Subsequent Event |
6 Months Ended |
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Jun. 30, 2025 | |
Subsequent Events | |
Subsequent Events |
Note 8. Subsequent Events On July 4, 2025, President Trump signed into law the One Big Beautiful Bill Act ("OBBBA"). The OBBBA codifies certain key elements of the Tax Cuts and Jobs Act, including making permanent the 100% bonus depreciation on qualified fixed assets, making permanent the immediate deduction for domestic research and experimentation expenses, and permanently changing the limitation on the deduction of business interest expense. ASC 740 "Income Taxes," requires that the effect of changes in tax rates and laws on deferred taxes be recognized in the period in which the applicable legislation is enacted. Consequently, as of the date of enactment, and during the three months ended September 30, 2025, the Company will evaluate all deferred tax balances under the newly enacted tax law and identify any other changes required to the financial statements as a result of the OBBBA. The Company is still evaluating the impact of the OBBBA and anticipates the results of such evaluation will be reflected in the Company's Form 10-Q for the quarter ended September 30, 2025. On August 7, 2025, Michael Zipoy provided the Board with notice that he will be retiring from the Board effective as of August 8, 2025. Mr. Zipoy has served on the Board since 2012 and was most recently a member of the Audit, Compensation, and Nominating Committees of the Board. In recognition of his valuable service to the Board, the vesting of Mr. Zipoy’s outstanding options and RSU awards was accelerated.
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