Quarterly report pursuant to Section 13 or 15(d)

Note 15 - Segments

Note 15 - Segments

9 Months Ended

Sep. 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 September 30 , 2019	Diagnostics			Therapeutics		Corporate			Total
Royalty revenue	$	4,895		$	—	$	—		$	4,895
Grant and other revenue		77,049			154,867		—			231,916
Total revenue		81,944			154,867		—			236,811
Cost of revenue		195			—		—			195
Research and development expenses		1,678,423			123,135		—			1,801,558
Selling, general and administrative expenses, excluding depreciation and amortization (1)		—			1,052		1,484,155			1,485,207
Depreciation and amortization (2)		—			—		34,289			34,289
(Loss) income from operations (3)		(1,596,674	)		30,680		(1,518,444	)		(3,084,438	)
Other income (4)		—			—		10,334			10,334
Income tax (expense) benefit		(72	)		16		55			—
Net (loss) income		(1,596,746	)		30,696		(1,508,055	)		(3,074,104	)
Total assets, net of depreciation and amortization:
United States	$	36,811		$	93,860	$	4,688,379		$	4,819,050
International		2,606			—		—			2,606
Capital expenditures		—			—		—			—

T hree Months Ended September 30, 2018	Diagnostics			Therapeutics			Corporate			Total
Royalty revenue	$	2,382		$	—		$	—		$	2,382
License revenue		19,930			—			—			19,930
Grant and other revenue		65,505			143,641			—			209,146
Total revenue		87,817			143,641			—			231,458
Cost of revenue		38,101			—			—			38,101
Research and development expenses		711,355			514,415			—			1,225,770
Selling, general and administrative expenses, excluding depreciation and amortization (1)		—			20,532			2,630,581			2,651,113
Depreciation and amortization (2)		—			—			37,590			37,590
Loss from operations (3)		(661,639	)		(391,306	)		(2,668,171	)		(3,721,116	)
Other expense (4)		—			—			(24,534	)		(24,534	)
Income tax expense		(10,081	)		(3,879	)		(62,299	)		(76,259	)
Net loss		(671,720	)		(395,185	)		(2,755,004	)		(3,821,909	)
Total assets, net of depreciation and amortization:
United States	$	117,722		$	72,622		$	8,899,301		$	9,089,645
International		18,239			—			1,158			19,397
Capital expenditures		—			—			16,152			16,152

Nine Months Ended September 30, 2019	Diagnostics			Therapeutics			Corporate			Total
Royalty revenue	$	13,985		$	—		$	—		$	13,985
License revenue		9,953			—			—			9,953
Grant and other revenue		309,670			204,919			—			514,589
Total revenue		333,608			204,919			—			538,527
Cost of revenue		6,559			—			—			6,559
Research and development expenses		3,194,468			418,315			—			3,612,783
Selling, general and administrative expenses, excluding depreciation and amortization (1)		—			15,828			4,985,990			5,001,818
Depreciation and amortization (2)		—			—			107,794			107,794
Loss from operations (3)		(2,867,419	)		(229,224	)		(5,093,784	)		(8,190,427	)
Other income (4)		—			—			17,456			17,456
Provision for income tax		(248	)		(20	)		(439	)		(707	)
Net loss from continuing operations		(2,867,667	)		(229,244	)		(5,076,767	)		(8,173,678	)
Loss from discontinued operations, net of tax		(2,665	)		—			—			(2,665	)
Net loss		(2,870,332	)		(229,244	)		(5,076,767	)		(8,176,343	)
Total assets, net of depreciation and amortization:
United States	$	36,811		$	93,860		$	4,688,379		$	4,819,050
International		2,606			—			—			2,606
Capital expenditures		—			—			—			—

Nine Months Ended September 30, 2018	Diagnostics			Therapeutics			Corporate			Total
Royalty revenue	$	9,842		$	—		$	—		$	9,842
License revenue		277,639			—			—			277,639
Grant and other revenue		454,830			307,719			—			762,549
Total revenue		742,311			307,719			—			1,050,030
Cost of revenue		73,811			—			—			73,811
Research and development expenses		2,409,524			957,920			—			3,367,444
Selling, general and administrative expenses, excluding depreciation and amortization (1)		—			45,769			6,095,617			6,141,386
Depreciation and amortization (2)		—			—			113,088			113,088
Loss from operations (3)		(1,741,024	)		(695,970	)		(6,208,705	)		(8,645,699	)
Other expense (4)		—			—			(4,284,014	)		(4,284,014	)
Income tax expense		(8,797	)		(3,517	)		(53,017	)		(65,330	)
Net loss from continuing operations		(1,749,821	)		(699,487	)		(10,545,736	)		(12,995,043	)
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		(1,708,706	)		(699,487	)		(10,545,736	)		(12,953,928	)
Total assets, net of depreciation and amortization:
United States	$	117,722		$	72,622		$	8,899,301		$	9,089,645
International		18,239			—			1,158			19,397
Capital expenditures		—			—			19,317			19,317

(

)

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 (

$34,289

and

$37,590

for the

three

-month periods ended

September 30, 2019

and

2018,

and

$107,794

and

$113,088

for the

nine

-month periods ended

September 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.