Income Taxes |
6 Months Ended |
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Jun. 30, 2025 | |
| Income Taxes | |
| Income Taxes | Note 10: Income Taxes Income tax expense was $114 and $86 for the three months ended June 30, 2025 and 2024, respectively, and was $197 and $144 for the six months ended June 30, 2025 and 2024, respectively. Deferred tax assets are deferred tax consequences attributable to deductible temporary differences and carryforwards. After the deferred tax asset has been measured using the applicable enacted tax rate and provisions of the enacted tax law, it is then necessary to assess the need for a valuation allowance. A valuation allowance is needed when, based on the weight of the available evidence, it is more likely than not that some portion of the deferred asset will not be realized. As required by generally accepted accounting principles, available evidence is weighted heavily on cumulative losses, with less weight placed on future projected profitability. The realization of deferred tax assets is dependent on the existence of taxable income of the appropriate character (e.g., ordinary or capital) within the carry-back and carry-forward periods available under the tax law, which would consider future reversals of existing taxable temporary differences and available tax planning strategies. As of June 30, 2025 and December 31, 2024 the Company has determined that no allowance is deemed necessary. The net deferred assets were $1,406 and $1,857 as of June 30, 2025 and December 31, 2024, respectively. The Company’s Board of Directors and management continue to assess the deferred tax assets in light of recent changes in market conditions, forecasted future projected income and available tax planning strategies. As such, there may be deferred tax impairment in subsequent periods. The Company files income tax returns in the U.S. federal jurisdiction and the State of Illinois. During the three and six months ended June 30, 2025 and 2024, the Company recognized no interest or penalties.
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