Quarterly report pursuant to Section 13 or 15(d)

INCOME TAXES

v3.24.3
INCOME TAXES
 9 Months Ended
Sep. 30, 2024
INCOME TAXES  
INCOME TAXES

NOTE 17. INCOME TAXES

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Three-Month Periods Ended

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Nine-Month Periods Ended

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September 30, 

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September 30, 

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($ in thousands)

    

2024

    

2023

    

2024

    

2023

​

Net income (loss) before income taxes

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$

(2,390)

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$

16,884

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$

(16,193)

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$

(1,615)

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Provision (benefit) for Income

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—

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95

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—

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95

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Effective tax rate

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0.0

%

 

0.6

%

 

0.0

%

 

-5.9

%

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The Company records income taxes using the asset and liability method. Deferred income tax assets and liabilities are recognized for the future tax effects attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases, and operating loss and tax credit carryforwards. The Company establishes a valuation allowance if management believes it is more likely than not that the deferred tax assets will not be recovered based on an evaluation of objective verifiable evidence. Management has considered the Company’s history of book and tax income and losses incurred since inception, and the other positive and negative evidence, and has concluded that it is more likely than not that the Company will not realize the benefits of the net deferred tax assets as of September 30, 2024.

As of September 30, 2024, the Company had no unrecognized tax benefits and does not anticipate any significant change to the unrecognized tax benefit balance.