v3.26.1
Taxes (Tables)
12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Components of (Loss) Income Before Taxes from Continuing Operations

(Loss) income from continuing operations before taxes is comprised of the following components for the years ended December 31, 2025 and 2024 (in thousands):

 

   2025   2024 
   Year Ended December 31, 
   2025   2024 
Domestic  $(1,839)  $36 
Foreign   (1,152)   (12,030)
Loss from continuing operations before taxes  $(2,991)  $(11,994)
Schedule of Benefit (Provision) for Income Taxes from Continuing Operations

The benefit (provision) for income taxes from continuing operations consists of the following (in thousands):

 

   2025   2024 
   Year Ended December 31, 
   2025   2024 
Current  –  domestic  $   $(21)
Current  –  foreign   (7)   803 
Current  –  total   (7)   782 
Deferred  –  domestic        
Income tax benefit  $(7)  $782 
Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the (benefit) provision for income taxes from continuing operations with the amount computed by applying the statutory federal tax rate to loss from continuing operations before income taxes is as follows (in thousands):

 

   2025 
   Year Ended December 31, 
   2025 
U.S. Federal Statutory Tax Rate  $(609)
State and local income taxes, net of federal income tax effect   (483)
Foreign Tax Effects     
UK     
Statutory Tax Rate Difference   8,940 
Change in Valuation Allowance   (55,877)
Non-deductible expenses   47,251 
Malaysia     
Statutory Tax Rate Difference   (35)
US     
Change in Valuation Allowance   1,921 
Non-deductible expenses   (1,039)
Other adjustments   (62)
  Income tax benefit  $7 

 

 

   2024 
   Year Ended December 31, 
   2024 
Loss from continuing operations before taxes  $(11,994)
Income tax expense computed at statutory federal tax rate   (2,527)
Disallowed expenses and non-taxable income   35 
Loss surrendered to generate R&D credit    
Additional research and development tax relief   - 
Stock Compensation   30 
Change in valuation allowance   2,798 
Foreign items, including change in tax rates, and other   (1,158)
Change in Tax Rate   - 
Section 382 Limitation    
Other items   40 
 Income tax benefit  $(782)
Schedule of Deferred Tax Assets

Significant components of the Company’s deferred tax assets are shown below (in thousands):

 

 

   2025   2024 
   Year Ended December 31, 
   2025   2024 
Net operating loss and tax credit carryforwards  $3,203   $59,417 
Depreciation, amortization and impairment of property and equipment       39 
Stock options   907    250 
Research and development credits        
Right of use asset   (3)   (1)
Lease liability   3    1 
Other       114 
Total deferred tax assets   4,110    59,820 
Valuation allowance for deferred tax assets   (4,110)   (59,820)
Net deferred tax assets  $   $