Annual report pursuant to Section 13 and 15(d)

Aytu Divestiture (Tables)

v3.20.4
Aytu Divestiture (Tables)
 12 Months Ended
Dec. 31, 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 December 31, 2020 and 2019:
  December 31,
  2020 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 1,341,667  3,503,037 
Total current liabilities of discontinued operations 1,341,667  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 year ended December 31, 2020 and 2019:
  Year Ended December 31,
  2020 2019
Product revenue, net $ (871,221) $ 10,166,611 
Operating expenses:
Cost of product sales —  4,288,234 
General and administrative —  137,911 
Sales and marketing —  8,521,190 
Amortization expense —  2,425,083 
Impairment of intangible assets —  1,449,121 
Change in fair value of contingent consideration —  247,042 
Total operating expenses —  17,068,581 
Other income (expense):
Change in value of Guarantee 1,755,000  — 
Interest expense, net —  (793,860)
Total other income (expense) 1,755,000  (793,860)
Gain on sale of Pediatric Portfolio —  7,964,924 
Income from discontinued operations before tax 883,779  269,094 
Income tax expense —  70,888 
Income from discontinued operations, net of tax $ 883,779  $ 198,206 
There were no non-cash investing items from the discontinued operations for the years ended December 31, 2020 and 2019.
  Year Ended December 31,
  2020 2019
Operating activities
Amortization $ —  $ 2,425,083 
Impairment of intangible assets —  1,449,121 
Stock-based compensation, excluding amount included within gain on sale of Pediatric Portfolio —  327,180 
Amortization of inventory fair value adjustment associated with acquisition of TRx and Avadel pediatric product —  107,271 
Change in fair value of contingent consideration liability —  247,042 
Change in fair value of Guarantee (1,755,000) — 
Gain on Aytu Divestiture —  (7,964,924)