v3.25.2
Income Taxes (Tables)
6 Months Ended
Jun. 30, 2025
Income Taxes  
Schedule of TRS income (loss) before provision for income taxes

For the three months ended

For the six months ended

($ in thousands)

June 30, 2025

June 30, 2024

June 30, 2025

June 30, 2024

United States

$

(463)

$

(300)

    

$

(1,444)

$

(1,272)

International

Total

$

(463)

$

(300)

$

(1,444)

$

(1,272)

Schedule of federal and state income tax provision (benefit)

For the three months ended

For the six months ended

($ in thousands)

June 30, 2025

June 30, 2024

June 30, 2025

June 30, 2024

Current:

    

Federal

$

$

$

$

State

Total Current Tax (Benefit) Expense

$

$

$

$

Deferred:

Federal

(8)

(1)

9

18

Total Tax (Benefit) Expense

$

(8)

$

(1)

$

9

$

18

Schedule of TRS deferred tax assets

($ in thousands)

June 30, 2025

December 31, 2024

Deferred tax assets:

Net operating loss

$

2,520

$

1,986

Stock Compensation

21

12

Charitable Contributions

5

5

Total deferred tax assets

$

2,546

2,003

Deferred tax liabilities:

Fixed assets

$

(11)

$

(13)

Intangible Assets

(128)

(86)

Total deferred tax liabilities

$

(139)

$

(99)

Valuation Allowance

(2,437)

(1,925)

Net deferred taxes

$

(30)

$

(21)

Summary of net operating losses and tax credit carryforwards

($ in thousands)

June 30, 2025

Expiration Year

Net operating losses, federal (Post-December 31, 2017)

$

9,702

Does not expire

Net operating losses, state

$

6,965

Various

Schedule of components of income tax rate

Tax (Benefit) Expense

Tax (Benefit) Expense

For the three months ended

For the six months ended June 30,

($ in thousands

2025

    

2024

2025

    

2024

Statutory Rate

$

(97)

$

(63)

$

(303)

$

(267)

State Tax

(32)

(21)

(100)

(89)

Valuation Allowance

121

83

412

374

$

(8)

$

(1)

$

9

$

18

Tax Rate

Tax Rate

For the three months ended

For the six months ended June 30,

2025

    

2024

2025

    

2024

Statutory Rate

21.00

%

21.00

%

21.00

%

21.00

%

State Tax

6.91

%

7.00

%

6.93

%

7.00

%

Valuation Allowance

(26.18)

%

(27.67)

%

(28.55)

%

(29.42)

%

1.73

%

0.33

%

(0.62)

%

(1.42)

%