v3.26.1
Income Taxes
 6 Months Ended
Jun. 30, 2026
Income Taxes  
Income Taxes

NOTE 6 - Income Taxes

A summary of the reconciliation of the income tax expense based on the statutory federal income tax rate of 21% to the income tax expense reported in these financial statements for the three and six months ended June 30, 2026 and 2025 is as follows:

​

​

​

​

​

​

​

​

​

​

​

​

Three Months ended June 30,

​

Six Months ended June 30,

​

​

2026

​

2025

​

2026

​

2025

​

  ​ ​ ​

$

  ​ ​ ​

$

  ​ ​ ​

$

  ​ ​ ​

$

Income tax benefit computed at federal statutory rates

​

(1,751,142)

 

(1,387,243)

​

(3,528,138)

 

(2,172,541)

Change in valuation allowance

​

1,899,493

 

1,361,984

​

4,256,438

 

2,208,194

Non-deductible stock-based compensation

​

—

​

—

​

—

​

(58,763)

Stock-based compensation

​

(138,106)

 

—

​

(718,465)

 

—

Other

​

859

 

31,717

​

1,756

 

35,595

Total income tax expense

​

11,104

 

6,458

​

11,591

 

12,485

​

The effective tax rates for the three and six months ended June 30, 2026 were 0.13% and 0.07%, respectively (0.10% and 0.12% for the three and six months ended June 30, 2025, respectively). The effective tax rates for the three and six months ended June 30, 2026 and 2025 were less than the statutory rate as the Company is in a tax loss position and does not expect to realize those losses in the near future.