|
|
|
|
|
|
|
|
|
|
For the year ended December 31, |
($ in thousands) |
|
2025 |
|
|
|
Amount |
|
Percent |
U.S. federal statutory tax rate |
|
$ |
(396) |
|
21.0 |
% |
State and local income taxes, net of federal income tax effect(1) |
|
|
21 |
|
(1.1) |
% |
Change in valuation allowance |
|
|
(130) |
|
6.9 |
% |
Non-deductible items: |
|
|
|
|
|
|
Share-based compensation |
|
|
70 |
|
(3.7) |
% |
Non-deductible compensation |
|
|
170 |
|
(9.0) |
% |
Stock issuance costs |
|
|
83 |
|
(4.4) |
% |
Other adjustments: |
|
|
|
|
|
|
Federal net operating loss |
|
|
274 |
|
(14.5) |
% |
Other true-ups |
|
|
(65) |
|
3.5 |
% |
Provision for income taxes and effective income tax rate |
|
|
27 |
|
(1.4) |
% |
(1) During the year ended December 31, 2025, state taxes in Massachusetts, New York and New York City comprised greater than 50% of the tax effect in this category.
|
|
|
|
|
|
For the year ended December 31, |
|
|
|
2024 |
|
Statutory federal income tax rate |
|
21 |
% |
State taxes, net of federal tax benefit |
|
16 |
% |
Non-deductible items |
|
(1) |
% |
Tax credits |
|
1 |
% |
Other |
|
(10) |
% |
Change in valuation allowance |
|
(27) |
% |
Income taxes provision (benefit) |
|
— |
|
|