Note 7 – Income Taxes

For the three months ended March 31, 2021, the Company recognized an expense from income taxes of $1,985,640, representing an effective tax rate of 20.1%. The Company’s effective tax rate will generally differ from the U.S. Federal statutory rate of 21.0% due to state taxes, permanent items, and discrete items. For the three months ended March 31, 2020, no benefit from income taxes was recorded due to the Company being in a full valuation allowance position, resulting in an effective tax rate of 0.0%.