Income Taxes (Tables)

12 Months Ended

Dec. 31, 2012


	2012			2011
Current	$	—		$	—
Deferred		(4,879,978	)		(2,545,834	)
Valuation Allowance		4,879,978			2,545,834


Total provision for income taxes	$	—		$	—


	2012			2011
Deferred tax assets:
Net operating loss carryforward	$	18,570,820		$	13,681,361
Bad debt reserve		48,725			58,765
Inventory reserve		95,229			24,540
Sales return allowance		69,848			74,478
Accrued vacation		20,338			32,232
Deferrals of compensation to Directors & Officers		9,596			9,596
Deferred grant revenue		8,729			13,194
Uniform capitalization (UNICAP)		6,481			6,418
Non-qualified stock compensation		457,058			414,630
Restricted stock		42,590			—
Accrued Interest		(134,222	)		—


Total deferred tax assets		19,195,192			14,315,214
Less valuation allowance		(19,195,192	)		(14,315,214	)


Total net deferred taxes	$	—		$	—


	2012			2011
Income tax benefit computed at statutory federal rate of 34%	$	(4,450,752	)	$	(2,610,815	)
State income tax benefits, net of federal expense/benefit		(475,183	)		(278,743	)
Change in valuation allowance		4,879,978			2,545,834
Non-deductible expenses		54,879			231,465
Therapeutic discovery tax credit		—			—
Other		(8,922	)		112,259


Total	$	—		$	—


Balance as of December 31, 2010	$	490,995
Additions based on tax positions related to the current year		59,967
Additions for the tax positions of prior years		—
Reductions for the tax positions of prior years		—
Balance as of December 31, 2011	$	550,962
Additions based on tax positions related to the current year		329,676
Additions for the tax positions of prior years		—
Reductions for the tax positions of prior years		—
Balance as of December 31, 2012	$	880,638