INCOME TAXES |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| INCOME TAXES | |
| INCOME TAXES | NOTE 12 – INCOME TAXES
As of June 30, 2026, the Company had available for federal income tax purposes a net operating loss carryforward of approximately $5,573,000 that may be used to offset future taxable income. The Company has provided a valuation reserve against the full amount of the net operating loss benefit, because in the opinion of management and based upon the earnings history of the Company, it is more likely than not that the benefits will not be realized. The Internal Revenue Code may limit the future use of the Company’s existing net operating losses.
The Company recorded no income tax expense or benefit for the six months ended June 30, 2026 and 2025. The Company’s effective tax rate for the periods presented differs from the U.S. federal statutory rate primarily due to the full valuation allowance recorded against its net deferred tax assets.
The Company has evaluated its tax positions and has concluded that there are no uncertain tax positions requiring recognition in the financial statements. There were no material changes to the Company’s uncertain tax positions during the six months ended June 30, 2026.
For additional information regarding the Company’s income taxes, including deferred tax assets and valuation allowance, see Note 14 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. |