INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2021

INCOME TAXES

Schedule of provision for taxes

The provision for taxes is as follows (dollars in thousands):

	Year Ended		Year Ended		Year Ended
	December 31, 2021		December 31, 2020		December 31, 2019
Current:
Federal	$	—	$	—	$	—
State		265		306		128
	$	265	$	306	$	128
Deferred:
Federal	$	—	$	—	$	—
State		—		—		—
	$	—	$	—	$	—
Tax expense	$	265	$	306	$	128

Schedule of effective income tax rate reconciliation

The following is a reconciliation of income taxes computed at the U.S. Federal statutory rate to the provision for income taxes:

	Year Ended		Year Ended		Year Ended
	December 31, 2021		December 31, 2020		December 31, 2019
Statutory federal income tax rate	21.0	%	21.0	%	21.0	%
State taxes	16.7	%	6.3	%	49.7	%
Permanent non-deductible expenses	(0.3)	%	5.0	%	(5.6)	%
Change of valuation allowance	(38.5)	%	(27.8)	%	(71.3)	%
Effective income tax rate	(1.1)	%	4.5	%	(6.2)	%

Schedule of deferred tax assets and liabilities

The composition of our deferred tax assets and liabilities is as follows (dollars in thousands):

	December 31, 2021		December 31, 2020
		As Restated (a)		As Restated
Deferred tax assets:
Charitable contributions	$	1	$	15
Net operating loss carry forwards		66,851		58,635
Depreciation (including air rights)		5,737		4,677
Lease liability		507		571
Other		256		222
Investment in joint ventures		777		678
Accrued expenses		332		132
Total deferred tax assets	$	74,461	$	64,930
Valuation allowance		(70,134)		(60,931)
Deferred tax asset after valuation allowance	$	4,327	$	3,999
Deferred tax liabilities:
Intangibles	$	(3,003)	$	(3,334)
Other		(253)		—
Pension costs		(571)		(114)
Right-of-use asset		(500)		(551)
Total deferred tax liabilities	$	(4,327)	$	(3,999)
Net deferred tax assets	$	—	$	—
Current deferred tax assets	$	—	$	—
Long-term deferred tax assets		—		—
Total deferred tax assets	$	—	$	—
(a) Amounts are restated. See Note 3 for more information.