INCOME TAXES |
3 Months Ended |
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Mar. 31, 2025 | |
| Income Tax Disclosure [Abstract] | |
| INCOME TAXES | NOTE 13 – INCOME TAXES
The Company’s annual effective tax rate was (0.40)% and 2.38% for the 3 months ended March 31, 2025 and 2024, respectively. The company’s estimated effective tax rate differs from the U.S. federal statutory rate of 21%, primarily due to the valuation allowance recorded against the company’s deferred tax assets and the tax expense recorded for ITSQuest’s separate federal income tax return because ITSQuest is not included in the Company’s consolidated U.S. federal income tax return and is not able to utilize Unicoin’s deferred tax assets to offset taxable income. During the three months ended March 31, 2025 and 2024, there were no significant changes to the total amount of unrecognized tax benefits.
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