Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Components of Income Tax Expense (Benefit)

The components of the provision (benefit) for income taxes, in the consolidated statements of operations are as follows (in thousands):


	For the years ended
	December 31, 2025		December 31, 2024
Continuing Operations
Current
Federal	$	—	$	—
State	—		45
			$	45
Deferred
Federal	—		5,336
State	—		1,814
	$	—	$	7,150
Income taxes provision (benefit) from continuing operations	$	—	$	7,195

Schedule of Effective Income Tax Rate Reconciliation

The following reconciles the differences between income taxes computed at the federal statutory rate and the provision for income taxes (in thousands):


	Year Ended December 31, 2025				Year Ended December 31, 2024
	Amount		Percent %		Amount		Percent %
Statutory Rate - federal	$	(4,911)	21.0	%	$	(7,382)	21.0	%
Nontaxable or nondeductible items	265		(1.1)	%	—		—	%
State taxes, net of federal benefit	—		—	%	(2,373)		6.8	%
Permanent differences and other	—		—	%	521		(1.5)	%
Change in valuation allowance	4,646		(19.9)	%	16,429		(46.7)	%
Effective tax rate	$	—	—	%	$	7,195	(20.4)	%

Schedule of Income Taxes Paid

The income taxes paid for the year ended December 31, 2025 consisted of the following (in thousands):


U.S. Federal	$	327
State and Local Income Taxes
New Jersey	57
New York	1,033
New York City	227
Other States	1
Total	$	1,645

Schedule of Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities reflect the net tax effects of net operating loss and tax credit carryforwards and temporary differences between the carrying amount of assets and liabilities for financial reporting and the amounts used for tax purposes. Significant components of the Company's deferred tax assets and liabilities were as follows (in thousands):


	For the years ended
	December 31, 2025		December 31, 2024
Net operating loss and capital loss carryforward	$	12,200	$	12,033
Right of use asset	$	(573)	$	(1,403)
Other	5,039		4,944
Capital lease obligations	936		1,403
Depreciation	497		783
Amortization	(195)		(997)
Tax credit	—		350
Valuation allowance	(17,904)		(17,113)
Total	$	—	$	—