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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

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:

		2016				2015
Deferred Tax Assets
Net operating loss and tax credits		$	3,881,415			$	2,274,994
Property and equipment and intangibles		331,301				326,499
Allowance for accounts receivable		170,733				145,200
Reserve for expired product		771,034				849,579
Inventory		214,654				1,154,507
Deferred charges		738,541				660,973
Cumulative compensation costs incurred on deductible equity awards		639,263				1,675,757
Total deferred tax assets		6,746,941				7,087,509
Deferred Tax Liabilities
Intangible assets		(3,238,511		)		(3,162,502		)
Net deferred tax assets, before valuation allowance		3,508,430				3,925,007
Less: deferred tax asset valuation allowance		(388,500		)		(185,497		)
Net deferred tax assets		$	3,119,930			$	3,739,510

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, 2016:

Years of expiration		Federal				State
2017 - 2019		$	—			$	454,898
2020 - 2028		—				38,884,460
2029		44,149,007				10,489,653
2030 - 2036		6,008,921				5,061,020
Total federal and state net operating loss carryforwards		$	50,157,928			$	54,890,031

Schedule of the components of income tax benefit (expense)

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

		2016				2015				2014
Current:
Federal		$	867,041			$	(41,326	)		$	(1,440,010	)
State and other		83,463				(44,276		)		(250,064		)
Total current income tax (expense) benefit		950,504				(85,602		)		(1,690,074		)
Deferred:
Federal		(537,965		)		(385,723		)		213,552
State		(81,615		)		(104,504		)		95,778
Total deferred income tax (expense) benefit		(619,580		)		(490,227		)		309,330
Total income tax (expense) benefit		$	330,924			$	(575,829	)		$	(1,380,744	)

Schedule of the components of deferred tax benefit (expense)

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

		2016				2015				2014
Deferred tax (expense) benefit, excluding items below		$	4,803			$	26,193			$	85,844
Inventory		(939,853		)		(257,970		)		(83,418		)
Operating loss carryforwards		1,537,003				34,465				17,424
Tax credit carryforwards		69,418				35,272				43,398
Valuation allowance due to changes in net deferred tax asset balances		(203,003		)		(33,405		)		(20,457		)
Deductible equity awards		(1,036,494		)		(972		)		298,039
Allowance for accounts receivable		25,532				(26,808		)		(63,438		)
Deferred charges		77,567				(59,028		)		838,556
Reserve for expired product		(78,544		)		31,784				217,330
Intangible assets		(76,009		)		(239,758		)		(1,023,948		)
Deferred income tax (expense) benefit		$	(619,580	)		$	(490,227	)		$	309,330

Schedule of effective tax rate reconciliation

The Company’s effective income tax rate for 2016, 2015 and 2014 reconciles with the federal statutory tax rate as follows: 

		2016			2015			2014
Federal tax expense at statutory rate		34	%		34	%		34	%
State income tax expense (net of federal income tax benefit)		4	%		4	%		5	%
Permanent differences associated with general business credits		5	%		(3	)%		(1	)%
Change in valuation allowance		(15	)%		3	%		1	%
Other permanent differences		(2	)%		7	%		1	%
Other		(1	)%		1	%		(3	)%
Net income tax expense		25	%		46	%		37	%

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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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