INCOME TAXES |
3 Months Ended |
|---|---|
Mar. 31, 2025 | |
| INCOME TAXES | |
| INCOME TAXES | NOTE 8 – INCOME TAXES
Income tax expense for the first quarter of both 2025 and 2024, primarily related to foreign and minor state taxes.
The effective tax rate differed from the statutory tax rate primarily due to the effect of valuation allowance, as well as foreign taxes. We have a valuation allowance of $8.9 million as of both March 31, 2025 and 2024. As of March 31, for both 2025 and 2024, our deferred tax assets and valuation allowance have been reduced by approximately $444,000 and $434,000, respectively. Given the uncertainty created by our loss history, as well as the volatile and uncertain economic outlook for our industry and capital spending, we have limited the recognition of net deferred tax assets including our net operating losses and credit carryforwards and continue to maintain a valuation allowance for the full amount of the net deferred tax asset balance. |