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Income Taxes
 9 Months Ended
Sep. 30, 2024
Income Tax Disclosure [Abstract]  
Income Taxes
Note 16: Income Taxes
For the three months ended September 30, 2024 and 2023, the Company recorded an income tax benefit of $1,220,072 and $1,346,969, respectively and $19,732,646 and $3,791,387 for the nine months ended September 30, 2024 and 2023, respectively. The Company’s effective tax rate for the nine months ended September 30, 2024 and 2023 was (22.8)% and (27.8)%, respectively. The decrease in effective tax rates between the periods was primarily due to a valuation allowance on state deferred tax assets and nondeductible transaction costs, partially offset by the recognition of federal deferred tax assets associated with the Merger.
As of September 30, 2024, the Company maintained a valuation allowance against its deferred tax assets associated with state net operating losses for which realization cannot be considered more likely than not at this time. Management assesses the need for the valuation allowance on a quarterly basis. In assessing the need for a valuation allowance, the Company considers all positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies, and past financial performance.