Income Taxes

9 Months Ended

Sep. 30, 2023

Income Taxes

Income Taxes

Note 5: Income Taxes

The Company recognized an income tax expense of $187,000 and $621,000 for the three and nine-month periods ended September 30, 2023, compared to income tax expense of $180,000 and $681,000 during the same periods of 2022. At the end of each interim period, the Company estimates the effective tax rate expected to be applicable for the full fiscal year and this rate is applied to the results for the year-to-date period, and then adjusted for any discrete period items. For the three and nine-month periods ended September 30, 2023 and 2022, the variance between our effective tax rate and the U.S. statutory rate of 21% is primarily attributable to state income tax and additional expense related to Global Intangible Low-Taxed Income inclusion.