Quarterly report pursuant to Section 13 or 15(d)

Aytu Divestiture (Tables)

v3.20.2
Aytu Divestiture (Tables)
 9 Months Ended
Sep. 30, 2020
Discontinued Operations and Disposal Groups [Abstract]  
Summary of Discontinued Operations The following tables summarizes the assets and liabilities of the discontinued operations as of September 30, 2020 and December 31, 2019:
  September 30, 2020 December 31,
  (unaudited) 2019
Assets          
Current assets:    
Accounts receivable, net $ —  $ 497,577 
Total current assets of discontinued operations $ —  $ 497,577 
Liabilities    
Current liabilities:
Accounts payable $ —  $ 387,975 
Accrued expenses and other current liabilities 5,833,729  3,503,037 
Total current liabilities of discontinued operations 5,833,729  3,891,012 
Other long-term liabilities —  1,755,000 
Total long-term liabilities of discontinued operations $ —  $ 1,755,000 
The following table summarizes the results of discontinued operations for the three and nine months ended September 30, 2020 and 2019:
  Three Months Ended September 30, Nine Months Ended September 30,
  2020 2019 2020 2019
(unaudited) (unaudited)
Product revenue, net $ (197,505) $ 3,412,044  $ (1,370,310) $ 9,304,580 
Operating expenses:
Cost of product sales —  1,302,679  —  3,852,878 
General and administrative —  41,374  —  124,121 
Sales and marketing —  2,416,338  —  7,739,955 
Amortization expense —  702,665  —  2,190,865 
Impairment of intangible assets —  —  —  1,449,121 
Change in fair value of contingent consideration —  (197,219) —  247,042 
Total operating expenses —  4,265,837  —  15,603,982 
Other (expense) income:
Change in value of Guarantee —  —  1,755,000  — 
Interest expense, net —  (238,158) —  (714,473)
Total other (expense) income —  (238,158) 1,755,000  (714,473)
(Loss) income from discontinued operations before tax (197,505) (1,091,951) 384,690  (7,013,875)
Income tax (benefit) expense —  (5,989) —  42,668 
(Loss) income from discontinued operations, net of tax $ (197,505) $ (1,085,962) $ 384,690  $ (7,056,543)
    
The significant non-cash operating items from the discontinued operations for the nine months ended September 30, 2020 and 2019 are contained below. There were no non-cash investing items from the discontinued operations for the nine months ended September 30, 2020 and 2019.
  Nine Months Ended September 30,
  2020 2019
Operating activities
Amortization $ —  $ 2,190,865 
Impairment of intangible assets —  1,449,121 
Stock-based compensation, excluding amount included within gain on sale of Pediatric Portfolio —  313,790 
Change in fair value of contingent consideration liability —  247,042 
Change in value of Guarantee (1,755,000) —