Annual report [Section 13 and 15(d), not S-K Item 405]

Income Taxes (Tables)

v3.26.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit)
The components of the provision (benefit) for income taxes, in the consolidated statements of operations are as follows (in thousands):
For the years ended
December 31, 2025 December 31, 2024
Continuing Operations
Current
Federal $ —  $ — 
State —  45 
$ 45 
Deferred
Federal —  5,336 
State —  1,814 
$ —  $ 7,150 
Income taxes provision (benefit) from continuing operations $ —  $ 7,195 
Schedule of Effective Income Tax Rate Reconciliation
The following reconciles the differences between income taxes computed at the federal statutory rate and the provision for income taxes (in thousands):
Year Ended December 31, 2025 Year Ended December 31, 2024
Amount Percent % Amount Percent %
Statutory Rate - federal $ (4,911) 21.0  % $ (7,382) 21.0  %
Nontaxable or nondeductible items 265  (1.1) % —  —  %
State taxes, net of federal benefit —  —  % (2,373) 6.8  %
Permanent differences and other —  —  % 521  (1.5) %
Change in valuation allowance 4,646  (19.9) % 16,429  (46.7) %
Effective tax rate $ —  —  % $ 7,195  (20.4) %
Schedule of Income Taxes Paid
The income taxes paid for the year ended December 31, 2025 consisted of the following (in thousands):
U.S. Federal $ 327 
State and Local Income Taxes
New Jersey 57 
New York 1,033 
New York City 227 
Other States 1 
Total $ 1,645 
Schedule of Deferred Tax Assets and Liabilities
Deferred tax assets and liabilities reflect the net tax effects of net operating loss and tax credit carryforwards and temporary differences between the carrying amount of assets and liabilities for financial reporting and the amounts used for tax purposes. Significant components of the Company's deferred tax assets and liabilities were as follows (in thousands):
  For the years ended
  December 31, 2025 December 31, 2024
Net operating loss and capital loss carryforward $ 12,200  $ 12,033 
Right of use asset $ (573) $ (1,403)
Other 5,039  4,944 
Capital lease obligations 936  1,403 
Depreciation 497  783 
Amortization (195) (997)
Tax credit —  350 
Valuation allowance (17,904) (17,113)
Total $ —  $ —