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INCOME TAXES
 6 Months Ended
Jun. 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 six months ended June 30, 2025 and 2024 was $(1,296,718) and $381,044, respectively The (benefit)/provision for income tax for the three months ended June 30, 2025, and June 30, 2024 was $(947,749) and $341,572, respectively.

 

The effective income tax rate for the six months ended June 30, 2025 is 34.2%. The difference between the effective income tax rate for the six months ended June 30, 2025 and the statutory income tax rate of 21% is due primarily to the estimated R&D credit relative to annual expectation of taxable income.

 

The effective income tax rate for the three months ended June 30, 2025 is 44.7%. The difference between the effective income tax rate for the three months ended June 30, 2025 and the statutory income tax rate of 21% is due primarily to the estimated R&D credit relative to annual expectation of taxable income.