Quarterly report pursuant to Section 13 or 15(d)

Aytu Divestiture (Tables)

v3.20.2
Aytu Divestiture (Tables)
 6 Months Ended
Jun. 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 June 30, 2020 and December 31, 2019:
  June 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 5,549,751    3,503,037   
Total current liabilities of discontinued operations 5,549,751    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 six months ended June 30, 2020 and 2019:
  Three Months Ended June 30, Six Months Ended June 30,
  2020 2019 2020 2019
Product revenue, net $ (455,463)   $ 3,057,462    $ (1,172,805)   $ 5,892,537   
Operating expenses:
Cost of product sales —    1,354,855    —    2,550,199   
General and administrative —    41,374    —    82,747   
Sales and marketing —    2,610,990    —    5,323,616   
Amortization expense —    744,099    —    1,488,199   
Impairment of intangible assets —    1,449,121    —    1,449,121   
Change in fair value of contingent consideration —    284,800    —    444,261   
Total operating expenses —    6,485,239    —    11,338,143   
Other (expense) income:
Change in value of Guarantee —    —    1,755,000    —   
Interest expense, net —    (238,158)   —    (476,316)  
Total other (expense) income —    (238,158)   1,755,000    (476,316)  
(Loss) income from discontinued operations before tax (455,463)   (3,665,935)   582,195    (5,921,922)  
Income tax expense —    12,971    —    48,658   
(Loss) income from discontinued operations, net of tax $ (455,463)   $ (3,678,906)   $ 582,195    $ (5,970,580)  
        
The significant non-cash operating items from the discontinued operations for the six months ended June 30, 2020 and 2019 are contained below. There were no non-cash investing items from the discontinued operations for the six months ended June 30, 2020 and 2019.
  Six Months Ended June 30,
  2020 2019
Operating activities
Amortization $ —    $ 1,488,199   
Impairment of intangible assets —    1,449,121   
Stock-based compensation, excluding amount included within gain on sale of Pediatric Portfolio —    202,330   
Change in fair value of contingent consideration liability —    444,261   
Change in value of Guarantee (1,755,000)   —