Income Taxes

6 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

Income Taxes

Note 6. Income Taxes

At June 30, 2023, our Company had federal and state taxable income of approximately $138,400 and $88,400, respectively. State income taxes in the six months ended June 30, 2023 resulted from limitations placed on income tax net operating loss deductions by the Commonwealth of Pennsylvania. There was no income tax benefit for the losses for the three and six months ended June 30, 2022 because our Company determined that the realization of the net deferred tax asset was not assured. Our Company created a valuation allowance for the entire amount of such benefits.

The components for federal and state income tax expense are:

	Three Months ended June 30				Six Months ended June 30
	2023		2022		2023		2022
Current federal taxes	$	21,000	$	—	$	29,100	$	—
Current state taxes		6,400		—		8,800		—
Income tax expense (benefit)	$	27,400	$	—	$	37,900	$	—

There was no change in unrecognized tax benefits during the period ended June 30, 2023 and there was no accrual for uncertain tax positions as of June 30, 2023. Tax years from 2020 through 2022 remain subject to examination by U.S. federal and state jurisdictions