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

Income Taxes (Tables)

v3.25.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
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  
    2024     2023  
Federal:                
Current   $ (640 )   $ (617 )
Deferred     640       617  
State and local:                
Current     (161 )     (156 )
Deferred     161       156  
Income tax provision   $ —     $ —  
Schedule of Effective Income Tax Rate Reconciliation

For the years ended December 31, 2024 and 2023, the expected tax benefit based on the statutory rate reconciled with the actual benefit is as follows:

 

             
    For The Years Ended December 31,  
    2024     2023  
U.S. federal statutory rate     21.0 %     21.0 %
State tax rate, net of federal benefit     5.3 %     5.3 %
Permanent differences                
Non-deductible expenses     (3.2 )%     (1.9 )%
Timing differences     —       —  
Change in valuation allowance     (23.1 )%     (24.4 )%
Income tax provision     — %     — %
Schedule of Deferred Tax Assets and Liabilities

As of December 31, 2024 and 2023, the Company’s deferred tax assets consisted of the effects of temporary differences attributable to the following ($ in thousands):

 

             
    As of December 31,  
    2024     2023  
Deferred tax assets:                
Net operating loss carryforwards   $ 5,661     $ 4,882  
Other     7       9  
Total deferred tax assets     5,668       4,891  
Valuation allowance     (5,668 )     (4,891 )
Deferred tax assets, net of valuation allowance   $ —     $ —