v3.26.1
Income Taxes
 3 Months Ended
Mar. 31, 2026
Income Taxes  
Income Taxes

15. Income Taxes

 

For the quarter ended March 31, 2026, the Company recognized a provision for income taxes in the amount of $1,359,320. The Company did not recognize a provision or (benefit) for income taxes for the quarter ended March 31, 2025.

 

The components of the tax provision for the three-months ended March 31, 2026 and 2025 are as follows:

 

Current

 

 

March 31, 2026

 

 

March 31, 2025

 

Federal

 

$214,246

 

 

$-

 

Idaho state

 

 

350,483

 

 

 

-

 

Total current income tax provision

 

 

564,729

 

 

 

-

 

 

 

 

 

 

 

 

 

 

Deferred

Federal

 

 

789,250

 

 

 

-

 

Idaho state

 

 

5,341

 

 

 

-

 

Total deferred income tax provision

 

 

794,591

 

 

 

-

 

 

 

 

 

 

 

 

 

 

Total income tax provision

 

$1,359,320

 

 

$-

 

 

The income tax provision for the three-months ended March 31, 2026 varies from the amounts that would have resulted from applying the statutory tax rates to pre-tax income or loss due primarily to the impact of the percentage depletion calculation and usage of net operating loss carryforwards.

 

For the three-months ended March 31, 2026, the annual effective tax rate method was used to calculate the tax provision. The effective tax rate for the three-months ended March 31, 2026 was 17.48% compared to 0% in 2025. Tax effects of significant, unusual or infrequent items are recognized as discrete items in the periods they occur. None were recognized in the first quarter of 2026.

 

There were no federal or state income taxes paid in the first quarter of 2026.