Quarterly report pursuant to Section 13 or 15(d)

Note 15 - Segments

Note 15 - Segments

6 Months Ended

Jun. 30, 2018

Segment Reporting Disclosure [Text Block]

Segments

We report information about our operating segments using the “management approach” in accordance with current accounting standards. This information is based on the way management organizes and reports the segments within the enterprise for making operating decisions and assessing performance. Our reportable segments are identified based on differences in products, services and markets served. There were

inter-segment sales. We manage our business based on

two

primary types of drug products: (i) diagnostic substances, including

Tc99m

tilmanocept and other diagnostic applications of our Manocept platform, and

NAV4694

(sublicensed in

April 2018),

and (ii) therapeutic development programs, including therapeutic applications of our Manocept platform and all development programs undertaken by MT.

The information in the following tables is derived directly from each reportable segment’s financial reporting.

T hree Months Ended June 30, 2018	Diagnostics			Therapeutics			Corporate			Total
Royalty revenue	$	6,665		$	—		$	—		$	6,665
License revenue		257,709			—			—			257,709
Grant and other revenue		156,889			120,864			—			277,753
Total revenue		421,263			120,864			—			542,127
Cost of revenue		35,392			—			—			35,392
Research and development expenses		913,158			229,560			—			1,142,718
Selling, general and administrative expenses, excluding depreciation and amortization (1)		—			16,630			1,735,258			1,751,888
Depreciation and amortization (2)		—			—			37,511			37,511
Loss from operations (3)		(527,287	)		(125,326	)		(1,772,769	)		(2,425,382	)
Other expense (4)		—			—			(20,719	)		(20,719	)
Income tax benefit		2,356			560			8,013			10,929
Net loss from continuing operations		(524,931	)		(124,766	)		(1,785,475	)		(2,435,172	)
Loss from discontinued operations, net of tax		(1,938	)		—			—			(1,938	)
Gain on sale of discontinued operations, net of tax		43,053			—			—			43,053
Net loss		(483,816	)		(124,766	)		(1,785,475	)		(2,394,057	)
Total assets, net of depreciation and amortization:
United States	$	409,769		$	87,751		$	8,139,434		$	8,636,954
International		22,147			—			1,391			23,538
Capital expenditures		—			—			3,165			3,165

T hree Months Ended June 30, 2017	Diagnostics			Therapeutics			Corporate			Total
Royalty revenue	$	—		$	—		$	—		$	—
License revenue		100,000			—			—			100,000
Grant and other revenue		418,375			93,224			—			511,599
Total revenue		518,375			93,224			—			611,599
Research and development expenses		1,108,101			77,773			—			1,185,874
Selling, general and administrative expenses, excluding depreciation and amortization (1)		—			3,462			4,175,583			4,179,045
Depreciation and amortization (2)		—			—			70,539			70,539
(Loss) income from operations (3)		(589,726	)		11,989			(4,246,122	)		(4,823,859	)
Other income		—			—			40,848			40,848
Income tax benefit (expense)		201,125			(4,089	)		1,434,198			1,631,234
Net (loss) income from continuing operations		(388,601	)		7,900			(2,771,076	)		(3,151,777	)
Loss from discontinued operations, net of tax		(82,376	)		—			—			(82,376	)
Loss on sale of discontinued operations, net of tax		(1,953,378	)		—			—			(1,953,378	)
Net (loss) income		(2,424,355	)		7,900			(2,771,076	)		(5,187,531	)
Total assets, net of depreciation and amortization:
United States	$	16,373,919		$	16,002		$	9,411,189		$	25,801,110
International		98,806			—			2,299			101,105
Capital expenditures		—			—			8,170			8,170

Six Months Ended June 30, 2018	Diagnostics			Therapeutics			Corporate			Total
Royalty revenue	$	7,460		$	—		$	—		$	7,460
License revenue		257,709			—			—			257,709
Grant and other revenue		389,325			164,078			—			553,403
Total revenue		654,494			164,078			—			818,572
Cost of revenue		35,710			—			—			35,710
Research and development expenses		1,698,169			443,505			—			2,141,674
Selling, general and administrative expenses, excluding depreciation and amortization (1)		—			25,237			3,465,036			3,490,273
Depreciation and amortization (2)		—			—			75,498			75,498
Loss from operations (3)		(1,079,385	)		(304,664	)		(3,540,534	)		(4,924,583	)
Other expense (4)		—			—			(4,259,480	)		(4,259,480	)
Income tax benefit		1,284			363			9,282			10,929
Net loss from continuing operations		(1,078,101	)		(304,301	)		(7,790,732	)		(9,173,134	)
Loss from discontinued operations, net of tax		(1,938	)		—			—			(1,938	)
Gain on sale of discontinued operations, net of tax		43,053			—			—			43,053
Net loss		(1,036,986	)		(304,301	)		(7,790,732	)		(9,132,019	)
Total assets, net of depreciation and amortization:
United States	$	409,769		$	87,751		$	8,139,434		$	8,636,954
International		22,147			—			1,391			23,538
Capital expenditures		—			—			3,165			3,165

Six Months Ended June 30, 2017	Diagnostics			Therapeutics			Corporate			Total
Royalty revenue	$	—		$	—		$	—		$	—
License revenue		100,000			—			—			100,000
Grant and other revenue		989,737			101,892			—			1,091,629
Total revenue		1,089,737			101,892			—			1,191,629
Cost of revenue		—			—			—			—
Research and development expenses		1,521,303			369,845			—			1,891,148
Selling, general and administrative expenses, excluding depreciation and amortization (1)		—			5,983			7,118,706			7,124,689
Depreciation and amortization (2)		—			—			147,329			147,329
Loss from operations (3)		(431,566	)		(273,936	)		(7,266,035	)		(7,971,537	)
Other expense (4)		—			—			(1,130,261	)		(1,130,261	)
Income tax benefit		146,296			92,861			2,846,249			3,085,406
Net loss from continuing operations		(285,270	)		(181,075	)		(5,550,047	)		(6,016,392	)
Loss from discontinued operations, net of tax		(338,237	)		—			—			(338,237	)
Gain on sale of discontinued operations, net of tax		86,748,123			—			—			86,748,123
Net income (loss)		86,124,616			(181,075	)		(5,550,047	)		80,393,494
Total assets, net of depreciation and amortization:
United States	$	16,373,919		$	16,002		$	9,411,189		$	25,801,110
International		98,806			—			2,299			101,105
Capital expenditures		—			—			8,170			8,170

(

)

General and administrative expenses, excluding depreciation and amortization, represent costs that relate to the general administration of the Company and as such are

not

currently allocated to our individual reportable segments.

(

)

Depreciation and amortization is reflected in selling, general and administrative expenses (

$37,511

and

$70,539

for the

three

-month periods ended

June 30, 2018

and

2017,

and

$75,498

and

$147,329

for the

six

-month periods ended

June 30, 2018

and

2017,

respectively).

(

)

Income (loss) from operations does

not

reflect the allocation of certain selling, general and administrative expenses, excluding depreciation and amortization, to our individual reportable segments, other than those expenses directly incurred by MT.

(

)

Amounts consist primarily of losses on debt extinguishment and changes in fair value of financial instruments, which are

not

currently allocated to our individual reportable segments.