
Deferred provision (benefit): |  |  |  |  |  |  |  |
Federal |  |  | 32 |  |  |  | (266 | )
State |  |  | 8 |  |  |  | (103 | )
Foreign |  |  | (9 | ) |  |  | 5 |
|  |  | 31 |  |  |  | (364 | )
Total tax provision |  | $ | 264 |  |  | $ | 777 |
Income Before Income Taxes | Income before income taxes was earned in the following tax jurisdictions:
(in thousands) |  | Year Ended December 31, |
Income Before Income Taxes |  | 2024 |  |  | 2023 |
United States |  | $ | 1,382 |  |  | $ | 3,765 |
Spain |  |  | (259 | ) |  |  | 25 |
Canada |  |  | (32 | ) |  |  | 755 |
TOTAL |  | $ | 1,091 |  |  | $ | 4,545 |
Income Tax Effects of Temporary Differences Impacting Deferred Income Tax Assets and Liabilities | The income tax effects of temporary differences that give rise to significant portions of deferred income tax assets and liabilities are as follows:
Deferred income tax assets: |  | 2024 |  |  | 2023 |
(in thousands) |  |  |  |  |  |
Inventory |  | $ | 391 |  |  | $ | 412 |
Stock-based compensation |  |  | 39 |  |  |  | 55 |
Accounts receivable |  |  | 12 |  |  |  | 8 |
Sales returns |  |  | 78 |  |  |  | 49 |
Foreign currency translation gain in OCI |  |  | 726 |  |  |  | 512 |
Goodwill and other intangible assets amortization |  |  | 1 |  |  |  | - |
Net operating losses |  |  | 184 |  |  |  | 182 |
Accrued expenses |  |  | 41 |  |  |  | 170 |
Leases |  |  | 111 |  |  |  | 108 |
Total deferred income tax assets |  |  | 1,583 |  |  |  | 1,496 |
Less: valuation allowance |  |  | (156 | ) |  |  | (154 | )
Total deferred income tax assets, net of valuation allowance |  | $ | 1,427 |  |  | $ | 1,342 |
Property and equipment depreciation |  | $ | (214 | ) |  | $ | (471 | )
Total deferred income tax liabilities |  |  | (214 | ) |  |  | (471 | )
Net deferred tax asset (liability) |  | $ | 1,213 |  |  | $ | 871 |
Reconciliation of Effective Tax Rate from Statutory Rate | Below is a reconciliation of our effective tax rate from the statutory rate:
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |
Statutory rate – Federal U.S. income tax |  |  | 21.0 | % |  |  | 21.0 | %
State and local taxes |  |  | 5.3 | % |  |  | 5.3 | %
Permanent book/tax differences |  |  | 2.3 | % |  |  | 2.4 | %
Difference in tax rates in loss carryback periods |  |  | 0.0 | % |  |  | 0.0 | %
Change in valuation allowance |  |  | 0.2 | % |  |  | (6.8 | )%
Rate differential on UTP reversals |  |  | (2.8 | )% |  |  | (0.8 | )%
Income tax credits |  |  | 0.0 | % |  |  | (2.3 | )%
Other, net |  |  | (1.8 | )% |  |  | (1.7 | )%
Effective rate |  |  | 24.2 | % |  |  | 17.1 | %
Reconciliation of Uncertain Tax Positions | A reconciliation of the beginning and ending amount of uncertain tax positions (“UTP”) is as follows:
|  | 2024 |  |  | 2023 |
UTP at beginning of the year |  | $ | 388 |  |  | $ | 450 |
Gross increase to tax positions in current period |  |  | (109 | ) |  |  | (27 | )
Interest expense |  |  | (31 | ) |  |  | (35 | )
UTP at end of year |  | $ | 248 |  |  | $ | 388 |

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