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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Schedule of Income Taxes

The components of the benefit for income taxes consist of the following:

		Years Ended December 31,
		2019				2018
Current tax benefit:
Federal		$	-			$	-
State and local			-				-
Total current tax benefit			-				-
Deferred tax benefit:
Federal			9,802,070				3,359,203
State and local			3,053,709				1,498,009
Change in valuation allowance			6,685,348				(4,765,579	)
Total deferred tax benefit			19,541,127				91,633
Total income tax benefit		$	19,541,127			$	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,
		2019				2018
Deferred tax assets:
Net operating loss carryforwards		$	20,998,172			$	10,474,525
Tax credit carryforwards			263,873				263,873
Allowance for doubtful accounts			450,116				16,017
Accrued expenses and other			64,494				64,849
Deferred rent			-				21,233
Contract liabilities			-				84,622
Liquidated damages payable			1,078,235				646,146
Stock-based compensation			1,055,083				242,545
Operating lease liability			223,596				-
Depreciation and amortization			3,921,952				981,850
Current deferred tax assets			28,055,521				12,795,660
Valuation allowance			(3,484,746	)			(8,541,191	)
Total deferred tax assets			24,570,775				4,254,469
Deferred tax liabilities:
Prepaid expenses			(148,051	)			-
Contract liabilities			(67,295	)			-
Acquisition-related intangibles			(24,355,429	)			(4,254,469	)
Total deferred tax liabilities			(24,570,775	)			(4,254,469	)
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,
		2019								2018
		Amount				Percent				Amount				Percent
Federal benefit expected at statutory rate		$	(12,188,924	)			21.0	%		$	(5,493,498	)			21.0	%
State and local taxes, net of federal benefit			(3,053,709	)			5.3	%			(1,498,009	)			5.7	%
Stock-based compensation			276,382				(0.5	)%			434,556				(1.7	)%
Other differences, net			199,642				(0.3	)%			246,614				(0.8	)%
Valuation allowance			(6,685,348	)			11.5	%			4,765,579				(18.2	)%
Permanent differences			1,910,830				(3.3	)%			1,453,125				(5.6	)%
Tax benefit and effective income tax rate		$	(19,541,127	)			33.7	%		$	(91,633	)			0.4	%

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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
-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://fasb.org/us-gaap/role/ref/legacyRef
-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://fasb.org/us-gaap/role/ref/legacyRef
-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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