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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Income Tax Disclosure [Abstract]

Schedule of deferred tax assets and liabilities, net

The components of the Company's net deferred tax assets at December 31 are as follows:

		2013				2012
Deferred Tax Assets
Net operating loss and tax credits		$	2,144,460			$	1,159,865
Property and equipment and intangibles		214,478				153,361
Allowance for accounts receivable		235,446				74,362
Reserve for expired product		600,406				706,960
Inventory		1,495,895				1,185,419
Deferred charges		666,236				582,480
Cumulative compensation costs incurred on deductible equity awards		1,378,690				1,251,382
Total deferred tax assets		6,735,611				5,113,829
Deferred Tax Liabilities
Intangible assets		(2,683,587		)		(2,665,022		)
Net deferred tax assets, before valuation allowance		4,052,024				2,448,807
Less: deferred tax asset valuation allowance		(131,617		)		(108,318		)
Net deferred tax assets		$	3,920,407			$	2,340,489

Schedule of federal and state net operating loss carryforwards

The following table summarizes the amount and year of expiration of the Company's federal and state net operating loss carryforwards as of December 31, 2013:

Years of expiration		Federal				State
2014		$	—			$	2,249,078
2015 - 2017		—				504,822
2018 - 2024		—				51,629,844
2029		43,398,774				—
2033		$	1,975,521			$	2,032,527
Total federal and state net operating loss carryforwards		$	45,374,295			$	56,416,271

Schedule of the components of income tax benefit (expense)

Income tax (expense) benefit includes the following components for the years ended December 31:

		2013				2012				2011
Current:
Federal		$	(45,287	)		$	(3,185,743	)		$	(1,992,804	)
State and other		(11,580		)		(820,669		)		(422,290		)
Total current income tax expense		(56,867		)		(4,006,412		)		(2,415,094		)
Deferred:
Federal		1,426,701				677,190				(1,543,261		)
State		153,217				84,446				(121,849		)
Total deferred income tax benefit (expense)		1,579,918				761,636				(1,665,110		)
Total income tax expense		$	1,523,051			$	(3,244,776	)		$	(4,080,204	)

Schedule of the components of deferred tax benefit (expense)

Deferred income tax is comprised of the following components for the years ended December 31:

		2013				2012				2011
Deferred tax (expense) benefit, excluding items below		$	37,940			$	(39,870	)		$	439,744
Inventory write-downs		310,477				179,755				817,840
Creation of operating loss carryforwards		788,342				25,552				11,348
Creation (utilization) of tax credit carryforwards		196,631				108,699				56,395
Change in valuation allowance due to changes in net deferred tax asset balances		(23,299		)		(15,291		)		(13,597		)
Deductible equity awards		127,308				667,171				(330,329		)
Allowance for accounts receivable		161,084				—				—
Intangible assets		(18,565		)		(164,380		)		(2,646,511		)
Deferred income tax benefit (expense)		$	1,579,918			$	761,636			$	(1,665,110	)

Schedule of effective tax rate reconciliation

The Company’s effective income tax rate for 2013, 2012 and 2011 reconciles with the federal statutory tax rate as follows: 

		2013			2012			2011
Federal tax expense at statutory rate		34	%		34	%		35	%
State income tax expense (net of federal income tax benefit)		4	%		4	%		4	%
Permanent differences associated with general business credits		5	%		—	%		(1	)%
Permanent differences associated with stock options		—	%		(5	)%		2	%
Other permanent differences		—	%		3	%		2	%
Other		(1	)%		—	%		—	%
Net income tax expense		42	%		36	%		42	%

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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.

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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.

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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.

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