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Inventories | 6 Months Ended
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Jun. 30, 2023
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 June 30, 2023, there were no cumulative obsolescence and discontinuance losses necessary. At December 31, 2022, the Company had recognized and maintained cumulative net realizable value charges for potential obsolescence and discontinuance losses of approximately $0.5 million. The Company is responsible for the purchase of the active pharmaceutical ingredient (“API”) for Kristalose and maintains the inventory. 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. Consigned inventory represents Authorized Generic inventory stored with our partner until shipment. As part of the Vibativ acquisition, the Company 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 June 30, 2023 and December 31, 2022, total non-current inventory, including Vibativ and our clinical trial drug ifetroban, was $6.7 million and $7.5 million, respectively. The Company had Vibativ finished goods of $0.9 million included in non-current inventory at June 30, 2023, and no non-current inventory at December 31, 2022. The Company also had $0.3 million in non-current inventory for API related to its ifetroban clinical initiatives at June 30, 2023 and December 31, 2022, and $0.2 million and $0.1 million of finished goods, respectively. At June 30, 2023 and December 31, 2022, the Company's net inventories consisted of the following:
|  | June 30, 2023 |  | December 31, 2022
Raw materials and work in process |  | $ | 12,859,432 |  |  | $ | 12,899,659 |
Consigned inventory |  | 126,753 |  |  | 168,923 |
Finished goods |  | 4,636,673 |  |  | 4,322,166 |
Total inventories |  | 17,622,858 |  |  | 17,390,748 |
less non-current inventories |  | (6,694,452) |  |  | (7,527,167) |
Total inventories classified as current |  | $ | 10,928,406 |  |  | $ | 9,863,581 |

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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 -Topic 330 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//330/tableOfContent + Details
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