Annual report [Section 13 and 15(d), not S-K Item 405]

Income Taxes (Tables)

v3.25.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2024
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):
For the years ended
December 31, 2024 December 31, 2023
Continuing Operations    
Current    
Federal $ —  $ 772 
State 45  284 
$ 45  $ 1,056 
Deferred    
Federal 5,336  (5,459)
State 1,814  (1,615)
$ 7,150  $ (7,074)
Income taxes provision (benefit) from continuing operations $ 7,195  $ (6,018)
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):
  2024 2023
Statutory Rate - federal $ (7,382) $ (4,788)
State taxes, net of federal benefit (2,373) (1,133)
Research & development tax credit —  (350)
Permanent differences and other 521  510 
Income taxes from continuing operations before valuation allowance (9,234) (5,761)
Change in valuation allowance 16,429  (257)
Income tax expense (benefit) $ 7,195  $ (6,018)
Total $ 7,195  $ (6,018)
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):
  For the years ended
  December 31, 2024 December 31, 2023
Net operating loss and capital loss carryforward $ 12,033  $ 4,649 
Right of use asset (1,403) (1,464)
Other 4,944  4,972 
Capital lease obligations 1,403  1,464 
Depreciation 783  (479)
Amortization (997) (1,612)
Tax credit 350  350 
Valuation allowance (17,113) (567)
Total —  7,313