INCOME TAXES |
9 Months Ended |
|---|---|
Sep. 30, 2025 | |
| Income Tax Disclosure [Abstract] | |
| INCOME TAXES | 10. INCOME TAXES
On July 4, 2025, H.R.1, commonly referred to as the One Big Beautiful Bill Act (“OBBBA”) was enacted. OBBBA includes a broad range of tax reform provisions affecting businesses. The Company does not expect this legislation to have a significant impact on its financial statements.
The (benefit)/provision for income tax for the nine months ended September 30, 2025 and 2024 was $(1,043,373) and $535,634, respectively. The provision for income tax for the three months ended September 30, 2025, and September 30, 2024 was $253,345 and $154,590, respectively.
The effective income tax rate for the nine months ended September 30, 2025 is 40.5%. The difference between the effective income tax rate for the nine months ended September 30, 2025 and the statutory income tax rate of 21% is due primarily to the estimated R&D credit, state income taxes and permanent tax differences.
The effective income tax rate for the three months ended September 30, 2025 is 18.5%. The difference between the effective income tax rate for the three months ended September 30, 2025 and the statutory income tax rate of 21% is due primarily to the estimated R&D credit, state income taxes and permanent tax differences. |