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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Income Tax Expense (Benefit)

Income tax expense (benefit) is as follows:

		Year ended December 31,
		2019				2020
Current:
Federal		$	6,258,953			$	(5,056,987	)
State			2,092,750				—
			8,351,703				(5,056,987	)
Deferred:
Federal			(1,607,189	)			982,431
State			(146,763	)			(1,111,436	)
			(1,753,952	)			(129,005	)
		$	6,597,751			$	(5,185,992	)

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 21% to the Company’s income (loss) before taxes as follows:

		Year ended December 31,
		2019				2020
Expected tax expense (benefit)		$	4,166,309			$	(5,018,846	)
State income taxes, net of federal benefit			4,263,192				(878,034	)
Tax rate adjustments			290,381				(109,421	)
Change in valuation allowance			(3,450,458	)			(3,074	)
Non-deductible items			1,055,121				535,080
Other			273,206				288,303
		$	6,597,751			$	(5,185,992	)

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,
		2019				2020
Deferred tax assets:
Allowance for doubtful accounts		$	567,702			$	1,330,493
Other assets			(979,560	)			(474,351	)
Accrued expenses			786,001				765,531
Other long-term liabilities			2,663,792				2,928,717
Stock-based compensation			149,087				138,809
Net operating losses			94,878				1,398,872
Subtotal			3,281,900				6,088,071
Valuation allowance			(311,214	)			(308,140	)
Total			2,970,686				5,779,931
Deferred tax liabilities:
Prepaid expenses			(91,665	)			(85,946	)
Property and equipment			(1,827,323	)			(4,051,119	)
Intangibles			(122,182,694	)			(122,556,849	)
Total			(124,101,682	)			(126,693,914	)
Net deferred tax liabilities		$	(121,130,996	)		$	(120,913,983	)

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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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