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Inventories | 9 Months Ended
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Sep. 30, 2019
Inventory Disclosure [Abstract] |
INVENTORIES | INVENTORIES The Company works closely with third parties to manufacture and package finished goods for sale. Based on the relationship with the manufacturer or packager, the Company will either take title to the finished goods at the time of shipment or at the time of arrival from the manufacturer. The Company then warehouses such goods until distribution and sale. Inventories are stated at the lower of cost or net realizable value with cost determined using the first-in, first-out method. The Company continually evaluates inventory for potential losses due to excess, obsolete or slow-moving inventory by comparing sales history and sales projections to the inventory on hand. When evidence indicates that the carrying value may not be recoverable, a charge is taken to reduce the inventory to its current net realizable value. At September 30, 2019 and December 31, 2018, the Company has recognized and maintained cumulative charges for potential obsolescence and discontinuance losses of approximately $0.5 million and $0.1 million, respectively. In connection with the acquisition of certain product rights related to the Kristalose brand, the Company is responsible for the purchase of the active pharmaceutical ingredient (“API”) for Kristalose and maintains the inventory at the third-party manufacturer. As the API is consumed in production, the value of the API is transferred from raw materials to finished goods. API for the Company's Vaprisol brand is also included in the raw materials inventory total. Consigned inventory represents Authorized Generic inventory stored until shipment. As part of the Vibativ acquisition, Cumberland acquired API and work in process inventories of $14.9 million that are classified as non-current inventories at September 30, 2019 and December 31, 2018. Non-current inventories also include $0.1 million and $0.8 million in Vibativ finished goods at September 30, 2019 and December 31, 2018, respectively. During 2019, Cumberland also obtained $0.3 million in non-current inventory for API related to its ifetroban clinical initiatives. The Company's net inventories consisted of the following:
|  | September 30, 2019 |  | December 31, 2018
Raw materials and work in process |  | $ | 19,176,660 |  |  | $ | 18,378,450 |
Consigned inventory |  | 723,324 |  |  | 937,006 |
Finished goods, net of reserves |  | 5,294,176 |  |  | 8,511,887 |
Total inventories |  | 25,194,160 |  |  | 27,827,343 |
less non-current inventories |  | (15,329,920) |  |  | (15,749,000) |
Total inventories classified as current |  | $ | 9,864,240 |  |  | $ | 12,078,343 |

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- Definition The entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 330 -URI http://asc.fasb.org/topic&trid=2126998 + Details
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