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Income Taxes
 12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Income Taxes
(16)
Income Taxes
Income tax benefit is as follows:
 
    
Year ended December 31,
  
    
2021
     
2022
  
Current:
                  
Federal
    $ —        $ 265,813  
State
      —          104,598  
    
 
 
     
 
 
  
       —          370,411  
Deferred:
                  
Federal
      (3,040,141 )       (10,074,570 ) 
State
      (2,281,489 )       (8,083,275 ) 
    
 
 
     
 
 
  
       (5,321,630 )       (18,157,845 )
    
 
 
     
 
 
  
     $ (5,321,630 )     $ (17,787,434 ) 
    
 
 
     
 
 
  
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,
  
    
2021
     
2022
  
Expected tax benefit
    $ (1,412,137 )     $ (12,564,847 ) 
State income taxes, net of federal benefit
      (353,270 )       (2,618,634 ) 
Tax rate adjustments
      (822,982 )       (3,687,539 ) 
Change in valuation allowance
      (3,097 )       (5,121 ) 
Non-deductible
items
      837,045        884,241  
Non-taxable
items
      (3,412,500 )       —     
Other
      (154,689 )       204,466  
    
 
 
     
 
 
  
     $  (5,321,630 )     $  (17,787,434 ) 
    
 
 
     
 
 
  
Temporary differences that give rise to the components of deferred tax assets and liabilities are as follows:
 
    
December 31,
  
    
2021
     
2022
  
Deferred tax assets:
                  
Allowance for doubtful accounts
    $ 451,685      $ 476,552  
Other assets
      274,357        327,689  
Operating lease liabilities
      759,130        919,745  
Other long-term liabilities
      2,743,597        2,084,645  
Stock-based compensation
      223,960        156,677  
Interest expense limitation
      5,097,723        10,006,855  
Net operating losses
      3,221,884        2,215,118  
    
 
 
     
 
 
  
Subtotal
      12,772,336        16,187,281  
Valuation allowance
      (305,043 )       (299,922 ) 
    
 
 
     
 
 
  
Total
      12,467,293        15,887,359  
    
 
 
     
 
 
  
Deferred tax liabilities:
                  
Prepaid expenses
      (465,976 )       (143,287 ) 
Property and equipment
      (3,308,562 )       (5,834,727 ) 
Intangibles
      (124,382,072 )       (107,978,326 ) 
    
 
 
     
 
 
  
Total
      (128,156,610 )       (113,956,340 ) 
    
 
 
     
 
 
  
Net deferred tax liabilities
    $ (115,689,317 )     $ (98,068,981 ) 
    
 
 
     
 
 
  
 

As of December 31, 2022, the Company has federal net operating losses of $3.4 million and state net operating losses of $26.8 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, 2021 and 2022, 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 2018.