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INCOME TAXES | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
INCOME TAXES | NOTE 16 – INCOME TAXES Management has determined that the Company does not have any uncertain tax positions and associated unrecognized benefits that would impact the consolidated financial statements or related disclosures. Deferred income tax assets and liabilities are computed annually for differences between financial statement and tax bases of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. The Company operated at a loss and the deferred tax asset is offset by a corresponding valuation allowance. The net deferred tax assets and liabilities consist of the following amounts at December 31, 2023 and 2022, in thousands:
| ​ | ​ | 2023 | ​ | ​ | 2022
Deferred Tax Assets | ​ | ​ |  | ​ | ​ |
Allowance for doubtful Accounts | ​ | ​ | $1 | ​ | ​ | $1
Investment in Plane Cos LLC | ​ | ​ | 44 | ​ | ​ | 168
Loss carryforwards | ​ | ​ | 11,521 | ​ | ​ | 2,792
Intangible | ​ | ​ | 626 | ​ | ​ | (347)
Interest expense limitations | ​ | ​ | 659 | ​ | ​ | 64
| ​ | ​ | 2023 | ​ | ​ | 2022
Other | ​ | ​ | 15 | ​ | ​ | 1
Total deferred tax assets | ​ | ​ | 12,866 | ​ | ​ | 2,679
Deferred Tax Liabilities | ​ | ​ |  | ​ | ​ |
Property and equipment depreciation | ​ | ​ | (74) | ​ | ​ | (399)
Valuation allowance | ​ | ​ | (13,096) | ​ | ​ | (2,585)
Total deferred tax liabilities | ​ | ​ | (13,170) | ​ | ​ | (2,984)
Net deferred tax assets (liabilities) | ​ | ​ | (305) | ​ | ​ | (305)
The Company has federal operating losses carryforward of approximately $47 million and $11 million available as of December 31, 2023 and 2022, respectively, to reduce future taxable income at the federal level, and it has net operating losses of approximately $38 million and $9 million at the state level, to offset $38 million and $9 million of future state taxable income, respectively. A reconciliation from the statutory federal income tax rate to the effective income tax rate is as follows:
| ​ | ​ | 2023 | ​ | ​ | 2022
Expected federal income taxes at statutory rate | ​ | ​ | 21.00% | ​ | ​ | 21.00%
State and local income taxes | ​ | ​ | 4.54% | ​ | ​ | 4.54%
Permanent differences | ​ | ​ | (6.79)% | ​ | ​ | (0.04)%
Change in valuation allowance | ​ | ​ | (18.18)% | ​ | ​ | (24.11)%
Other | ​ | ​ | (0.69)% | ​ | ​ | (0.83)%
Effective income tax rate | ​ | ​ | (0.12)% | ​ | ​ | 0.56%
The primary differences between income tax expense attributable to continuing operations and the amount of income tax expense that would result from applying domestic federal statutory rates to income (loss) before income taxes relate to state income taxes, and the recognition of a valuation allowance for deferred income tax assets. The net deferred tax liabilities relate to long lived assets with an indefinite life.

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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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