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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2025
INCOME TAXES |
Schedule of Reconciliation of Income Tax Expenses (Benefit) | The reconciliation of income tax expenses (benefit) at the statutory federal income tax rate of 21% for the period ended December 31, 2024 is as follows (in thousands):
|  | December 31, |
|  | 2024 |
U.S. federal tax benefit at statutory rate |  | $ | (3,696 | )
State income tax benefit, net of federal benefit |  |  | (94 | )
Stock compensation |  |  | 256 |
Other nondeductible, including IPR&D expense |  |  | 1 |
Change in state tax rate |  |  | - |
Expiration of NOL Carryforward |  |  | 564 |
Net operating loss adjustments |  |  | - |
Other, including effect of tax rate brackets |  |  | (54 | )
Change in valuation allowance |  |  | 3,023 |
|  | $ | - |
The reasons for the difference between actual income tax benefit for the years ended December 31, 2025 and the amount computed by applying the statutory federal income tax rate to losses before income tax benefit after the adoption of ASU 2023-09 are as follows (in thousands):
|  | Year Ended December 31, 2025 |  |
|  | Amount |  |  | % of Pre-Tax Loss |  |
U.S. federal statutory tax rate |  | $ | (11,045 | ) |  | 21.0% |  |
State and local income taxes, net of federal income tax |  |  | (51 | ) |  |  | 0.1 | % |
Effect of changes in tax laws or rates enacted in the current period |  |  | - |  |  |  | - |  |
Tax credits |  |  | - |  |  |  | - |  |
Change in valuation allowance |  |  | 8,682 |  |  | (16.51%) |  |
Nontaxable or nondeductible items |  |  |  |  |  |  |
Incentive stock option expense |  |  | 167 |  |  | (0.32%) |  |
Sec. 162(m) impact on stock compensation |  |  | 2,775 |  |  | (5.27%) |  |
Changes in Unrecognized Tax Benefits |  |  | - |  |  |  | - |  |
Other adjustments |  |  |  |  |  |  |
Provision to return |  |  | - |  |  |  | - |  |
Other |  |  | (528 | ) |  | 1.0% |  |
Effective tax Rate |  | $ | - |  |  | 0.0% |  |
Schedule of Tax Effects of Temporary Differences and Carry Forward of Deferred Tax Assets | The tax effects of temporary differences and carry forwards that give rise to significant portions of the deferred tax assets are as follows (in thousands):
|  | December 31, |
Deferred Tax Assets |  | 2025 |  |  | 2024 |
Net operating loss carryforwards |  | $ | 45,621 |  |  | $ | 37,639 |
Accruals and other |  |  | 81 |  |  |  | 329 |
Capitalized R&D |  |  | 3,315 |  |  |  | 3,732 |
Capital loss carryforwards |  |  | - |  |  |  | 1 |
Stock compensation |  |  | 1,366 |  |  |  | - |
Valuation allowance |  |  | (50,383 | ) |  |  | (41,701 | )
Net deferred tax assets |  |  | - |  |  |  | - |
Deferred Tax Liabilities |  |  |  |  |  |
Other liabilities |  |  | - |  |  |  | - |
Net Deferred Tax Liabilities |  | $ | - |  |  | $ | - |

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