v3.26.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Net loss from Continuing Operations

Net loss from continuing operations before income taxes consists of (in thousands):

 

   2025   2024 
   Years Ended December 31, 
   2025   2024 
United States  $(67,798)  $(18,838)
Foreign   91    (5,439)
Total  $(67,707)  $(24,277)
Schedule of Income Tax Benefit Expense from Continuing Operations

Income tax benefit from continuing operations consists of (in thousands):

 

   2025   2024 
   Years Ended December 31, 
   2025   2024 
Current:          
Federal  $(69)  $(108)
State   (15)   (25)
Foreign   (1,902)   (423)
Total   (1,986)   (556)
Deferred:          
Federal   -    648 
State   -    - 
Foreign   2,059    - 
Total   2,059    648 
Total  $73   $92 
Schedule of Income Tax Benefit from Continuing Operations

Income tax benefit from continuing operations differed from the amounts computed by applying the U.S. Federal income tax rate to pretax loss from continuing operations as follows (in thousands):

 

   Years Ended December 31, 
   2025   2024 
Expected federal income tax benefit  $14,212    -21.0%  $5,098    -21.0%
State income taxes, net of federal benefit   (10)   0.0%   29    -0.1%
Foreign tax effects - Canada   175    -0.3%   791    -3.3%
Change in state tax rate   -    -    (233)   1.0%
Change in valuation allowance   (8,712)   12.9%   (4,763)   19.6%
Merger of FGF and FGH   -    -    (2,049)   8.4%
Other permanent items   (188)   0.3%   (753)   3.1%
Gain on preferred shares   

(1,365

)   

2.0

%   -    - 
Acquisition costs   

(1,301

)   

1.9

%   -    - 
Net investment income   

(973

)   

1.4

%   -    - 
Return to provision   (587)   0.9%   2,269    -9.3%
Tax credits   45    -0.1%   -    - 
Transfer of equity method and other holdings to CVR Trust   

(750

)   

1.1

%   -    - 
Other   (473)   0.7%   (297)   1.2%
Total  $73    -0.1%  $92    -0.4%
Schedule of Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities were comprised of the following (in thousands):

 

   December 31, 2025   December 31, 2024 
Deferred tax assets:          
Non-deductible accruals  $385   $212 
Stock compensation expense   517    677 
Uncollectible receivable reserves   5    5 
Net operating losses   14,680    10,737 
Tax credits   1,744    1,699 
Disallowed interest expense   2,719    2,654 
Equity in income of equity method investments   -    860 
Unrealized measurement of fair value of ETH   8,159    - 
Depreciation and amortization   45    23 
Other   191    4 
Total deferred tax assets   28,445    16,871 
Valuation allowance   (28,336)   (16,838)
Net deferred tax assets after valuation allowance   109    33 
Deferred tax liabilities:          
Depreciation and amortization   (220)   (247)
Equity in income of equity method investments   -    - 
State tax effecting methodology   -    (33)
Section 987 loss   (109)   - 
Cash repatriation   (145)   (2,165)
Total deferred tax liabilities   (474)   (2,445)
Net deferred tax liability  $(365)  $(2,412)
Schedule of Income Taxes Paid

Income tax paid (net of refunds) by jurisdiction (in thousands):

 

   2025   2024 
   Years Ended December 31, 
   2025   2024 
Federal  $-   $- 
State   (45)   135 
Federal   1,199    214 
Total  $1,154   $349