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Income Taxes (Tables) | 9 Months Ended
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Sep. 30, 2012
Income Taxes [Abstract] |
Significant components of deferred tax assets and liabilities | Deferred income taxes reflect the net tax effects of the temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities are as follows:
Deferred tax assets: |  |  |  |
Net operating loss and tax credit carryforwards |  | $ | 48,537,961 |
Capital loss carryforward |  |  | 384,901 |
Accrued expenses |  |  | 62,625 |
Reserve for accounts receivable |  |  | 2,087,344 |
Reserve for inventory |  |  | 133,155 |
Start-up costs |  |  | 107,074 |
Excess of book over tax depreciation |  |  | 1,187,108 |
Stock option and restricted stock award expense |  |  | 1,578,615 |
Investment in unconsolidated entity |  |  | 3,695,636 |
Less: valuation allowance |  |  | (57,583,166 | )
|  | $ | 191,253 |
Deferred tax liability: |  |  |  |
Property and equipment basis |  | $ | 69,260 |
Prepaid expenses |  |  | 121,993 |
|  | $ | 191,253 |
Net deferred tax asset |  | $ | — |
Schedule of change in valuation allowance | The change in the valuation allowance is as follows:
September 30, 2012 |  | $ | 57,583,166 |
December 31, 2011 |  |  | 52,515,797 |
Change in valuation allowance |  | $ | 5,067,370 |
Schedule of income (loss) before income taxes | Income taxes for the nine-month periods ended September 30, 2012 and 2011 differ from the amounts computed by applying the effective federal income tax rate of 34.0% to income (loss) before income taxes as a result of the following:
|  | September 30, 2012 |  |  | September 30, 2011 |
Expected (benefit) |  | $ | (5,871,516 | ) |  | $ | (4,162,479 | )
State income taxes net of federal benefits |  |  | (167,562 | ) |  |  | (122,296 | )
Nondeductible expense |  |  | 14,166 |  |  |  | 12,474 |
Stock options and restricted stock awards |  |  | 242,390 |  |  |  | 729,241 |
Derivatives |  |  | 521,008 |  |  |  | (396,232 | )
Change in valuation allowance |  |  | 5,067,370 |  |  |  | 3,910,077 |
Effects of: |  |  |  |  |  |  |  |
Change in apportionment estimate |  |  | (40,826 | ) |  |  | — |
Change in net operating loss estimate |  |  | 612,353 |  |  |  | — |
Change in capital loss carryover estimate |  |  | (374,051 | ) |  |  | — |
Other, net |  |  | (3,332 | ) |  |  | 29,215 |
|  | $ | — |  |  | $ | — |

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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 + Details
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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319 + Details
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- Definition Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 26 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Valuation Allowance -URI http://asc.fasb.org/extlink&oid=6528051 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 43 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 43 -Subparagraph c -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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