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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Schedule of Income Taxes

The components of the benefit for income taxes is as follows:

		Years Ended December 31,
		2018				2017
Current tax benefit
Federal		$	-			$	-
State and local			-				-
Total current tax benefit			-				-
Deferred tax benefit
Federal			3,359,203				920,356
State and local			1,498,009				-
Change in valuation allowance			(4,765,579	)			(920,356	)
Total deferred tax benefit			91,633				-
Total income tax benefit		$	91,633			$	-

Schedule of Components of Deferred Tax Assets and Liabilities

The components of deferred tax assets and liabilities were as follows:

		As of December 31,
		2018				2017
Deferred tax assets
Net operating loss carryforwards		$	10,474,525			$	1,544,591
Tax credit carryforwards			263,873				-
Accrued expenses and other			64,849				38,328
Allowance for doubtful accounts			16,017				-
Deferred rent			21,233				-
Contract liabilities			84,622				3,631
Liquidating damages payable			646,146				-
Stock based compensation			242,545				119,807
Depreciation and amortization			981,850				-
Current deferred tax assets			12,795,660				1,706,357
Valuation allowance			(8,541,191	)			(1,353,207	)
Total deferred tax assets			4,254,469				353,150
Deferred tax liabilities
Depreciation and amortization			-				(353,150	)
Acquisition-related intangibles			(4,254,469	)			-
Total deferred tax liabilities			(4,254,469	)			(353,150	)
Net deferred tax		$	-			$	-

Schedule of Tax Benefit and Effective Income Tax

The benefit for income taxes on the statement of operations differs from the amount computed by applying the statutory federal income tax rate to loss before the benefit for income taxes, as follows:

		Years Ended December 31,
		2018								2017
		Amount				Percent				Amount				Percent
Federal benefit expected at statutory rate		$	(5,493,498	)			21.0	%		$	(2,136,666	)			34.0	%
State and local taxes, net of federal benefit			(1,498,009	)			5.7	%			-				0.0	%
Impact of tax rate change			-				0.0	%			837,699				(13.3	)%
Stock based compensation			434,556				(1.7	)%			-				0.0	%
Other differences, net			246,614				(0.8	)%			-				0.0	%
Valuation allowance			4,765,579				(18.2	)%			920,356				(14.7	)%
Permanent differences			1,453,125				(5.6	)%			378,611				(6.0	)%
Tax benefit and effective income tax rate		$	(91,633	)			0.4	%		$	-				0.0	%

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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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