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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Tax (Benefit) Provision for Federal, State, and Local Income Taxes

​

​	​	​	​	​	​	​
​	​	Years Ended December 31,
($ in thousands)		2021			2020
Current:		​			​
Federal	​	$	—	​	$	(202)
State and local	​		86	​		66
Total current	​		86	​		(136)
​	​	​	​	​	​	​
Deferred:	​			​
Federal	​		(2,376)	​		(3,538)
State and local	​		(816)	​		(844)
Total deferred	​		(3,192)	​		(4,382)
Total benefit	​	$	(3,106)	​	$	(4,518)

Reconciliation of Income Tax at The Federal, State and Local Statutory Rates to The Company's Income Before Taxes

​

​	​	​	​	​	​
​	​	Years Ended December 31,			​
​		2021		2020
U.S. statutory federal rate		21.00	%	21.00	%
State and local rate, net of federal tax		4.64		4.54	​
Stock compensation		(5.56)		(1.94)	​
Excess compensation deduction		(0.68)		(0.51)	​
Foreign tax credits		—		0.11	​
Federal true-ups		(0.10)		—	​
Life insurance		(0.10)		(0.04)	​
Net operating loss carryback		—		0.56	​
Paycheck Protection Program addback		—		2.18	​
Change in tax rate	​	0.06	​	—	​
Other permanent differences		(0.01)		(0.01)	​
Income tax benefit		19.25	%	25.89	%

Net Deferred Tax Assets (Liabilities)

​

​	​	​	​	​	​	​
​	​	December 31,
($ in thousands)		2021			2020
Deferred tax assets		​			​
Stock-based compensation	​	$	1,274	​	$	2,440
Federal, state and local net operating loss carryforwards	​		6,684	​		2,907
Accrued compensation and other accrued expenses	​		728	​		664
Allowance for doubtful accounts	​		309	​		329
Basis difference arising from discounted note payable	​		11	​		11
Foreign tax credit	​		219	​		219
Charitable contribution carryover	​		77	​		63
Property and equipment	​		488	​		321
Interest expense	​		602	​		—
Total deferred tax assets	​	​	10,392	​	​	6,954
​	​	​	​	​	​	​
Deferred tax liabilities	​	​	​	​	​	​
Basis difference arising from intangible assets of acquisition	​		(10,251)	​		(10,006)
Total deferred tax liabilities	​		(10,251)	​		(10,006)
​	​	​	​	​	​	​
Net deferred tax assets (liabilities)	​	$	141	​	$	(3,052)

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- References

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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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- Definition

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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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- Definition

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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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