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Income Taxes (Tables)

12 Months Ended

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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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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