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Income Taxes
 12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Income Taxes
(15)
Income Taxes
Income tax benefit is as follows:
 
    
Year ended December 31,
  
    
2020
     
2021
  
Current:
                  
Federal
    $ (5,056,987 )     $ —    
State
      —          —    
    
 
 
     
 
 
  
       (5,056,987 )       —    
Deferred:
                  
Federal
      982,431        (3,040,141 ) 
State
      (1,111,436 )       (2,281,489 ) 
    
 
 
     
 
 
  
       (129,005 )       (5,321,630 ) 
    
 
 
     
 
 
  
     $ (5,185,992 )     $ (5,321,630 ) 
    
 
 
     
 
 
  
Income tax benefit differs from the amounts that would result from applying the federal statutory rate of 21% to the Company’s loss before taxes as follows:
 
    
Year ended December 31,
  
    
2020
    
2021
  
Expected tax benefit
    $ (5,018,846 )    $ (1,412,137 ) 
State income taxes, net of federal benefit
      (878,034 )      (353,270 ) 
Tax rate adjustments
      (109,421 )      (822,982 ) 
Change in valuation allowance
      (3,074 )      (3,097 ) 
Non-deductible
items
      535,080       837,045  
Non-taxable
items
      —          (3,412,500 ) 
Other
      288,303       (154,689 )
    
 
 
    
 
 
  
     $ (5,185,992 )    $ (5,321,630 ) 
    
 
 
    
 
 
  
Temporary differences that give rise to the components of deferred tax assets and liabilities are as follows:
 
    
December 31,
  
    
2020
    
2021
  
Deferred tax assets:
                 
Allowance for doubtful accounts
    $ 1,330,493     $ 451,685  
Other assets
      (474,351 )      274,357  
Operating lease liabilities
      765,531       759,130  
Other long-term liabilities
      2,928,717       2,743,597  
Stock-based compensation
      138,809       223,960  
Interest expense limitation
      —         5,097,723  
Net operating losses
      1,398,872       3,221,884  
    
 
 
    
 
 
  
Subtotal
      6,088,071       12,772,336  
Valuation allowance
      (308,140 )      (305,043 ) 
    
 
 
    
 
 
  
Total
      5,779,931       12,467,293  
    
 
 
    
 
 
  
Deferred tax liabilities:
                 
Prepaid expenses
      (85,946 )      (465,976 ) 
Property and equipment
      (4,051,119 )      (3,308,562 ) 
Intangibles
      (122,556,849 )      (124,382,072 ) 
    
 
 
    
 
 
  
Total
      (126,693,914 )      (128,156,610 ) 
    
 
 
    
 
 
  
Net deferred tax liabilities
    $ (120,913,983 )    $ (115,689,317 ) 
    
 
 
    
 
 
  
As of December 31, 2021, the Company has federal net operating losses of $6.9 million and state net operating losses of $32.0 million. The valuation allowance relates to net operating losses and unrealized losses on investments which management has determined, more likely than not, that such losses will not be utilized.
As of December 31, 2020 and 2021, the Company does not have any material unrecognized tax benefits and accordingly, has not recorded any interest or penalties related to unrecognized tax benefits. The Company and its subsidiaries file a consolidated federal income tax return and various state returns. These returns remain subject to examination by taxing authorities for all years after 2017.