Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Income Taxes

The components of the (provision) benefit for income taxes consist of the following:

	Years Ended December 31,
	2020			2019
Current tax benefit:
Federal	$	-		$	-
State and local		-			-
Total current tax benefit		-			-
Deferred tax (provision) benefit:
Federal		20,677,960			9,802,070
State and local		5,279,879			3,053,709
Change in valuation allowance		(26,168,671	)		6,685,348
Total deferred tax benefit		(210,832	)		19,541,127
Total income tax (provision) benefit	$	(210,832	)	$	19,541,127

Schedule of Components of Deferred Tax Assets and Liabilities

The components of deferred tax assets and liabilities were as follows:

	As of December 31,
	2020			2019
Deferred tax assets:
Net operating loss carryforwards	$	35,535,941		$	20,998,172
Tax credit carryforwards		263,873			263,873
Allowance for doubtful accounts		458,506			450,116
Accrued expenses and other		677,909			64,494
Liquidated damages		1,549,313			1,078,235
Unearned revenue		2,356,111			-
Stock-based compensation		2,158,080			1,055,083
Operating lease liability		691,228			223,596
Depreciation and amortization		4,341,983			3,921,952
Deferred tax assets		48,032,944			28,055,521
Valuation allowance		(29,653,417	)		(3,484,746	)
Total deferred tax assets		18,379,527			24,570,775
Deferred tax liabilities:
Prepaid expenses		(144,704	)		(148,051	)
Unearned revenue		-			(67,295	)
Acquisition-related intangibles		(18,445,655	)		(24,355,429	)
Total deferred tax liabilities		(18,590,359	)		(24,570,775	)
Net deferred tax liabilities	$	(210,832	)	$	-

Schedule of Tax Benefit and Effective Income Tax

The provision (benefit) for income taxes on the statement of operations differs from the amount computed by applying the statutory federal income tax rate to loss before the benefit for income taxes, as follows:

	Years Ended December 31,
	2020						2019
	Amount			Percent			Amount			Percent
Federal benefit expected at statutory rate	$	(18,694,437	)		21.0	%	$	(12,188,924	)		21.0	%
State and local taxes, net of federal benefit		(5,279,879	)		5.9	%		(3,053,709	)		5.3	%
Stock-based compensation		1,768,735			(2.0	)%		1,591,202			(2.7	)%
Unearned revenue		(5,120,330	)		5.8	%		(1,969,056	)		3.4	%
Interest expense		1,173,535			(1.3	)%		1,015,199			(1.7	)%
Other differences, net		152,294			(0.2	)%		199,643			(0.4	)%
Valuation allowance		26,168,671			(29.4	)%		(6,685,348	)		11.5	%
Other permanent differences		42,243			0.0	%		1,549,866			(2.7	)%
Tax provision (benefit) and effective income tax rate	$	210,832			(0.2	)%	$	(19,541,127	)		33.7	%