Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.24.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Schedule of Significant Components Deferred Tax Liabilities Significant components of the Company's deferred tax assets and liabilities from continuing operations are as follows at the respective year ends: 
(in thousands) 2023 2022
Deferred income tax assets:    
Inventory valuation reserves $ 1,829  $ 963 
Inventory capitalization 360  907 
Accrued bonus 127  150 
State net operating loss carryforwards 2,239  1,572 
Federal net operating loss carryforwards 2,209  1,088 
Lease liabilities 7,415  7,744 
Interest Limitation Carryforwards 1,396  555 
Intangible asset basis differences 2,564  3,262 
Other 1,932  1,192 
Total deferred income tax assets 20,071  17,433 
State valuation allowance (1,641) (1,371)
       Total net deferred income tax assets 18,430  16,062 
Deferred income tax liabilities:
Fixed asset basis differences 5,478  7,184 
Prepaid expenses 445  418 
Lease assets 6,699  7,107 
Total deferred income tax liabilities 12,622  14,709 
Deferred income taxes, net $ 5,808  $ 1,353 
Schedule of Components of Provision for Income Taxes
Significant components of the provision for income taxes are as follows:
(in thousands) 2023 2022
Current:    
Federal $ (561) $ (189)
State 191  137 
Total current (370) (52)
Deferred:  
Federal (5,965) (4,903)
State (589) (613)
Total deferred (6,554) (5,516)
Total $ (6,924) $ (5,568)
Schedule of Reconciliation of Income Taxes Computed at U.S. Rate to Income Tax Expense
The reconciliation of income tax computed at the U. S. federal statutory tax rates to income tax expense is:
(in thousands) 2023 2022
Amount % Amount %
Tax at U.S. statutory rates $ (8,616) 21.0  % $ 2,522  21.0  %
State income taxes, net of federal tax benefit
(585) 1.4  % 184  1.5  %
Federal and State valuation allowance 270  (0.7) % (2,366) (19.7) %
Stock option compensation 87  (0.2) % (173) (1.4) %
Tax Benefits Associated with Palmer Closure —  —  % (5,707) (47.5) %
Other nondeductible expenses 33  (0.1) % 51  0.4  %
Goodwill impairment 2,049  (5.0) % —  —  %
Other, net (162) 0.5  % (79) (0.7) %
Total $ (6,924) 16.9  % $ (5,568) (46.4) %