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Income Taxes
 3 Months Ended
Sep. 30, 2025
Income Taxes [Abstract]  
Income Taxes

Note 4 - Income Taxes

 

For the three months ended September 30, 2025 and prior periods since inception, the Company’s activities have not generated taxable income or tax liabilities. The provision (benefit) for income taxes for the three months ended September 30, 2025 and 2024 assumes a 21% effective tax rate for federal income taxes and a 6% effective tax rate for state income tax purposes.

 

The Company has approximately $27.7 million of net operating loss carryforwards for federal and state, available to reduce future income taxes at September 30, 2025. Approximately $17,000 of the federal net operating losses will expire in 2037 and the balance can be utilized indefinitely. Due to uncertainty as to the realization of the net operating loss carryforwards and other deferred tax assets as a result of the Company’s limited operating history and operating losses since inception, a full valuation allowance has been recorded against the Company’s deferred tax assets. Accordingly, the Company has not recognized an income tax benefit on the Condensed Statements of Operations for the three months ended September 30, 2025 and 2024.