Quarterly report pursuant to Section 13 or 15(d)

Note 15 - Segments

Note 15 - Segments

6 Months Ended

Jun. 30, 2019

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 Tc

99m

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.

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

Three Months Ended June 30, 2019	Diagnostics			Therapeutics			Corporate			Total
Royalty revenue	$	5,940		$	—		$	—		$	5,940
License revenue		9,953			—			—			9,953
Grant and other revenue		196,630			47,569			—			244,199
Total revenue		212,523			47,569			—			260,092
Cost of revenue		238			—			—			238
Research and development expenses		775,462			295,180			—			1,070,642
Selling, general and administrative expenses, excluding depreciation and amortization (1)		—			3,062			1,821,812			1,824,874
Depreciation and amortization (2)		—			—			36,726			36,726
Loss from operations (3)		(563,177	)		(250,673	)		(1,858,538	)		(2,672,388	)
Other expense (4)		—			—			(1,590	)		(1,590	)
Income tax benefit		35			16			117			168
Net loss from continuing operations		(563,142	)		(250,657	)		(1,860,011	)		(2,673,810	)
Income from discontinued operations, net of tax		632			—			—			632
Net loss		(562,510	)		(250,657	)		(1,860,011	)		(2,673,178	)
Total assets, net of depreciation and amortization:
United States	$	220,334		$	11,235		$	7,892,312		$	8,123,881
International		6,514			—			—			6,514
Capital expenditures		—			—			—			—

Three Months Ended June 30, 201 8	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

Six Months Ended June 30, 2019	Diagnostics			Therapeutics			Corporate			Total
Royalty revenue	$	9,090		$	—		$	—		$	9,090
License revenue		9,953			—			—			9,953
Grant and other revenue		232,621			50,052			—			282,673
Total revenue		251,664			50,052			—			301,716
Cost of revenue		6,364			—			—			6,364
Research and development expenses		1,516,045			295,180			—			1,811,225
Selling, general and administrative expenses, excluding depreciation and amortization (1)		—			14,776			3,501,835			3,516,611
Depreciation and amortization (2)		—			—			73,505			73,505
Loss from operations (3)		(1,270,745	)		(259,904	)		(3,575,340	)		(5,105,989	)
Other income (4)		—			—			7,122			7,122
Provision for income tax		(177	)		(36	)		(495	)		(708	)
Net loss from continuing operations		(1,270,922	)		(259,940	)		(3,568,713	)		(5,099,575	)
Loss from discontinued operations, net of tax		(2,665	)		—			—			(2,665	)
Net loss		(1,273,587	)		(259,940	)		(3,568,713	)		(5,102,240	)
Total assets, net of depreciation and amortization:
United States	$	220,334		$	11,235		$	7,892,312		$	8,123,881
International		6,514			—			—			6,514
Capital expenditures		—			—			—			—

Six Months Ended June 30, 201 8	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

(

)

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, other than those expenses directly incurred by MT.

(

)

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

$36,726

and

$37,511

for the

three

-month periods ended

June 30, 2019

and

2018,

and

$73,505

and

$75,498

for the

six

-month periods ended

June 30, 2019

and

2018,

respectively).

(

)

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, interest income and interest expense, which are

not

currently allocated to our individual reportable segments.