v3.26.1
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2025
Income Taxes  
SCHEDULE OF INCOME TAX BENEFIT

The Company’s income tax (benefit) provision consisted of the following components (in thousands):

 

   2025   2024 
         
Current          
Federal  $-   $- 
State   137    374 
Current   137    374 
Deferred          
Federal   4,282    5,597 
State   449    (107)
Deferred   4,731    5,490 
           
Total  $4,868   $5,864 
SCHEDULE OF INCOME TAX RATES TO THE NET LOSS BEFORE TAX PROVISION

The provision for income taxes reported differs from the amounts computed by applying the US federal income tax rates to the net loss before tax provision due to the following:

 

   2025   2024 
         
Net income before income tax  $20,345   $23,979 
Statutory tax rate   21.00%   21.00%
Net income After Tax   4,272    5,036 
Add (deduct):          
State tax expense   588    268 
Return to provision   -    (14)
Prior period deferred adjustments   24    348 
Foreign taxes   216    226 
Permanent differences   (232)   - 
Income tax expense  $4,868   $5,864 
SCHEDULE OF DEFERRED TAX LIABILITIES AND ASSETS

Deferred tax liabilities and assets are attributable to the following:

 

   2025   2024 
Deferred income tax liabilities(1):          
Property, plant and equipment  $(43,240)  $(39,172)
Commodity contracts   (65)   (189)
           
Deferred tax assets:          
Stock based compensation   278    835 
Asset retirement obligations   527    461 
Leases   11    - 
Accrued bonus   229    - 
Other   1    15 
Loss carry-forward   28,176    29,349 
Deferred tax assets and liabilities  $(14,083)  $(8,701)

 

 (1) A total of $651 of the change in deferred tax liabilities was recognized in equity as it relates to stock based compensation.
SCHEDULE OF UNRECOGNIZED DEFERRED TAX ASSETS

Deferred tax assets have not been recognized for the following deductible temporary differences:

 

   2025   2024 
         
Property, plant and equipment  $427   $407 
Loss carry-forward   23,128    20,946 
Capital losses   10,625    10,141 
Unrecognized deferred tax assets  $34,180   $31,494