Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.22.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Reconciliation of Income Tax

A reconciliation of the U.S. federal statutory tax rate to our income tax (expense) benefit from continuing operations for 2021 and 2020, is as follows (in thousands):

 

 

Years Ended December 31,

 

 

 

2021

 

 

2020

 

U.S. statutory rate

 

 

21.0

%

 

 

21.0

%

Increase (decrease) resulting from:

 

 

 

 

 

 

 

 

Permanent differences

 

 

(3.1

)%

 

 

(0.1

)%

State income taxes

 

 

0.5

%

 

 

0.4

%

Other

 

 

(0.1

)%

 

 

(0.2

)%

Discrete items

 

 

 

 

 

 

 

 

Vesting of common stock

 

 

(1.4

)%

 

 

(1.4

)%

Change in valuation allowance

 

 

(44.3

)%

 

 

(36.2

)%

PPP Loan forgiveness

 

 

39.5

%

 

 

 

Return to provision and other

 

 

(11.6

)%

 

 

16.9

%

Income tax (expense) benefit

 

 

0.5

%

 

 

0.4

%

Components of Income Tax Expense

Significant components of our income tax (expense) benefit from continuing operations for 2021 and 2020, were as follows (in thousands):

 

 

 

Years Ended December 31,

 

 

 

2021

 

 

2020

 

Current

 

 

 

 

 

 

 

 

Federal

 

$

 

 

$

 

State

 

 

 

 

 

(20

)

Total current

 

 

 

 

 

(20

)

Deferred

 

 

 

 

 

 

 

 

Federal

 

 

2,185

 

 

 

2,722

 

State

 

 

(20

)

 

 

2,455

 

Valuation allowance

 

 

(2,141

)

 

 

(5,105

)

Total deferred

 

 

24

 

 

 

72

 

Income tax (expense) benefit

 

$

24

 

 

$

52

 

Components of Deferred Tax Assets and Liabilities Significant components of our deferred tax assets and liabilities at December 31, 2021 and 2020, were as follows (in thousands):

 

 

 

December 31,

 

 

 

2021

 

 

2020

 

Deferred tax assets

 

 

 

 

 

 

 

 

Leases

 

$

233

 

 

$

319

 

Employee benefits

 

 

1,208

 

 

 

1,471

 

Accrued losses on uncompleted contracts

 

 

2,572

 

 

 

3,015

 

Stock based compensation expense

 

 

247

 

 

 

225

 

Federal net operating losses

 

 

21,724

 

 

 

19,345

 

State net operating losses

 

 

3,299

 

 

 

3,620

 

R&D and other tax credits

 

 

938

 

 

 

806

 

Other

 

 

545

 

 

 

398

 

Total deferred tax assets

 

 

30,766

 

 

 

29,199

 

Deferred tax liabilities

 

 

 

 

 

 

 

 

Property, plant and equipment and AHFS

 

 

(1,285

)

 

 

(2,632

)

Prepaid insurance

 

 

(231

)

 

 

(511

)

Total deferred tax liabilities

 

 

(1,516

)

 

 

(3,143

)

Net deferred tax assets

 

 

29,250

 

 

 

26,056

 

Valuation allowance

 

 

(29,331

)

 

 

(26,168

)

Net deferred taxes (1)

 

$

(81

)

 

$

(112

)

 

 

(1)

Amounts are included in other noncurrent liabilities on our Balance Sheet.