Quarterly report pursuant to Section 13 or 15(d)

Income Taxes

v3.21.1
Income Taxes
3 Months Ended
Mar. 31, 2021
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes During the three months ended March 31, 2021 and 2020, the Company recorded income tax benefit of $364,148 and $65,934, respectively. The Company’s effective tax rate differs from the federal statutory tax rate due to permanent differences and state taxes. The negative effective tax rate for the three months ended March 31, 2021 was primarily driven by excess tax benefits from exercise of stock options. The negative effective tax rate for the three months ended March 31, 2020 was due to a projected tax expense on a projected loss for the year at the time.