Annual report [Section 13 and 15(d), not S-K Item 405]

Income Taxes (Tables)

v3.26.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Income Tax (Benefit) Provision

The income tax (benefit) provision consists of the following ($ in thousands):

 

             
    For The Years Ended  
    December 31,  
    2025     2024  
Federal:                
Current   $ (425 )   $ (640 )
Deferred     425       640  
State and local:                
Current     (104 )     (161 )
Deferred     104       161  
Income tax provision   $ —     $ —  
Schedule of Effective Income Tax Rate Reconciliation

For the years ended December 31, 2025 and 2024, the expected tax benefit based on the statutory rate reconciled with the actual benefit is as follows:

 

                                 
   

For The Years Ended

December 31,

  
    2025     2024  
U.S. federal statutory rate   $ (608 )     21.0 %   $ (727 )     21.0 %
State tax rate, net of federal benefit     (153 )     5.3 %     (184 )     5.3 %
Permanent differences:                                
Non-deductible expenses     78       (2.7 )%     111       (3.2 )%
Timing differences     151       (5.2 )%     (1 )     — %
Change in valuation allowance     532       (18.4 )%     801       (23.1 )%
Income tax provision   $ —       — %   $ —       — %
Schedule of Deferred Tax Assets and Liabilities

As of December 31, 2025 and 2024, the Company’s deferred tax assets consisted of the effects of temporary differences attributable to the following ($ in thousands):

 

             
    As of December 31,  
    2025     2024  
Deferred tax assets:                
Net operating loss carryforwards   $ 6,193     $ 5,661  
Other     12       7  
Total deferred tax assets     6,205       5,668  
Valuation allowance     (6,205 )     (5,668 )
Deferred tax assets, net of valuation allowance   $ —     $ —