Discontinued Operations

6 Months Ended

Jun. 30, 2019

Discontinued Operations and Disposal Groups [Abstract]

4. 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 wrote 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, realizing a gain on sale of $0.2 million. The net book value of the assets held for sale is $0 at June 30, 2019 and $0.4 million at December 31, 2018. The results of these discontinued operations are presented separately on the Company’s Consolidated Statement of Operations.

	As of
	June 30, 2019		December 31, 2018
Current assets held for sale	$	49,436	$	81,182
Equipment and furnishings, net	$	—	$	313,425
Deposit		—		11,401
Non-current assets held for sale	$	—	$	324,853

Accounts payable	$	2,000	$	323,736
Accrued expenses and other current liabilities		19,879		278,977
Current liabilities of discontinued operations	$	21,879	$	602,713

	Three Months Ended June 30,					Six Months Ended June 30,
	2019			2018		2019			2018
Research and development	$	(1,940	)	$	702,713	$	(172,272	)	$	1,344,634
Loss on impairment of equipment and furnishings		—			—		7,100			—
Employee stock option expense		—			29,451		(2,672	)		60,423
Gain on sale of assets held for sale		(138,976	)				(193,791	)		—
Other (income) loss		2,821			8,655		(17,077	)		8,375
Depreciation expense		—			128,454		—			255,711
Loss (gain) from discontinued operations	$	(138,095	)	$	869,273	$	(378,712	)	$	1,669,143