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RESEARCH AND DEVELOPMENT TAX CREDITS
6 Months Ended
Jun. 30, 2025
Research and Development [Abstract]  
RESEARCH AND DEVELOPMENT TAX CREDITS

 

17.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.