Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.22.4
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit)
The provision (benefit) for income taxes for the years ended December 31, 2022, 2021, and 2020 consisted of the following:
Year Ended
December 31,
2022
December 31,
2021
December 31,
2020
Income Tax Expense (benefit)
Current federal tax expense (benefit)
Federal
$ (471) $ (115) $ 1,732 
State
(55) 949  768 
Deferred tax (benefit)
Federal
(2,179) 1,473  1,706 
State
(180) 136  227 
Valuation allowance —  —  (1,182)
Total
$ (2,885) $ 2,443  $ 3,251 
Schedule of Deferred Tax Assets and Liabilities
A summary of deferred tax assets and liabilities as of December 31, 2022 and 2021 is as follows:
Year Ended
December 31,
2022
December 31,
2021
Deferred tax assets:
Net operating losses and attributes carryovers $ 7,655  $ — 
Deferred right to use lease liabilities
12,200  11,573 
Stock based compensation
1,177  974 
Accumulated depreciation and amortization 27,288  — 
Inventory reserves
—  239 
Warranty reserves
—  128 
Accruals and other
2,008  1,266 
50,328  14,180 
Deferred tax liabilities:
Deferred right to use lease assets
(11,638) (11,147)
Accumulated depreciation and amortization
—  (5,392)
(11,638) (16,539)
Deferred tax asset (liability) 38,689  (2,359)
Valuation Allowance
(38,689) — 
Deferred tax asset (liability), net
$ —  $ (2,359)
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, 2022 and 2021, and 2020:
Years Ended December 31,
2022 2021 2020
Federal statutory tax rate 21  % 21  % 21  %
State and local income taxes (net of federal tax benefit) % % %
26  % 28  % 27  %
Other —  % —  % %
Stock-based compensation (1) % (8) % %
Return to provision adjustments % (4) % 12  %
Valuation allowance (23) % —  % (14) %
% 16  % 38  %