INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2014

INCOME TAXES [Abstract]

Components of Income Tax Expense (Benefit)

Income tax expense for the years ended December 31, 2012, 2013 and 2014 consists of the following:

	2012			2013			2014
Current:
Federal	$	(149,228	)	$	122,278		$	(16,309	)
State		(28,759	)		34,115			34,829
		(177,987	)		156,393			18,520
Deferred:
Federal		620,429			(28,857	)		(357,224	)
State		59,624			(5,576	)		(64,081	)
		680,053			(34,433	)		(421,305	)
Total income tax expense	$	502,066		$	121,960		$	(402,785	)

Effective Income Tax Rate Reconciliation

The Company's effective tax rate differs from the statutory rate due to the impact of the following (expressed as a percentage of income before income taxes):

	2012			2013			2014
Statutory federal income tax expense		34.0	%		34.0	%		34.0	%
State income tax expense		3.0			3.0			3.0
Effect of permanent differences -
Travel and entertainment expenses		1.1			6.0			(0.5	)
Share based compensation		3.5			3.5			(4.5	)
Other		(3.3	)		11.3			(0.5	)
		38.4	%		57.8	%		31.5	%

Deferred Tax Assets and Liabilities

Temporary differences comprise the deferred tax assets and liabilities in the consolidated balance sheets as follows:

	December 31,
	2013			2014
Deferred tax assets current:
Net operating loss carryforwards	$	9,990		$	337,980
Accruals not currently deductible		107,133			121,564
Allowance for doubtful accounts		155,400			155,400
		272,523			614,944
Deferred tax assets long-term:
Stock option compensation		421,066			485,961
		421,066			485,961
Deferred tax liabilities long-term:
Depreciation for tax over books		(917,812	)		(1,073,349	)
Contingent liabilities impairment		(158,730	)		(158,730	)
Intangible asset amortization for tax over books		(2,374,729	)		(2,205,203	)
		(3,451,271	)		(3,437,282	)
Net long-term deferred tax liability		(3,030,205	)		(2,951,321	)
Net deferred tax asset (liability)	$	(2,757,682	)	$	(2,336,377	)