Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2016 |
|---|
| Income Taxes |
|
| Schedule of components of the provision for income taxes |
|
|
|
As of December 31,
|
|
|
|
|
2016
|
|
2015
|
|
2014
|
|
|
Current taxes:
|
|
|
|
|
|
|
|
|
U.S. federal
|
|
$
|
3,674,645
|
|
$
|
3,874,171
|
|
$
|
1,022,098
|
|
|
State
|
|
634,453
|
|
245,204
|
|
112,144
|
|
|
|
|
|
|
|
|
|
|
|
Total current tax expense
|
|
4,309,098
|
|
4,119,375
|
|
1,134,242
|
|
|
Deferred taxes:
|
|
|
|
|
|
|
|
|
U.S. federal
|
|
(509,404
|
)
|
(13,171
|
)
|
(149,247
|
)
|
|
State
|
|
(61,505
|
)
|
(1,590
|
)
|
(18,020
|
)
|
|
|
|
|
|
|
|
|
|
|
Total deferred tax benefit
|
|
(570,909
|
)
|
(14,761
|
)
|
(167,267
|
)
|
|
|
|
|
|
|
|
|
|
|
Provision for income taxes
|
|
$
|
3,738,189
|
|
$
|
4,104,614
|
|
$
|
966,975
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Schedule of significant components of deferred taxes |
|
|
|
Years Ended December 31,
|
|
|
|
|
2016
|
|
2015
|
|
|
Deferred tax assets:
|
|
|
|
|
|
|
Current deferred tax assets:
|
|
|
|
|
|
|
Reserves and allowances
|
|
$
|
205,050
|
|
$
|
162,947
|
|
|
Deferred revenue
|
|
170,970
|
|
42,648
|
|
|
|
|
|
|
|
|
|
Total current deferred tax assets
|
|
$
|
376,020
|
|
$
|
205,595
|
|
|
|
|
|
|
|
|
|
|
|
Noncurrent deferred tax assets:
|
|
|
|
|
|
|
Stock compensation
|
|
$
|
1,114,007
|
|
$
|
427,133
|
|
|
Other
|
|
24,160
|
|
35,511
|
|
|
|
|
|
|
|
|
|
Total noncurrent deferred tax assets
|
|
$
|
1,138,167
|
|
$
|
462,644
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred tax liabilities:
|
|
|
|
|
|
|
Current deferred tax liabilities:
|
|
|
|
|
|
|
Reserves and allowances
|
|
$
|
64,149
|
|
$
|
64,149
|
|
|
|
|
|
|
|
|
|
|
|
Total current deferred tax liabilities
|
|
$
|
64,149
|
|
$
|
64,149
|
|
|
|
|
|
|
|
|
|
|
|
Noncurrent deferred tax liabilities:
|
|
|
|
|
|
|
Depreciation and amortization
|
|
$
|
660,636
|
|
$
|
374,246
|
|
|
|
|
|
|
|
|
|
|
|
Total noncurrent deferred tax liabilities
|
|
$
|
660,636
|
|
$
|
374,246
|
|
|
|
|
|
|
|
|
|
|
|
| Schedule of reconciliation of statutory U.S. federal tax rate to effective rate |
|
|
|
Years Ended December 31,
|
|
|
|
|
2016
|
|
2015
|
|
2014
|
|
|
Statutory U.S. federal tax rate
|
|
34.0
|
%
|
34.0
|
%
|
34.0
|
%
|
|
State taxes, net of federal benefit
|
|
4.2
|
|
1.8
|
|
2.0
|
|
|
Stock compensation expense
|
|
(0.3
|
)
|
2.9
|
|
0.3
|
|
|
Domestic production activities deduction
|
|
(2.9
|
)
|
(1.8
|
)
|
(2.1
|
)
|
|
Research and development credits
|
|
(1.0
|
)
|
(1.1
|
)
|
(1.8
|
)
|
|
Permanent items
|
|
0.1
|
|
(0.5
|
)
|
(0.4
|
)
|
|
|
|
|
|
|
|
|
|
|
Effective rate
|
|
34.1
|
%
|
35.3
|
%
|
32.0
|
%
|
|
|
|
|
|
|
|
|
|
|