Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2016 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Schedule of Components of Income Tax Expense (Benefit) |
The components of income tax expense (benefit) attributable to the Company for the year ended December 31, 2016, 2015 and 2014, respectively, are as follows:
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Year Ended December 31, |
|
|
2016 |
|
2015 |
|
2014 |
U.S. current income tax benefit |
|
$ |
2,306,512 |
|
|
$ |
12,861 |
|
|
$ |
24,805 |
|
U.S. deferred income tax expense |
|
47,957,169 |
|
|
(5,625,436 |
) |
|
5,549,517 |
|
Foreign current income tax expense |
|
3,594,014 |
|
|
3,878,855 |
|
|
1,674,407 |
|
Foreign deferred income tax expense |
|
27,176 |
|
|
144,634 |
|
|
265,465 |
|
Total |
|
$ |
53,884,871 |
|
|
$ |
(1,589,086 |
) |
|
$ |
7,514,194 |
|
|
| Schedule of Effective Income Tax Rate Reconciliation |
A reconciliation of the statutory federal income tax amount to the recorded expense is as follows:
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Year Ended December 31, |
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|
2016 |
|
2015 |
|
2014 |
Loss before income taxes |
|
$ |
(34,523,124 |
) |
|
$ |
(28,820,500 |
) |
|
$ |
5,503,646 |
|
Statutory income tax rate |
|
35 |
% |
|
35 |
% |
|
35 |
% |
Expected income tax expense |
|
(12,083,093 |
) |
|
(10,087,175 |
) |
|
1,926,276 |
|
Income earned as non-taxable entity (See Note 2) |
|
13,750,827 |
|
|
— |
|
|
— |
|
Effect due to change to C corporation (See Note 2) |
|
53,088,861 |
|
|
— |
|
|
— |
|
Change in entity status |
|
— |
|
|
(4,792,243 |
) |
|
6,379,117 |
|
Non taxable entity |
|
— |
|
|
15,455,772 |
|
|
713,106 |
|
Other permanent differences |
|
209,546 |
|
|
— |
|
|
— |
|
State tax expenses |
|
21,181 |
|
|
— |
|
|
— |
|
Change in tax rate |
|
(24,803 |
) |
|
— |
|
|
— |
|
Foreign income tax rate differential |
|
(1,077,648 |
) |
|
(1,369,575 |
) |
|
(2,355,816 |
) |
Other |
|
— |
|
|
(795,865 |
) |
|
851,511 |
|
Total |
|
$ |
53,884,871 |
|
|
$ |
(1,589,086 |
) |
|
$ |
7,514,194 |
|
|
| Schedule of Deferred Tax Assets and Liabilities |
Deferred tax liabilities attributable to the Company consisted of the following:
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Year Ended December 31, |
|
|
2016 |
|
2015 |
Deferred tax assets: |
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|
|
Allowance for doubtful accounts |
|
$ |
1,892,761 |
|
|
$ |
— |
|
Deferred stock compensation |
|
1,686,671 |
|
|
— |
|
Accrued liabilities |
|
746,132 |
|
|
— |
|
Other |
|
1,785,999 |
|
|
86,580 |
|
Deferred tax assets |
|
6,111,563 |
|
|
86,580 |
|
|
|
|
|
|
Deferred tax liabilities: |
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|
|
|
Property and equipment |
|
$ |
(42,525,793 |
) |
|
$ |
(1,484,350 |
) |
Intangible assets |
|
(7,662,590 |
) |
|
— |
|
Unrepatriated foreign earnings |
|
(3,451,110 |
) |
|
— |
|
Other |
|
(142,859 |
) |
|
(63,189 |
) |
Deferred tax liabilities |
|
(53,782,352 |
) |
|
(1,547,539 |
) |
Net deferred tax liability |
|
$ |
(47,670,789 |
) |
|
$ |
(1,460,959 |
) |
|
|
|
|
|
Reflected in accompanying balance sheet as: |
|
|
|
|
Deferred income taxes |
|
$ |
(47,670,789 |
) |
|
$ |
(1,460,959 |
) |
|