v3.26.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Income Taxes Expenses (benefit)

Income tax expense (benefit) (including Subchapter C-corporations) consisted of the following (in thousands):

    

         
   Years Ended December 31, 
   2025   2024 
         
Current taxes          
Federal  $-   $1 
State   11    1 
           
Deferred taxes          
Federal   -    - 
State   -    - 
Total  $11   $2 
Schedule of Deferred Tax Assets and Liabilities

  

   Year Ended December 31, 2025 
   Amount   Rate 
         
U.S Federal statutory income rate  $(4,463)   21.00%
State, net of federal tax benefit   9    (0.04)%
Nontaxable or nondeductible items          
Income/loss excluded from nontaxable entities   944    (4.44)%
Meals and entertainment   7    (0.04)%
Stock options   614    (3.06)%
Equity award vesting   248    (1.24)%
Modification of equity awards   2,194    (10.95)%
Return-to-provision adjustments   (44)   0.22%
Valuation allowance   502    (2.52)%
Effective rate  $11    (0.05)%

 

A reconciliation of the federal statutory tax rate to the effective tax rate (including Subchapter C-corporations) for the year ended December 31, 2024 and 2024 is as follows:

 

   Year Ended December 31, 2024 
   Amount   Rate 
         
U.S Federal statutory income rate  $2,453    21.00%
State, net of federal tax benefit   (246)   (2.11)%
Income/loss excluded from nontaxable entities   (8,009)   (68.57)%
Permanent differences   641    5.49%
Return-to-provision adjustments   5    0.04%
Other   192    1.65%
Valuation allowance   4,966    42.52%
Effective rate  $2    0.02%

 

 

Significant components of the deferred tax assets and liabilities (including Subchapter C-corporations) were as follows (in thousands):

 

         
   Years Ended December 31, 
   2025   2024 
         
Deferred tax assets:          
Start-up expenditures  $4   $13 
Organizational expenditures   14      
Sec 174 – Research and development costs   -    3 
Stock compensation   1,795    2,524 
Lease liability   128    149 
Property and equipment principally due to differences in depreciation   2    3 
Bonus expense   14    - 
Charitable contribution carryforwards   1    1 
Impairment expense   53    11 
Intangible Assets   51    38 
Net operating loss carryforwards   4,890    3,781 
Valuation allowance   (6,625)   (6,124)
Total deferred tax assets  $327   $399 
           
Deferred tax liabilities:          
Right-of-use asset  $(115)  $(135)
Investment securities   (212)   (264)
Total deferred tax liabilities  $(327)  $(399)
           
Net deferred tax assets/(liabilities)  $-   $- 

 

Net deferred tax assets and liabilities were classified on the consolidated balance sheets as follows (in thousands):

 

         
   Years Ended December 31, 
   2025   2024 
         
Deferred tax assets  $327   $399 
Deferred tax liabilities   (327)   (399)
Other noncurrent assets/(liabilities)  $-   $- 
Schedule of Deferred Tax Assets and Liabilities

Significant components of the deferred tax assets and liabilities (including Subchapter C-corporations) were as follows (in thousands):

 

         
   Years Ended December 31, 
   2025   2024 
         
Deferred tax assets:          
Start-up expenditures  $4   $13 
Organizational expenditures   14      
Sec 174 – Research and development costs   -    3 
Stock compensation   1,795    2,524 
Lease liability   128    149 
Property and equipment principally due to differences in depreciation   2    3 
Bonus expense   14    - 
Charitable contribution carryforwards   1    1 
Impairment expense   53    11 
Intangible Assets   51    38 
Net operating loss carryforwards   4,890    3,781 
Valuation allowance   (6,625)   (6,124)
Total deferred tax assets  $327   $399 
           
Deferred tax liabilities:          
Right-of-use asset  $(115)  $(135)
Investment securities   (212)   (264)
Total deferred tax liabilities  $(327)  $(399)
           
Net deferred tax assets/(liabilities)  $-   $- 

 

Net deferred tax assets and liabilities were classified on the consolidated balance sheets as follows (in thousands):

 

         
   Years Ended December 31, 
   2025   2024 
         
Deferred tax assets  $327   $399 
Deferred tax liabilities   (327)   (399)
Other noncurrent assets/(liabilities)  $-   $-