Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.8.0.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2017
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]
The provision (benefit) for income taxes for the 2017 and 2016 Successor periods consists of the following:
 
 
 
January 1, 2017
 
July 20, 2016
 
 
 
through
 
through
 
 
 
December 31,
 
December 31,
 
(in thousands)
 
2017
 
2016
 
Current tax provision
 
 
 
 
 
 
 
U.S. Federal
 
$
1,796
 
$
-
 
State and local
 
 
752
 
 
17
 
Total current tax provision
 
 
2,548
 
 
17
 
 
 
 
 
 
 
 
 
Deferred tax provision (benefit)
 
 
 
 
 
 
 
U.S. Federal
 
 
832
 
 
(3,219)
 
State and local
 
 
(229)
 
 
(669)
 
Total deferred tax provision (benefit)
 
 
603
 
 
(3,888)
 
Provision (benefit) for income taxes
 
$
3,151
 
$
(3,871)
 
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
The components of deferred tax assets (liabilities) were as follows:
 
 
 
As of
 
As of
 
 
 
December 31,
 
December 31,
 
(in thousands)
 
2017
 
2016
 
Deferred tax assets:
 
 
 
 
 
 
 
Accrued expenses
 
$
818
 
$
340
 
Allowance for doubtful accounts
 
 
62
 
 
74
 
Intangibles
 
 
1,219
 
 
974
 
Goodwill
 
 
4,124
 
 
6,832
 
Startup costs
 
 
122
 
 
176
 
Deferred rent
 
 
119
 
 
84
 
Percentage of completion
 
 
-
 
 
38
 
Stock-based compensation
 
 
269
 
 
-
 
Net operating losses
 
 
-
 
 
280
 
Total deferred tax assets
 
 
6,733
 
 
8,798
 
 
 
 
 
 
 
 
 
Deferred tax liabilities:
 
 
 
 
 
 
 
Fixed assets
 
 
(3,050)
 
 
(4,530)
 
Percentage of completion
 
 
(19)
 
 
-
 
Total deferred tax liabilities
 
 
(3,069)
 
 
(4,530)
 
 
 
 
 
 
 
 
 
Net deferred tax asset
 
$
3,664
 
$
4,268
 
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
A reconciliation of the federal statutory income tax rate to the Company’s effective tax rate is as follows:
 
 
 
January 1, 2017
 
July 20, 2016
 
 
 
through
 
through
 
 
 
December 31,
 
December 31,
 
 
 
2017
 
2016
 
Federal statutory income tax rate
 
 
34.0
%
 
34.0
%
State income taxes, net of federal tax effect
 
 
4.6
%
 
4.6
%
Change in federal tax rate
 
 
43.2
%
 
-
 
Change in valuation allowance
 
 
-
 
 
49.0
%
Permanent differences
 
 
-0.2
%
 
-9.6
%
Tax credits
 
 
-3.5
%
 
-
 
Other
 
 
3.5
%
 
-0.4
%
Effective tax rate
 
 
81.6
%
 
77.6
%