XML 56 R38.htm IDEA: XBRL DOCUMENT
v3.19.1

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2018
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:
|  | 2018 |  | 2017
Deferred Tax Assets |  |  |  |
Net operating loss and tax credits |  | $ | 16,410,403 |  | $ | 15,295,547
Property and equipment and intangibles |  | 236,318 |  | 232,667
Allowance for accounts receivable |  | 251,068 |  | 129,180
Reserve for expired product |  | 558,484 |  | 538,141
Inventory |  | 193,150 |  | 173,885
Deferred charges |  | 910,577 |  | 624,367
Cumulative compensation costs incurred on deductible equity awards |  | 884,049 |  | 793,206
Total deferred tax assets |  | 19,444,049 |  | 17,786,993
Deferred Tax Liabilities |  |  |  |
Intangible assets |  | (1,974,787) |  | (2,067,548)
Net deferred tax assets, before valuation allowance |  | 17,469,262 |  | 15,719,445
Less: deferred tax asset valuation allowance |  | (17,382,052) |  | (15,632,235)
Net deferred tax assets |  | $ | 87,210 |  | $ | 87,210
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, 2018:
Years of expiration |  | Federal |  | State
2019 |  | $ | — |  | $ | 238,047
2020 - 2028 |  | — |  | 38,886,662
2029 |  | 44,153,819 |  | 10,508,184
2030 - 2037 |  | 7,534,351 |  | 9,617,093
Indefinite Period |  | 3,918,317 |  | 137,040
Total federal and state net operating loss carryforwards |  | $ | 55,606,487 |  | $ | 59,387,026
Schedule of the components of income tax benefit (expense) | Income tax (expense) benefit includes the following components for the years ended December 31:
|  | 2018 |  | 2017 |  | 2016
Current: |  |  |  |  |  |
Federal |  | $ | — |  | $ | — |  | $ | 867,041
State and other |  | (16,636) |  | (59,243) |  | 83,463
Total current income tax (expense) benefit |  | (16,636) |  | (59,243) |  | 950,504
Deferred: |  |  |  |  |  |
Federal |  | — |  | (3,682,772) |  | (537,965)
State |  | — |  | (432,874) |  | (81,615)
Total deferred income tax (expense) benefit |  | — |  | (4,115,646) |  | (619,580)
Total income tax (expense) benefit |  | $ | (16,636) |  | $ | (4,174,889) |  | $ | 330,924
Schedule of effective tax rate reconciliation | The Company’s effective income tax rate for 2018, 2017 and 2016 reconciles with the federal statutory tax rate as follows:
|  | 2018 |  | 2017 |  | 2016
Federal tax expense at statutory rate |  | 21 | % |  | 34 | % |  | 34 | %
State income tax expense (net of federal income tax benefit) |  | 4 | % |  | 4 | % |  | 4 | %
Permanent differences associated with general business credits |  | 1 | % |  | 1 | % |  | 5 | %
Change in valuation allowance |  | (25) | % |  | (148) | % |  | (15) | %
Change in tax rate |  | — | % |  | 2 | % |  | — | %
Other permanent differences |  | (1) | % |  | 1 | % |  | (2) | %
Other |  | — | % |  | (2) | % |  | (1) | %
Net income tax expense |  | — | % |  | (108) | % |  | 25 | %

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -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 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32559-109319 + Details
Name: | us-gaap_SummaryOfOperatingLossCarryforwardsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration