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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2020
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:
|  | 2020 |  | 2019
Deferred Tax Assets |  |  |  |
Net operating loss and tax credits |  | $ | 16,961,650 |  |  | $ | 16,964,685 |
Property and equipment and intangibles |  | 227,056 |  |  | 227,072 |
Allowance for accounts receivable |  | 249,483 |  |  | 257,564 |
Reserve for expired product |  | 438,235 |  |  | 469,466 |
Inventory |  | 100,362 |  |  | 35,227 |
Deferred charges |  | 952,711 |  |  | 845,765 |
Cumulative compensation costs incurred on deductible equity awards |  | 928,638 |  |  | 1,047,149 |
Total deferred tax assets |  | 19,858,135 |  |  | 19,846,928 |
Deferred Tax Liabilities |  |  |  |
Intangible assets |  | (662,014) |  |  | (1,313,965) |
Net deferred tax assets, before valuation allowance |  | 19,196,121 |  |  | 18,532,963 |
Less: deferred tax asset valuation allowance |  | (19,196,121) |  |  | (18,511,161) |
Net deferred tax assets |  | $ | — |  |  | $ | 21,802 |
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, 2020:
Years of expiration |  | Federal |  | State
2021 |  | $ | — |  |  | $ | 4,342,464 |
2022 - 2029 |  | — |  |  | 45,045,442 |
2030 |  | 44,153,819 |  |  | 458,802 |
2031 - 2039 |  | 7,534,351 |  |  | 9,829,212 |
Indefinite Period |  | 4,796,324 |  |  | 263,861 |
Total federal and state net operating loss carryforwards |  | $ | 56,484,494 |  |  | $ | 59,939,781 |
Schedule of the components of income tax benefit (expense) | Income tax (expense) benefit includes the following components for the years ended December 31:
|  | 2020 |  | 2019 |  | 2018
Current: |  |  |  |  |  |
Federal |  | $ | 21,802 |  |  | $ | 65,408 |  |  | $ | — |
State and other |  | (55,902) |  |  | 79,316 |  |  | (16,636) |
Total current income tax (expense) benefit |  | (34,100) |  |  | 144,724 |  |  | (16,636) |
Deferred: |  |  |  |  |  |
Federal |  | (21,802) |  |  | (65,408) |  |  | — |
State |  | — |  |  | — |  |  | — |
Total deferred income tax (expense) benefit |  | (21,802) |  |  | (65,408) |  |  | — |
Total income tax (expense) benefit |  | $ | (55,902) |  |  | $ | 79,316 |  |  | $ | (16,636) |
Schedule of effective tax rate reconciliation | The Company’s effective income tax rate for 2020, 2019 and 2018 reconciles with the federal statutory tax rate as follows:
|  | 2020 |  | 2019 |  | 2018
Federal tax expense at statutory rate |  | 21 | % |  | 21 | % |  | 21 | %
State income tax expense (net of federal income tax benefit) |  | 4 | % |  | 4 | % |  | 4 | %
Permanent differences associated with general business credits |  | 6 | % |  | 7 | % |  | 1 | %
Change in valuation allowance |  | (23) | % |  | (31) | % |  | (25) | %
Other permanent differences |  | (7) | % |  | 1 | % |  | (1) | %
Other |  | (3) | % |  | — | % |  | — | %
Net income tax expense |  | (2) | % |  | 2 | % |  | — | %
Summary of tax credit carryforwards | As of December 31, 2020, the Company has general business credit carryforwards of $1.7 million. These credit carryforwards will expire in years 2021 through 2041.
Years of expiration |  | Federal
2021 |  | $ | 173,475 |
2022-2029 |  | 622,276 |
2030-2039 |  | 836,129 |
2040 |  | 97,244 |
Total federal and state credit carryforwards |  | $ | 1,729,124 |

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