Quarterly report pursuant to Section 13 or 15(d)

INCOME TAX

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INCOME TAX
 6 Months Ended
Jun. 30, 2024
Income Tax Disclosure [Abstract]  
INCOME TAX

NOTE 9 — INCOME TAX

The quarterly provision for or benefit from income taxes is computed based upon the estimated annual effective tax rate and the year-to-date pre-tax income (loss) and other comprehensive income.

For the three months ended June 30, 2024 and 2023, the Company recorded a provision for state income tax of $31,000 and benefit of $34,000, respectively. For the six months ended June 30, 2024 and 2023, the Company recorded an income tax provision of $24,000 and $15,000, respectively. The Company did not record a provision for federal income tax due to its net operating loss carryforwards. The Company established a full valuation allowance against its federal and state deferred tax assets and there was no unrecognized tax benefit as of June 30, 2024 or December 31, 2023.