INCOME TAXES |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Income Tax Disclosure [Abstract] | |
| INCOME TAXES | NOTE 13 — INCOME TAXES
The Company’s deferred tax assets consist primarily of net operating loss carryforwards and other temporary differences. Management evaluates the realizability of deferred tax assets each reporting period and concludes that it is more likely than not that such assets will not be realized; accordingly, a valuation allowance is maintained against the full amount of deferred tax assets.
At June 30, 2026, the Company had federal net operating loss carryforwards of approximately $1,534,000, which generated gross deferred tax assets of approximately $322,000 at the 21% U.S. federal rate and $69,000 at the 4.5% Utah state rate, for total gross deferred tax assets of approximately $391,000. A full valuation allowance of approximately $391,000 was recorded, resulting in no net deferred tax asset on the balance sheet.
The Company accounts for uncertain tax positions in accordance with ASC 740. As of June 30, 2026, the Company had no unrecognized tax benefits and no accrued interest or penalties related to uncertain tax positions. The Company’s tax returns remain subject to examination by taxing authorities for open tax years.
|