Annual report [Section 13 and 15(d), not S-K Item 405]

Note 20 - Tax Expense (Tables)

v3.25.0.1
Note 20 - Tax Expense (Tables)
12 Months Ended
Dec. 31, 2024
Notes Tables  
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]
    (in thousands)  
   

Year Ended December 31,

 
   

2024

   

2023

 

Current:

               

Federal

  $ 1,304     $ 464  

Total Current Tax Expense

    1,304       464  
                 

Deferred:

               

State

    113       112  

Total Deferred Tax Expense

    113       112  
                 

Total Tax Provision

  $ 1,417     $ 576  
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
    (in thousands)  
   

Year Ended December 31,

 
   

2024

   

2023

 

Deferred Income Tax Assets:

               

Fixed Assets and Intangibles

  $     $ 424  

Leases

    2        

Accrued Expenses

    16       22  

Net Operating Losses

    17,656       5,177  

Total

    17,674       5,623  
                 

Deferred Income Tax Liabilities:

               

Fixed Assets and Intangibles

    (1,774 )      

Leases

          (53 )

Unrealized Gain on Investments

          (59 )

Total

    (1,774 )     (112 )
                 

Valuation Allowance

    (17,674 )     (5,623 )

Net Deferred Tax Assets (Liabilities)

  $ (1,774 )   $ (112 )
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
    (in thousands)  
   

Year Ended December 31,

 
   

2024

   

2023

 
                 

Expected Income Tax Benefit at Statutory Tax Rate, Net

  $ 3,845     $ (2,038 )

Changes in Income Taxes Resulting From:

               

State Taxes (Net of Federal Tax Benefits)

    (1,739 )     (1,228 )

Decrease in Valuation Allowance

    4,486       1,496  

Change in Fair Value of Derivatives

    103        

Gain on Disposal of Assets

    (8,040 )      

Cancellation of Debt Income

    (3,178 )      

Non-Deductible 280E

    2,003       5,842  

Change in Fair Value of Investments

    (35 )      

Debt Discount

    3        

Other Income

    84        

Prior Year Adjustments and Other

    3,885       (3,496 )

Reported Income Tax Expense

  $ 1,417     $ 576  
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]
   

(in thousands)

 
   

Year Ended December 31,

 
   

2024

   

2023

 

Beginning Balance

  $ 1,173     $ 1,805  

Lapses in Statutes of Limitations

          (632 )

Acquired Through Business Combinations

    9,412        

Interest and Penalties

    482        

Reduction Through Disposal of Assets

    (1,173 )      

Ending Balance

  $ 9,894     $ 1,173