v3.26.3
Income Taxes
 9 Months Ended
Sep. 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 nine months ended September 30, 2026 and 2025 is as follows:

​

​

​

​

​

​

​

​

​

​

​

​

Three months ended September 30, 

​

Nine months ended September 30, 

​

​

2026

​

2025

​

2026

​

2025

​

  ​ ​ ​

$

  ​ ​ ​

$

  ​ ​ ​

$

  ​ ​ ​

$

Income tax benefit computed at federal statutory rates

​

(1,756,507)

 

(2,168,863)

​

(5,284,646)

 

(4,341,404)

Change in valuation allowance

​

1,761,341

 

2,225,038

​

6,017,779

 

4,433,232

Non-deductible stock-based compensation

​

—

​

(19,490)

​

—

​

(78,253)

Stock-based compensation

​

(6,915)

 

—

​

(725,380)

 

—

Other

​

52,716

 

(18,133)

​

54,473

 

17,462

Total income tax expense

​

50,635

 

18,552

​

62,226

 

31,037

​

The effective tax rates for the three and nine months ended September 30, 2026 were (0.6)% and (0.3)%, respectively (0.15% and 0.18% for the three and nine months ended September 30, 2025, respectively). The effective tax rates for the three and nine months ended September 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 the tax benefit of those losses in the near future.