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Income Taxes | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Income Taxes | 9. Income Taxes Due to an ownership change in the first quarter of 2020, the future utilization of certain post-change income tax attributes of Yunhong CTI Ltd , including net operating loss carryovers, are anticipated to be limited for U.S. income tax purposes. Income tax provision (benefit) related to operations differ from the amounts computed by applying the statutory income tax rate of 21% to pretax loss as follows (in thousands): Schedule of Income Tax Provision (Benefit) Related to Operations
U.S. Federal provision (benefit) |  | 2024 |  |  | 2023 |
|  | Year Ended December 31, |
U.S. Federal provision (benefit) |  | 2024 |  |  | 2023 |
At Statutory Rate |  | $ | (315,000 | ) |  | $ | (49,000 | )
State Taxes |  |  | (71,000 | ) |  |  | (71,000 | )
Change in Valuation Allowance |  |  | 181,000 |  |  |  | 299,000 |
Foreign Tax Differential |  |  | (4,000 | ) |  |  | - |
Foreign Valuation Allowance |  |  | 25,000 |  |  |  | - |
Other |  |  | 184,000 |  |  |  | (179,000 | )
Total provision (benefit) |  | $ | - |  |  | $ | - |
Deferred Tax Assets and Liabilities Deferred income taxes reflect the net tax effects of loss and credit carryforwards and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of our deferred tax assets and liabilities are as follows: Schedule of Deferred Tax Assets and Liabilities
|  | 2024 |  |  | 2023 |
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |
Deferred Tax Assets: |  |  |  |  |  |  |  |
Federal & State NOL Carryforward |  | $ | 5,391,000 |  |  | $ | 5,163,000 |
Foreign Tax Credit & Other Credits |  |  | 224,000 |  |  |  | 307,000 |
Capitalized R&D |  |  | 128,000 |  |  |  | 98,000 |
Reserves and Accruals |  |  | 140,000 |  |  |  | 147,000 |
Capital Loss Carryforward |  |  | 2,360,000 |  |  |  | 2,360,000 |
Unicap 263A Adjustment |  |  | 246,000 |  |  |  | 233,000 |
Lease liability |  |  | 1,232,000 |  |  |  | 1,026,000 |
Foreign NOL Carryforward |  |  | 28,000 |  |  |  | 2,000 |
Fixed Assets & Intangibles |  |  | 279,000 |  |  |  | 261,000 |
Total Gross deferred tax assets |  |  | 10,028,000 |  |  |  | 9,597,000 |
Less: Val. Allowance |  |  | (8,702,000 | ) |  |  | (8,476,000 | )
Total Deferred Tax Assets |  |  | 1,326,000 |  |  |  | 1,121,000 |
Deferred Tax Liabilities: |  |  |  |  |  |  |  |
Right of use operating leases |  |  | 1,326,000 |  |  |  | 1,121,000 |
Total Gross deferred tax liabilities |  |  | 1,326,000 |  |  |  | 1,121,000 |
Net Deferred Tax Assets |  | $ | - |  |  | $ | - |
Realization of our deferred tax assets is dependent upon future earnings, if any, the timing and amount of which are uncertain. Because of our lack of U.S. earnings history the net U.S. deferred tax assets have been fully offset by a valuation allowance. The valuation allowance increased by $0.2 million and $0.3 million during the years ended December 31, 2024 and 2023, respectively. Net Operating Loss and Tax Credit Carryforwards As of December 31, 2024, we had a net operating loss carryforward for federal income tax purposes of approximately $16.9 million, of which $0.2 million is subject to expiration beginning 2037. We had a total state net operating loss carryforward of approximately $19.5 million, with various expiration dates. Utilization of some of the federal and state net operating loss and credit carryforwards are subject to annual limitations due to the “change in ownership” provisions of the Internal Revenue Code of 1986 and similar state provisions. The annual limitations may result in the expiration of net operating losses and credits before utilization. We have federal credits of approximately $0.2 million, federal tax credits in the amount of $0.08 million expired during 2024.

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