v3.26.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2025
Income Taxes  
Schedule of federal and state income tax provision

The Company has no foreign operations and the Company’s federal and state income tax provision is summarized as follows (in thousands):

  ​ ​ ​

2025

  ​ ​ ​

2024

Current Tax Expense (Benefit)

 

  ​

 

  ​

Federal

 

$

 

$

State

 

 

1

Total

 

 

1

Deferred Tax Expense (Benefit)

 

  ​

 

  ​

Federal

 

(841)

 

(726)

State

 

(79)

 

(42)

Total

 

(920)

 

(768)

Valuation Allowance

 

920

 

768

Income tax expense

 

$

 

$

1

Schedule of reconciliation of the differences between the U.S. statutory federal income tax rate and the effective tax rate

2025

  ​ ​ ​

Amount

  ​ ​ ​

Rate

  ​ ​ ​

Tax computed at federal statutory rate

$

(888)

 

21

%  

State income taxes, net of federal benefit

 

 

%  

Nondeductible expenses

47

 

(1)

%  

Change in Valuation allowance:

841

 

(20)

%  

Income tax expense

$

 

%  

2024

 

  ​ ​ ​

Rate

 

Tax computed at federal statutory rate

 

21

%

State income taxes, net of federal benefit

 

1

%

Nondeductible expenses

 

%

Change in Valuation allowance:

 

(22)

%

Income tax expense

 

%

Schedule of significant components of deferred tax assets (liabilities)

The tax effects of significant components of the Company’s deferred tax assets (liabilities) are as follows (in thousands):

  ​ ​ ​

December 31, 2025

  ​ ​ ​

December 31, 2024

Deferred tax assets:

 

  ​

 

  ​

Net operating loss carryforwards

$

3,136

$

2,361

Allowance for credit losses

 

71

Deferred salaries

 

20

Accrued incentives

 

6

Operating lease liabilities

 

7

12

Total gross deferred tax assets

$

3,214

$

2,399

Deferred tax liabilities:

 

  ​

 

  ​

Percentage-of-completion to completed contract

(103)

Operating lease right-of-use assets

(7)

(12)

Total gross deferred tax liabilities

$

(7)

$

(115)

Valuation allowance

(3,207)

(2,284)

Total deferred taxes

$

$