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INCOME TAXES | 9 Months Ended
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Sep. 30, 2025
Income Tax Disclosure [Abstract] |
INCOME TAXES | NOTE 9— INCOME TAXES The Company’s quarterly provision for income taxes is measured using an annual effective tax rate, adjusted for discrete items within the period presented. To determine the annual effective tax rate, the Company estimates both the total income (loss) before income taxes for the full year and the jurisdictions in which that income (loss) is subject to tax. The actual effective tax rate for the full year may differ from these estimates if income (loss) before income taxes is greater than or less than what was estimated or if the allocation of income (loss) to jurisdictions in which it is taxed is different from the estimated allocations. For the nine months ended September 30, 2025 and September 30, 2024 the Company recognized income tax expense of $331,000 and $67,000, respectively. The effective tax rate for the nine months ended September 30, 2025 and September 30, 2024 was 18.4% and 5.9%, respectively. For the three months ended September 30, 2025 and September 30, 2024 the Company recognized income tax benefit of $65,000 and $42,000, respectively. The Company recognized an income tax benefit due to an increase in the projected utilization of net operating losses prior to expiration based on changes to projected taxable income and the limitations under IRC Sec. 382. The effective tax rate for the three months ended September 30, 2025 and September 30, 2024 was (33.7%) and 5.4%, respectively. The difference between the Company’s effective tax rate and the U.S. statutory tax rate of 21% for the nine months and three months ended September 30, 2025 was primarily due to state income taxes where the Company operates, offset by the partial release of the valuation allowance. The difference between the Company’s effective tax rate and the U.S. statutory tax rate of 21% for the nine months and three months ended September 30, 2024 was primarily due to the Company’s valuation allowance against its deferred tax assets. The Company evaluates the realizability of the deferred tax assets on a quarterly basis and establishes a valuation allowance when it is more likely than not that all or a portion of a deferred tax asset may not be realized. The Company evaluates its tax positions and recognizes tax benefits that, more-likely-than-not, will be sustained upon examination based on the technical merits of the position. The Company did no t have any unrecognized tax benefits as of September 30, 2025 or December 31, 2024. The Company files a consolidated U.S. income tax return and tax returns in certain state and local jurisdictions. As of September 30, 2025, the Company is no longer subject to federal examination for years before 2021, or for years before 2020 for state income taxes. However, our tax attribute carryforwards from closed tax years may be subject to examination to the extent utilized in an open tax year. The Company does not expect that our unrecognized tax benefits will change within the next twelve months due to statute of limitation lapses.

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