Note 10 - Income Taxes |
6 Months Ended |
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Jun. 30, 2025 | |
| Notes to Financial Statements | |
| Income Tax Disclosure [Text Block] |
NOTE 10: INCOME TAXES
Our deferred tax assets are primarily related to net federal and state operating loss carryforwards (“NOLs”). We have substantial NOLs that are limited in usage by IRC Section 382. IRC Section 382 generally imposes an annual limitation on the amount of NOLs that may be used to offset taxable income when a corporation has undergone significant changes in stock ownership within a statutory testing period. We have performed a preliminary analysis of the annual NOL carryforwards and limitations that are available to be used against taxable income. Based on the history of losses of the Company, there continues to be a full valuation allowance against the net deferred tax assets of the Company with a definite life.
For the three months ended June 30, 2025 we reported a tax benefit of $26. We reported tax expense of $25 for the three months ended June 30, 2024. For the six months ended June 30, 2025 and 2024, we reported tax expense of $73 and $34, respectively. At June 30, 2025, the net deferred tax liabilities were $142 after valuation allowance, compared to net tax liabilities of $133 at December 31, 2024.
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