Income Taxes (Tables)

6 Months Ended

Jun. 30, 2025

Income Taxes [Abstract]

Schedule of Provision for Income Taxes

The Company’s provision for income taxes consisted of the following:

	Three Months Ended June 30, 2025		Three Months Ended June 30, 2024
Current:
Federal income tax expense	$	1,897	$	12,164
State income tax expense		1,469		5,616
Deferred:
Federal income tax expense		2,311		—
State income tax expense		769		—
Total	$	6,446	$	17,780

	Six Months Ended June 30, 2025		Six Months Ended June 30, 2024
Current:
Federal income tax expense	$	25,511	$	34,293
State income tax expense		12,379		15,835
Deferred:
Federal income tax benefit		—		—
State income tax benefit		—		—
Total	$	37,890	$	50,128

Schedule of Effective Tax Rate

The following tables reconciled the federal statutory tax rate to the Company’s effective tax rate for the three and six months ended June 30, 2025 and 2024:

	Three months Ended June 30, 2025			Three months Ended June 30, 2024
Federal statutory income tax rate		21.00	%		21.00	%
State statutory income tax rate, net of effect of state income tax deductible to federal income tax		9.25	%		3.34	%
Change in valuation allowance		—			1.28	%
Permanent difference (non-deductible expenses)		0.65	%		0.27	%
Effective tax rate		30.90	%		25.89	%

	Six months Ended June 30, 2025			Six months Ended June 30, 2024
Federal statutory income tax rate		21.00	%		21.00	%
State statutory income tax rate, net of effect of state income tax deductible to federal income tax		7.36	%		8.85	%
Change in valuation allowance		—			5.49	%
Permanent difference (non-deductible expenses)		0.15	%		0.13	%
Effective tax rate		28.51	%		35.47	%

Schedule of Net Deferred Tax Assets

As of June 30, 2025 and December 31, 2024, the net deferred tax assets consisted of the following:

	June 30, 2025		December 31, 2024
Deferred tax assets:
Unrealized loss on trading securities	$	—	$	—
Net operating loss (“NOL”) carryforwards		—		7,760
Less: valuation allowance		—		(7,760	)
Deferred tax assets, net	$	—	$	—