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Investment in Melt Pharmaceuticals, Inc. and Agreements - Related Party Transactions | 3 Months Ended
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Mar. 31, 2019
Investments, Debt and Equity Securities [Abstract] |
Investment in Melt Pharmaceuticals, Inc. and Agreements - Related Party Transactions | NOTE 4. INVESTMENT IN MELT PHARMACEUTICALS, INC. AND AGREEMENTS - RELATED PARTY TRANSACTIONS In December 2018, the Company entered into an asset purchase agreement with Melt (the “Melt Asset Purchase Agreement”). Pursuant to the terms of the Melt Asset Purchase Agreement, Melt was assigned certain intellectual property and related rights from the Company to develop, formulate, make, sell, and sub-license certain Company conscious sedation and analgesia related formulations (collectively, the “Melt Products”). Under the terms of the Melt Asset Purchase Agreement, Melt is required to make royalty payments to the Company up to eight percent (8%) of net sales of the Melt Products while any patent rights remain outstanding, as well as other conditions. In January and March 2019, the Company entered into the Melt Series A Preferred Stock Agreement. In February 2019, the Company and Melt entered into a Management Services Agreement (the “Melt MSA”), whereby the Company provides to Melt certain administrative services and support, including bookkeeping, web services and human resources related activities, and Melt pays the Company a monthly amount of $10. As of March 31, 2019, the Company was due $677 from Melt for reimbursable expenses and amounts due under the Melt MSA and included in prepaid expenses and other current assets on the accompanying condensed consolidated balance sheets. The Company’s Chief Executive Officer, Mark L. Baum, and Chief Financial Officer, Andrew Boll, are members of the Melt board of directors, and several employees of the Company (including Mr. Baum and Mr. Boll) entered into consulting agreements and provided consulting services to Melt. The unaudited condensed results of operations information of Melt is summarized below:
|  | For the |
|  | Three months ended |
|  | March 31, 2019 |
Revenues, net |  | $ | - |
Loss from operations |  |  | 647 |
Net loss |  | $ | (647 | )
The unaudited condensed balance sheet information of Melt is summarized below:
|  | March 31, |
|  | 2019 |
Current assets |  | $ | 10,269 |
Non current assets |  |  | 2 |
Total assets |  | $ | 10,271 |
Total liabilities |  | $ | 950 |
Total preferred stock and stockholders’ equity |  |  | 9,321 |
Total liabilities and stockholders’ equity |  | $ | 10,271 |

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