Quarterly report [Sections 13 or 15(d)]

INCOME TAXES

v3.25.3
INCOME TAXES
 9 Months Ended
Sep. 30, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES

17. INCOME TAXES

 

During the three months ended September 30, 2025 and 2024, the Company recorded an income tax provision expense of $14,404 and $0, respectively, resulting in an effective tax rate of 16.2% and 0.0%, respectively.

 

During the nine months ended September 30, 2025 and 2024, the Company recorded an income tax provision expense of $14,151 and $0, respectively, resulting in an effective tax rate of 15.1% and 0.0%, respectively.

 

    Three Months Ended     Nine Months Ended  
    9/30/2025     9/30/2024     9/30/2025     9/30/2024  
Income tax provision     14,404       -       14,151       -  
Effective Tax Rate     16.2 %     0.0 %     15.1 %     0.0 %

 

The current period effective tax rate differs from the statutory rate of 21% primarily due to valuation allowance on domestic deferred tax assets that are not more likely than not to be realized, prior period valuation allowance release in relation to the acquisition and current period due to book income.