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Inventories | 6 Months Ended
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Jun. 30, 2020
Inventory Disclosure [Abstract] |
INVENTORIES | INVENTORIES The Company works closely with third parties to manufacture and package finished goods for sale. Based on the arrangements 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 at the Company’s warehouses. The Company then holds such goods in inventory until distribution and sale. These finished goods inventories are stated at the lower of cost or net realizable value with cost determined using the first-in, first-out method. The Company evaluates inventory for potential losses due to excess, obsolete or slow-moving goods by comparing sales history and 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 June 30, 2020 and December 31, 2019, there were no cumulative obsolescence and discontinuance losses necessary. The Company is responsible for the purchase of the active pharmaceutical ingredient (“API”) for Kristalose and maintains the inventory at multiple locations. As that API is consumed in production, the value of the API is transferred from raw materials to finished goods inventory. Cumberland also maintains API for its Vaprisol brand which is classified as raw materials inventory. The consigned inventory represents Authorized Generic product which is shipped to the Company’s distribution partner and stored until sale. As part of the Vibativ acquisition, Cumberland acquired API and work in process inventories that are classified as non-current inventories. The Company also has obtained $0.4 million in non-current inventory for API related to its ifetroban clinical initiatives. At June 30, 2020 and December 31, 2019, total non-current inventory, including Vibativ and ifetroban, was $15.6 million. The Company did not have any finished goods included in the non-current inventories at June 30, 2020 or December 31, 2019, respectively. The Company's net inventories consisted of the following:
|  | June 30, 2020 |  | December 31, 2019
Raw materials and work in process |  | $ | 19,660,890 |  |  | $ | 19,345,723 |
Consigned inventory |  | 219,228 |  |  | 416,468 |
Finished goods |  | 3,387,212 |  |  | 4,664,055 |
Total inventories |  | 23,267,330 |  |  | 24,426,246 |
less non-current inventories |  | (15,640,060) |  |  | (15,554,992) |
Total inventories classified as current |  | $ | 7,627,270 |  |  | $ | 8,871,254 |

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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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 330 -URI http://asc.fasb.org/topic&trid=2126998 + Details
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