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

Income Taxes (Tables)

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of components of the income taxes


		2024				2023
Current
State and local		$	—			$	—
Federal							11,000
Total Current Tax Expense		$	—			$	11,000

Deferred
State and local		$	(42,000	)			(39,000	)
Federal			(383,000	)			(360,000	)
Total Deferred Tax Expense			(425,000	)			(399,000	)

Total Income Taxes		$	(425,000	)		$	(388,000	)

Schedule of components of deferred tax assets and liability


		2024				2023
Deferred tax assets (liability):
Net operating loss carryforward		$	1,215,000			$	804,000
Capital loss carryforward			—				47,000
Stock options and RSUs			26,000				27,000
Tax credit carryforward			148,000				148,000
Other			197,000				182,000
Total deferred tax assets			1,586,000				1,208,000
Valuation allowance			(1,586,000	)			(1,208,000	)
Deferred tax assets, net of valuation allowance		$	—			$	—


		2024				2023

Deferred Tax Liability⁽¹⁾		$	(337,000	)			(762,000	)
Total deferred tax liability		$	(337,000	)		$	(762,000	)

_________________________

(1)	Deferred tax liability primarily as a result of a temporary difference related to the Company’s equity method investment.

Schedule of reconciliation of income tax


		Years Ended
		December 31,
		2024				2023

Income tax - statutory rate			21.00%				21.00%
Permanent differences			—				(0.19)%
Change in valuation allowance			(10.99)%				(1.98)%
State			2.27%				2.46%

Total			12.28%				21.29%