Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Components of Deferred Tax Assets and Liabilities

Components of deferred tax assets (liabilities) are as follows:

(in thousands)	December 31,
	2014			2013
Accounts receivable	$	233		$	58
Inventories		1,847			473
Accrued expenses		818			825
Depreciation		(5	)		40
Intangible assets		(11,232	)		(5,320	)
Stock options		1,339			1,015
Deferred revenue		22			46
Other		5			6
Net operating loss carry forwards		11,860			9,316
Net deferred tax asset		4,887			6,459
Valuation allowance		(4,887	)		(6,459	)
	$	—		$	—

Reconciliation of Tax Computed at Statutory Rate to Income Tax Expenses

The following is a reconciliation of tax computed at the statutory federal rate to the income tax expense in the statements of operations for the years ended December 31, 2014, 2013 and 2012:

	December 31,
(in thousands)	2014						2013						2012
	Amount			%			Amount			%			Amount			%
Tax benefit at statutory federal rate	$	(3,988	)		(34.0	)	$	(5,719	)		(34.0	)	$	(2,916	)		(34.0	)
Deferred state tax benefit		(383	)		(3.3	)		(258	)		(1.5	)		(618	)		(7.2	)
Change in valuation allowance		4,982			42.5			(10,446	)		(62.1	)		2,810			32.8
Tax benefit of acquisition		(6,550	)		(55.8	)		—			—			—			—
Goodwill impairment		—			—			—			—			676			7.9
Adjustment to net operating loss carryforwards		(120	)		(1.0	)		13,828			82.2			41			0.5
Non-deductible expenses		160			1.4			2,595			15.4			7			0.0
Impact of rate change		(651	)		(5.6	)		—			—			—			—
Income tax benefit	$	(6,550	)		(55.8	)	$	—			—		$	—			—