Income Taxes |
3 Months Ended |
|---|---|
Mar. 31, 2026 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | Note 18: Income Taxes For the three months ended March 31, 2026 and 2025, the Company recorded an income tax expense (benefit) of $73,181 and $9,617 for the three months ended March 31, 2026 and 2025, respectively. The Company’s effective tax rate for the three months ended March 31, 2026 and 2025 was 0.2% and 0.1%, respectively. The effective tax rate for the three months ended March 31, 2026 differs from the statutory rate primarily as a result of having a full valuation allowance maintained against our U.S. net deferred tax assets, along with certain foreign deferred tax assets, as well as foreign rate differential on foreign jurisdictions for which we do not maintain a valuation allowance. The change in effective tax rate between the periods was primarily due to the tax benefit associated with foreign jurisdictions where we do not maintain a valuation allowance. The application of purchase accounting resulted in a provisional recognition as of January 23, 2026 of $33,266,355 of deferred tax liabilities, net related to book-to-tax temporary differences for recognized intangible assets. As of March 31, 2026, the deferred tax asset was $381,266 and the deferred tax liability of $32,215,449. As of March 31, 2026, the Company maintained a valuation allowance against all of its U.S. deferred tax assets for which realization cannot be considered more likely than not at this time. Management assesses the need for the valuation allowance on a quarterly basis. In assessing the need for a valuation allowance, the Company considers all positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies, and past financial performance.
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