v3.26.1
Income Taxes (Tables)
6 Months Ended
Jun. 30, 2026
Income Taxes [Abstract]  
Schedule of Provision for Income Taxes

The Company’s provision for income taxes consisted of the following:

 

   Three Months
Ended
June 30,
2026
   Three Months
Ended
June 30,
2025
 
Current:          
Federal income tax expense  $
   $1,897 
State income tax (benefit) expense   (247)   1,469 
Deferred:          
Federal income tax (benefit) expense   (34,251)   2,311 
State income tax (benefit) expense   (1,150)   769 
Total income tax (benefit) expense  $(35,648)  $6,446 

 

    Six Months
Ended
June 30,
2026
    Six Months
Ended
June 30,
2025
 
Current:                
Federal income tax expense   $
    $ 25,511  
State income tax expense     3,470       12,379  
Deferred:                
Federal income tax benefit     (69,770 )    
 
State income tax benefit     (1,150 )    
 
Total income tax (benefit) expense   $ (67,450 )   $ 37,890  
Schedule of Effective Tax Rate

The following tables reconcile the federal statutory income tax rate to the Company’s effective tax rate for the three and six months ended June 30, 2026 and 2025:

 

    Three Months
Ended
June 30,
2026
    Three Months
Ended
June 30,
2025
 
Federal statutory income tax rate     21.00 %     21.00 %
State statutory income tax rate, net of federal benefit     0.82 %     9.25 %
Permanent difference (non-deductible expenses)     (0.10 )%     0.65 %
Effective tax rate     21.72 %     30.90 %
    Six Months
Ended
June 30,
2026
    Six Months
Ended
June 30,
2025
 
Federal statutory income tax rate     21.00 %     21.00 %
State statutory income tax rate, net of federal benefit     (0.48 )%     7.36 %
Permanent difference (non-deductible expenses)     (0.12 )%     0.15 %
Effective tax rate     20.40 %     28.51 %
Schedule of Net Deferred Tax Assets

As of June 30, 2026 and December 31, 2025, the net deferred tax assets consisted of the following:

 

   June 30,
2026
   December 31,
2025
 
Deferred tax assets:          
Unrealized loss on trading securities  $5,348   $
 
Capital loss carryforward   
    742 
Net operating loss carryforward   66,314    
 
Less: valuation allowance   
    
 
Deferred tax assets, net  $71,662   $742