Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Income Tax Expense

Income tax expense (benefit) for each of the years ended December 31 consists of the following:

(Dollars in thousands)	2025		2024
Federal	$	—	$	—
State	23		35
Deferred	(2,339)		(2,522)
Total	$	(2,316)	$	(2,487)

Schedule of Deferred Income Tax Expense

Deferred income tax expense (benefit) from operations for each of the years ended December 31 consists of the following:

(Dollars in thousands)	2025		2024
Deferred tax (benefit) expense	$	(4,320)	$	4,006
Net operating loss carry forward	(1,364)		(8,192)
Valuation allowance	3,345		1,664
	$	(2,339)	$	(2,522)

Schedule of Effective Income Tax Rate

The Company’s effective income tax rate from operations differed from the Federal statutory rate for each of the years ended December 31 as follows:

(Dollars in thousands)	2025				2024
	In USD		Percent		In USD		Percent
US Federal statutory tax rate	$	(12,470)	21	%	$	(12,765)	21	%
State and local income tax, net of federal income tax effect
Kentucky income tax effect	(581)		1		(126)		—
All other states income tax effect	(12)		—		(465)		1
State rate adjustment	(117)		—		(271)		—
State NOL adjustment	760		(1)		917		(1)
Nontaxable or nondeductible items
Partnership differential	1,282		(2)		(704)		1
Stock based compensation	113		—		(79)		—
Fair value adjustment of warrants	4,973		(8)		—		—
Cancellation of debt income	0		—		6,004		(10)
Loss on extinguishment of debt	(2,592)		4		1,241		(2)
Other permanent items	5		—		5		—
Other Adjustments
Expiration of Net Operating Losses	2,985		(5)		718		(1)
Return to provision adjustments	(5)		—		1,369		(2)
Other	(2)		—		5		—
Change in valuation allowances	3,345		(6)		1,664		(3)
Total income tax benefit / Tax rate	$	(2,316)	4	%	$	(2,487)	4	%

Schedule of Deferred Tax Assets

Temporary differences, net operating loss carryforwards and tax credit carryforwards that give rise to deferred tax assets and liabilities are summarized as follows as of December 31:

(Dollars in thousands)	2025		2024
Deferred tax assets:
Accruals and reserves	$	229	$	236
Net operating loss	38,515		37,151
Property, plant and equipment	(1,647)		(1,394)
Stock options	4,476		2,236
Research and development tax credit	227		227
Deferred tax assets	41,800		38,456
Valuation allowance	(41,800)		(38,456)
Deferred tax assets, net of valuation allowance	—		—
Deferred tax liabilities:
Intangibles	(2,911)		(5,257)
Deferred tax liabilities	(2,911)		(5,257)
Deferred tax liabilities, net	$	(2,911)	$	(5,257)

Schedule of Deferred Tax Asset Valuation Allowance

Activity in the valuation allowance for deferred tax assets is as follows as of December 31:

(Dollars in thousands)	2025		2024
Valuation allowance, beginning of year	$	38,456	$	36,791
Net operating (loss) income	1,364		8,200
Property, plant and equipment	(253)		(7,171)
Stock options	2,240		673
Research and development credit	—		—
Accrued expenses	(7)		(37)
Valuation allowance, end of year	$	41,800	$	38,456