Income Taxes and State LLC Fees |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Income Taxes and State LLC Fees | |
| Income Taxes and State LLC Fees | Note 17. Income Taxes and State LLC Fees MPIC is subject to a California gross receipts LLC fee of approximately $12,000 per year, and the state minimum franchise tax of $800 per year. MP Securities is subject to a California gross receipts LLC fee of approximately $6,000 and the state minimum franchise tax of $800 per year. MP Realty incurred a tax loss for the years ended December 31, 2025 and 2024, and recorded a provision of $800 per year for the state minimum franchise tax. For the years ended December 31, 2025 and 2024, MP Realty has federal and state net operating loss carryforwards of approximately $433 thousand and $432 thousand, respectively, which begin to expire in the year . Management assessed the realizability of the deferred tax asset and determined that a 100% valuation against the deferred tax asset was appropriate at years ended December 31, 2025 and 2024. Tax years ended December 31, 2020, through December 31, 2025 remain subject to examination by the Internal Revenue Service and the tax years ended December 31, 2019 through December 31, 2025 remain subject to examination by the California Franchise Tax Board. |