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Additions and Returns of Product Rights (Tables)

9 Months Ended

Sep. 30, 2020

Business Combinations [Abstract]

Schedule of Business Acquisitions, by Acquisition

The following table summarizes the initial payments and consideration for the business combination:

Consideration:
Cash paid at closing			$	20,000,000
Cash payment during 2019			5,000,000
Fair value of contingent consideration - net sales royalty			9,182,000
Total consideration			$	34,182,000

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the final allocation of the fair values of the assets acquired as part of the acquisition of Vibativ:

Finished goods inventory			$	6,624,000
Work in process - unlabeled vials			3,970,000
Work in process - validation vials			1,827,000
Raw materials			9,129,000
Total inventory			$	21,550,000
Intellectual property amortizable intangible assets			11,750,000
Goodwill			882,000
Total intangibles and goodwill			12,632,000
Total assets acquired			$	34,182,000

Schedule of Business Acquisitions by Acquisition, Contingent Consideration

The following table presents the changes in the fair value of the contingent consideration liability that is remeasured on a recurring basis. The contingent consideration earned and accrued in operating expenses is paid to the seller quarterly.

Balance at December 31, 2019			$	8,633,589
Cash payment of royalty during the period			(834,014)
Change in fair value of contingent consideration included in operating expenses			(806,390)
Contingent consideration earned and accrued in operating expenses			1,112,393
Balance at September 30, 2020			$	8,105,578

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Tabular disclosure of contingent payment arrangements including the terms that will result in payment and the accounting treatment that will be followed if such contingencies occur, including the potential impact on earnings per share if contingencies are to be settled in common stock of the entity. The description also may include the period over which amounts are expected to be paid, and changes in the amount since the previous reporting period. This also includes contingent options and commitments.

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Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts.

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Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree.

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