v3.26.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2025
Income Taxes  
Schedule of components of income tax expense (benefit)

 

 

DECEMBER 31,

 

 

 

2025

 

 

2024

 

 

 

 

 

 

 

 

Current provision (benefit)

 

 

 

 

 

 

State

 

$60,000

 

 

$30,000

 

Foreign

 

 

31,843

 

 

 

(20,285)

Total

 

 

91,843

 

 

 

9,715

 

 

 

 

 

 

 

 

 

 

Deferred provision (benefit)

 

 

 

 

 

 

 

 

Federal

 

 

18,149

 

 

 

5,252

 

State

 

 

23,824

 

 

 

6,001

 

Foreign

 

 

(35,522)

 

 

(24,727)

Total

 

 

6,451

 

 

 

(13,474)

 

 

 

 

 

 

 

 

 

Income tax provision (benefit)

 

$98,294

 

 

$(3,759)
Schedule of effective income tax rate reconciliation

 

 

DECEMBER 31, 2025

 

 

 

Amount

 

 

Percent

 

 

 

 

 

 

 

 

Tax at federal statutory rate

 

$(547,411)

 

 

21.0%

State and local taxes, net of federal benefit (1)

 

 

(86,566)

 

 

3.3%

Foreign tax effects

 

 

 

 

 

Ireland

 

 

 

 

 

 

 

 

Statutory tax rate differences between Ireland and United States

 

 

 36,165

 

 

 

(1.4

)% 

Other

 

 

 13,538

 

 

 

(0.5

)% 

Change in valuation allowance

 

 

579,733

 

 

 

(22.2)%

Nontaxable / nondeductible items

 

 

 

 

Stock-based compensation

 

 

(68,227

) 

 

 

 2.6

% 

Other items

 

 

 7,564

 

 

 

 (0.3

)% 

Deferred tax adjustments

 

 

163,498

 

 

 

(6.3)%

 

 

 

 

 

 

 

 

 

Income tax benefit

 

$98,294

 

 

 

(3.8)%

 

 

DECEMBER 31, 2024

 

 

 

 

 

Statutory federal income tax rate

 

 

21.0%

State, net of federal benefit

 

 

3.0%

Non-deductible expenses

 

 

2.0%

Valuation allowance

 

 

(13.1)%

Foreign rate differential

 

 

(2.1)%

Return to accrual difference true-ups

 

 

(19.2)%

Other

 

 

(2.0)%

Deferred tax adjustment and true-up

 

 

10.6%

Combined effective tax rate

 

 

0.2%
Schedule of deferred tax assets and liabilities

 

 

DECEMBER 31,

 

 

 

2025

 

 

2024

 

Deferred tax assets:

 

 

 

 

 

 

Net operating loss carryforwards

 

$12,135,745

 

 

$11,743,537

 

Alternative minimum tax credit

 

 

45,650

 

 

 

45,650

 

Share-based compensation

 

 

416,382

 

 

 

419,033

 

Depreciation

 

 

336,908

 

 

 

(536,851)

Lease liability

 

 

1,603,638

 

 

 

1,804,217

 

Other assets

 

 

695,140

 

 

 

1,082,595

 

 

 

 

 

 

 

 

 

 

Total deferred tax assets

 

 

15,233,463

 

 

 

14,558,181

 

Less: valuation allowance

 

 

(12,672,174)

 

 

(12,160,371)

Total deferred tax assets, net

 

 

2,561,289

 

 

 

2,397,810

 

 

 

 

 

 

 

 

 

 

Deferred tax liabilities:

 

 

 

 

 

 

 

 

Goodwill amortization

 

 

513,600

 

 

 

399,032

 

Intangible amortization

 

 

459,831

 

 

 

368,934

 

Foreign intangible amortization

 

 

172,186

 

 

 

223,929

 

Other liabilities

 

 

16,127

 

 

 

18,351

 

Lease asset

 

 

1,398,422

 

 

 

1,398,979

 

 

 

 

 

 

 

 

 

 

Total deferred tax liabilities

 

 

2,560,166

 

 

 

2,409,225

 

 

 

 

 

 

 

 

 

 

Net deferred tax asset (liability)

 

$1,123

 

 

$(11,415)
Summary of valuation allowance

 

 

DECEMBER 31,

 

 

 

2025

 

 

2024

 

 

 

 

 

 

 

 

Beginning balance

 

$(12,160,371)

 

$(11,930,917)

Increases

 

 

(511,803)

 

 

(229,454)

 

 

 

 

 

 

 

 

 

Ending balance

 

$(12,672,174)

 

$(12,160,371)
Schedule of income tax paid

 

 

Amount

 

 

 

 

 

Federal

 

$-

 

State

 

 

47,500

 

Foreign

 

 

-

 

 

 

 

 

 

Total

 

$47,500

 

 

 

 

 

 

State

 

 

 

 

California

 

$2,400

 

District of Columbia

 

 

1,600

 

New York

 

 

1,500

 

Texas

 

 

12,000

 

Virigina

 

 

30,000

 

 

 

 

 

 

Total

 

$47,500