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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

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:

						2023						2022
Deferred Tax Assets
Net operating loss and tax credits						$	15,427,801					$	16,164,754
Property and equipment and intangibles						71,990						264,653
Operating lease liabilities						1,307,178						1,121,800
Intangible assets						2,337,091						866,942
Capitalized research cost						2,208,093						1,481,455
Allowance for accounts receivable						147,919						145,803
Reserve for expired product						616,979						654,148
Inventory						185,189						217,025
Deferred charges						937,935						1,156,150
Cumulative compensation costs incurred on deductible equity awards						176,926						635,989
Total deferred tax assets						23,417,101						22,708,719
Deferred Tax Liabilities
Operating lease right-of-use assets						(1,547,773)						(1,150,935)
Intangible assets						—						—
Net deferred tax assets, before valuation allowance						21,869,328						21,557,784
Less: deferred tax asset valuation allowance						(21,869,328)						(21,557,784)
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, 2023:

Years of expiration						Federal						State
2024						$	—					$	30,756,304
2025-2042						45,709,390						28,333,628
Indefinite Period						6,405,835						473,278
Total federal and state net operating loss carryforwards						$	52,115,225					$	59,563,210

Schedule of the components of income tax benefit (expense)

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

						2023						2022
Current:
Federal						$	—					$	—
State and other						45,769						68,850
Total current income tax expense						45,769						68,850
Deferred:
Federal						—						—
State						—						—
Total deferred income tax expense						—						—
Total income tax expense						$	45,769					$	68,850

Schedule of effective tax rate reconciliation

The Company’s effective income tax rate for 2023 and 2022 reconciles with the federal statutory tax rate as follows:

						2023						2022
Federal tax expense at statutory rate						$	21.00					$	21.00
State income tax expense (net of federal income tax benefit)						(0.58)						2.11
Permanent differences associated with general business credits						0.80						—
Change in valuation allowance						(4.96)						(21.76)
Other permanent differences						(6.51)						(2.58)
Expiring tax credits						(3.32)						—
Deferred True-ups						(7.16)						—
Net loss tax expense						$	(0.73)					$	(1.23)

Summary of tax credit carryforwards

Years of expiration						Federal
2024						$	18,370
2025-2044						1,322,531
Total federal and state credit carryforwards						$	1,340,901

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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 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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