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Income Taxes
 6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes

Note 12 – Income Taxes

Since inception, the Company has incurred net taxable losses, and accordingly, no provision for income taxes has been recorded. There was no cash paid for income taxes during the three and six months ended June 30, 2025 and 2024.

On July 4, 2025, the One Big Beautiful Bill Act (the OBBBA) was enacted into law. The OBBBA includes several significant tax law changes applicable to the Company.

Key provisions include:

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Section 174 Research and Experimental Expenditures: The OBBBA repeals the requirement to capitalize and amortize domestic research and experimental expenditures. Effective for tax years beginning after December 31, 2024, such expenditures may be immediately expensed. Taxpayers may elect to reverse previously capitalized Section 174 amounts over a one- or two-year period.
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Section 163(j) Interest Deduction Limitation: The calculation of adjusted taxable income for purposes of the Section 163(j) limitation will include an addback for depreciation and amortization, potentially increasing the Company’s allowable interest deductions.
•
Bonus Depreciation: The OBBBA extends 100% bonus depreciation for qualified property. This provision allows for immediate expensing of eligible capital investments, which may accelerate tax deductions for the Company’s future capital expenditures.

As of June 30, 2025, the Company maintains a full valuation allowance against its deferred tax assets. Accordingly, the enactment of the OBBBA is not expected to have a material impact on the Company’s deferred tax balances as of December 31, 2025. The Company will continue to evaluate the impact of the OBBBA and monitor any additional guidance issued by the U.S. Department of the Treasury or the Internal Revenue Service.