Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Taxes

Schedule of current and deferred income tax expense (benefit)

		2019		2018
Current:
Federal	$	(961,588)	$	—
State		1,222,292		778,190
		260,704		778,190
Deferred:
Federal		673,664		(1,549,549)
State		221,634		(1,326,346)
		895,298		(2,875,895)
Total income tax (benefit) expense	$	1,156,002	$	(2,097,705)

Schedule of reconciliation of the effective income tax rate

	2019		2018
Federal tax at statutory rate	21.0	%	21.0	%
Non‑taxable income	(46.6)	%	0.8	%
State income taxes, net of federal benefit	(9.6)	%	(3.2)	%
Change in valuation allowance	5.3	%	(32.3)	%
Net operating loss write‑offs	—		3.6	%
Deferred adjustments	18.1		—	%
Other	1.9	%	0.7	%
Effective income tax rate (benefit)	(9.9)	%	(9.4)	%

Schedule of deferred income tax assets and liabilities

	2019		2018
Deferred income tax assets:
Accounts receivable	$	3,188,976	$	1,575,902
Goodwill		4,805,554		5,401,652
Investment in partnership		41,745,232		—
Inventory		60,677		54,239
Accruals		249,595		615,327
Net operating losses and credits		3,494,969		4,986,913
Charitable contribution		16,942		16,420
Start-up / organizational costs		509,221		—
AMT credit		208,056		208,056
Total deferred income tax assets		54,279,222		12,858,509
Valuation allowance		(22,502,544)		—
Net deferred income tax assets	$	31,776,678	$	12,858,509
Deferred income tax liabilities:
Equipment and other fixed assets		(4,271,299)		(3,779,319)
Total deferred income tax liabilities		(4,271,299)		(3,779,319)
Noncurrent net deferred income tax assets	$	27,505,379	$	9,079,190