Discontinued Operations

6 Months Ended

Jun. 30, 2020

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

3. 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 at June 30, 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.

	Three Months Ended June 30,					Six Months Ended June 30,
	2020		2019			2020		2019
Research and development	$	—	$	(1,940	)	$	—	$	(172,272	)
Loss on impairment of equipment and furnishings		—		—			—		7,100
Employee stock option expense		—		—			—		(2,672	)
Gain on sale of assets held for sale		—		(138,976	)		—		(193,791	)
Other (income) loss		—		2,821			—		(17,077	)
Depreciation expense		—		—			—		—
Income from discontinued operations	$	—	$	(138,095	)	$	—	$	(378,712	)