Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.20.4
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2020
INCOME TAXES  
Schedule of Components of Income Tax Expense

For the years ended December 31, 2020, 2019 and 2018, components of our provision for income taxes are as follows:

Provision for (Benefit from) Income Taxes

    

2020

    

2019

    

2018

Deferred taxes

$

(6,001,176)

$

13,787,654

$

3,445,721

Provision for (Benefit from) Income Taxes

$

(6,001,176)

$

13,787,654

$

3,445,721

Schedule of Effective Income Tax Rate Reconciliation

The following is a reconciliation of income taxes computed using the U.S. federal statutory rate to the provision for income taxes:

Rate Reconciliation

    

2020

   

2019

   

2018

Tax at federal statutory rate

$

(54,476,731)

$

9,089,683

$

2,613,551

Non-deductible expenses

956

 

2,399

 

3,197

Excess tax benefit from stock option exercises and restricted stock vesting

(1,109,379)

 

4,055,418

 

828,973

Adjust prior estimates to tax return

(4,754)

 

19

 

States taxes, net of Federal benefit

(964,393)

 

160,913

 

Adjustment for change in future effective tax rate (1)

 

479,222

 

Valuation allowance (2)

50,553,125

Provision for Income Taxes

$

(6,001,176)

$

13,787,654

$

3,445,721

Schedule of Deferred Tax Assets and Liabilities

The net deferred taxes consisted of the following as of December 31, 2020 and 2019:

Deferred Taxes:

    

2020

    

2019

Deferred tax liabilities

 

  

Property and equipment

$

5,357,255

$

56,325,029

Deferred tax assets

 

  

Stock-based compensation

2,248,272

 

269,264

Operating loss and IDC carryforwards

3,108,983

 

50,054,589

Deferred tax assets

5,357,255

 

50,323,853

Net deferred income tax liability

$

$

6,001,176