Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.6.0.2
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:
 
 
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:
 
 
Year Ended December 31,
 
 
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:
 
 
Year Ended December 31,
 
 
2016
 
2015
Deferred tax assets:
 
 
 
 
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:
 
 
 
 
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
)