FTW $($the $$Company$),$an SEC registrant with a calendar year$-$end, is a manufacturer and distributor of manufacturing equipment. The Company was created in $1992$ and is headquartered in Florida. The Company has manufacturing operations and numerous sales and administrative locations in the United States. FTW files a consolidated U$.$S$.$federal tax return. $($This case will not consider the evaluation of the state jurisdictions; it will only consider the federal jurisdiction.$)$

As FTW$$s auditors, you are now performing the Company$$s year$-$end audit for the fiscal year ended December $31,2023,$and have the following information available to you:

$$ FTW draft income statement and excerpt from tax footnote as of December $31,2023($Appendix A$).$

$$A deferred tax asset realization analysis showing pre$-$tax book income projections $($Appendix B$).$

$$The projected income schedule projects organic growth beginning in $2025$ after stemming the decrease in pre$-$tax book income.

$$ FTW does not have the ability to carryback any losses to prior periods.

$$ A significant customer declared bankruptcy in $2023$ therefore, the Company wrote off all accounts receivable from this customer. The Company is considering the exclusion of such expense when evaluating if future income is objectively verifiable.

$$ The Company does not have a history of operating losses or tax credit carryforwards expiring unused.

$$ The Company has identified the following possible tax$-$planning strategies:

o Selling and leasing back manufacturing equipment that would result in a taxable gain of $$20$ million.

o Selling the primary manufacturing facility at a gain to offset existing capital loss carryforwards.

Question: In evaluating the income that FTW is projecting related to future operations, is FTW in a cumulative loss position $($assuming FTW considers $3$ years as the period over which to evaluate pretax accounting income or loss from continuing operations for cumulative losses$)?$