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Note 10 - Income Taxes
 9 Months Ended
Sep. 30, 2025
Notes to Financial Statements  
Income Tax Disclosure [Text Block]

NOTE 10: INCOME TAXES

 

Our deferred tax assets are primarily related to net federal and state operating loss carryforwards (“NOLs”). We have substantial NOLs that are limited in usage by IRC Section 382. IRC Section 382 generally imposes an annual limitation on the amount of NOLs that may be used to offset taxable income when a corporation has undergone significant changes in stock ownership within a statutory testing period. We have performed a preliminary analysis of the annual NOL carryforwards and limitations that are available to be used against taxable income. Based on the history of losses of the Company, there continues to be a full valuation allowance against the net deferred tax assets of the Company with a definite life.

 

For the three and nine months ended September 30, 2025 the Company recorded an income tax benefit of $82 and $9, respectively. For the three and nine months ended September 30, 2024, the Company recorded income tax expense of $192 and $226, respectively. At  September 30, 2025, the Company had net deferred tax liabilities of $132 after consideration of the valuation allowance, compared to net tax liabilities of $133 at December 31, 2024.