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