XML 27 R18.htm IDEA: XBRL DOCUMENT v3.10.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Revenue Recognition, Cumulative Effect (Details) - USD ($)
Jun. 30, 2018
Dec. 31, 2017
Balance Sheets [Abstract]    
Contract assets $ 7,100,000  
Accounts receivable 12,893,893 [1] $ 4,655,105
Deferred revenue 0 6,400,000
Deferred royalty buy-down (1,100,000) (2,500,000)
Deferred tax assets, net 321,603 [1] 1,739,706
Income tax payable 801,800 [1] 68,733
Retained earnings adjustment 60,402,721 [1] 41,939,115
Endo [Member]    
Balance Sheets [Abstract]    
Accounts receivable 12,893,893 4,655,105
Deferred revenue   (6,400,000)
Deferred royalty buy-down   (2,500,000)
Accounts payable and accrued expenses -third party royalties   (400,000)
Deferred tax assets, net   1,739,706
Income tax payable   0
Retained earnings adjustment   (2,900,000)
ASU 2014-09 [Member] | Endo [Member]    
Balance Sheets [Abstract]    
Accounts receivable   12,300,000
Deferred revenue   (100,000)
Deferred royalty buy-down   (2,900,000)
Accounts payable and accrued expenses -third party royalties   (900,000)
Deferred tax assets, net   400,000
Income tax payable   (1,400,000)
Retained earnings adjustment   7,400,000
Adjustments / Effect of Change Higher / (Lower) [Member] | ASU 2014-09 [Member]    
Balance Sheets [Abstract]    
Accounts receivable 7,100,000  
Deferred tax assets, net (1,200,000)  
Income tax payable (1,300,000)  
Retained earnings adjustment $ 9,700,000  
Adjustments / Effect of Change Higher / (Lower) [Member] | ASU 2014-09 [Member] | Endo [Member]    
Balance Sheets [Abstract]    
Accounts receivable [2]   7,600,000
Deferred revenue [3]   6,300,000
Deferred royalty buy-down [4]   (400,000)
Accounts payable and accrued expenses -third party royalties [4]   (500,000)
Deferred tax assets, net [5]   (1,300,000)
Income tax payable [6]   (1,400,000)
Retained earnings adjustment   $ 10,300,000
[1] As of January 1, 2018, the Company adopted the requirements of ASC 606 using the modified retrospective adoption method, and as a result, there is a lack of comparability of certain amounts to the prior periods presented. See Note 2 for additional discussion.
[2] This adjustment represents the elimination of the one quarter lag by recognizing royalty revenues based on of XIALFLEX net sales and mark-up on cost of goods sold revenues reported to us by Endo for the fourth quarter of 2017.
[3] Represents the remaining deferred revenue balance of the prepaid mark-up on cost of goods sold based on sales by non-affiliated sublicensees of Endo outside of the U.S.
[4] Represents the amortization of the royalty buy-down and third party royalties expense associated royalty revenues based on XIALFLEX net sales reported to us by Endo for the fourth quarter of 2017.
[5] To reverse a deferred tax asset associated with the deferred revenue balance of the prepaid mark-up on cost of goods sold by non-affiliated sublicensees of Endo outside of the U.S.
[6] To create a tax liability associated the elimination of the one quarter lag by recognizing royalty revenues based on of XIALFLEX net sales and mark-up on cost of goods sold revenues reported to us by Endo for the fourth quarter of 2017.