INCOME TAXES |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| INCOME TAXES | |
| INCOME TAXES | NOTE 16 – INCOME TAXES
The effective tax rates for the six months ended June 30, 2026 and 2025 was (1.7%) and 21.3%, respectively. The difference between the statutory U.S. federal income tax rate of 21% and the effective tax rate for the six months ended June 30, 2026 was primarily attributable to the change in the valuation allowance recorded for the period, which was not recorded in previous period.
The Company’s current income tax benefit (expense) was ($9,000) and ($37,000) for the three and six months ended June 30, 2026, respectively. The Company had no current income tax benefit (expense) for the three and six months ended June 30, 2025.
The Company’s deferred income tax benefit (expense) was ($1.0 million) and ($121,000) for the three and six months ended June 30, 2026, respectively. The Company’s deferred income tax benefit (expense) was $490,000 and $414,000 for the three and six months ended June 30, 2025, respectively. |