Note 16 - Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income Tax Benefit

The income tax benefit consisted of the following for the years ended December 31, 2023 and 2022:

	For the Year Ended December 31,
(in thousands)	2023			2022
Current:
Federal	$	251		$	—
State		89			—
Total current tax expense		340			—
Deferred:
Federal	$	(2,853	)	$	(4,214	)
State		(1,115	)		(1,643	)
Total deferred tax benefit		(3,968	)		(5,857	)
Total income tax benefit	$	(3,628	)	$	(5,857	)

Schedule of Effective Income Tax Rate Reconciliation

The Company’s effective income tax rate for the years ended December 31, 2023 and 2022 reconciles with the federal statutory rate as follows:

	For the Year Ended December 31,
	2023			2022
Federal statutory rate		21.0	%		21.0	%
Permanent items		(0.2	)%		0.0	%
State income taxes, net of federal tax benefit		5.4	%		6.0	%
Change in valuation allowance		(12.0	)%		—
Other		—			(1.0	)%
Rate change		0.3	%		—
Prior year adjustment		—			1.7	%
Effective income tax rate on income before taxes		14.5	%		27.7	%

Schedule of Deferred Income Tax Assets (Liabilities)

Deferred income tax assets (liabilities) are comprised of the following as of December 31, 2023 and 2022:

	For the Year Ended December 31,
(in thousands)	2023			2022
Deferred tax assets
NOL carryforwards	$	5,197		$	6,646
Valuation allowance		(3,001	)		—
Equity compensation		678			461
Other		5			3
Total deferred tax assets	$	2,879		$	7,110
Deferred tax liabilities
Investment in the Operating Partnership	$	(2,879	)	$	(11,078	)
Total deferred tax liabilities	$	(2,879	)	$	(11,078	)
Net deferred tax assets (liabilities)	$	—		$	(3,968	)