Tax

3 Months Ended

Mar. 31, 2025

Income Tax Disclosure [Abstract]

Tax

Note 17. Tax

For the three months ended March 31, 2025, the Company recorded income tax expense of $0.00 for continuing operations. The effective tax rate of 0.00% for the three months ended March 31, 2025 varied from the statutory United States federal income tax rate of 21.0% primarily due to the effect of permanent differences and a valuation allowance, net of the federal benefit. The Company has net deferred tax assets of $0 and $0 as of December 31, 2024 and March 31, 2025, respectively. The Company has deferred tax assets totaling $44.35 million. A full valuation allowance was established on these assets as of December 31, 2024, following an evaluation of the Company’s ability to utilize these assets before their expiration dates.

The Company recognizes income tax benefits from uncertain tax positions where the realization of the ultimate benefit is uncertain. As of both December 31, 2024 and March 31, 2025, the Company has no unrecognized income tax benefits.