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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

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:

						2019						2018
Deferred Tax Assets
Net operating loss and tax credits						$	16,964,685					$	16,410,403
Property and equipment and intangibles						227,072						236,318
Allowance for accounts receivable						257,564						251,068
Reserve for expired product						469,466						558,484
Inventory						35,227						193,150
Deferred charges						845,765						910,577
Cumulative compensation costs incurred on deductible equity awards						1,047,149						884,049
Total deferred tax assets						19,846,928						19,444,049
Deferred Tax Liabilities
Intangible assets						(1,313,965)						(1,974,787)
Net deferred tax assets, before valuation allowance						18,532,963						17,469,262
Less: deferred tax asset valuation allowance						(18,511,161)						(17,382,052)
Net deferred tax assets						$	21,802					$	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, 2019:

Years of expiration						Federal						State
2020						$	—					$	13,115
2021 - 2029						—						49,392,824
2030						44,153,819						461,280
2031 - 2039						7,534,351						9,947,070
Indefinite Period						5,493,258						383,869
Total federal and state net operating loss carryforwards						$	57,181,428					$	60,198,158

Schedule of the components of income tax benefit (expense)

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

						2019						2018						2017
Current:
Federal						$	65,408					$	—					$	—
State and other						79,316						(16,636)						(59,243)
Total current income tax (expense) benefit						144,724						(16,636)						(59,243)
Deferred:
Federal						(65,408)						—						(3,682,772)
State						—						—						(432,874)
Total deferred income tax (expense) benefit						(65,408)						—						(4,115,646)
Total income tax (expense) benefit						$	79,316					$	(16,636)					$	(4,174,889)

Schedule of effective tax rate reconciliation

The Company’s effective income tax rate for 2019, 2018 and 2017 reconciles with the federal statutory tax rate as follows: 

						2019						2018						2017
Federal tax expense at statutory rate						21		%				21		%				34		%
State income tax expense (net of federal income tax benefit)						4		%				4		%				4		%
Permanent differences associated with general business credits						7		%				1		%				1		%
Change in valuation allowance						(31)		%				(25)		%				(148)		%
Change in tax rate						—		%				—		%				2		%
Other permanent differences						1		%				(1)		%				1		%
Other						—		%				—		%				(2)		%
Net income tax expense						2		%				—		%				(108)		%

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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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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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