XML 34 R23.htm IDEA: XBRL DOCUMENT v3.6.0.2
SEGMENT RESULTS
9 Months Ended
Dec. 31, 2016
Segment Reporting [Abstract]  
Segment Reporting Disclosure [Text Block]
NOTE 17. SEGMENT RESULTS
 
FASB ASC 280-10-50 requires use of the “management approach” model for segment reporting. The management approach is based on the way a company’s management organized segments within the company for making operating decisions and assessing performance. Reportable segments are based on products and services, geography, legal structure, management structure, or any other manner in which management disaggregates a company.
 
The Company has determined that its reportable segments are Abbreviated New Drug Applications (“ANDA”) for generic products and New Drug Applications (“NDA”) for branded products. The Company identified its reporting segments based on the marketing authorization relating to each and the financial information used by its chief operating decision maker to make decisions regarding the allocation of resources to and the financial performance of the reporting segments.
 
Asset information by operating segment is not presented below since the chief operating decision maker does not review this information by segment. The reporting segments follow the same accounting policies used in the preparation of the Company’s unaudited condensed consolidated financial statements.
 
The following represents selected information for the Company’s reportable segments for the three and nine months ended December 31, 2016 and 2015.
 
 
 
For the Three Months Ended December 31,
 
For the Nine Months Ended December 31,
 
 
 
2016
 
2015
 
2016
 
2015
 
Revenue by Segment
 
 
 
 
 
 
 
 
 
 
 
 
 
ANDA
 
$
2,080,649
 
$
1,943,876
 
$
7,537,493
 
$
6,720,155
 
NDA
 
 
250,000
 
 
250,000
 
 
750,000
 
 
583,333
 
 
 
$
2,330,649
 
$
2,193,876
 
$
8,287,493
 
$
7,303,488
 
 
 
 
For the Three Months Ended December 31,
 
For the Nine Months Ended December 31,
 
 
 
2016
 
2015
 
2016
 
2015
 
Operating (Loss) Income by Segment
 
 
 
 
 
 
 
 
 
 
 
 
 
ANDA
 
$
(302,110)
 
$
1,065,439
 
$
(38,576)
 
$
3,134,402
 
NDA
 
 
(351,186)
 
 
(2,895,668)
 
 
(1,240,085)
 
 
(9,316,110)
 
 
 
$
(653,296)
 
$
(1,830,229)
 
$
(1,278,661)
 
$
(6,181,708)
 
 
  The table below reconciles the Company’s operating income (loss) by segment to income from operations before provision for income taxes as reported in the Company’s unaudited condensed consolidated statements of operations.
 
 
 
For the Three Months Ended
December 31,
 
For the Nine Months Ended
December 31,
 
 
 
2016
 
2015
 
2016
 
2015
 
Operating loss by segment
 
$
(653,296)
 
$
(1,830,229)
 
$
(1,278,661)
 
$
(6,181,708)
 
Corporate unallocated costs
 
 
(1,017,047)
 
 
(367,147)
 
 
(2,017,976)
 
 
(1,113,997)
 
Interest income
 
 
3,151
 
 
-
 
 
9,407
 
 
-
 
Interest expense and amortization of debt issuance costs
 
 
(55,563)
 
 
(68,119)
 
 
(181,883)
 
 
(207,376)
 
Depreciation and amortization expense
 
 
(21,032)
 
 
(166,825)
 
 
(64,408)
 
 
(492,625)
 
Significant non-cash items
 
 
(31,048)
 
 
(348,598)
 
 
(803,538)
 
 
(1,098,316)
 
Change in fair value of derivative instruments
 
 
1,571,471
 
 
(9,452,046)
 
 
9,468,320
 
 
(87,999)
 
(Loss) income from operations
 
$
(203,364)
 
$
(12,232,964)
 
$
5,131,261
 
$
(9,182,021)