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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Schedule of components of income tax expense (benefit)

he Company's (benefit) provision for income taxes comprises the following:

	For the year ended December 31,
	2017				2016				2015
Current:
Federal	$	623,060			$	(5,093	)		$	439,934
State and local	1,179				(1,446		)		946
Total current provision (benefit)	624,239				(6,539		)		440,880
Deferred:
Federal	(2,724,371		)		21,252				19,006
State and local	6,342				(829		)		2,097
Total deferred (benefit) provision	(2,718,029		)		20,423				21,103
Total (benefit) provision	$	(2,093,790	)		$	13,884			$	461,983

Schedule of deferred tax assets and liabilities

he Company’s deferred tax assets and liabilities comprise the following: 

	As of December 31,
	2017				2016
Deferred income tax assets:
Net operating losses	$	38,087,782			$	72,726,440
Deferred research and development costs	205,527				669,602
Amortization of intangible assets	282,213				665,531
Share-based compensation	1,001,662				1,687,243
Fixed assets	417,085				667,008
Deferred revenue	84,130,212				102,520,433
Alternative minimum tax credits	2,652,250				2,029,190
Other	1,024,082				1,337,941
Deferred income tax assets	127,800,813				182,303,388
Less: valuation allowance	(102,556,657		)		(155,465,173		)
Deferred income tax assets, net of valuation allowance	$	25,244,156			$	26,838,215
Deferred income tax liabilities:
Amortization of goodwill	(193,458		)		(287,729		)
Capitalized contract costs	(21,518,646		)		(25,854,435		)
Other	(1,100,089		)		(982,117		)
Deferred income tax asset (liability), net	$	2,431,963			$	(286,066	)

Schedule of effective income tax rate reconciliation

The Company’s effective tax rate differs from the U.S. federal statutory income tax rate as follows:

	As of December 31,
	2017			2016			2015
Statutory federal income tax rate	(35.0	)%		(35.0	)%		(35.0	)%
State tax benefit	(3.9	)%		0.6	%		—	%
Increase in fair value of common stock warrants	4.3	%		0.8	%		—	%
Reorganization costs	—	%		3.3	%		7.0	%
Other	(1.8	)%		0.2	%		1.4	%
U.S. federal tax law change	(5.1	)%		—	%		—	%
Valuation allowance on deferred tax assets	36.0	%		30.1	%		27.8	%
Effective tax rate	(5.5	)%		—	%		1.2	%

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- References

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- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319

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- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319

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- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319

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