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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

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:

		2014				2013
Deferred Tax Assets
Net operating loss and tax credits		$	2,205,260			$	2,144,460
Property and equipment and intangibles		300,301				214,478
Allowance for accounts receivable		172,008				235,446
Reserve for expired product		817,736				600,406
Inventory		1,412,477				1,495,895
Deferred charges		1,504,835				666,236
Cumulative compensation costs incurred on deductible equity awards		1,676,729				1,378,690
Total deferred tax assets		8,089,346				6,735,611
Deferred Tax Liabilities
Intangible assets		(3,707,535		)		(2,683,587		)
Net deferred tax assets, before valuation allowance		4,381,811				4,052,024
Less: deferred tax asset valuation allowance		(152,074		)		(131,617		)
Net deferred tax assets		$	4,229,737			$	3,920,407

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, 2014:

Years of expiration		Federal				State
2015		$	—			$	83,179
2016 - 2017		—				421,643
2018 - 2024		—				47,289,732
2029		44,197,129				—
2033 and 2034		$	1,984,927			$	2,633,987
Total federal and state net operating loss carryforwards		$	46,182,056			$	50,428,541

Schedule of the components of income tax benefit (expense)

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

		2014				2013				2012
Current:
Federal		$	(1,440,010	)		$	(45,287	)		$	(3,185,743	)
State and other		(250,064		)		(11,580		)		(820,669		)
Total current income tax expense		(1,690,074		)		(56,867		)		(4,006,412		)
Deferred:
Federal		213,552				1,426,701				677,190
State		95,778				153,217				84,446
Total deferred income tax benefit		309,330				1,579,918				761,636
Total income tax expense		$	(1,380,744	)		$	1,523,051			$	(3,244,776	)

Schedule of the components of deferred tax benefit (expense)

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

		2014				2013				2012
Deferred tax (expense) benefit, excluding items below		$	85,844			$	60,739			$	(11,562	)
Inventory		(83,418		)		310,477				179,755
Operating loss carryforwards		17,424				788,342				25,552
Tax credit carryforwards		43,398				196,631				108,699
Valuation allowance due to changes in net deferred tax asset balances		(20,457		)		(23,299		)		(15,291		)
Deductible equity awards		298,039				127,308				667,171
Allowance for accounts receivable		(63,438		)		161,084				(18,615		)
Deferred charges		838,556				83,755				19,339
Reserve for expired product		217,330				(106,554		)		(29,032		)
Intangible assets		(1,023,948		)		(18,565		)		(164,380		)
Deferred income tax benefit (expense)		$	309,330			$	1,579,918			$	761,636

Schedule of effective tax rate reconciliation

The Company’s effective income tax rate for 2014, 2013 and 2012 reconciles with the federal statutory tax rate as follows: 

		2014			2013			2012
Federal tax expense at statutory rate		34	%		34	%		34	%
State income tax expense (net of federal income tax benefit)		5	%		4	%		4	%
Permanent differences associated with general business credits		(1	)%		5	%		—	%
Permanent differences associated with stock options		—	%		—	%		(5	)%
Other permanent differences		1	%		—	%		3	%
Other		(2	)%		(1	)%		—	%
Net income tax expense		37	%		42	%		36	%

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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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Tabular disclosure of pertinent information, such as tax authority, amounts, and expiration dates, of net operating loss carryforwards, including an assessment of the likelihood of utilization.

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