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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.