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Inventories | 3 Months Ended
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Mar. 31, 2021
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 continually 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 March 31, 2021 and December 31, 2020, the Company had recognized and maintained cumulative net realizable value charges for potential obsolescence and discontinuance losses of approximately $0.1 million and $0.2 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 third-party packagers. As that 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 at March 31, 2021 and December 31, 2020. Consigned inventory represents Authorized Generic inventory stored with Perrigo until shipment. As part of the Vibativ acquisition, Cumberland acquired API and work in process inventories of $15.6 million that were all initially classified as non-current inventories at the date of acquisition. At March 31, 2021 and December 31, 2020, total non-current inventory, including Vibativ and ifetroban, was $10.4 million and $11.7 million, respectively. The Company had $0.8 million and $2.1 million of Vibativ finished goods included in non-current inventory at March 31, 2021 and December 31, 2020. The Company also has obtained $0.4 million of finished goods in non-current inventory for API related to its ifetroban clinical initiatives at March 31, 2021 and December 31, 2020. At March 31, 2021 and December 31, 2020 the Company's net inventories consisted of the following:
|  | March 31, 2021 |  | December 31, 2020
Raw materials and work in process |  | $ | 14,763,418 |  |  | $ | 16,223,162 |
Consigned inventory |  | 166,052 |  |  | 128,005 |
Finished goods |  | 5,497,079 |  |  | 5,943,732 |
Total inventories |  | 20,426,549 |  |  | 22,294,899 |
less non-current inventories |  | (10,415,786) |  |  | (11,656,742) |
Total inventories classified as current |  | $ | 10,010,763 |  |  | $ | 10,638,157 |

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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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