Annual report pursuant to Section 13 and 15(d)

Note 18 - Segments

Note 18 - Segments

12 Months Ended

Dec. 31, 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. Certain revenue and expense amounts in the year ended

December 31, 2017

have been reclassified to discontinued operations. See Note

Year Ended December 31, 2018	Diagnostics			Therapeutics			Corporate			Total
Royalty revenue	$	15,347		$	—		$	—		$	15,347
License revenue		307,174			—			—			307,174
Grant and other revenue		494,997			351,833			—			846,830
Total revenue		817,518			351,833			—			1,169,351
Cost of revenue		96,636			—			—			96,636
Research and development expenses		3,064,115			1,157,766			—			4,221,881
Selling, general and administrative expenses, excluding depreciation and amortization (a)		—			78,606			7,469,144			7,547,750
Depreciation and amortization (b)		—			—			150,385			150,385
Loss from operations (c)		(2,343,233	)		(884,539	)		(7,619,529	)		(10,847,301	)
Other expense (d)		—			—			(5,321,270	)		(5,321,270	)
Benefit from income taxes		1,413			534			7,806			9,753
Loss from continuing operations		(2,341,820	)		(884,005	)		(12,932,993	)		(16,158,818	)
Income from discontinued operations, net of tax effect		1,449			—			—			1,449
Gain on sale of discontinued operations, net of tax effect		43,053			—			—			43,053
Net loss		(2,297,318	)		(884,005	)		(12,932,993	)		(16,114,316	)
Total assets, net of depreciation and amortization:
United States	$	91,425			24,763			6,878,129			6,994,317
International		14,330						381			14,711
Capital expenditures		—			—			46,192			46,192

Year Ended December 31, 2017	Diagnostics			Therapeutics			Corporate			Total
Royalty revenue	$	9,126		$	—		$	—		$	9,126
License revenue		100,000			—			—			100,000
Grant and other revenue		1,506,232			195,079			—			1,701,311
Total revenue		1,615,358			195,079			—			1,810,437
Cost of revenue		3,651			—			—			3,651
Research and development expenses, excluding depreciation and amortization		3,784,255			729,587			—			4,513,842
Selling, general and administrative expenses, excluding depreciation and amortization (a)		—			34,484			10,895,301			10,929,785
Depreciation and amortization (b)		—			—			240,166			240,166
Loss from operations (c)		(2,172,548	)		(568,992	)		(11,135,467	)		(13,877,007	)
Other income (expense) (d)		—			—			(3,912,679	)		(3,912,679	)
Benefit from income taxes		496,127			129,936			3,436,426			4,062,489
Loss from continuing operations		(1,676,421	)		(439,056	)		(11,611,720	)		(13,727,197	)
Income from discontinued operations, net of tax effect		88,673,053			—			—			88,673,053
Net income (loss)		86,996,632			(439,056	)		(11,611,720	)		74,945,856
Total assets, net of depreciation and amortization:
United States	$	13,065,871		$	49,001		$	7,634,237		$	20,749,109
International		30,476			—			1,851			32,327
Capital expenditures		—			—			33,690			33,690

(a)

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. Marketing and selling expenses are allocated to our individual reportable segments.

(b)

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

$150,385

and

$240,166

for the years ended

December 31, 2018

and

2017,

respectively).

(c)

Loss from operations does

not

reflect the allocation of certain selling, general and administrative expenses, excluding depreciation and amortization, to our individual reportable segments.

(d)

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

not

currently allocated to our individual reportable segments.