Quarterly report [Sections 13 or 15(d)]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

v3.25.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Schedule of Deferred Tax Assets and Liabilities The following table summarizes our deferred income tax assets and liabilities as of June 30, 2025 (dollars in thousands):
June 30, 2025 December 31, 2024
Deferred income tax assets, net:
Fixed asset depreciation $ 250  $ — 
Net operating loss 435  — 
Total Gross deferred income tax assets 685  — 
Less: Valuation allowance (685) — 
Total Deferred income tax assets, net $ —  $ — 
Schedule of Effective Income Tax Rate Reconciliation The following table illustrates the difference between the effective tax rate of the foreclosure property’s expense (benefit) for income taxes and the federal statutory rate (dollars in thousands):
Actual
Expected Expense
(Benefit) at Federal
Statutory Rate(1)
Items as a Percentage
of Pre-Tax Income
Tax Rate Reconciliation:
Pre-tax income (loss) $ (1,579) $ (332) 21.0  %
State tax expense:
Current —  —  —  %
Deferred —  (83) 5.3  %
Meals & Entertainment —  —  —  %
Change in Valuation allowance —  415  (26.3) %
Income tax expense $ —  —  %
Total current federal tax benefit $ — 
Total current state tax benefit — 
Total deferred tax benefit — 
(1)The current federal statutory rate is 21%.