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Other Income
12 Months Ended
Dec. 31, 2023
Other Income [Abstract]  
Other Income

NOTE 16. OTHER INCOME

 

Under the provisions of the Coronavirus Aid Relief, and Economic Security Act (the “CARES Act”) signed into law on March 27, 2020, and the subsequent extension of the CARES Act, the Company, with the guidance from a third-party specialist, determined it was eligible for a refundable employee retention credit (“ERC”) subject to certain criteria.

 

The Company applied for the ERC for the last three quarters’ wages paid in calendar year 2020 and the first three quarters’ wages paid in calendar year 2021. The Company recognized an ERC benefit of $1,085,939, net of third-party specialist fees of $217,188, which is included in Other Income on the accompanying Consolidated Statement of Operations for the year ended December 31, 2023. As of December 31, 2023, the Company received $909,282 in ERC payments reducing the receivable within Other Current Assets on the Consolidated Balance Sheet to $176,657.