2026

2025

Net Operating Loss Carryforward, January 1

$

3,062,416

$

3,549,884

Taxable Income, January 1 to June 30

507,146

241,435

Net Operating Loss Carryforward, June 30

$

2,555,270

$

3,308,449

Gross

Federal Deferred Tax Asset, January 1

643,108

745,476

Federal Tax Expense as of June 30 (21% Tax Rate) 

(106,501

)

(50,701

)

Gross

Federal Deferred Tax Asset, June 30

$

536,607

$

694,775

State of New Jersey Deferred Tax Asset, January 1

275,033

318,681

State of New Jersey Tax Expense as of June 30 (9% Tax Rate)

(45,643

)

(21,729

)

State of New Jersey Deferred Tax Asset, June 30

$

229,390

$

296,952

Total Deferred Tax Asset, June 30

$

765,997

$

991,727

Valuation Allowance

-

(991,727

)

Total Deferred Tax Asset, Net Allowance

$

765,997

$

-

Total Tax Expense

$

152,144

$

72,430

Tax Shield Applied:

Federal Tax as of June 30 (21% Tax Rate)

(106,501

)

(50,701

)

State of New Jersey Tax as of June 30 (9% Tax Rate; limited to 80% NOL utilization)

(36,514

)

(17,384

)

Total Tax Shield Applied

$

(143,015

)

$

(68,085

)

Income Tax Expense

$

9,129

$

4,345