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Employee Retention Tax Credit
9 Months Ended
Sep. 30, 2024
Employee Retention Tax Credit  
Employee Retention Tax Credit

Note 12. Employee Retention Tax Credit

 

The CARES Act, signed into law on March 27, 2020 with subsequent amendments, provides for refundable employee retention credit to employers whose operations were suspended due to COVID-19 or whose revenue significantly decreased. On June 15, 2023, the Company filed a Form 941-X to claim a refundable employee retention credit for the first quarter and third quarter 2021 payroll in the total amount of $84,000. In the quarter ended September 30, 2024, the Company received such credit and recorded the credit as other income in the accompanying Statement of Comprehensive Loss.