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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2015
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:
|  | 2015 |  | 2014
Deferred Tax Assets |  |  |  |
Net operating loss and tax credits |  | $ | 2,274,994 |  |  | $ | 2,205,260 |
Property and equipment and intangibles |  | 326,499 |  |  | 300,301 |
Allowance for accounts receivable |  | 145,200 |  |  | 172,008 |
Reserve for expired product |  | 849,579 |  |  | 817,736 |
Inventory |  | 1,154,507 |  |  | 1,412,477 |
Deferred charges |  | 660,973 |  |  | 1,504,835 |
Cumulative compensation costs incurred on deductible equity awards |  | 1,675,757 |  |  | 1,676,729 |
Total deferred tax assets |  | 7,087,509 |  |  | 8,089,346 |
Deferred Tax Liabilities |  |  |  |
Intangible assets |  | (3,162,502 | ) |  | (3,707,535 | )
Net deferred tax assets, before valuation allowance |  | 3,925,007 |  |  | 4,381,811 |
Less: deferred tax asset valuation allowance |  | (185,497 | ) |  | (152,074 | )
Net deferred tax assets |  | $ | 3,739,510 |  |  | $ | 4,229,737 |
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, 2015:
Years of expiration |  | Federal |  | State
2016 - 2018 |  | $ | — |  |  | $ | 562,865 |
2019 - 2028 |  | — |  |  | 38,585,151 |
2029 |  | 42,973,043 |  |  | 10,266,915 |
2030 - 2035 |  | 1,984,927 |  |  | 1,615,752 |
Total federal and state net operating loss carryforwards |  | $ | 44,957,970 |  |  | $ | 51,030,683 |
Schedule of the components of income tax benefit (expense) | Income tax (expense) benefit includes the following components for the years ended December 31:
|  | 2015 |  | 2014 |  | 2013
Current: |  |  |  |  |  |
Federal |  | $ | (41,326 | ) |  | $ | (1,440,010 | ) |  | $ | (45,287 | )
State and other |  | (44,276 | ) |  | (250,064 | ) |  | (11,580 | )
Total current income tax expense |  | (85,602 | ) |  | (1,690,074 | ) |  | (56,867 | )
Deferred: |  |  |  |  |  |
Federal |  | (385,723 | ) |  | 213,552 |  |  | 1,426,701 |
State |  | (104,504 | ) |  | 95,778 |  |  | 153,217 |
Total deferred income tax benefit (expense) |  | (490,227 | ) |  | 309,330 |  |  | 1,579,918 |
Total income tax benefit (expense) |  | $ | (575,829 | ) |  | $ | (1,380,744 | ) |  | $ | 1,523,051 |
Schedule of the components of deferred tax benefit (expense) | Deferred income tax is comprised of the following components for the years ended December 31:
|  | 2015 |  | 2014 |  | 2013
Deferred tax (expense) benefit, excluding items below |  | $ | 26,193 |  |  | $ | 85,844 |  |  | $ | 60,739 |
Inventory |  | (257,970 | ) |  | (83,418 | ) |  | 310,477 |
Operating loss carryforwards |  | 34,465 |  |  | 17,424 |  |  | 788,342 |
Tax credit carryforwards |  | 35,272 |  |  | 43,398 |  |  | 196,631 |
Valuation allowance due to changes in net deferred tax asset balances |  | (33,405 | ) |  | (20,457 | ) |  | (23,299 | )
Deductible equity awards |  | (972 | ) |  | 298,039 |  |  | 127,308 |
Allowance for accounts receivable |  | (26,808 | ) |  | (63,438 | ) |  | 161,084 |
Deferred charges |  | (59,028 | ) |  | 838,556 |  |  | 83,755 |
Reserve for expired product |  | 31,784 |  |  | 217,330 |  |  | (106,554 | )
Intangible assets |  | (239,758 | ) |  | (1,023,948 | ) |  | (18,565 | )
Deferred income tax benefit (expense) |  | $ | (490,227 | ) |  | $ | 309,330 |  |  | $ | 1,579,918 |
Schedule of effective tax rate reconciliation | The Company’s effective income tax rate for 2015, 2014 and 2013 reconciles with the federal statutory tax rate as follows:
|  | 2015 |  | 2014 |  | 2013
Federal tax expense at statutory rate |  | 34 | % |  | 34 | % |  | 34 | %
State income tax expense (net of federal income tax benefit) |  | 4 | % |  | 5 | % |  | 4 | %
Permanent differences associated with general business credits |  | (3 | )% |  | (1 | )% |  | 5 | %
Other permanent differences |  | 10 | % |  | 1 | % |  | — | %
Other |  | 1 | % |  | (2 | )% |  | (1 | )%
Net income tax expense |  | 46 | % |  | 37 | % |  | 42 | %

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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=6907707&loc=d3e32639-109319 + Details
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