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Income taxes (Tables)
12 Months Ended
Dec. 31, 2021
Income taxes  
Schedule of Components of Income Tax Expense (Benefit)

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

Years Ended December 31,

    

2021

    

2020

(in thousands)

Current:

 

  

 

  

Federal

$

453

$

(428)

State and local

 

350

 

80

 

803

 

(348)

Deferred:

 

 

Federal

 

267

 

80

State and local

 

70

 

83

 

337

 

163

Expense (benefit) for income taxes

$

1,140

$

(185)

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, 

    

2021

    

2020

    

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

 

(4)

%  

0

%  

- AMT credit and NOL Carryback

0

%  

8

%  

- PPP Benefit

(2)

%

- Lobbying

 

0

%  

(1)

%  

- Meals & Entertainment

0

%  

(1)

%  

- Officer’s Life Insurance

0

%  

4

%  

- Change in valuation allowance

 

(12)

%

(28)

%  

Total

 

3

%  

3

%  

Schedule of Deferred Tax Assets and Liabilities

December 31, 

    

2021

    

2020

(in thousands)

- Depreciation & amortization

$

(6,365)

$

(7,424)

- Reserves for doubtful accounts

 

398

 

324

- Inventory reserve

 

977

 

1,408

- Non qualified stock options

 

612

 

1,219

- Net operating losses

 

7,270

 

11,963

- AMT credit

 

 

- Deferred interest

 

10,381

 

10,114

- Deferred bonus

74

- Accrued Expenses

184

- Valuation allowance

 

(15,149)

 

(19,033)

Total

 

(1,692)

 

(1,355)