Company: BKTI
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001437749-25-009464
Chunk: 497

Company: BK Technologies Corp
Filing Date: 2025-03-27
Form: 10-K
Item: Item 2
Chunk 497
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2023

        NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

        (in thousands, except share data and percentages)

   8. Leases (Continued)
    
   Supplemental cash flow information related to leases was as follows:

       December 31,  
   2024    2023  
 Cash paid for amounts included in the measurement of lease liabilities:         
 Operating cash flows (fixed payments)  $611  $595 
 Operating cash flows (liability reduction)   528   485 

   Other information related to operating leases was as follows:

       December 31,  
   2024  
 Weighted average remaining lease term (in years)   2.36 
 Weighted average discount rate   5.50%

   Maturity of operating lease liabilities as of  December 31, 2024 were as follows:

       Year ending  
   December 31,  
 2025  $625 
 2026   486 
 2027   249 
 2028   5 
 2029   3 
 Thereafter   — 
 Total payments   1,368 
 Less: imputed interest   (83)
 Total liability  $1,285 

   9. Income Taxes
    
   The income tax expense (benefit) is summarized as follows:

       Years Ended December 31,  
   2024    2023  
 Current:         
 Federal  $489  $25 
 State   1,199   29 
   1,688   54 
 Deferred:         
 Federal   (1,581)  — 
 State   (1,091)  — 
   (2,672)  — 
  $(984) $54 

   A reconciliation of the statutory U.S. income tax rate to the effective income tax rate follows:

       Years Ended December 31,  
   2024    2023  
         
 Statutory U.S. income tax rate   21.00%  21.00%
 State taxes, net of federal benefit   9.42%  (1.34)%
 Permanent differences   0.84%  (0.87)%
 Change in valuation allowance   (48.79)%