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)