Annual report pursuant to Section 13 and 15(d)

Note 17 - Segments

v3.20.1
Note 17 - Segments
12 Months Ended
Dec. 31, 2019
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]
1
7
.
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.
 
The information in the following tables is derived directly from each reportable segment’s financial reporting.
 
Year Ended December 31, 2019
 
Diagnostics
   
Therapeutics
   
Corporate
   
Total
 
Royalty revenue
  $
16,665
    $
    $
    $
16,665
 
License revenue
   
9,953
     
     
     
9,953
 
Grant and other revenue
   
384,776
     
246,432
     
     
631,208
 
Total revenue
   
411,394
     
246,432
     
     
657,826
 
Cost of revenue
   
6,667
     
     
     
6,667
 
Research and development expenses, excluding depreciation and amortization
   
4,795,445
     
542,822
     
     
5,338,267
 
Selling, general and administrative expenses, excluding depreciation and amortization
(
1
)
   
     
16,990
     
6,113,907
     
6,130,897
 
Depreciation and amortization
(
2
)
   
     
     
144,512
     
144,512
 
Loss from operations
(
3
)
   
(4,390,718
)
   
(313,380
)
   
(6,258,419
)
   
(10,962,517
)
Other income
(
4
)
   
     
     
17,675
     
17,675
 
Provision for income taxes
   
(284
)
   
(20
)
   
(403
)    
(707
)
Loss from continuing operations
   
(4,391,002
)
   
(313,400
)
   
(6,241,147
)
   
(10,945,549
)
Loss from discontinued operations, net of tax effect
   
(2,665
)
   
     
     
(2,665
)
Net loss
   
(4,393,666
)
   
(313,400
)
   
(6,241,147
)
   
(10,948,214
)
Total assets, net of depreciation and amortization:
                               
United States
  $
55,229
    $
31,449
    $
4,064,228
    $
4,150,906
 
International
   
     
     
     
 
Capital expenditures
   
     
     
1,258
     
1,258
 
 
 
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
(
1
)
   
     
78,606
     
7,469,144
     
7,547,750
 
Depreciation and amortization
(
2
)
   
     
     
150,385
     
150,385
 
Loss from operations
(
3
)
   
(2,343,233
)
   
(884,539
)
   
(7,619,529
)
   
(10,847,301
)
Other expense
(
4
)
   
     
     
(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
 
 
 
(
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, other than those expenses directly incurred by MT.
 
(
2
)
Depreciation and amortization is reflected in selling, general and administrative expenses (
$144,512
and
$150,385
for the years ended
December 31, 2019
and
2018,
respectively).
 
(
3
)
Loss from operations does
not
reflect the allocation of certain selling, general and administrative expenses, excluding depreciation and amortization, to our individual reportable segments.
 
(
4
)
Amounts consist primarily of losses on debt extinguishment, interest income and interest expense, which are
not
currently allocated to our individual reportable segments.