Federal tax refunds often represent a family’s single largest check of the year, and the 2025 filing season brought notable changes for American taxpayers. The average tax refund could increase by about $1,000 per filer for those filing 2025 returns in early 2026, according to recent financial services analysis. This boost would bring the typical refund check to roughly $4,151 per filer, based on IRS data showing the average tax refund was $3,151 for the 2025 tax filing season. Americans filed their 2024 individual returns during the early months of 2025, with most people receiving their refunds within 21 days of submitting their forms to the tax agency. This substantial increase aligns with forecasts predicting a bumper year for tax refunds, driven by the new tax and spending law signed in July 2025, which enacted numerous new tax breaks retroactive to 2025, including eliminating taxes on some overtime and tipped income, as well as lifting the cap on the deduction for state and local taxes from $10,000 to $40,000.
Tax Refunds in America 2025
The 2025 tax filing season marked one of the most successful filing seasons in recent memory, according to the National Taxpayer Advocate’s mid-year report to Congress. The Internal Revenue Service received nearly 141 million individual income tax returns and processed approximately 138 million of them. Over 95% of processed returns were filed electronically, demonstrating the continued shift toward digital tax filing methods. About 62% of all returns resulted in refunds, providing crucial financial relief to American households across the country. The season began on January 27, 2025, when the IRS started accepting tax returns, and the standard filing deadline was April 15, 2025. Through October 17, 2025, the IRS had received 163,594,000 tax returns and issued 102,122,000 refunds totaling $311.651 billion, representing a 1.6% increase in the average refund amount compared to the previous year.
The Internal Revenue Service processed most returns without issues during the 2025 filing season, though the agency suspended over 13 million returns during processing pending additional review, which generally translated into refund delays for affected taxpayers. Despite significant workforce reductions—with IRS staffing decreasing from about 102,000 employees to fewer than 76,000 between the start of the filing season and June, a drop of about 26%—the agency successfully managed the filing season. The IRS issued 117.6 million refunds to individuals in Fiscal Year 2024, amounting to more than $461.2 billion, with nearly 14.3 million tax refunds including a refundable child tax credit and more than 21.4 million including a refundable earned income tax credit. The 2025 season also saw continued improvements in taxpayer services, including redesigned notices, mobile-adaptive tax forms, and enhanced virtual assistants to help with refund inquiries and other questions.
Interesting Stats & Facts About Tax Refunds in the US 2025
| Fact Category | Statistic | Details |
|---|---|---|
| Average Refund Amount | $3,052 | Average refund through October 17, 2025, up 1.6% from $3,004 in 2024 |
| Direct Deposit Average | $3,151 | Average direct deposit refund amount, up 1.9% from prior year |
| Total Refunds Issued | 102,122,000 | Total number of refunds issued through October 17, 2025 |
| Total Amount Refunded | $311.651 billion | Total refund amount distributed, up 0.6% from 2024 |
| Electronic Filing Rate | 93.3% | Percentage of individual returns filed electronically in FY 2024 |
| Refund Processing Time | 21 days | Typical processing time for e-filed returns with direct deposit |
| Direct Deposit Refunds | 93,196,000 | Total direct deposit refunds issued through October 2025 |
| Paper Check Risk | 16 times higher | Paper refund checks have issues compared to direct deposit |
| Returns Received | 163,594,000 | Total returns received through October 17, 2025, up 1.3% |
| Returns Processed | 163,024,000 | Total returns processed through October 17, 2025, up 1.1% |
| PATH Act Delay | Mid-February | Refunds with EITC or ACTC cannot be issued before mid-February |
| Free File Income Limit | $84,000 | Income threshold for IRS Free File eligibility in 2025 |
Data Source: IRS Filing Season Statistics for Week Ending October 17, 2025; IRS Data Book FY 2024; National Taxpayer Advocate Mid-Year Report 2025
The 2025 tax filing season demonstrated remarkable efficiency despite significant challenges facing the Internal Revenue Service. The average refund amount of $3,052 represents a modest but meaningful increase of 1.6% compared to the previous year, providing additional financial relief to American taxpayers. The overwhelming preference for electronic filing, with 93.3% of individual returns submitted digitally, reflects the continued modernization of tax administration and the convenience offered by e-filing platforms. The 21-day processing time for electronically filed returns with direct deposit remains the fastest method for receiving refunds, with paper refund checks being 16 times more likely to encounter issues such as being lost, misdirected, stolen, or remaining uncashed.
