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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Schedule of Income Tax Expense (Benefit)

Income tax expense (benefit) is as follows:
 

		Year ended December 31,
		2017				2018
Current:
Federal		$	(2,466,482	)		$	3,043,583
State			289,563				902,863
			(2,176,919	)			3,946,446
Deferred:
Federal			(47,531,436	)			2,741,821
State			1,480,065				5,007,279
			(46,051,371	)			7,749,100
		$	(48,228,290	)		$	11,695,546

Schedule of Income Tax Expense (Benefit) , Federal Statutory Rate

Income tax expense (benefit) differs from the amounts that would result from applying the federal statutory rate of 35% in 2017 and 21% in 2018 to the Company’s income before taxes as follows:
 

		Year ended December 31,
		2017				2018
Expected tax expense		$	13,616,008			$	3,817,085
State income taxes, net of federal benefit			1,150,258				1,957,508
Gain on merger			(3,518,814	)			927,344
Tax rate adjustments			(59,717,125	)			294,924
Change in valuation allowance			52,833				3,432,284
Non-deductible items			(110,953	)			1,140,948
Other			299,503				125,453
		$	(48,228,290	)		$	11,695,546

Schedule of Components of Deferred Tax Assets and Liabilities

Temporary differences that give rise to the components of deferred tax assets and liabilities are as follows:
 

		December 31,
		2017				2018
Deferred tax assets:
Allowance for doubtful accounts		$	427,484			$	530,744
Other assets			(2,047,104	)			(1,647,113	)
Accrued expenses			355,361				412,165
Other long-term liabilities			2,918,611				2,729,442
Stock-based compensation			107,715				141,960
Net operating losses			5,506,040				3,726,364
Subtotal			7,268,107				5,893,562
Valuation allowance			(328,170	)			(3,760,454	)
Total			6,939,937				2,133,108
Deferred tax liabilities:
Prepaid expenses			(96,085	)			(99,187	)
Property and equipment			(2,743,550	)			(2,858,163	)
Intangibles			(119,383,233	)			(122,088,303	)
Total			(122,222,868	)			(125,045,653	)
Net deferred tax liabilities		$	(115,282,931	)		$	(122,912,545	)

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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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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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