Income Taxes

12 Months Ended

Dec. 31, 2025

Income Taxes

Income Taxes

Note 9 - Income Taxes

The Company recognized consolidated income tax expense of $300,475 and benefit of $106,253 respectively, for the years ended December 31, 2025 and 2024, respectively. These amounts relate to the operations of the Company’s TRSs.

At December 31, 2025 and 2024, the Company had net deferred tax assets of $0 and $299,084, respectively, due to temporary differences between the timing of the GAAP recognition and tax recognition of certain expenses and net operating losses. The Company has evaluated the positive and negative evidence

bearing upon the realizability of its deferred tax assets and determined it is more likely than not that the Company may not fully recognize the benefits of its deferred tax assets. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible.