Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Income Tax Provisions

The provision for income taxes for the years ended December 31, 2024 and 2023, respectively, consisted of:

	Year Ended December 31,
	2024		2023
	(in thousands)
Current
Federal	$	11,594	$	8,987
State	2,048		1,776
	13,642		10,763
Deferred
Federal	(3,428)		(1,052)
State	(343)		93
	(3,771)		(959)
Provision for income taxes	$	9,871	$	9,804

Schedule of Deferred Tax Assets and Liabilities

The Company’s deferred tax assets (liabilities), calculated using effective tax rates is as follows:

	December 31, 2024		December 31, 2023
	(in thousands)
Deferred tax assets:
State taxes	$	402	$	436
Reserves	666		503
Accruals and deferred expenses	1,592		794
Research and development credit	—		40
Inventory	1,137		1,012
Government grant	328		—
Stock-based compensation	537		282
Capitalized research and development costs	1,852		1,741
Operating lease liabilities	14,118		9,140
Total deferred tax assets	20,632		13,948
Deferred tax liabilities:
Fixed assets – depreciation	(8,504)		(9,902)
Investment in Global Wells Investment Group	(176)		(234)
Operating ROU asset	(12,378)		(8,009)
Total deferred tax liabilities	(21,058)		(18,145)
Net deferred tax liability	$	(426)	$	(4,197)

Schedule of Reconciliation of Income Taxes

Reconciliation of income taxes are as follows from statutory rate of 21% to the effective tax rate for the year ended December 31, 2024 and 2023, respectively:

	December 31, 2024		December 31, 2023
	(in thousands)
Income tax computed at the federal statutory rate	$	8,546	$	8,988
State taxes, net of federal tax benefits	1,459		1,609
Noncontrolling interest - Income not subject to tax	(241)		(115)
Permanent items	22		42
Excess tax liability (benefit) from stock based compensation	19		(187)
Research and development credit	(76)		(417)
Others	142		(116)
Provision for income taxes	$	9,871	$	9,804