Segment Information

9 Months Ended

Sep. 30, 2014

Segment Information

Segment Information

17. Segment Information

In 2013, ProElite was considered to be an operating segment pursuant to ASC Topic 280 “Segment Reporting” since each was budgeted separately and tracked separately to provide the chief operating decision maker information to assess and manage ProElite, Stratus White and Hygeia/Canterbury.  The Company suspended operations of ProElite effective June 30, 2013. Following the repositioning of the Company as a specialty biopharmaceutical company, the Board of Directors voted to discontinue operations of ProElite effective March 31, 2014.  The following segment information is presented to provide a comparison for the three and nine months ended September 30, 2014 and 2013.

A summary of results by segments is as follows:

	Three Months Ended September 30, 2014 ($000)										Three Months Ended September 30, 2013 ($000)
	Bio- Pharma			ProElite (Discont.)		Other		Total			Bio- Pharma		ProElite (Discont.)		Other			Total
Revenues	$	—		$	—	$	—	$	—		$	—	$	—	$	—		$	—
Cost of sales	—			—		—		—			—		—		—			—
Gross margin	—			—		—		—			—		—		—			—
Depreciation and amortization	656			—		—		656			—		—		7			7
Segment profit	(656		)	—		—		(656		)	—		—		(7		)	(7		)
Operating expenses	2,942			—		—		2,942			—		—		1,670			1,670
Other (income)/expenses	(149		)	—		—		(149		)	—		—		(49		)	(49		)
Impact of derivative securities	—			—		—		—			—		—		—			—
Net income (loss) from continuing ops.	(3,449		)	—		—		(3,449		)	—		—		(1,628		)	(1,628		)
Income from discontinued ops.	—			—		—		—			—		103		—			103
Preferred dividends	—			—		—		—			—		—		—			—
Net (loss) income attributable to common shareholders	$	(3,449	)	$	—	$	—	$	(3,449	)	$	—	$	103	$	(1,628	)	$	(1,525	)

	Nine Months Ended September 30, 2014 ($000)										Nine Months Ended September 30, 2013 ($000)
	Bio- Pharma			ProElite (Discont.)		Other		Total			Bio- Pharma		ProElite (Discont.)			Other			Total
Revenues	$	—		$	—	$	—	$	—		$	—	$	—		$	—		$	—
Cost of sales	—			—		—		—			—		—			—			—
Gross margin	—			—		—		—			—		—			—			—
Depreciation and amortization	1,744			—		—		1,744			—		—			24			24
Segment profit	(1,744		)	—		—		(1,744		)	—		—			(24		)	(24		)
Operating expenses	7,929			—		—		7,929			—		—			10,728			10,728
Other (income)/expenses	(388		)	—		—		(388		)	—		—			(34		)	(34		)
Impact of derivative securities	—			—		—		—			—		—			(9,217		)	(9,217		)
Net income (loss) from continuing ops.	(9,285		)	—		—		(9,285		)	—		—			(1,501		)	(1,501		)
Loss from discontinued ops.	—			—		—		—			—		(153		)	—			(153		)
Preferred dividends	—			—		—		—			—		—			172			172
Net (loss) attributable to common shareholders	$	(9,285	)	$	—	$	—	$	(9,285	)	$	—	$	(153	)	$	(1,673	)	$	(1,826	)
Assets at end of period	$	50,547		$	—	$	—	$	50,547		$	—	$	230		$	3,005		$	3,235
Liabilities at end of period	$	7,748		$	—	$	—	$	7,748		$	—	$	1,417		$	8,153		$	9,570