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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2021
Income Taxes |
Schedule of components of income tax expense (benefit) |
|  | DECEMBER 31, |
|  | 2021 |  |  | 2020 |
Current provision |  |  |  |  |  |
State |  | $ | 100,000 |  |  | $ | 68,541 |
Foreign |  |  | 50,165 |  |  |  | 6,577 |
Total |  |  | 150,165 |  |  |  | 75,118 |
Deferred provision (benefit) |  |  |  |  |  |  |  |
Federal |  |  | 567,316 |  |  |  | (6,651,247 | )
State |  |  | (83,032 | ) |  |  | (823,822 | )
Foreign |  |  | 5,998 |  |  |  | - |
Total |  |  | 490,282 |  |  |  | (7,475,069 | )
Income tax provision (benefit) |  | $ | 640,447 |  |  | $ | (7,399,951 | )
Schedule of effective income tax rate reconciliation |
|  | DECEMBER 31, |
|  | 2021 |  |  | 2020 |
Statutory federal income tax rate |  |  | 21.0 | % |  |  | 21.0 | %
State, net of federal benefit |  |  | 7.5 | % |  |  | 7.0 | %
Non-deductible expenses |  |  | 19.7 | % |  |  | 0.8 | %
Change in valuation allowance |  |  | 15.1 | % |  |  | 281.2 | %
Foreign rate differential |  |  | 3.8 | % |  |  | 0.0 | %
Return to accrual difference true-ups |  |  | 15.1 | % |  |  | 1.4 | %
Other |  |  | (0.1 | )% |  |  | 1.1 | %
Deferred tax adjustment and true-up |  |  | 88.2 | % |  |  | 3.4 | %
Combined effective tax rate |  |  | 62.9 | % |  |  | 253.1 | %
Schedule of deferred tax assets and liabilities |
|  | DECEMBER 31, |
|  | 2021 |  |  | 2020 |
Deferred tax assets: |  |  |  |  |  |
Net operating loss carryforwards |  | $ | 9,501,008 |  |  | $ | 9,711,726 |
Alternative minimum tax credit |  |  | 45,650 |  |  |  | 45,650 |
Share-based compensation |  |  | 659,338 |  |  |  | 627,980 |
Intangible amortization |  |  | 208,036 |  |  |  | 473,882 |
Lease liability |  |  | 1,554,888 |  |  |  | 1,522,560 |
Other assets |  |  | 251,553 |  |  |  | 107,682 |
Total deferred tax assets |  |  | 12,220,473 |  |  |  | 12,489,480 |
Less: valuation allowance |  |  | (1,999,630 | ) |  |  | (2,152,768 | )
Total deferred tax assets, net |  |  | 10,220,843 |  |  |  | 10,336,712 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Goodwill amortization |  |  | 3,041,451 |  |  |  | 2,786,029 |
Depreciation |  |  | 210,755 |  |  |  | 177,170 |
Foreign intangible amortization |  |  | 409,269 |  |  |  | 336,759 |
Other liabilities |  |  | 12,830 |  |  |  | 12,819 |
Lease asset |  |  | 1,419,056 |  |  |  | 1,417,856 |
Total deferred tax liabilities |  |  | 5,093,361 |  |  |  | 4,730,633 |
Net deferred tax asset |  | $ | 5,127,482 |  |  | $ | 5,606,079 |
Summary of valuation allowance |
|  | DECEMBER 31, |
|  | 2021 |  |  | 2020 |
Beginning balance |  | $ | (2,152,768 | ) |  | $ | (10,364,787 | )
Decreases (increases) |  |  | 153,138 |  |  |  | 8,212,019 |
Ending balance |  | $ | (1,999,630 | ) |  | $ | (2,152,768 | )

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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=121826272&loc=d3e32537-109319 + Details
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