Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income (Loss) Before Provision for Income Taxes

Income (loss) before provision for income taxes consisted of the following:

	Year Ended December 31,
(in thousands)	2023			2022
Domestic	$	300		$	2,221
Foreign		(423	)		(509	)
Income before provision for income taxes	$	(123	)	$	1,712

Schedule of Income Tax Provision

The income tax provision consisted of the following:

	Year Ended December 31,
(in thousands)	2023		2022
Current income tax provision (benefit):
Federal	$	1,739	$	749
State and Local		205		377
Foreign		17		5
Total current expense (benefit):		1,961		1,131
Deferred income tax provision (benefit):
Federal		711		(714	)
State and Local		10		(29	)
Foreign		—		—
Total deferred expense (benefit):		721		(743	)
Total income tax provision (benefit)	$	2,682	$	388

Schedule of Reconciliation of the Federal Income Tax Rate to the Company Effective Tax Rate

A reconciliation of the federal income tax rate to the Company’s effective tax rate was as follows:

	Year Ended December 31,
(in thousands)	2023			2022
Statutory federal income tax rate		(55	)		359
State taxes, net of federal benefit		179			311
Nontaxable partnership income		2,524			(707	)
Return to provision		(17	)		-
Foreign rate differential		(36	)		(46	)
Change in valuation allowance		87			471
		2,682			388

Schedule of Deferred Tax Assets and Liabilities

The Company’s net deferred tax assets (liabilities) were as follows:

	Year Ended December 31,
(in thousands)	2023			2022
Deferred tax assets:
Outside basis difference in partnership	$	23,974		$	1,173
Net operating loss carryforwards		528			164
Intangibles		910			978
Total deferred tax assets	$	25,412		$	2,315
Valuation allowance		(528	)		(477	)
Deferred tax assets, net of allowance	$	24,884		$	1,838