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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

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:

		2017				2016
Deferred Tax Assets
Net operating loss and tax credits		$	15,295,547			$	3,881,415
Property and equipment and intangibles		232,667				331,301
Allowance for accounts receivable		129,180				170,733
Reserve for expired product		538,141				771,034
Inventory		173,885				214,654
Deferred charges		624,367				738,541
Cumulative compensation costs incurred on deductible equity awards		793,206				639,263
Total deferred tax assets		17,786,993				6,746,941
Deferred Tax Liabilities
Intangible assets		(2,067,548		)		(3,238,511		)
Net deferred tax assets, before valuation allowance		15,719,445				3,508,430
Less: deferred tax asset valuation allowance		(15,632,235		)		(388,500		)
Net deferred tax assets		$	87,210			$	3,119,930

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, 2017:

Years of expiration		Federal				State
2018 - 2019		$	—			$	238,047
2020 - 2028		—				38,858,730
2029		44,153,819				10,513,791
2030 - 2037		7,365,668				6,331,773
Total federal and state net operating loss carryforwards		$	51,519,487			$	55,942,341

Schedule of the components of income tax benefit (expense)

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

		2017				2016				2015
Current:
Federal		$	—			$	867,041			$	(41,326	)
State and other		(59,243		)		83,463				(44,276		)
Total current income tax (expense) benefit		(59,243		)		950,504				(85,602		)
Deferred:
Federal		(3,682,772		)		(537,965		)		(385,723		)
State		(432,874		)		(81,615		)		(104,504		)
Total deferred income tax (expense) benefit		(4,115,646		)		(619,580		)		(490,227		)
Total income tax (expense) benefit		$	(4,174,889	)		$	330,924			$	(575,829	)

Schedule of effective tax rate reconciliation

The Company’s effective income tax rate for 2017, 2016 and 2015 reconciles with the federal statutory tax rate as follows: 

		2017			2016			2015
Federal tax expense at statutory rate		34	%		34	%		34	%
State income tax expense (net of federal income tax benefit)		4	%		4	%		4	%
Permanent differences associated with general business credits		1	%		5	%		(3	)%
Change in valuation allowance		(148	)%		(15	)%		3	%
Change in tax rate		2	%		—	%		—	%
Other permanent differences		1	%		(2	)%		7	%
Other		(2	)%		(1	)%		1	%
Net income tax expense		(108	)%		25	%		46	%

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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.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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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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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319

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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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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
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-Paragraph 12
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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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