v3.26.1
Income Taxes (Tables)
3 Months Ended
Mar. 31, 2026
Income Taxes [Abstract]  
Schedule of Provision for Income Taxes

The Company’s provision for income taxes consisted of the following:

 

  

Three Months Ended

March 31,

2026

  

Three Months Ended

March 31,

2025

 
Current:        
Federal income tax expense  $
   $23,614 
State income tax expense   3,717    10,910 
Deferred:          
Federal income tax benefit   (35,519)   (2,311)
State income tax benefit   
    (769)
Total income tax (benefit) expense  $(31,802)  $31,444 
Schedule of Effective Tax Rate

The following tables reconciled the federal statutory income tax rate to the Company’s effective tax rate for the three months ended March 31, 2026 and 2025:

 

  

Three Months Ended

March 31,

2026

  

Three Months Ended

March 31,

2025

 
Federal statutory income tax rate   21.00%   21.00%
State statutory income tax rate, net of federal benefit   (1.77)%   7.01%
Permanent difference (non-deductible expenses)   (0.13)%   0.05%
Effective tax rate   19.10%   28.06%
Schedule of Net Deferred Tax Assets

As of March 31, 2026 and December 31, 2025, the net deferred tax assets consisted of the following:

 

  

March 31,

2026

   December 31,
2025
 
Deferred tax assets:        
Capital loss carryforward  $742   $742 
Net operating loss carryforward   35,519    
 
Less: valuation allowance   
    
 
Deferred tax assets, net  $36,261   $742