Quarterly report [Sections 13 or 15(d)]

Income Tax

v3.25.1
Income Tax
 3 Months Ended
Mar. 31, 2025
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 March 31, 2025 and 2024, the Company recorded a income tax provision of $4,000 and benefit of $7,000, 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 March 31, 2025 or December 31, 2024.