v3.26.1
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the Company’s statutory income tax rate to the Company’s effective income tax rate is as follows:

Years Ended Year Ended

Years Ended Year Ended

 

December 31, 2025

December 31, 2024

 

  ​ ​ ​

Amount

  ​ ​ ​

Percent

  ​ ​ ​

Amount

  ​ ​ ​

Percent

Pretax income (loss) before income taxes

$

1,684

$

(25,772)

  ​

US federal statutory tax rate

 

354

 

21.0

%  

(5,412)

 

21.0

%

State and local income taxes, net of federal benefit

 

223

 

13.2

%  

111

 

(0.4)

%

Change in valuation allowance

 

2,991

 

177.6

%  

5,455

 

(21.2)

%

Nontaxable or nondeductible Items:

 

  ​

 

  ​

 

  ​

 

  ​

Other

 

(37)

 

(2.2)

%  

(456)

 

1.8

%

Transaction costs

 

625

 

37.1

%  

 

%

Debt modification

 

(868)

 

(51.5)

%  

 

%

Gain on derivative liability

 

(3,654)

 

(217.0)

%  

 

%

Stock compensation

 

685

 

40.7

%  

$

445

 

(1.7)

%

Total

$

319

 

18.9

%  

$

143

 

(0.5)

%

Schedule of Deferred Tax Assets and Liabilities

The components of deferred tax assets and liabilities are as follows:

Year Ended Year Ended

December 31,

2025

2024

Deferred tax assets:

  ​ ​ ​

  ​

  ​ ​ ​

  ​

Accruals and reserves

$

1,410

$

1,811

Net operating loss carryforwards

 

52,856

 

30,814

Section 163(j) interest carryforward

 

398

 

11,281

Stock options

 

538

 

1,183

Lease liabilities

 

111

 

158

Total deferred tax asset before valuation allowance

 

55,313

 

45,247

Valuation allowance

 

(44,805)

 

(44,495)

Deferred tax asset – net of valuation allowance

 

10,508

 

752

Deferred tax liabilities:

 

  ​

 

  ​

Depreciation and amortization

 

(10,411)

 

(144)

Right-of-use assets

 

(97)

 

(608)

Total deferred tax liabilities

 

(10,508)

 

(752)

Net deferred tax asset (liability)

$

$

Schedule of Income Taxes Paid

The following summarizes the Company’s income taxes paid (net of refunds received) for the years presented below:

Year Ended December 31,

2025

2024

Federal

  ​ ​ ​

$

  ​ ​ ​

$

State

 

106

 

226

Foreign

 

 

Total

$

106

$

226

The following summarizes the jurisdictions that exceeded 50% of the Company’s total income taxes paid (net of refunds) for the years presented below (in thousands):

Year Ended December 31,

2025

2024

California

  ​ ​ ​

$

  ​ ​ ​

$

12

Illinois

 

 

42

Massachusetts

 

9

 

North Carolina

 

14

 

14

New Hampshire

 

7

 

Pennsylvania

 

 

58

Texas

 

48

 

40

Other

 

28

 

60

Total

$

106

$

226