INCOME TAX |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 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 months ended March 31, 2025 and March 31, 2024:
The effective tax rates for the three months ended March 31, 2025 and March 31, 2024 were based on the Company’s forecasted annualized effective tax rates and were adjusted for discrete items that occurred within the periods presented. The effective tax rate for the three months ended March 31, 2025 varies from the three months ended March 31, 2024 primarily as a result of tax benefits related to our stock-based compensation.
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 March 31, 2025 and December 31, 2024, the Company recorded $568,595 and $1,129,164, respectively in other receivables on the condensed consolidated balance sheet related to U.S. Federal Government refunds.
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