Quarterly report [Sections 13 or 15(d)]

Income Tax

v3.25.2
Income Tax
 6 Months Ended
Jun. 30, 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 (loss).

For the three months ended June 30, 2025 and June 30, 2024, the Company recorded an income tax benefit of $590,000 and an income tax provision $31,000, respectively. For the six months ended June 30, 2025 and June 30, 2024, the Company recorded an income tax benefit of $586,000 and an income tax provision of $24,000, 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, 2025 or December 31, 2024.