Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of Income Before Income Taxes

The components of income before income taxes are as follows (in thousands):

	Year Ended
	December 31,
	2023		2022
Domestic	$	19,620	$	19,391
Foreign		517		203
Income before income taxes	$	20,137	$	19,594

Schedule of Components of Provision for Income Taxes

The components of the provision for income taxes are as follows (in thousands):

	Year Ended
	December 31,
	2023			2022
Current:
Federal	$	3,644		$	3,536
Foreign		66			58
State		1			1
Total Current		3,711			3,595
Deferred - net		(1,383	)		(1,664	)
Provision for income taxes	$	2,328		$	1,931

Schedule of Effective Tax Rate Differs from Applicable U.S Statutory Federal Income Tax Rates

The effective tax rate differs from the applicable U.S. statutory federal income tax rate as follows:

	Year Ended
	December 31,
	2023			2022
U.S. statutory federal taxes at statutory rate		21.00	%		21.00	%
State taxes - net of federal benefit		0.10			0.01
Research and development benefit		(0.91	)		(0.91	)
Stock-based compensation		0.83			0.33
Foreign derived intangible income (FDII)		(9.73	)		(11.05	)
Permanent items and other		0.06			0.11
Change in valuation allowance		0.21			0.37
Effective tax rate		11.56	%		9.86	%

Schedule of Components of Net Deferred Tax Assets and Liabilities

The components of net deferred tax assets and liabilities are as follows:

	Year Ended
	December 31,
	2023			2022
Deferred tax assets:
Net operating loss carryforwards	$	53		$	85
Research and other credits		721			652
Accruals		622			508
Lease liability		176			115
Intangibles		171			174
Capitalization of R&D expenses		2,769			1,523
Stock-based Compensation		105			131
Other		40			70
Total deferred tax assets		4,657			3,258
Valuation allowance		(778	)		(737	)
Deferred tax liabilities:
Property and equipment, net	$	(76	)		(128	)
Right-of-use assets		(178	)		(113	)
Other		(5	)		—
Total deferred tax liabilities		(259	)		(241	)
Deferred tax assets - net	$	3,620		$	2,280

Schedule of Activities Related to Company's Gross Unrecognized Tax Benefits

The following table summarizes the activities related to the Company’s gross unrecognized tax benefits (in thousands):

	Year Ended
	December 31,
	2023			2022
Balance at the beginning of the year	$	391		$	356
Increases related to current year tax positions		55			58
Decreases related to current year tax positions		(39	)		(23	)
Balance at the end of the year	$	407		$	391