The IRS issued over 102 million refunds totaling more than $311 billion through mid-October 2025, demonstrating the massive scale of the federal tax refund program. The PATH Act restriction requires the IRS to wait until mid-February before issuing refunds for returns claiming the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC), which affects millions of lower-income taxpayers who rely on these credits. The availability of IRS Free File for taxpayers earning $84,000 or less provides crucial support for eligible filers, while the expansion of Direct File to 25 participating states offers an additional free filing option. The stark reality that paper refund checks face 16 times higher risk of issues compared to direct deposit underscores the importance of choosing electronic refund methods, which not only provide faster access to funds but also significantly reduce the likelihood of payment problems.
Tax Refund Processing Statistics in the US 2025
| Processing Metric | 2024 | 2025 | % Change |
|---|---|---|---|
| Total Returns Received | 161,489,000 | 163,594,000 | +1.3% |
| Total Returns Processed | 161,260,000 | 163,024,000 | +1.1% |
| E-filing Returns Received | 150,811,000 | 153,597,000 | +1.8% |
| Tax Professional E-files | 84,780,000 | 86,758,000 | +2.3% |
| Self-Prepared E-files | 66,031,000 | 66,839,000 | +1.2% |
| Total Refunds Issued | 103,185,000 | 102,122,000 | -1.0% |
| Total Amount Refunded | $309.929 billion | $311.651 billion | +0.6% |
| Average Refund | $3,004 | $3,052 | +1.6% |
| Direct Deposit Refunds | 93,506,000 | 93,196,000 | -0.3% |
| Direct Deposit Amount | $289.107 billion | $293.696 billion | +1.6% |
| Average Direct Deposit | $3,092 | $3,151 | +1.9% |
Data Source: IRS Filing Season Statistics for Week Ending October 17, 2025
The tax refund processing statistics for the US in 2025 reveal a year of steady growth and remarkable consistency in IRS operations. The agency received 163,594,000 tax returns through October 17, 2025, representing a 1.3% increase from the 161,489,000 returns received during the same period in 2024. The IRS successfully processed 163,024,000 returns, maintaining its high processing efficiency with a 1.1% increase over the previous year. The continued dominance of electronic filing is evident, with 153,597,000 e-filed returns received, accounting for approximately 94% of all returns and showing a 1.8% increase year-over-year. Notably, returns filed through tax professionals grew by 2.3% to reach 86,758,000, while self-prepared e-files increased by 1.2% to 66,839,000, indicating growing confidence in both professional assistance and DIY tax preparation software.
The refund distribution data tells a nuanced story of the 2025 tax season. While the total number of refunds issued decreased slightly by 1.0% to 102,122,000, the total amount refunded increased by 0.6% to $311.651 billion, demonstrating that individual refund amounts grew even as the overall volume of refunds declined slightly. The average refund of $3,052 represents a 1.6% increase from the previous year’s $3,004, providing meaningful additional funds to American taxpayers. Direct deposit remained the dominant refund delivery method, with 93,196,000 direct deposit refunds totaling $293.696 billion, and the average direct deposit refund of $3,151 exceeded the overall average by nearly $100, reflecting both the speed and efficiency of electronic fund transfers. This data underscores the critical importance of e-filing combined with direct deposit for taxpayers seeking the fastest and most reliable refund delivery, typically within the 21-day processing window established by the IRS.
