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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Income Taxes [Abstract]

Summary of income tax provision

		Year Ended December 31,
		2016				2015
Federal			-				-
State		$	13,585			$	3,150
Current		$	13,585			$	3,150
Federal			252,659				641,733
State			(16,370	)			205,426
Deferred			236,289				847,159
Total		$	249,874			$	850,309

Summary of reconciliation of the federal statutory rate

		Year Ended December 31,
		2016								2015
		$				%				$				%
Computed expected tax expense/rate		$	257,829				34.00	%		$	701,607				34.00	%
State income taxes, net of federal expense			38,855				5.12				44,754				2.17
Share-based compensation			13,362				1.76				(7,524	)			(0.36	)
Tax credits			(70,967	)			(9.36	)			(54,719	)			(2.65	)
State income tax rate change, net of federal(1)			-				-				109,112				5.29
Other			10,795				1.43				57,079				2.76
Total income tax expense/rate		$	249,874				32.95	%		$	850,309				41.21	%

⁽¹⁾ This impact is due to the actual state tax rate in 2015 being lower than the expected state tax rate used in computing prior deferred taxes.

Schedule of deferred tax asset

		As of December 31,
		2016				2015
Product rights		$	68,197			$	91,344
Property, plant and equipment			(307,976	)			(26,717	)
Federal and state tax credits			292,516				339,585
Federal net operating loss carryforward			8,856				39,241
State tax credits carryover			100,528				-
Interest rate swap			13,437				28,253
Prepaid expenses and other			(6,240	)			(19,589	)
UNICAP			31,685				-
Deferred tax asset		$	201,003			$	452,117

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- References

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- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32639-109319

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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=65882285&loc=d3e32537-109319

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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=65882285&loc=d3e32687-109319

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