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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

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:

						2021						2020
Deferred Tax Assets
Net operating loss and tax credits						$	16,817,070					$	16,961,650
Property and equipment and intangibles						222,893						227,056
Allowance for accounts receivable						83,931						249,483
Reserve for expired product						457,723						438,235
Inventory						104,824						100,362
Deferred charges						1,303,664						952,711
Cumulative compensation costs incurred on deductible equity awards						834,070						928,638
Total deferred tax assets						19,824,175						19,858,135
Deferred Tax Liabilities
Intangible assets						(62,253)						(662,014)
Net deferred tax assets, before valuation allowance						19,761,922						19,196,121
Less: deferred tax asset valuation allowance						(19,761,922)						(19,196,121)
Net deferred tax assets						$	—					$	—

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, 2021:

Years of expiration						Federal						State
2022						$	—					$	—
2023 - 2029						—						49,253,796
2030						44,153,819						355,874
2031 - 2039						7,534,351						9,822,440
Indefinite Period						4,345,272						279,025
Total federal and state net operating loss carryforwards						$	56,033,442					$	59,711,135

Schedule of the components of income tax benefit (expense)

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

						2021						2020						2019
Current:
Federal						$	—					$	21,802					$	65,408
State and other						34,891						(55,902)						79,316
Total current income tax (expense) benefit						34,891						(34,100)						144,724
Deferred:
Federal						61,678						(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

Schedule of effective tax rate reconciliation

The Company’s effective income tax rate for 2021, 2020 and 2019 reconciles with the federal statutory tax rate as follows:

 

						2021						2020						2019
Federal tax expense at statutory rate						21		%				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		%

Summary of tax credit carryforwards

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 expiration						Federal
2022						$	161,119
2023-2029						461,157
2030-2039						648,120
2040-2041						410,709
Total federal and state credit carryforwards						$	1,681,105

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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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Tabular disclosure of tax credit carryforwards available to reduce future taxable income, including amounts, expiration dates, limitations on use and the related deferred tax assets and valuation allowances.

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