INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

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, 2024		December 31, 2023		December 31, 2022
Current:
Federal	$	—	$	—	$	—
State		218		183		288
	$	218	$	183	$	288
Deferred:
Federal	$	—	$	—	$	—
State		—		—		—
	$	—	$	—	$	—
Tax expense	$	218	$	183	$	288

Schedule of effective income tax rate reconciliation

	Year Ended		Year Ended		Year Ended
	December 31, 2024		December 31, 2023		December 31, 2022
Statutory federal income tax rate	21.0	%	21.0	%	21.0	%
State taxes	22.8	%	12.9	%	13.6	%
Permanent non-deductible expenses	3.7	%	(0.5)	%	(0.1)	%
Change of valuation allowance	(43.8)	%	(33.9)	%	(36.0)	%
Effective income tax rate	3.7	%	(0.5)	%	(1.5)	%

Schedule of deferred tax assets and liabilities

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

	December 31, 2024		December 31, 2023
Deferred tax assets:
Charitable contributions	$	7	$	7
Net operating loss carry forwards		91,578		88,212
Depreciation (including air rights)		—		5,698
Lease liability		40		210
Other		144		209
Pension costs		—		—
Investment in joint ventures		—		2
Accrued expenses		—		389
Total deferred tax assets	$	91,769	$	94,727
Valuation allowance		(90,228)		(91,284)
Deferred tax asset after valuation allowance	$	1,541	$	3,443
Deferred tax liabilities:
Intangibles	$	—	$	(2,436)
Investment in joint venture		(326)		—
Other		(230)		(235)
Pension costs		(948)		(474)
Right-of-use asset		(37)		(298)
Total deferred tax liabilities	$	(1,541)	$	(3,443)
Net deferred tax assets	$	—	$	—
Current deferred tax assets	$	—	$	—
Long-term deferred tax assets		—		—
Total deferred tax assets	$	—	$	—