v3.25.4
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Effective Income Tax Rate Reconciliation
A reconciliation of the Company’s statutory income tax rate to the Company’s effective income tax rate is as follows:

Years Ended Year Ended December 31, 2025Years Ended Year Ended December 31, 2024
AmountPercent
Amount
Percent
Pretax income (loss) before income taxes$1,684 $(25,772)
US federal statutory tax rate 354 21.0%(5,412)21.0%
State and local income taxes, net of federal benefit 223 13.2%111 (0.4%)
Change in valuation allowance 2,991 177.6%5,455 (21.2%)
Nontaxable or nondeductible Items:
Other (37)(2.2%)(456)1.8%
Transaction costs 625 37.1%— —%
Debt modification(868)(51.5%)— —%
Gain on derivative liability (3,654)(217.0%)— —%
Stock compensation 685 40.7%$445 (1.7%)
Total$319 18.9%$143 (0.5%)
Schedule of Deferred Tax Assets and Liabilities
The components of deferred tax assets and liabilities are as follows:
Year Ended Year Ended December 31,
20252024
Deferred tax assets:
Accruals and reserves$1,410 $1,811 
Net operating loss carryforwards52,856 30,814 
Section 163(j) interest carryforward398 11,281 
Stock options538 1,183 
Lease liabilities111 158 
Total deferred tax asset before valuation allowance55,313 45,247 
Valuation allowance(44,805)(44,495)
Deferred tax asset - net of valuation allowance10,508 752 
Deferred tax liabilities:
Depreciation and amortization(10,411)(144)
Right-of-use assets(97)(608)
Total deferred tax liabilities(10,508)(752)
Net deferred tax asset (liability)$— $— 
Schedule of Income Taxes Paid
The following summarizes the Company’s income taxes paid (net of refunds received) for the years presented below:

Year Ended December 31,
20252024
Federal$— $— 
State106 226 
Foreign— — 
Total$106 $226 

The following summarizes the jurisdictions that exceeded 50% of the Company’s total income taxes paid (net of refunds) for the years presented below (in thousands):

Year Ended December 31,
20252024
California$— $12 
Illinois— 42 
Massachusetts9 — 
North Carolina14 14 
New Hampshire7 — 
Pennsylvania— 58 
Texas48 40 
Other28 60 
Total
$106 $226