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DISCONTINUED OPERATIONS
 3 Months Ended
Mar. 31, 2016
Discontinued Operations and Disposal Groups [Abstract]  
DISCONTINUED OPERATIONS
NOTE 4 – DISCONTINUED OPERATIONS
 
The Company accounted for the termination of the Pfizer Agreement and the sale of the license as a discontinued operation, in accordance with ASU No. 2014-08. The following assets and liabilities associated with the Company’s discontinued operations, have been segregated and classified as assets and liabilities of discontinued operations, as appropriate, in the consolidated balance sheets as of December 31, 2015 and March 31, 2016, respectively:
 
 
 
March 31, 2016
 
December 31, 2015
 
 
 
(U.S. dollars in thousands)
 
CURRENT ASSETS:
 
 
 
 
 
 
 
Accounts receivable - Trade
 
$
918
 
$
1,993
 
Inventories
 
 
 
 
 
80
 
Total current assets of discontinued operation
 
 
918
 
 
2,073
 
 
 
 
 
 
 
 
 
CURRENT LIABILITIES:
 
 
 
 
 
 
 
Accounts payable and accruals:
 
 
 
 
 
 
 
Other
 
$
128
 
$
1,568
 
Total current liabilities of discontinued operation
 
$
128
 
$
1,568
 
 
The following summarizes financial information related to the Company’s discontinued operations in the Company’s consolidated statements of operations for the fiscal quarters ended March 31, 2015 and March 31, 2016:
 
 
 
Three Months ended March 31,
 
 
 
2016
 
2015
 
 
 
(U.S. dollars in thousands)
 
REVENUES
 
$
209
 
$
2,700
 
COMPANY’S SHARE IN COLLABORATION AGREEMENT
 
 
 
 
 
705
 
COST OF REVENUES
 
 
(206)
 
 
(2,118)
 
GROSS PROFIT
 
 
3
 
 
1,287
 
RESEARCH AND DEVELOPMENT EXPENSES
 
 
 
 
 
(662)
 
Less –reimbursements
 
 
 
 
 
7
 
RESEARCH AND DEVELOPMENT EXPENSES, NET
 
 
 
 
 
(655)
 
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
 
 
(75)
 
 
(91)
 
NET INCOME (LOSS) FOR THE YEAR FROM DISCONTINUED OPERATIONS
 
$
(72)
 
$
541