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

Income Taxes (Tables)

v3.25.4
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of components of the income taxes
               
    2025     2024  

Current

     
State and local   $     $  
Federal     (31,000 )                
Total Current Tax Expense     (31,000 )      
                 
Deferred                
   State and local     (33,000 )     (42,000 )
   Federal     (304,000 )     (383,000 )
Total Deferred Tax Expense     (337,000 )     (425,000 )
                 
Total Income Taxes   $ (368,000 )   $ (425,000 )
Schedule of components of deferred tax assets and liability
               
    2025     2024  
Deferred tax assets (liability):                
Net operating loss carryforward   $ 1,513,000     $ 1,215,000  
Stock options and RSUs     62,000       26,000  
Tax credit carryforward     148,000       148,000  
Other      161,000       197,000  
Total deferred tax assets     1,896,000       1,586,000  
Valuation allowance     (1,896,000       (1,586,000 )

 

Deferred tax assets, net of valuation allowance

  $     $  

 

   

 

 

       
    2025     2024  
                 
Deferred Tax Liability(1)   $     $ (337,000 )
Total deferred tax liability   $     $ (337,000 )

_________________________

(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,  
    2025     2024  
             
U.S. federal statutory rate   $ (585,000 )     21.00 %   $ (727,000 )     21.00 %
Permanent differences                                                     
Change in valuation allowance     311,000       (11.16 )%     381,000       (10.99 )%
Penalty abatement     (31,000 )     1.14 %                    
State(1)       (63,000 )     2.27 %     (79,000 )     2.27 %
                                 
        Total   $ (368,000 )     13.25 %   $ (425,000 )     12.28 %