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INCOME TAX
 9 Months Ended
Sep. 30, 2026
Income Tax Disclosure [Abstract]  
INCOME TAX

11.    INCOME TAX

 

The following table summarizes the Company’s income tax expense and effective tax rates for the three and nine months ended September 30, 2026 and 2025:

               
    Three Months Ended
September 30,		   Nine Months Ended
September 30,
    2026   2025   2026   2025
                 
Income before income taxes   $ 8,190,197     $ 2,245,617     $ 23,564,314     $ 7,539,648  
Income tax expense   $ 1,454,503     $ 30,482     $ 4,633,165     $ 1,350,652  
Effective tax rate     17.8%       1.4%       19.7%       17.9%  

 

The effective tax rates for the three months and nine months ended September 30, 2026 and September 30, 2025, 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 and nine months ended September 30, 2026, varies from the three months and nine months ended September 30, 2025 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 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 September 30, 2026 and December 31, 2025, the Company recorded $345,228 in other receivables on the condensed consolidated balance sheet related to U.S. Federal Government refunds.