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Note 15 - Income Taxes | 9 Months Ended
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Sep. 30, 2025
Notes to Financial Statements |
Income Tax Disclosure [Text Block] | 15. INCOME TAXES Our income tax expense aggregated $4,456 and $1,340 (amounting to 3% and less than 1% of our loss before income taxes) during the three-month periods ended September 30, 2025 and 2024, respectively, and $8,264 and $4,020 (amounting to less than 1% of our income (loss) before income taxes) during the nine-month periods ended September 30, 2025 and 2024, respectively. As of December 31, 2024, we had federal net operating loss carryforwards of $17,660,934 of which $16,055,226 do not expire and of which $1,605,708 expire in 2037 (if not utilized before then) and state net operating loss carryforwards of $7,764,377 of which $7,513,712 do not expire and of which $250,665 expire in 2037 (if not utilized before then). Additionally, we had federal general business tax credit carryforwards of $856,303 that expire in 2027 through 2044 (if not utilized before then) and state tax credit carryforwards of $952,145 that expire in 2025 through 2039 (if not utilized before then). The provision for income taxes is determined using the asset and liability approach of accounting for income taxes. Under this approach, deferred taxes represent the estimated future tax effects of temporary differences between book and tax treatment of assets and liabilities and carryforwards to the extent they are realizable. During the second quarter of 2018, we assessed our historical and near-term future profitability and recorded $563,252 in non-cash income tax expense to create a full valuation allowance against our net deferred tax assets (which consist largely of net operating loss carryforwards and federal and state credits) based on applicable accounting standards and practices. At that time, we had incurred a net loss for six consecutive quarters, had not been profitable on a year-to-date basis since the nine-month period ended September 30, 2017 and projected additional net losses for some period going forward before returning to profitability. Should future profitability be realized at an adequate level, we would be able to release this valuation allowance (resulting in a non-cash income tax benefit) and realize these deferred tax assets before they expire. We will continue to assess the need for the valuation allowance at each quarter and, in the event that actual results differ from these estimates, or we adjust these estimates in future periods, we may need to adjust our valuation allowance. Currently, we adjust the valuation allowance at the end of each quarter to reduce the value of our deferred tax assets to zero. Net operating loss carryforwards, credits, and other tax attributes are subject to review and possible adjustment by the Internal Revenue Service. Section 382 of the Internal Revenue Code contains provisions that could place annual limitations on the future utilization of net operating loss carryforwards and credits in the event of a change in ownership of the Company, as defined. We file income tax returns in the U.S. federal jurisdiction and several state jurisdictions. We currently have no tax examinations in progress. We also have not paid additional taxes, interest or penalties as a result of tax examinations nor do we have any unrecognized tax benefits for any of the periods in the accompanying unaudited financial statements.

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