Quarterly report pursuant to Section 13 or 15(d)

Note 15 - Segments

v3.10.0.1
Note 15 - Segments
6 Months Ended
Jun. 30, 2018
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]
1
5
.
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
no
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
 
 
 
(
1
)
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.
 
(
2
)
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).
 
(
3
)
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.
 
(
4
)
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.