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Income Taxes (Tables) | 9 Months Ended
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Sep. 30, 2025
Income Taxes [Abstract] |
Schedule of Provision for Income Taxes | The Company’s provision for income taxes consisted of the following:
|  | Three Months Ended September 30, 2025 |  |  | Three Months Ended September 30, 2024 |
Current: |  |  |  |  |  |
Federal income tax expense |  | $ | 8 |  |  | $ | 80,571 |
State income tax expense |  |  | 9,030 |  |  |  | 37,206 |
Deferred: |  |  |  |  |  |  |  |
Federal income tax expense |  |  | - |  |  |  | - |
State income tax expense |  |  | - |  |  |  | - |
Total |  | $ | 9,038 |  |  | $ | 117,777 |
|  | Nine Months Ended September 30, 2025 |  |  | Nine Months Ended September 30, 2024 |
Current: |  |  |  |  |  |
Federal income tax expense |  | $ | 25,519 |  |  | $ | 114,864 |
State income tax expense |  |  | 21,409 |  |  |  | 53,041 |
Deferred: |  |  |  |  |  |  |  |
Federal income tax benefit |  |  | - |  |  |  | - |
State income tax benefit |  |  | - |  |  |  | - |
Total |  | $ | 46,928 |  |  | $ | 167,905 |
Schedule of Effective Tax Rate | The following tables reconciled the federal statutory tax rate to the Company’s effective tax rate for the three and nine months ended September 30, 2025 and 2024:
|  | Three months Ended September 30, 2025 |  |  | Three months Ended September 30, 2024 |
Federal statutory income tax rate |  |  | 21.00 | % |  |  | 21.00 | %
State statutory income tax rate, net of effect of state income tax deductible to federal income tax |  |  | 81.70 | % |  |  | 7.32 | %
Change in valuation allowance |  |  | - |  |  |  | 0.95 | %
Permanent difference (non-deductible expenses) |  |  | 0.81 | % |  |  | 0.04 | %
Effective tax rate |  |  | 103.51 | % |  |  | 29.31 | %
The effective tax rate for the three months ended September 30, 2025, was unusually high primarily due to the low level of pre-tax income during the quarter and the resulting volatility inherent in interim period tax calculations.
|  | Nine months Ended September 30, 2025 |  |  | Nine months Ended September 30, 2024 |
Federal statutory income tax rate |  |  | 21.00 | % |  |  | 21.00 | %
State statutory income tax rate, net of effect of state income tax deductible to federal income tax |  |  | 11.94 | % |  |  | 7.72 | %
Change in valuation allowance |  |  | - |  |  |  | 2.13 | %
Permanent difference (non-deductible expenses) |  |  | 0.19 | % |  |  | 0.06 | %
Effective tax rate |  |  | 33.13 | % |  |  | 30.91 | %
Schedule of Net Deferred Tax Assets | As of September 30, 2025 and December 31, 2024, the net deferred tax assets consisted of the following:
|  | September 30, 2025 |  |  | December 31, 2024 |
Deferred tax assets: |  |  |  |  |  |
Unrealized loss on trading securities |  | $ | - |  |  | $ | - |
Net operating loss (“NOL”) carryforwards |  |  | - |  |  |  | 7,760 |
Less: valuation allowance |  |  | - |  |  |  | (7,760 | )
Deferred tax assets, net |  | $ | - |  |  | $ | - |

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