Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

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INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit)
The provision (benefit) for income taxes for the years ended December 31, 2021 and 2020 consisted of the following:
Year Ended
December 31,
2021
December 31,
2020
December 31,
2019
Income Tax Expense (benefit)
Current federal tax expense (benefit)
Federal
$ (115) $ 1,732  $ 479 
State
949  768  — 
Deferred tax (benefit)
Federal
1,473  1,706  (479)
State
136  227  — 
Valuation allowance
—  (1,182) — 
Total
$ 2,443  $ 3,251  $ — 
Schedule of Deferred Tax Assets and Liabilities
A summary of deferred tax assets and liabilities as of December 31, 2021 and 2020 is as follows:
Year Ended
December 31,
2021
December 31,
2020
Deferred tax assets:
Deferred right to use lease liabilities
11,573  3,249 
Stock based compensation
974  757 
Inventory reserves
239  236 
Warranty reserves
128  146 
Accruals and other
1,266  180 
14,180  4,568 
Deferred tax liabilities:
Deferred right to use lease assets
(11,147) (3,147)
Accumulated depreciation and amortization
(5,392) (2,171)
(16,539) (5,318)
Deferred tax asset (liability) (2,359) (750)
Valuation Allowance
—  — 
Deferred tax asset (liability), net
$ (2,359) $ (750)
Schedule of Effective Income Tax Rate Reconciliation
The differences between the U.S. Federal statutory income tax rate and the Company’s effective tax rate were as follows for the years ended December 31, 2021 and 2020, and 2019:
Years Ended December 31,
2021 2020 2019
Federal statutory tax rate 21  % 21  % 21  %
State and local income taxes (net of federal tax benefit) % % %
28  % 27  % 25  %
Other —  % % —  %
Stock-based compensation (8) % % —  %
Return to provision adjustments (4) % 12  % —  %
Valuation allowance —  % (14) % (25) %
16  % 38  % —  %