Discontinued Operations

3 Months Ended

Mar. 31, 2019

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

5. Discontinued Operations

On December 21, 2018, the Company announced that its pre-clinical lab operations had successfully completed its objectives – namely, it has developed four lead compounds, LADR 7, LADR-8, LADR-9 and LADR 10 along with a companion diagnostic (ACDx). Accordingly, the Company terminated the contracts of all its employees at this location.

The Company terminated its lease in Freiburg Germany on April 30, 2019 with no penalty. The Company sold its analytical equipment in March 2019 and accordingly has classified these assets as current assets held for sale and has written down these assets by $7,000. On April 30, 2019 the Company also sold its German office furniture and German leasehold improvements for $0.3 million. The net book value of the assets held for sale is $0.4 million at March 31, 2019 and $0.4 million at December 31, 2018. The value of the assets sold in April 2019 are greater than their net book value and so no write-down has been recorded in the period. The results of these discontinued operations are presented separately on the Company’s Consolidated Statement of Operations.

	Period Ended
	March 31, 2019			December 31, 2018
Current assets held for sale	$	402,045		$	81,182
Equipment and furnishings, net	$	—		$	313,425
Deposit		—			11,401
Non-current assets held for sale	$	—		$	324,853
Accounts payable	$	7,813		$	323,736
Accrued expenses and other current liabilities		101,325			278,977
Current liabilities for sale	$	109,138		$	602,713
Research and development	$	(171,127	)	$	2,869,037
Loss on impairment of equipment and furnishings		7,100			207,662
Employee stock option expense		(2,672	)		95,485
Other income		(73,845	)		2,519
Depreciation expense		—			459,506
Loss (gain) from discontinued operations	$	(240,544	)	$	3,634,209