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Liquidated Damages (Tables)

12 Months Ended

Dec. 31, 2020

Liquidated Damages

Schedule of Recognized Liquidated Damages

The following tables summarize the Liquidated Damages recognized during the years ended December 31, 2020 and 2019, with respect to the registration rights agreements and securities purchase agreements:

  Schedule of Recognized Liquidated Damages

		Year Ended December 31, 2020
		12% Convertible Debentures				Series I Preferred Stock				Series J Preferred Stock				Total Liquidated Damages
Registration Rights Damages		$	-			$	277,200			$	360,000			$	637,200
Public Information Failure Damages			12,300				346,500				360,000				718,800
Accrued interest			1,578				69,992				60,007				131,577
Balance		$	13,878			$	693,692			$	780,007			$	1,487,577

		Year Ended December 31, 2019
		12% Convertible Debentures				Series I Preferred Stock				Series J Preferred Stock				Total Liquidated Damages
Registration Rights Damages		$	-			$	138,600			$	-			$	138,600
Public Information Failure Damages			102,246				69,300				-				171,546
Accrued interest			16,162				262,193				140,015				418,370
Balance		$	118,408			$	470,093			$	140,015			$	728,516

Schedule of Income Taxes

The components of the (provision) benefit for income taxes consist of the following:

 Schedule of Income Taxes

		Years Ended December 31,
		2020				2019
Current tax benefit:
Federal		$	-			$	-
State and local			-				-
Total current tax benefit			-				-
Deferred tax (provision) benefit:
Federal			20,677,960				9,802,070
State and local			5,279,879				3,053,709
Change in valuation allowance			(26,168,671	)			6,685,348
Total deferred tax (provision) benefit			(210,832	)			19,541,127
Total income tax (provision) benefit		$	(210,832	)		$	19,541,127

Schedule of Components of Deferred Tax Assets and Liabilities

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

 Schedule of Components of Deferred Tax Assets and Liabilities

		As of December 31,
		2020				2019
Deferred tax assets:
Net operating loss carryforwards		$	35,535,941			$	20,998,172
Tax credit carryforwards			263,873				263,873
Allowance for doubtful accounts			458,506				450,116
Accrued expenses and other			677,909				64,494
Liquidated damages			1,549,313				1,078,235
Unearned revenue			2,356,111				-
Stock-based compensation			2,158,080				1,055,083
Operating lease liability			691,228				223,596
Depreciation and amortization			4,341,983				3,921,952
Deferred tax assets			48,032,944				28,055,521
Valuation allowance			(29,653,417	)			(3,484,746	)
Total deferred tax assets			18,379,527				24,570,775
Deferred tax liabilities:
Prepaid expenses			(144,704	)			(148,051	)
Unearned revenue			-				(67,295	)
Acquisition-related intangibles			(18,445,655	)			(24,355,429	)
Total deferred tax liabilities			(18,590,359	)			(24,570,775	)
Net deferred tax liabilities		$	(210,832	)		$	-

Schedule of Tax Benefit and Effective Income Tax

The provision (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:

Schedule of Tax Benefit and Effective Income Tax 

		Years Ended December 31,
		2020								2019
		Amount				Percent				Amount				Percent
Federal benefit expected at statutory rate		$	(18,694,437	)			21.0	%		$	(12,188,924	)			21.0	%
State and local taxes, net of federal benefit			(5,279,879	)			5.9	%			(3,053,709	)			5.3	%
Stock-based compensation			1,768,735				(2.0	)%			1,591,202				(2.7	)%
Unearned revenue			(5,120,330	)			5.8	%			(1,969,056	)			3.4	%
Interest expense			1,173,535				(1.3	)%			1,015,199				(1.7	)%
Other differences, net			152,294				(0.2	)%			199,643				(0.4	)%
Valuation allowance			26,168,671				(29.4	)%			(6,685,348	)			11.5	%
Other permanent differences			42,243				0.0	%			1,549,866				(2.7	)%
Tax provision (benefit) and effective income tax rate		$	210,832				(0.2	)%		$	(19,541,127	)			33.7	%

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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
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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.

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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
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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
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-SubTopic 10
-Section 50
-Paragraph 12
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