Quarterly report pursuant to Section 13 or 15(d)

Note 15 - Segments

v3.10.0.1
Note 15 - Segments
9 Months Ended
Sep. 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
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 from continuing operations
   
(671,720
)
   
(395,185
)
   
(2,755,004
)
   
(3,821,909
)
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
 
 
T
hree Months Ended
September
30, 2017
 
Diagnostics
   
Therapeutics
   
Corporate
   
Total
 
Grant and other revenue
  $
210,479
    $
13,190
    $
    $
223,669
 
Research and development expenses
   
734,539
     
140,008
     
     
874,547
 
Selling, general and administrative expenses, excluding depreciation and amortization
(1)
   
     
13,359
     
1,671,022
     
1,684,381
 
Depreciation and amortization
(2)
   
     
     
50,326
     
50,326
 
Loss from operations
(3)
   
(524,060
)
   
(140,177
)
   
(1,721,348
)
   
(2,385,585
)
Other income
   
     
     
69,071
     
69,071
 
Income tax benefit
   
175,496
     
46,942
     
553,312
     
775,750
 
Net loss from continuing operations
   
(348,564
)
   
(93,235
)
   
(1,098,965
)
   
(1,540,764
)
Income from discontinued operations, net of tax
   
5,399
     
     
     
5,399
 
Gain on sale of discontinued operations, net of tax
   
145,877
     
     
     
145,877
 
Net loss
   
(197,288
)
   
(93,235
)
   
(1,098,965
)
   
(1,389,488
)
Total assets, net of depreciation and amortization:
                               
United States
  $
14,675,489
    $
10,591
    $
7,835,426
    $
22,521,506
 
International
   
82,334
     
     
1,867
     
84,201
 
Capital expenditures
   
     
     
23,247
     
23,247
 
 
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
 
 
Nine
Months Ended
September
30, 2017
 
Diagnostics
   
Therapeutics
   
Corporate
   
Total
 
License revenue
  $
100,000
    $
    $
    $
100,000
 
Grant and other revenue
   
1,200,216
     
115,082
     
     
1,315,298
 
Total revenue
   
1,300,216
     
115,082
     
     
1,415,298
 
Research and development expenses
   
2,255,842
     
509,853
     
     
2,765,695
 
Selling, general and administrative expenses, excluding depreciation and amortization
(1)
   
     
19,342
     
8,789,728
     
8,809,070
 
Depreciation and amortization
(2)
   
     
     
197,655
     
197,655
 
Loss from operations
(3)
   
(955,626
)
   
(414,113
)
   
(8,987,383
)
   
(10,357,122
)
Other expense
(4)
   
     
     
(1,061,190
)
   
(1,061,190
)
Income tax benefit
   
323,149
     
140,034
     
3,397,972
     
3,861,156
 
Net loss from continuing operations
   
(632,477
)
   
(274,079
)
   
(6,650,601
)
   
(7,557,156
)
Loss from discontinued operations, net of tax
   
(332,838
)
   
     
     
(332,838
)
Gain on sale of discontinued operations, net of tax
   
86,894,000
     
     
     
86,894,000
 
Net income (loss)
   
85,928,685
     
(274,079
)
   
(6,650,601
)
   
79,004,006
 
Total assets, net of depreciation and amortization:
                               
United States
  $
14,675,489
    $
10,591
    $
7,835,426
    $
22,521,506
 
International
   
82,334
     
     
1,867
     
84,201
 
Capital expenditures
   
     
     
31,417
     
31,417
 
 
 
(
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 (
$37,590
and
$50,326
for the
three
-month periods ended
September 30, 2018
and
2017,
and
$113,088
and
$197,655
for the
nine
-month periods ended
September 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.