Income Taxes |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | (13) Income Taxes
The Company accounts for income taxes in accordance with ASC 740, Income Taxes, using the asset and liability method. Deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the years in which those differences are expected to reverse.
During 2024, the Company filed delinquent federal income tax returns covering prior tax years. Based on those filings, the Company reported net operating loss carryforwards (“NOLs”) of approximately $8.7 million for federal income tax purposes. These filings remain subject to examination by the Internal Revenue Service, and no confirmation of the reported NOL amounts has been received.
Under ASC 740, tax benefits are recognized only when it is more likely than not that the position will be sustained upon examination by taxing authorities. Due to the uncertainty surrounding the ultimate acceptance of the reported NOL amounts, the Company has not recognized a deferred tax asset related to these reported carryforwards as of December 31, 2025.
For the years ended December 31, 2025, and 2024, the Company did not record a current or deferred income tax expense or benefit.
The Company will continue to evaluate its tax positions and will recognize any deferred tax assets when the recognition threshold under ASC 740 is met. |