Quarterly report pursuant to Section 13 or 15(d)

Note 14 - Segments

v3.20.1
Note 14 - Segments
 3 Months Ended
Mar. 31, 2020
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]
1
4
.
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.
 
Certain prior period amounts also have been reclassified to conform to the current period presentation. An adjustment has been made to the Consolidated Statements of Operations for the
three
-month period ended
March 31, 2019,
to classify sublease revenue of
$94,000
as a reduction in Selling, General and Administrative Expense. This change in classification does
not
affect previously reported net loss on the Consolidated Statement of Operations.
 
The information in the following tables is derived directly from each reportable segment’s financial reporting.
 
T
hree Months Ended March 31, 2020
  
Diagnostics
    
Therapeutics
    
Corporate
    
Total
  
Royalty revenue
   $
15,221
     $
—
     $
—
     $
15,221
  
Grant and other revenue
    
58,916
      
82,135
      
—
      
141,051
  
Total revenue
    
74,137
      
82,135
      
—
      
156,272
  
Cost of revenue
    
609
      
—
      
—
      
609
  
Research and development expenses
    
957,626
      
41,643
      
—
      
999,269
  
Selling, general and administrative expenses, excluding depreciation and amortization
(1)
    
—
      
(1,522
)
    
1,812,433
      
1,810,911
  
Depreciation and amortization
(2)
    
—
      
—
      
16,843
      
16,843
  
(Loss) income from operations
(3)
    
(884,098
)
    
42,014
      
(1,829,276
)
    
(2,671,360
)
Other expense
(4)
    
—
      
—
      
(2,248
)
    
(2,248
)
Net loss
    
(884,098
)
    
42,014
      
(1,831,524
)
    
(2,673,608
)
Total assets, net of depreciation and amortization:
                                
United States
   $
36,671
     $
2,494
     $
4,438,066
     $
4,477,231
  
International
    
—
      
—
      
—
      
—
  
Capital expenditures
    
—
      
—
      
6,459
      
6,459
  
 
T
hree Months Ended March 31, 2019
  
Diagnostics
    
Therapeutics
    
Corporate
    
Total
  
Royalty revenue
   $
3,150
     $
—
     $
—
     $
3,150
  
Grant and other revenue
    
35,991
      
2,483
      
—
      
38,474
  
Total revenue
    
39,141
      
2,483
      
—
      
41,624
  
Cost of revenue
    
6,126
      
—
      
—
      
6,126
  
Research and development expenses
    
740,583
      
—
      
—
      
740,583
  
Selling, general and administrative expenses, excluding depreciation and amortization
(1)
    
—
      
11,714
      
1,680,023
      
1,691,737
  
Depreciation and amortization
(2)
    
—
      
—
      
36,779
      
36,779
  
Loss from operations
(3)
    
(707,568
)
    
(9,231
)
    
(1,716,802
)
    
(2,433,601
)
Other income
(4)
    
—
      
—
      
8,713
      
8,713
  
Provision for income taxes
    
(256
)
    
(3
)
    
(617
)
    
(876
)
Net loss from continuing operations
    
(707,824
)
    
(9,234
)
    
(1,708,706
)
    
(2,425,764
)
Loss from discontinued operations, net of tax
    
(3,297
)
    
—
      
—
      
(3,297
)
Net loss
    
(711,121
)
    
(9,234
)
    
(1,708,706
)
    
(2,429,061
)
Total assets, net of depreciation and amortization:
                                
United States
   $
55,213
     $
2,411
     $
4,891,112
     $
4,948,736
  
International
    
10,422
      
—
      
602
      
11,024
  
Capital expenditures
    
—
      
—
      
—
      
—
  
 
 
(
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 are reflected in selling, general and administrative expenses (
$16,843
and
$36,779
for the
three
-month periods ended
March 
31,
2020
and
2019,
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.
 
(
4
)
Amounts consist primarily of interest income and interest expense, which are
not
currently allocated to our individual reportable segments.