Note 17 - Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Income Tax Benefit

The income tax benefit consisted of the following for the years ended December 31, 2024 and 2023:

	For the Year Ended December 31,
(in thousands)	2024		2023
Current:
Federal	$	56	$	251
State		22		89
Total current tax expense	$	78	$	340
Deferred:
Federal	$	—	$	(2,853	)
State		—		(1,115	)
Total deferred tax expense	$	—	$	(3,968	)
Total income tax expense (benefit)	$	78	$	(3,628	)

Schedule of Effective Income Tax Rate Reconciliation

The Company’s effective income tax rate for the years ended December 31, 2024 and 2023 reconciles with the federal statutory rate as follows:

	For the Year Ended December 31,
	2024			2023
Federal statutory rate		21.0	%		21.0	%
Permanent items		(0.3	)%		(0.2	)%
State income taxes, net of federal tax benefit		2.3	%		5.4	%
Change in valuation allowance		(23.4	)%		(12.0	)%
Other		—			—
Rate change		—			0.3	%
Prior year adjustment		0.1	%		—
Effective income tax rate on income before taxes		-0.3	%		14.5	%

Schedule of Deferred Income Tax Assets (Liabilities)

Deferred income tax assets (liabilities) are comprised of the following as of December 31, 2024 and 2023:

	For the Year Ended December 31,
(in thousands)	2024			2023
Deferred tax assets
NOL carryforwards	$	6,842		$	5,197
Investment in the Operating Partnership		2,630			—
Equity compensation		910			678
Other		1			5
Gross deferred tax asset	$	10,383		$	5,880
Less: valuation allowance		(10,383	)		(3,001	)
Total deferred tax assets	$	—		$	2,879
Deferred tax liabilities
Investment in the Operating Partnership	$	—		$	(2,879	)
Total deferred tax liabilities	$	—		$	(2,879	)
Net deferred tax assets (liabilities)	$	—		$	—