| Goodwill and Intangible Assets |
Goodwill and Intangible AssetsThere were no changes in the carrying amount of goodwill for the years ended December 31, 2020 and 2019. The changes in intangible assets for the years ended December 31, 2020 and 2019 were as follows:
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| Balance as of December 31, 2018 |
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$ |
3,765,254 |
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| Amortization |
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(1,338,996) |
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| Balance as of December 31, 2019 |
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$ |
2,426,258 |
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| Additions |
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$ |
900,000 |
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| Amortization |
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$ |
(1,741,083) |
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| Balance as of December 31, 2020 |
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$ |
1,585,175 |
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As a result of the asset acquisition accounting treatment of the Aevi Merger, the Company recognized an assembled workforce intangible asset of $0.9 million during the first quarter of 2020, which was assigned a two-year useful life. Refer to Notes 5 and 6 for more information.
The following is a summary of intangible assets held by the Company at December 31, 2020 and 2019, respectively:
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December 31, 2020 |
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Gross Carrying Amount |
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Accumulated Amortization |
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Net Carrying Amount |
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Weighted-Average Remaining Life |
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(in years) |
| Acquired Product Marketing Rights |
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$ |
5,056,000 |
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$ |
(3,949,988) |
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$ |
1,106,012 |
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0.9 |
| Acquired Assembled Workforce |
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1,050,000 |
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(570,837) |
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479,163 |
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1.1 |
| Total Intangible Assets |
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$ |
6,106,000 |
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$ |
(4,520,825) |
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$ |
1,585,175 |
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0.9 |
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December 31, 2019 |
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Gross Carrying Amount |
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Accumulated Amortization |
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Net Carrying Amount |
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Weighted-Average Remaining Life |
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(in years) |
| Acquired Product Marketing Rights |
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$ |
5,056,000 |
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$ |
(2,685,992) |
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$ |
2,370,008 |
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1.9 |
| Acquired Assembled Workforce |
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150,000 |
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(93,750) |
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56,250 |
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0.8 |
| Total Intangible Assets |
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$ |
5,206,000 |
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$ |
(2,779,742) |
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$ |
2,426,258 |
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1.9 |
Amortization of intangibles for the next five years and thereafter is expected to be as follows:
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Estimated |
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Amortization |
| For the Years Ending December 31, |
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Expense |
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| 2021 |
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1,556,016 |
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| 2022 |
|
29,159 |
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| 2023 |
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— |
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| 2024 |
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— |
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| 2025 |
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— |
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| Thereafter |
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— |
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| Total future amortization expense |
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$ |
1,585,175 |
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