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Income Taxes (Tables)

12 Months Ended

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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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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-Publisher FASB
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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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