Early Season Tax Refund Statistics in the US 2025
| Early Season Metric (Feb 14) | 2024 | 2025 | % Change |
|---|---|---|---|
| Total Returns Received | 34,743,000 | 33,040,000 | -4.9% |
| Total Returns Processed | 34,546,000 | 32,820,000 | -5.0% |
| E-filing Returns Received | 34,071,000 | 32,400,000 | -4.9% |
| Professional E-files | 14,138,000 | 13,413,000 | -5.1% |
| Self-Prepared E-files | 19,933,000 | 18,987,000 | -4.7% |
| Total Refunds | 20,883,000 | 13,657,000 | -34.6% |
| Average Refund | $3,207 | $2,169 | -32.4% |
| Direct Deposit Refunds | 20,574,000 | 13,515,000 | -34.3% |
| Average Direct Deposit | $3,265 | $2,252 | -31.0% |
Data Source: IRS Filing Season Statistics for Week Ending February 14, 2025
The early season tax refund statistics for the US in 2025 show an interesting pattern that initially appeared concerning but had a logical explanation tied to federal tax law. By February 14, 2025, the IRS had received 33,040,000 tax returns, representing a 4.9% decrease from the 34,743,000 returns received by the corresponding date in 2024. The agency processed 32,820,000 returns by mid-February, a 5.0% decline from the previous year’s 34,546,000 processed returns. Electronic filing remained strong with 32,400,000 e-filed returns, though this represented a 4.9% decrease from 2024. Both professional and self-prepared e-filing showed similar declines of 5.1% and 4.7% respectively, with tax professionals handling 13,413,000 returns and self-preparers submitting 18,987,000 returns during this early period.
The most striking aspect of the early 2025 season was the dramatic decrease in refund numbers and average refund amounts, which had a specific regulatory cause. The IRS issued only 13,657,000 refunds by February 14, a substantial 34.6% decline from the 20,883,000 refunds issued by the same date in 2024. The average refund amount was $2,169, representing a 32.4% decrease from the previous year’s $3,207 average. This significant drop was primarily due to the PATH Act requirement, which prohibits the IRS from issuing refunds for tax returns claiming the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) before mid-February. The February 16, 2024 data included PATH Act refunds, while the February 14, 2025 data did not, as these refunds were scheduled to be reflected in the following week’s statistics. Direct deposit refunds followed a similar pattern, with 13,515,000 issued at an average of $2,252, down 34.3% and 31.0% respectively from 2024. This early-season data illustrates how federal tax policy timing can significantly impact refund distribution patterns and emphasizes the importance of understanding regulatory constraints when analyzing tax season statistics.
Mid-Season Tax Refund Performance in the US 2025
| Mid-Season Metric (May 9) | 2024 | 2025 | % Change |
|---|---|---|---|
| Total Returns Received | 144,018,000 | 145,855,000 | +1.3% |
| Total Returns Processed | 141,317,000 | 143,556,000 | +1.6% |
| E-filing Returns Received | 137,394,000 | 139,496,000 | +1.5% |
| Professional E-files | 73,531,000 | 74,896,000 | +1.9% |
| Self-Prepared E-files | 63,864,000 | 64,601,000 | +1.2% |
Data Source: IRS Filing Season Statistics for Week Ending May 9, 2025
The mid-season tax refund performance in the US during 2025 demonstrated strong recovery and growth following the early-season impacts of PATH Act restrictions. By May 9, 2025, the IRS had received 145,855,000 tax returns, representing a healthy 1.3% increase from the 144,018,000 returns received by the corresponding date in 2024. The processing efficiency remained impressive, with the agency handling 143,556,000 returns by early May, a 1.6% improvement over 2024’s 141,317,000 processed returns. This processing rate demonstrated the IRS’s ability to manage the massive influx of returns during peak filing season, particularly around the April 15 deadline when approximately 140 million of the expected returns were filed. The consistency in processing rates, despite the 26% workforce reduction that occurred between January and June, highlights the effectiveness of technology improvements and process optimization implemented by the agency.
Electronic filing continued its dominant position in the mid-season period, with 139,496,000 e-filed returns received, representing a 1.5% increase from 2024’s 137,394,000 e-filed returns. This means approximately 95.6% of all returns were filed electronically by early May, reinforcing the overwhelming preference for digital submission methods among American taxpayers. The distribution between professional and self-prepared e-filing revealed interesting trends, with tax professionals handling 74,896,000 returns (a 1.9% increase) while self-preparers submitted 64,601,000 returns (a 1.2% increase). The stronger growth in professionally prepared returns suggests that taxpayers increasingly sought expert assistance navigating complex tax situations, possibly due to new tax law changes implemented in 2025. The mid-season data confirms that after the early PATH Act-related delays were resolved, the 2025 filing season returned to normal patterns with steady year-over-year growth across all major metrics.
