RESEARCH AND DEVELOPMENT TAX CREDITS |
6 Months Ended | ||
---|---|---|---|
Jun. 30, 2025 | |||
Research and Development [Abstract] | |||
RESEARCH AND DEVELOPMENT TAX CREDITS |
The Company qualifies as a small business under Internal Revenue Code Section 41(h) and has elected to apply a portion of its federal research and development (R&D) credit against the employer portion of Social Security payroll taxes, in accordance with IRS Form 6765.
As of June 30, 2025, the Company had $166,499 of unused payroll tax credits. These credits are being applied as an offset to the Company’s payroll tax liability and are recognized as a reduction of payroll tax expense in the period the benefit is realized. |