Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.8.0.1
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2017
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]
For the years ended December 31, 2017, 2016 and 2015, components of our provision for income taxes are as follows:
 
Provision for Income Taxes
 
2017
 
2016
 
2015
 
Deferred taxes
 
$
10,416,171
 
$
(19,987,585)
 
$
(5,003,713)
 
Provision for (Benefit from) Income Taxes
 
$
10,416,171
 
$
(19,987,585)
 
$
(5,003,713)
 
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
The following is a reconciliation of income taxes computed using the U.S. federal statutory rate to the provision for income taxes:
  
Rate Reconciliation
 
2017
 
2016
 
2015
 
Tax at federal statutory rate (34%)
 
$
4,194,556
 
$
(19,592,592)
 
$
(4,779,205)
 
Non-deductible expenses
 
 
6,158
 
 
2,558
 
 
6,599
 
Excess tax benefit from stock option exercises
 
 
(453,217)
 
 
15,055
 
 
(89,597)
 
Adjust prior estimates to tax return
 
 
(58,766)
 
 
167,526
 
 
-
 
States taxes, net of Federal benefit
 
 
124,200
 
 
(580,132)
 
 
(141,510)
 
Effect of departure from State of Kansas
 
 
(350,059)
 
 
-
 
 
-
 
Adjustment for change in future effective tax rate (1)
 
 
6,953,299
 
 
-
 
 
-
 
Provision for (Benefit from) Income Taxes
 
$
10,416,171
 
$
(19,987,585)
 
$
(5,003,713)
 
 
(1) The enactment of the Tax Cuts and Jobs Act provided for a decrease in the corporate tax rate to 21% from 35%, resulting in a net $6.95 million reduction to our net deferred tax asset as of December 31, 2017.
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
The net deferred taxes consisted of the following at December 31, 2017 and 2016:
   
Deferred Taxes:
 
2017
 
2016
 
Deferred tax liabilities
 
 
 
 
 
 
 
Property and equipment
 
$
27,563,290
 
$
10,092,289
 
 
 
 
 
 
 
 
 
Deferred tax assets
 
 
 
 
 
 
 
Stock-based compensation
 
 
6,667,643
 
 
3,814,909
 
Operating loss and IDC carryforwards
 
 
32,127,847
 
 
26,329,288
 
Deferred tax assets
 
 
38,795,490
 
 
30,144,197
 
Net deferred income tax liability (asset)
 
$
(11,232,200)
 
$
(20,051,908)