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Revenues

9 Months Ended

Sep. 30, 2018

Segment Reporting [Abstract]

REVENUES

REVENUES

Product Revenues

The Company accounts for revenues from contracts with customers under ASC 606, which became effective January 1, 2018. As part of the adoption of ASC 606, the Company applied the new standard on a modified retrospective basis analyzing open contracts as of January 1, 2018. Results for reporting periods beginning after January 1, 2018 are presented under ASC 606, while prior period amounts were not adjusted and are reported in accordance with ASC 605. However, no cumulative effect adjustment to historical retained earnings was necessary as no revenue recognition differences were identified when comparing the revenue recognition criteria under ASC 606 to previous requirements. See further discussion in Note 1. 

The Company’s net revenues consisted of the following for the three and nine months ended September 30, 2018 and 2017:

			Three months ended September 30,																		Nine months ended September 30,
			2018						2017						2018						2017
Products:
Acetadote			$	1,122,544					$	1,342,457					$	3,238,284					$	4,331,675
Omeclamox-Pak			278,017						190,835						509,358						1,213,635
Kristalose			3,017,803						2,749,966						9,490,901						8,037,994
Vaprisol			(67,436)						385,541						1,712,353						1,346,793
Caldolor			1,318,109						896,640						3,458,881						2,762,790
Ethyol			2,593,830						2,566,611						7,659,594						8,325,254
Totect			45,249						2,916,425						727,211						2,916,425
Other			184,414						148,486						447,277						566,277
Total net revenues			$	8,492,530					$	11,196,961					$	27,243,859					$	29,500,843

Other Revenues

The Company has entered into agreements, beginning in 2012, with international partners for commercialization of the Company's products. The international agreements provide that each of the partners are responsible for seeking regulatory approvals for the products, and following approvals, each partner will handle ongoing distribution and sales in the respective international territories. The Company maintains responsibility for the intellectual property and product formulations. Under the international agreements, the Company is entitled to receive non-refundable, up-front payments at the time the agreements are entered into and milestone payments upon the partners' achievement of defined regulatory approvals and sales milestones. The Company recognizes revenue for these substantive milestones using the milestone method. The Company is also entitled to receive royalties on future sales of the products under the agreements.

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- References

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- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

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