Quarterly report [Sections 13 or 15(d)]

Income Tax

v3.25.3
Income Tax
 9 Months Ended
Sep. 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 September 30, 2025 and September 30, 2024, the Company recorded an income tax provision of $579,000 and an income tax benefit $1,000, respectively. For the nine months ended September 30, 2025 and September 30, 2024, the Company recorded an income tax benefit of $7,000 and an income tax provision of $23,000, 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 September 30, 2025 or December 31, 2024.