XML 45 R32.htm IDEA: XBRL DOCUMENT v3.3.1.900
12. Income Taxes (Tables)
12 Months Ended
Dec. 31, 2015
Income Tax Disclosure [Abstract]  
Income tax provision
   Year Ended December 31, 
   2015   2014 
Current Provision:          
Federal  $(7,809,637)  $4,807,000 
State   (850,251)   822,900 
Deferred Provision:          
Federal   (331,408)   1,745,200 
State   (36,957)   186,200 
   $(9,028,253)  $7,561,300 
Reconciliation of the statutory federal income tax rate
   Year Ended December 31, 
   2015   2014 
Expected federal income tax at statutory rate   35.0%    34.0% 
State income taxes, net of federal deduction   2.1%    4.3% 
Permanent differences   -0.1%    10.9% 
Change in valuation allowance   -16.4%    0.0% 
    20.6%    49.2% 
Deferred Tax Liability
   December 31, 
   2015   2014 
         
 Deferred income tax assets:          
 Allowance for bad debts  $67,948   $28,300 
 Stock options   709,375    423,200 
 Goodwill and intangible assets   6,853,662     
 Beneficial conversion feature   602,681     
 Charitable contributions   505     
 Net operating loss carryforwards   1,144,633     
 Valuation allowance   (7,913,310)    
 Total deferred income tax assets  $1,465,494   $451,500 
           
 Deferred income tax liabilities:          
 Property and equipment  $(344,356)  $(513,600)
 Derivative mark to market adjustments   (1,121,138)    
 Goodwill and intangible assets       (162,500)
 Total deferred income tax liabilities  $(1,465,494)  $(676,100)
           
 Net deferred income taxes:          
 Current  $   $28,300 
 Non-Current       (252,900)
           
   $   $(224,600)