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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Taxes

Schedule of TRS income (loss) before provision for income taxes

​

​	​	​	​	​	​	​
​	​	For the years ended
($ in thousands)	​	December 31, 2025		​	December 31, 2024
United States	​	$	(421)	​	$	(338)
International	​	​	—	​	​	—
Total	​	$	(421)	​	$	(338)

Schedule of federal and state income tax provision (benefit)

​

​	​	​	​	​	​	​
​	​	For the years ended
($ in thousands)	​	December 31, 2025		​	December 31, 2024
Current:	​	​	​	​	​	​
Federal	​	$	5	​	$	2
State	​	​	—	​	​	—
Total Current Tax Expense	​	$	5	​	$	2
Deferred:	​	​	​	​	​	​
Federal	​	​	82	​	​	(18)
State	​	​	(102)	​	​	—
Total Tax (Benefit) Expense	​	$	(15)	​	$	(16)

Schedule of TRS deferred tax assets

​

​	​	​	​	​	​	​
($ in thousands)	​	December 31, 2025		​	December 31, 2024
Deferred tax assets:	​	​	​	​	​	​
Net operating loss	​	$	2,057	​	$	1,986
Stock Compensation	​	​	—	​	​	12
Charitable Contributions	​	​	—	​	​	5
CECL Adjustment	​	​	136	​	​	—
Total deferred tax assets	​	$	2,193	​	​	2,003
Deferred tax liabilities:	​	​	​	​	​	​
Fixed assets	​	$	(10)	​	$	(13)
Intangible Assets	​	​	—	​	​	(86)
Installment Sale	​	​	(56)	​	​	—
Total deferred tax liabilities	​	$	(66)	​	$	(99)
Valuation Allowance	​	​	(2,128)	​	​	(1,925)
Net deferred taxes	​	$	(1)	​	$	(21)

Summary of net operating losses and tax credit carryforwards

​

​	​	​	​	​	​	​
($ in thousands)	​	December 31, 2025		​	Expiration Year
Net operating losses, federal (Post-December 31, 2017)	​	$	8,048	​	​	Does not expire
Net operating losses, state	​	$	5,288	​	​	Various

Schedule of components of income tax rate

​

​	​	​	​	​	​	​	​
​	​	Tax (Benefit) Expense					​
​	​	For the years ended December 31,					​
($ in thousands	​	2025		​ ​ ​	2024		​
Statutory Rate	​	$	(88)	​	$	(71)	​
State Tax	​	​	(81)	​	​	(19)	​
Valuation Allowance	​	​	154	​	​	74	​
​	​	$	(15)	​	$	(16)	​

​

​	​	​	​	​	​	​	​
​	​	Tax Rate					​
​	​	For the years ended December 31,					​
​	​	2025		​ ​ ​	2024		​
Statutory Rate	​	​	21.00	%	​	21.00	%
State Tax	​	​	19.24	%	​	5.62	%
Valuation Allowance	​	​	(36.68)	%	​	(21.89)	%
​	​	​	3.56	%	​	4.73	%

​

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Tabular disclosure of operating loss and tax credit carryforwards.

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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