Electronic Filing and Direct Deposit Trends in the US 2025
| E-Filing Metric | FY 2024 Data | Details |
|---|---|---|
| Total E-Filed Returns | 219.9 million | All electronically filed returns and forms |
| E-Filing Percentage | 82.5% | Share of all filings submitted electronically |
| Individual E-Filing Rate | 93.3% | Percentage of individual returns filed electronically |
| Processing Time Advantage | 1-5 weeks faster | E-filed returns process faster than paper |
| Direct Deposit Speed | Within 21 days | Typical timeframe for e-file with direct deposit |
| Paper Check Issues | 16x more likely | Paper checks face more problems than direct deposit |
| IRS Refund Tool | 24 hours | Time after e-filing to check status on Where’s My Refund |
| IRS2Go Mobile App | Available | Mobile option for checking refund status |
Data Source: IRS Data Book FY 2024; IRS Filing Season Information 2025
The electronic filing and direct deposit trends in the US for 2025 underscore a dramatic transformation in how Americans file their taxes and receive refunds. The IRS processed more than 219.9 million electronically filed returns and forms during Fiscal Year 2024, representing 82.5% of all filings submitted to the agency. When focusing specifically on individual income tax returns, the e-filing rate reached an impressive 93.3%, demonstrating near-universal adoption of digital filing methods among American taxpayers. This shift toward electronic filing provides substantial benefits, with e-filed returns processing 1 to 5 weeks faster than paper returns, and taxpayers who choose direct deposit typically receiving their refunds within 21 days of the IRS accepting their return. The speed and efficiency of this method are further enhanced by the fact that paper refund checks are 16 times more likely to encounter issues such as being lost, misdirected, stolen, or remaining uncashed, according to the Treasury’s Bureau of the Fiscal Service.
The IRS has invested significantly in digital tools to support the electronic filing ecosystem, making it easier than ever for taxpayers to file online and track their refunds. The Where’s My Refund tool on IRS.gov allows taxpayers to check their refund status within 24 hours of e-filing their return, with information updated once daily overnight. The IRS2Go mobile app provides the same functionality in a mobile-friendly format, enabling taxpayers to monitor their refund status, find free tax help, and make payments from their smartphones or tablets. The 2025 filing season saw continued improvements in taxpayer-facing technology, including 67 mobile-adaptive tax forms with save-and-draft capabilities, 284 redesigned notices for improved clarity, and enhanced voicebot and chatbot services to handle refund inquiries without requiring taxpayers to wait for a human representative. The combination of high e-filing rates, fast processing times, and sophisticated tracking tools has made the 21-day refund window a realistic expectation for the vast majority of American taxpayers who choose electronic filing with direct deposit.
IRS Workforce and Processing Capacity in the US 2025
| Workforce Metric | 2025 Data | Change |
|---|---|---|
| Starting Workforce | 102,000 employees | January 2025 level |
| June Workforce | 76,000 employees | After workforce reduction |
| Workforce Reduction | 26,000 employees | 26% decrease in 6 months |
| IT Staffing Cut | 27% | Information Technology reduction |
| Taxpayer Services Cut | 22% | Over 9,000 employees lost |
| Returns Suspended | 13 million+ | Returns requiring additional review |
| Identity Theft Case Time | Nearly 2 years | Average resolution timeframe |
| Recommended Resolution | 4 months | National Taxpayer Advocate target |
Data Source: National Taxpayer Advocate Mid-Year Report to Congress 2025
The IRS workforce and processing capacity in the US during 2025 faced unprecedented challenges that threatened the agency’s ability to deliver effective taxpayer service despite the successful completion of the filing season. The IRS began 2025 with approximately 102,000 employees, but between the start of the filing season in January and June, the workforce decreased to fewer than 76,000 employees, representing a dramatic drop of about 26% or 26,000 workers. This reduction came through a combination of layoffs, early retirement incentives, and attrition, with particularly severe impacts on critical departments. Information Technology staffing was reduced by 27%, while Taxpayer Services staffing decreased by approximately 22%, losing more than 9,000 employees who handle crucial functions like answering phone calls, processing correspondence, and assisting taxpayers directly. These cuts occurred despite the agency successfully processing nearly 141 million individual income tax returns and issuing refunds to 62% of filers.
