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INCOME TAX
 9 Months Ended
Sep. 30, 2025
Income Tax Disclosure [Abstract]  
INCOME TAX

10.    INCOME TAX

 

The following table summarizes the Company’s income tax expense and effective tax rates for the three and nine months ended September 30, 2025 and September 30, 2024:

                
   Three Months Ended
September 30,		   Nine Months Ended
September 30,		 
   2025   2024   2025   2024 
Income before income taxes  $2,245,617   $1,490,564   $7,539,648   $2,902,590 
Income tax expense  $30,482   $53,727   $1,350,652   $459,555 
Effective tax rate   1.36%    3.6%    17.91%    15.8% 

 

The effective tax rate for the three months and nine months ended September 30, 2025 varies from the three months and nine months ended September 30, 2024 primarily as a result of improved book earnings and tax benefits related to our stock-based compensation.

 

On July 4, 2025, the One Big Beautiful Bill (“OBBB”) was signed into law. The provisions of the bill solidify numerous tax law changes originally enacted in the Tax Cuts and Jobs Act (“TCJA”) of 2017. The provisions of the OBBB are reflected in the Q3 2025 financial statements, which is the period the OBBB was enacted.

 

Under the provisions of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) signed into law in 2020 and the subsequent extension of the CARES Act through September 30, 2021, the Company was eligible for a refundable employee retention credit subject to certain criteria. The Company has elected an accounting policy to recognize the government assistance when it is probable that the Company is eligible to receive the assistance and present the credit as a reduction of the related expense. As of September 30, 2025 and December 31, 2024, the Company recorded $96,992 and $1,129,164, respectively, in other receivables on the condensed consolidated balance sheet related to U.S. Federal Government refunds.