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Income Taxes
 12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The components of the Company's net deferred tax assets at December 31 are as follows:
20212020
Deferred Tax Assets
Net operating loss and tax credits$16,817,070 $16,961,650 
Property and equipment and intangibles222,893 227,056 
Allowance for accounts receivable83,931 249,483 
Reserve for expired product457,723 438,235 
Inventory104,824 100,362 
Deferred charges1,303,664 952,711 
Cumulative compensation costs incurred on deductible equity awards834,070 928,638 
Total deferred tax assets19,824,175 19,858,135 
Deferred Tax Liabilities
Intangible assets(62,253)(662,014)
Net deferred tax assets, before valuation allowance19,761,922 19,196,121 
Less: deferred tax asset valuation allowance(19,761,922)(19,196,121)
Net deferred tax assets$— $— 
The following table summarizes the amount and year of expiration of the Company's federal and state net operating loss carryforwards as of December 31, 2021:
Years of expirationFederalState
2022$— $— 
2023 - 2029— 49,253,796 
203044,153,819 355,874 
2031 - 20397,534,351 9,822,440 
Indefinite Period4,345,272 279,025 
Total federal and state net operating loss carryforwards$56,033,442 $59,711,135 
Income tax (expense) benefit includes the following components for the years ended December 31:
202120202019
Current:
Federal$— $21,802 $65,408 
State and other34,891 (55,902)79,316 
Total current income tax (expense) benefit34,891 (34,100)144,724 
Deferred:
Federal61,678 (21,802)(65,408)
State(61,678)— — 
Total deferred income tax (expense) benefit— (21,802)(65,408)
Total income tax (expense) benefit $34,891 $(55,902)$79,316 
The Company’s effective income tax rate for 2021, 2020 and 2019 reconciles with the federal statutory tax rate as follows:
 
202120202019
Federal tax expense at statutory rate21 %21 %21 %
State income tax expense (net of federal income tax benefit)1 %4 %4 %
Permanent differences associated with general business credits— %6 %7 %
Change in valuation allowance(19)%(23)%(31)%
Other permanent differences(4)%(7)%1 %
Other— %(3)%— %
Net income tax expense(1)%(2)%2 %
The Company believes that it is not more likely than not that its net deferred tax assets will be realized. As such, the net deferred tax assets are fully offset with a valuation allowance as of the periods ended December 31, 2021 and December 31, 2020.
As of December 31, 2021, the Company has general business credit carryforwards of $1.7 million. These credit carryforwards will expire in years 2022 through 2041.
Years of expirationFederal
2022$161,119 
2023-2029461,157 
2030-2039648,120 
2040-2041410,709 
Total federal and state credit carryforwards$1,681,105 

The Company expects it will continue to pay minimal taxes in future periods through the continued utilization of net operating loss carryforwards, as it is able to achieve taxable income through its operations.
The Company is no longer subject to U.S. federal tax examinations for tax years before 2018, and with few exceptions, the Company is not subject to examination by state tax authorities for tax years which ended before 2018. Loss carryforwards and credit carryforwards generated or utilized in years earlier than 2018 remain subject to examination and adjustment. During 2012, the 2009 federal tax return was examined by the Internal Revenue Service with no significant findings or adjustments. The Company has no unrecognized tax benefits at December 31, 2021 and 2020.