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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
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:
|  | 2024 |  | 2023
Deferred Tax Assets |  |  |  |
Net operating loss and tax credits |  | $ | 14,312,099 |  |  | $ | 15,427,801 |
Property and equipment and intangibles |  | 79,979 |  |  | 71,990 |
Right-of-use liability |  | 1,205,692 |  |  | 1,307,178 |
Intangible assets |  | 2,762,590 |  |  | 2,337,091 |
Section 174 expenses |  | 2,586,832 |  |  | 2,208,093 |
Allowance for accounts receivable |  | 306,007 |  |  | 147,919 |
Reserve for expired product |  | 649,549 |  |  | 616,979 |
Inventory |  | 266,695 |  |  | 185,189 |
Business interest expense limitation |  | 54,720 |  |  | — |
Deferred charges |  | 1,027,520 |  |  | 937,935 |
Cumulative compensation costs incurred on deductible equity awards |  | 83,189 |  |  | 176,926 |
Total deferred tax assets |  | 23,334,872 |  |  | 23,417,101 |
Deferred Tax Liabilities |  |  |  |
Right-of-use asset |  | (1,385,534) |  |  | (1,547,773) |
Net deferred tax assets, before valuation allowance |  | 21,949,338 |  |  | 21,869,328 |
Less: deferred tax asset valuation allowance |  | (21,949,338) |  |  | (21,869,328) |
Net deferred taxes |  | $ | — |  |  | $ | — |
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, 2024:
Years of expiration |  | Federal |  | State
2025 |  | $ | — |  |  | $ | 213,534 |
2026-2042 |  | 45,526,439 |  |  | 26,275,020 |
Indefinite Period |  | 7,143,930 |  |  | 3,299,837 |
Total federal and state net operating loss carryforwards |  | $ | 52,670,369 |  |  | $ | 29,788,391 |
Schedule of the components of income tax benefit (expense) | Income tax expense (benefit) includes the following components for the years ended December 31:
|  | 2024 |  | 2023 |  |
Current: |  |  |  |  |  |
Federal |  | $ | — |  |  | $ | — |  |  |
State and other |  | (22,669) |  |  | 45,769 |  |  |
Total current income tax expense |  | (22,669) |  |  | 45,769 |  |  |
Deferred: |  |  |  |  |  |
Federal |  | — |  |  | — |  |  |
State |  | — |  |  | — |  |  |
Total deferred income tax expense |  | — |  |  | — |  |  |
Total income tax expense (benefit) |  | $ | (22,669) |  |  | $ | 45,769 |  |  |
Schedule of effective tax rate reconciliation | The Company’s effective income tax rate for 2024 and 2023 reconciles with the federal statutory tax rate as follows:
|  | 2024 |  | 2023 |  |
Income tax expense computed at federal statutory tax rate |  | 21.00 | % |  | 21.00 | % |  |
State Taxes Net of Federal Benefit |  | 0.11 |  |  | (0.58) |  |  |
Tax Credits Generated |  | 3.31 |  |  | 0.80 |  |  |
Change in valuation allowance |  | (23.61) |  |  | (4.96) |  |  |
Permanent differences |  | (1.86) |  |  | (6.51) |  |  |
Expiring tax credits |  | (0.28) |  |  | (3.32) |  |  |
Deferred True-ups |  | 1.67 |  |  | (7.16) |  |  |
Net loss tax benefit (expense) |  | 0.34 | % |  | (0.73) | % |  |
Summary of tax credit carryforwards |
Years of expiration |  | Federal
2025 |  | $ | 25,323 |
2026-2044 |  | 1,518,577 |
Total federal and state credit carryforwards |  | $ | 1,543,900 |

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