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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Schedule of Income Tax Expense (Benefit)

Income tax expense is as follows:

		Year ended December 31,
		2018				2019
Current:
Federal		$	3,043,583			$	6,258,953
State			902,863				2,092,750
			3,946,446				8,351,703
Deferred:
Federal			2,741,821				(1,607,189	)
State			5,007,279				(146,763	)
			7,749,100				(1,753,952	)
		$	11,695,546			$	6,597,751

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

Income tax expense differs from the amounts that would result from applying the federal statutory rate of 21% to the Company’s income before taxes as follows:

		Year ended December 31,
		2018				2019
Expected tax expense		$	3,817,085			$	4,166,309
State income taxes, net of federal benefit			1,957,508				4,263,192
Gain on merger			927,344				—
Tax rate adjustments			294,924				290,381
Change in valuation allowance			3,432,284				(3,450,458	)
Non-deductible items			1,140,948				1,055,121
Other			125,453				273,207
		$	11,695,546			$	6,597,751

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,
		2018				2019
Deferred tax assets:
Allowance for doubtful accounts		$	530,744			$	567,702
Other assets			(1,647,113	)			(979,560	)
Accrued expenses			412,165				786,001
Other long-term liabilities			2,729,442				2,663,792
Stock-based compensation			141,960				149,087
Net operating losses			3,726,364				94,878
Subtotal			5,893,562				3,281,900
Valuation allowance			(3,760,454	)			(311,214	)
Total			2,133,108				2,970,686
Deferred tax liabilities:
Prepaid expenses			(99,187	)			(91,665	)
Property and equipment			(2,858,163	)			(1,827,323	)
Intangibles			(122,088,303	)			(122,182,694	)
Total			(125,045,653	)			(124,101,682	)
Net deferred tax liabilities		$	(122,912,545	)		$	(121,130,996	)

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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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