The workforce reductions had measurable impacts on processing efficiency and taxpayer service quality. The IRS suspended over 13 million returns during processing pending additional review, and these processing delays generally resulted in refund delays for affected taxpayers. One particularly concerning issue highlighted in the National Taxpayer Advocate’s mid-year report was the lengthy time required to resolve identity theft cases, with victims waiting nearly 2 years on average to receive their money—an especially burdensome delay for taxpayers dependent on their refunds. The report strongly recommended that the IRS reduce the average case resolution time to 4 months, emphasizing that with the 2026 filing season approaching amid potential tax law changes and continued staffing constraints, early preparation is essential to ensure the IRS can deliver both effective taxpayer service and secure operations. The Administration’s FY 2026 budget proposal calls for maintaining Taxpayer Services staffing at FY 2025 levels, which means the IRS will need to rapidly hire and train thousands of new employees before the next filing season to process returns and deliver timely refunds to American taxpayers.
Tax Credits Impact on Refunds in the US 2025
| Tax Credit Type | Number of Refunds | FY 2024 Data |
|---|---|---|
| Refundable Child Tax Credit | 14.3 million | Refunds including this credit |
| Earned Income Tax Credit | 21.4 million | Refunds including EITC |
| PATH Act Restriction | Mid-February | EITC/ACTC refunds delayed until this time |
| Refund Participation (Under $50K) | 77%+ | Taxpayers receiving refunds in this bracket |
| Lowest Income Refund Rate | 99.3% | Participation rate among lowest earners |
| Total Individual Refunds (FY 2024) | 117.6 million | All individual refunds issued |
| Total Refund Amount (FY 2024) | $461.2 billion | Total dollars refunded to individuals |
Data Source: IRS Data Book FY 2024; IRS Filing Season Statistics 2025
The impact of tax credits on refunds in the US during 2025 demonstrates the crucial role these provisions play in delivering financial relief to American families, particularly those in lower and middle-income brackets. In Fiscal Year 2024, nearly 14.3 million tax refunds included a refundable child tax credit, while more than 21.4 million refunds included a refundable earned income tax credit (EITC). These credits are particularly significant because they are refundable, meaning taxpayers can receive money back even if they owe little or no federal income tax, making them essential anti-poverty tools that benefit working families. The PATH Act requirement mandates that the IRS cannot issue refunds for tax returns claiming the EITC or Additional Child Tax Credit (ACTC) before mid-February, which caused the dramatic early-season refund decreases observed in the February statistics but ultimately protected the integrity of these important programs by allowing additional time for fraud prevention verification.
The distribution of refund participation across income levels reveals the disproportionate importance of these credits to lower-income Americans. Taxpayers earning less than $50,000 annually received an average refund of $2,403, with more than 77% of total returns in this income group resulting in refunds. Among the lowest-income taxpayers, participation in receiving refunds rather than applying overpayments to the next year’s taxes was nearly universal at 99.3%, highlighting how critical these refunds are for household budgets. The IRS issued a total of 117.6 million refunds to individuals in Fiscal Year 2024, distributing more than $461.2 billion to American taxpayers. The mid-February delay for EITC and ACTC refunds explains why early-season statistics showed an average refund of only $2,169 in mid-February, which then increased substantially to $3,116 by early April once these credit-related refunds were released, and ultimately reached $3,052 by mid-October. This pattern demonstrates how tax credits significantly boost refund amounts for millions of American families while also illustrating the temporal impact of fraud prevention measures on refund distribution timelines.
State-by-State Average Tax Refund Amounts in the US 2025
| State | Average Refund | Refund Rate |
|---|---|---|
| Florida | $3,852 | 67% (7.5M of 11.1M returns) |
| Texas | $3,774 | 71% (9.7M of 13.6M returns) |
| Wyoming | $3,720 | 68% (190K of 280.7K returns) |
| Nevada | $3,643 | 70% (1.08M of 1.6M returns) |
| Louisiana | $3,577 | 73% (1.4M of 2M returns) |
| National Average | $3,052 | ~62% overall (Oct 2025) |
Data Source: IRS Form 1040 Statistics (2022 Tax Year); CPA Practice Advisor Analysis 2025
The state-by-state average tax refund amounts in the US for 2025 reveal significant geographic variation in how much taxpayers receive back from the federal government. Florida reported the highest average refund in the country at $3,852, with approximately 7.5 million of the state’s 11.1 million federal tax returns (about 67%) resulting in a refund. Texas followed closely with an average refund of $3,774, and had the second-largest overall filing volume of any state with 13.6 million returns filed, of which more than 9.7 million (71%) received a refund. Wyoming, despite its smaller population, recorded an impressive average refund of $3,720, with about 190,000 of the 280,750 returns filed (68%) receiving a refund. Nevada maintained a strong average refund of $3,643, with 1.08 million refunds issued out of 1.6 million total returns, representing an overall refund rate of roughly 70%. Louisiana completed the top five with an average refund of $3,577, issuing 1.4 million refunds across nearly 2 million returns, reflecting a 73% refund rate—the third highest among the top states.
