Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.22.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit)

The components of the provision (benefit) for income taxes, in the consolidated statements of operations are as follows (in thousands):

 

    December 31, 2021     December 31, 2020  
    For the years ended  
    December 31, 2021     December 31, 2020  
Continuing Operations                
Current                
Federal   $ -     $ -  
State       1,318             12  
Current Total   $ 1,318     $ 12  
Deferred                
Federal     (1,511 )     -  
State     (775 )     -  
Deferred Total   $ (2,286 )   $ -  
Income taxes from continuing operations   $ (968 )   $ 12  

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the statutory federal income tax expense (benefit) to the effective tax is as follows (in thousands):

 

    2021     2020  
Statutory Rate - federal   $ 1,232     $ (377 )
State taxes, net of federal benefit     366       (31 )
Permanent differences and other     227       159  
Income taxes from continuing operations before valuation allowance   $ 1,825     $ (249 )
Change in valuation allowance     (2,793 )     261  
Income tax expense (benefit)   $ (968 )   $ 12  
Total   $ (968 )   $ 12  
Schedule of Deferred Tax Assets and Liabilities

The tax effects of the primary “temporary differences” between values recorded for assets and liabilities for financial reporting purposes and values utilized for measurement in accordance with tax laws giving rise to our deferred tax assets are as follows (in thousands):

 

    December 31, 2021     December 31, 2020  
    For the years ended  
    December 31, 2021     December 31, 2020  
Net operating loss and capital loss carryforward   $ 3,584     $ 5,020  
Right of use asset     1,348       1,086  
Other     2,531       370  
Capital lease obligations     (1,348 )     (1,086 )
Depreciation     (948 )     (419 )
Amortization     (2,989 )     -  
Valuation allowance     (2,178 )     (4,971 )
Total     -       -