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Inventories | 6 Months Ended
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Jun. 30, 2024
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, 2024, the Company had recognized and maintained cumulative net realizable value charges for potential obsolescence and discontinuance losses of approximately $0.02 million. At December 31, 2023, there were no cumulative obsolescence and discontinuance losses necessary. The Company purchases the active pharmaceutical ingredient ("API") for Kristalose and maintains the inventory of that raw material. API for the Company's Vaprisol and Vibativ brands were included in the assets associated with the acquisition of those brands and are also included in the raw materials inventory. 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. As these APIs are consumed in the manufacture of our products, the value of the API involved is transferred from raw materials to finished goods. Consigned inventory represents Authorized Generic inventory stored with our partner until shipment to their customers. At June 30, 2024 and December 31, 2023, the Company's net inventories consisted of the following:
|  | June 30, 2024 |  | December 31, 2023
Raw materials and work in process |  | $ | 12,684,573 |  |  | $ | 12,619,092 |
Consigned inventory |  | 185,658 |  |  | 149,701 |
Finished goods |  | 3,300,414 |  |  | 4,645,098 |
Total inventories |  | 16,170,646 |  |  | 17,413,891 |
less non-current inventories |  | (11,868,487) |  |  | (12,804,529) |
Total inventories classified as current |  | $ | 4,302,159 |  |  | $ | 4,609,362 |
At June 30, 2024 and December 31, 2023, the Company's non-current inventories consisted of the following:
|  | June 30, 2024 |  | December 31, 2023
Vibativ Raw Materials |  | $ | 6,781,071 |  |  | $ | 6,611,426 |
Kristalose Raw Materials |  | 2,840,114 |  |  | 3,263,516 |
Vaprisol Raw Materials |  | 1,173,442 |  |  | 1,170,641 |
Sancuso Raw Materials |  | 536,237 |  |  | 574,502 |
Caldolor Raw Materials |  | 31,489 |  |  | — |
Acetadote Raw Materials |  | 13,474 |  |  | 33,678 |
Ifetroban Raw Materials |  | 203,383 |  |  | 203,383 |
Vibativ Finished Goods |  | 92,734 |  |  | 810,454 |
Caldolor Finished Goods |  | 98,268 |  |  | 67,307 |
Acetadote Finished Goods |  | 28,653 |  |  | — |
Omeclamox |  | 69,622 |  |  | 69,622 |
Total inventories classified as non-current |  | $ | 11,868,487 |  |  | $ | 12,804,529 |

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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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