These state-level differences in average refund amounts are driven by multiple factors, including variations in income levels, state tax structures, employment composition, and the prevalence of deductions and credits. States without state income taxes, such as Florida, Texas, Nevada, and Wyoming, often show higher federal refunds in part because residents in these states cannot claim the state and local tax (SALT) deduction on their federal returns, which may result in different withholding patterns. The national average refund stood at $3,052 through October 2025, with approximately 62% of all processed returns resulting in refunds. The geographic distribution also reflects regional economic conditions, with many of the highest refund states located in the South and Mountain West regions. Louisiana’s 73% refund rate being among the highest suggests strong participation in refundable tax credits in that state, while the national 62% refund rate indicates that roughly three out of every five American taxpayers receive money back when they file their federal income tax returns, making refunds a significant annual financial event for the majority of US households.
Future Tax Refund Outlook for the US 2026
| 2026 Projection Factor | Estimated Impact | Details |
|---|---|---|
| Average Refund Increase | ~$1,000 per filer | Projected boost for 2026 filing season |
| Projected Average Refund | $4,151 | Expected average refund amount |
| Additional Refund Total | $90 billion | Extra refunds beyond typical $270B |
| Tax Law Changes | Retroactive to 2025 | New deductions effective for 2025 tax year |
| SALT Deduction Cap | $40,000 | Increased from previous $10,000 limit |
| SALT Phase-out | $500,000+ income | Deduction begins reducing above this level |
| Overtime/Tips Exemption | Various income levels | New tax-free provisions |
| Primary Beneficiaries | $60K-$400K earners | Middle and upper-middle income households |
Data Source: Piper Sandler Analysis 2025; Tax Policy Center Report 2025
The future tax refund outlook for the US in 2026 anticipates one of the largest refund seasons in history, driven by significant tax law changes enacted in July 2025. Financial services firm Piper Sandler projects that the average refund could increase by approximately $1,000 per filer, bringing the typical refund check to roughly $4,151 per filer for those filing 2025 returns in early 2026. This substantial increase stems from the “one big, beautiful” tax and spending law signed by President Trump in July 2025, which implemented numerous tax breaks retroactive to 2025, meaning taxpayers will realize the benefits when they file in early 2026. The legislation includes eliminating taxes on some overtime and tipped income, as well as dramatically increasing the state and local tax (SALT) deduction cap from $10,000 to $40,000. In a typical year, the IRS processes approximately $270 billion in total tax refunds, but the 2026 filing season could see that figure increase by an additional $90 billion to approximately $360 billion in total refunds, representing about a one-third increase.
The impact of these tax law changes will not be evenly distributed across all income levels. The primary beneficiaries are expected to be middle and upper-middle-income households, specifically those earning between $60,000 to $400,000 annually. Higher-income Americans earning over $217,000 per year are projected to receive approximately $6 out of every $10 in new tax breaks from the law, according to Tax Policy Center analysis. However, some provisions include income phase-outs to prevent the highest earners from capturing all benefits. For example, the new $40,000 SALT deduction begins to phase out for filers with annual income exceeding $500,000. The lowest-earning households are likely to see minimal benefit from parts of the new tax law because provisions like the higher SALT deduction cap only help taxpayers whose state and local taxes exceed the standard deduction, and filers must itemize to claim the SALT deduction, which lower-income households typically cannot benefit from doing. Americans generally are not adjusting their withholding to reflect the new law’s retroactive tax cuts, largely because it’s difficult for employees to estimate the impact mid-year, which means when people file their taxes in early 2026, they could receive refunds that are substantially larger than expected—potentially creating significant financial windfalls for tens of millions of American households.
Disclaimer: This research report is compiled from publicly available sources. While reasonable efforts have been made to ensure accuracy, no representation or warranty, express or implied, is given as to the completeness or reliability of the information. We accept no liability for any errors, omissions, losses, or damages of any kind arising from the use of this report.