Income taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income taxes

Schedule of Components of Income Tax Expense (Benefit)

The following summarizes the (benefit) / provision for income taxes:

Years Ended December 31,	2020		2019
(in thousands)
Current:
Federal	$	(428)	$	(124)
State and local		80		31
		(348)		(93)
Deferred:
Federal		80		366
State and local		83		383
		163		749
(Benefit) expense for income taxes	$	(185)	$	656

Schedule of Effective Income Tax Rate Reconciliation

Reconciliation of the Company’s actual tax rate to the U.S. Federal statutory rate is as follows:

Years ended December 31,	2020		2019
Income tax rates
- Statutory U.S. federal rate	21	%	21	%
- State income taxes, net of federal benefit	0	%	0	%
- Excess tax benefits related to stock compensation	0	%	0	%
- AMT credit and NOL Carryback	8	%	1	%
- Lobbying	(1)	%	0	%
- Meals & Entertainment	(1)	%	—	%
- Officer’s Life Insurance	4	%	0	%
- Change in valuation allowance	(28)	%	(25)	%
Total	3	%	(3)	%

Schedule of Deferred Tax Assets and Liabilities

The net deferred income tax assets (liabilities) consisted of the following at:

December 31,	2020		2019
(in thousands)
- Depreciation & amortization	$	(7,424)	$	(4,899)
- Reserves for doubtful accounts		324		163
- Inventory reserve		1,408		2,083
- Non qualified stock options		1,219		965
- Net operating losses		11,963		11,016
- AMT credit		—		47
- Deferred interest		10,114		8,351
- Deferred bonus		74		—
- Valuation allowance		(19,033)		(18,918)
Total		(1,355)		(1,192)