XML 27 R12.htm IDEA: XBRL DOCUMENT
v3.10.0.1

LONG-TERM LIABILITIES AND NOTES PAYABLE | 12 Months Ended
--- | ---
Dec. 31, 2018
Debt Disclosure [Abstract] |
LONG-TERM LIABILITIES AND NOTES PAYABLE | The following is a summary of notes payable and long term liabilities: (in thousands)
|  | December 31, 2018 |  |  | December 31, 2017 |
|  | Current portion, net |  |  | Non-current portion, net |  |  | Total |  |  | Current portion, net |  |  | Non-current portion, net |  |  | Total |
Convertible 5% Notes Payable |  | $ | 67 |  |  | $ | -- |  |  | $ | 67 |  |  | $ | 128 |  |  | $ | -- |  |  | $ | 128 |
Long term liabilities |  |  | -- |  |  |  | 18,350 |  |  |  | 18,350 |  |  |  | 128 |  |  |  | -- |  |  |  | 128 |
Totals |  | $ | 67 |  |  | $ | 18,350 |  |  | $ | 18,417 |  |  | $ | 128 |  |  | $ | -- |  |  | $ | 128 |
Convertible 5% Notes Payable The 5% Notes and accrued and unpaid interest thereon are convertible at the option of the holder into common stock at the conversion price of $1,125 per share. We have no obligation under the 5% Notes aside from (a) 50% of the net product cash flows from Ariston’s product candidates, if any, payable to noteholders; and (b) the conversion feature, discussed above. Interest accrues monthly, is added to principal on an annual basis, every March 8, and is payable at maturity, which was March 8, 2015 (see Note 4 for further details). The cumulative liability including accrued and unpaid interest of these notes was approximately $18.4 million at December 31, 2018 and $17.5 million at December 31, 2017. No payments have been made on the 5% Notes as of December 31, 2018. In December 2011, we elected the fair value option for valuing the 5% Notes. The fair value option was elected in order to reflect in our financial statements the assumptions that market participants use in evaluating these financial instruments (see Note 4 for further details). Long-Term Liabilities In 2018, we entered into an agreement with a contract manufacturer for the clinical and potential commercial supply of one of our product candidates. As part of this agreement, the contract manufacturer has agreed to defer payment of certain costs and expenses under the agreement in exchange for the payment of an administrative fee. As of December 31, 2018, we have incurred costs related to this agreement of approximately $18.4 million, which includes both service fees and raw material costs. All costs incurred in 2018 are to be invoiced in 2019 and are due in 2020. We will incur an administrative fee of six percent (6%) per year starting from the date of invoice issuance. No payments have been made to the contract manufacturer as of December 31, 2018 and accordingly the entire amount has been classified as long-term liabilities included in our consolidated balance sheet.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration