INCOME TAXES (Tables)
|
12 Months Ended |
Dec. 31, 2020 |
|---|
| INCOME TAXES |
|
| Summary of income tax expense (benefit) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
|
|
Deferred
|
|
Total
|
|
Year ended December 31, 2020:
|
|
|
|
|
|
|
|
|
|
|
U.S. federal
|
|
$
|
(451,000)
|
|
$
|
271,000
|
|
$
|
(180,000)
|
|
U.S. state
|
|
|
86,000
|
|
|
301,000
|
|
|
387,000
|
|
Foreign
|
|
|
1,993,000
|
|
|
(550,000)
|
|
|
1,443,000
|
|
Total income tax expense
|
|
$
|
1,628,000
|
|
$
|
22,000
|
|
$
|
1,650,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
|
|
Deferred
|
|
Total
|
|
Year ended December 31, 2019:
|
|
|
|
|
|
|
|
|
|
|
U.S. federal
|
|
$
|
529,000
|
|
$
|
1,339,000
|
|
$
|
1,868,000
|
|
U.S. state
|
|
|
1,170,000
|
|
|
(541,000)
|
|
|
629,000
|
|
Foreign
|
|
|
3,000
|
|
|
1,664,000
|
|
|
1,667,000
|
|
Total income tax expense
|
|
$
|
1,702,000
|
|
$
|
2,462,000
|
|
$
|
4,164,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
|
|
Deferred
|
|
Total
|
|
Year ended December 31, 2018:
|
|
|
|
|
|
|
|
|
|
|
U.S. federal
|
|
$
|
2,516,000
|
|
$
|
(6,882,000)
|
|
$
|
(4,366,000)
|
|
U.S. state
|
|
|
391,000
|
|
|
(496,000)
|
|
|
(105,000)
|
|
Foreign
|
|
|
1,682,000
|
|
|
(438,000)
|
|
|
1,244,000
|
|
Total income tax expense (benefit)
|
|
$
|
4,589,000
|
|
$
|
(7,816,000)
|
|
$
|
(3,227,000)
|
|
| Summary of tax rate reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2020
|
|
2019
|
|
2018
|
|
Provision for income tax at the federal statutory rate
|
|
$
|
2,128,000
|
|
$
|
4,130,000
|
|
$
|
4,935,000
|
|
State taxes
|
|
|
204,000
|
|
|
678,000
|
|
|
(59,000)
|
|
Permanent differences
|
|
|
(748,000)
|
|
|
48,000
|
|
|
(4,260,000)
|
|
Foreign taxes
|
|
|
—
|
|
|
(222,000)
|
|
|
145,000
|
|
Change in valuation allowance
|
|
|
284,000
|
|
|
—
|
|
|
(3,922,000)
|
|
Other
|
|
|
(218,000)
|
|
|
(470,000)
|
|
|
(66,000)
|
|
Total income tax expense (benefit)
|
|
$
|
1,650,000
|
|
$
|
4,164,000
|
|
$
|
(3,227,000)
|
|
| Summary of significant components of deferred taxes |
|
|
|
|
|
|
|
|
|
|
|
2020
|
|
2019
|
|
Deferred tax assets:
|
|
|
|
|
|
|
|
Net operating losses
|
|
$
|
424,000
|
|
$
|
432,000
|
|
Foreign tax credit carryforwards
|
|
|
2,005,000
|
|
|
2,555,000
|
|
Inventory basis differences
|
|
|
8,655,000
|
|
|
5,333,000
|
|
|
|
|
|
|
|
|
|
Deferred rent
|
|
|
83,000
|
|
|
76,000
|
|
Maintenance deposit payments
|
|
|
605,000
|
|
|
943,000
|
|
Deferred revenue
|
|
|
625,000
|
|
|
1,873,000
|
|
Allowance for doubtful accounts
|
|
|
398,000
|
|
|
391,000
|
|
Transaction costs
|
|
|
—
|
|
|
523,000
|
|
Start up costs
|
|
|
973,000
|
|
|
—
|
|
Intangible assets
|
|
|
410,000
|
|
|
807,000
|
|
Accrued expenses
|
|
|
1,070,000
|
|
|
1,232,000
|
|
Other
|
|
|
112,000
|
|
|
153,000
|
|
Total deferred tax assets
|
|
$
|
15,360,000
|
|
|
14,318,000
|
|
Deferred tax liabilities:
|
|
|
|
|
|
|
|
Fixed assets
|
|
|
(6,981,000)
|
|
|
(8,320,000)
|
|
Section 481(a) adjustments
|
|
|
(1,784,000)
|
|
|
(633,000)
|
|
Deferred insurance proceeds
|
|
|
(603,000)
|
|
|
(611,000)
|
|
Total deferred tax liabilities
|
|
|
(9,368,000)
|
|
|
(9,564,000)
|
|
Valuation Allowances
|
|
|
(284,000)
|
|
|
—
|
|
Deferred income taxes, net
|
|
$
|
5,708,000
|
|
$
|
4,754,000
|
|