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INCOME TAXES
 9 Months Ended
Sep. 30, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES

NOTE 13 – INCOME TAXES

 

Due to the Company’s losses and full valuation allowance, a discrete calculation was prepared for the nine month period ended September 30, 2025.

 

The current income tax expense for the nine months ended September 30, 2025 was approximately $169 thousand. For the nine months ended September 30, 2024, the Company’s income tax expense was approximately $233 thousand.

 

Deferred tax assets and liabilities are recognized for temporary differences between the financial reporting basis and tax basis of assets and liabilities. Management evaluates the realizability of deferred tax assets and maintains a valuation allowance as appropriate. There have been no significant changes in uncertain tax positions during the three and nine months ended September 30, 2025.

 

On July 4, 2025, the One Big Beautiful Bill Act (the “OBBBA”) was enacted in the United States. The OBBBA includes several changes to federal tax law that generally allow for more favorable deductibility of certain business expenses beginning in 2025, including the restoration of immediate expensing of domestic R&D expenditures, reinstatement of 100% bonus depreciation, and more favorable rules for determining the limitation on business interest expense. The OBBBA also includes certain changes to the US taxation of foreign activity. The Company has evaluated the provisions of the OBBBA and determined that the enactment of the legislation is not expected to have a material impact on its income tax provision, net deferred tax assets or liabilities, or estimated annual effective tax rate for the three and nine months ended September 30, 2025.