Income Taxes (Tables)

9 Months Ended

Sep. 30, 2022

Income Taxes

Schedule of TRS income (loss) before provision for income taxes

The TRS income/(loss) before provision for income taxes consisted of the following:

	For the Nine Months Ended
($ in thousands)	September 30, 2022
United States	$	2,359
International		—
Total	$	2,359

Schedule of federal and state income tax provision (benefit)

The federal and state income tax provision (benefit) is summarized as follows:

	For the Nine Months Ended
($ in thousands)	September 30, 2022
Current:
Federal	$	116
Deferred:
Federal		13
Total Tax Expense	$	129

Schedule of TRS deferred tax assets

($ in thousands)	September 30, 2022
Deferred tax assets:
Net operating loss	$	664
Inventory reserve		16
Total deferred tax assets		680
Deferred tax liabilities:
Fixed assets	$	(22)
Intangible Assets		(41)
Total deferred tax liabilities	$	(63)
Valuation Allowance		(630)
Net deferred taxes	$	(13)

Summary of net operating losses and tax credit carryforwards

($ in thousands)	September 30, 2022		Expiration Year
Net operating losses, federal (Post-December 31, 2017)	$	2,958		Does not expire
Net operating losses, state	$	709		Various

Schedule of components of income tax rate

	September 30, 2022
Statutory Rate		21.00	%
State Tax		5.87	%
Valuation Allowance		(21.96)	%
Total		4.91	%