INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

INCOME TAXES

Schedule of provision for taxes

The provision for taxes is as follows (dollars in thousands):

	Year Ended		Year Ended		Year Ended
	December 31, 2022		December 31, 2021		December 31, 2020
Current:
Federal	$	—	$	—	$	—
State		288		265		306
	$	288	$	265	$	306
Deferred:
Federal	$	—	$	—	$	—
State		—		—		—
	$	—	$	—	$	—
Tax expense	$	288	$	265	$	306

Schedule of effective income tax rate reconciliation

The following is a reconciliation of income taxes computed at the U.S. Federal statutory rate to the provision for income taxes:

	Year Ended		Year Ended		Year Ended
	December 31, 2022		December 31, 2021		December 31, 2020
Statutory federal income tax rate	21.0	%	21.0	%	21.0	%
State taxes	13.6	%	16.7	%	6.3	%
Permanent non-deductible expenses	(0.1)	%	(0.3)	%	5.0	%
Change of valuation allowance	(36.0)	%	(38.5)	%	(27.8)	%
Effective income tax rate	(1.5)	%	(1.1)	%	4.5	%

Schedule of deferred tax assets and liabilities

The composition of our deferred tax assets and liabilities is as follows (dollars in thousands):

	December 31, 2022		December 31, 2021
Deferred tax assets:
Charitable contributions	$	6	$	1
Net operating loss carry forwards		74,313		66,851
Depreciation (including air rights)		5,717		5,737
Lease liability		359		507
Other		212		256
Pension costs		225		—
Investment in joint ventures		448		777
Accrued expenses		356		332
Total deferred tax assets	$	81,636	$	74,461
Valuation allowance		(78,285)		(70,134)
Deferred tax asset after valuation allowance	$	3,351	$	4,327
Deferred tax liabilities:
Intangibles	$	(2,706)	$	(3,003)
Other		(261)		(253)
Pension costs		—		(571)
Right-of-use asset		(384)		(500)
Total deferred tax liabilities	$	(3,351)	$	(4,327)
Net deferred tax assets	$	—	$	—
Current deferred tax assets	$	—	$	—
Long-term deferred tax assets		—		—
Total deferred tax assets	$	—	$	—