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Fair Value Considerations (Tables) | 6 Months Ended
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Dec. 31, 2019
Fair Value Disclosures [Abstract] |
Schedule of fair value on a recurring basis |
|  |  |  |  | Fair Value Measurements at December 31, 2019 |
|  | Fair Value at December 31, 2019 |  |  | Quoted Priced in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Recurring: |  |  |  |  |  |  |  |  |  |  |  |
Warrant derivative liability |  | $ | 11,000 |  |  |  | – |  |  |  | – |  |  | $ | 11,000 |
Contingent consideration |  |  | 18,446,000 |  |  |  | – |  |  |  | – |  |  |  | 18,446,000 |
|  | $ | 18,457,000 |  |  |  | – |  |  |  | – |  |  | $ | 18,457,000 |
|  |  |  |  | Fair Value Measurements at June 30, 2019 |
|  | Fair Value at June 30, 2019 |  |  | Quoted Priced in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Recurring: |  |  |  |  |  |  |  |  |  |  |  |
Warrant derivative liability |  | $ | 13,000 |  |  |  | – |  |  |  | – |  |  | $ | 13,000 |
Contingent consideration |  |  | 23,326,000 |  |  |  | – |  |  |  | – |  |  |  | 23,326,000 |
|  | $ | 23,339,000 |  |  |  | – |  |  |  | – |  |  | $ | 23,339,000 |
Schedule of significant assumptions in valuing the warrant derivative liability |
|  | As of December 31, 2019 |  |  | As of June 30, 2019 |
Warrant Derivative Liability |  |  |  |  |  |
Volatility |  |  | 163.2 | % |  |  | 163.2 | %
Equivalent term (years) |  |  | 2.88 |  |  |  | 3.13 |
Risk-free interest rate |  |  | 1.71 | % |  |  | 1.71 | %
Dividend yield |  |  | 0.00 | % |  |  | 0.00 | %
Schedule of fair value on a nonrecurring basis |
|  |  |  | Fair Value Measurements at December 31, 2019
|  | Fair Value at December 31, 2019 |  | Quoted Priced in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs(Level 2) |  | Significant Unobservable Inputs(Level 3) |
Non-recurring |  |  |  |  |  |  |  |  |
Product technology rights | $ | 22,321,667 |  | – |  | – | $ | 22,321,667 |
Goodwill |  | 15,387,064 |  | – |  | – |  | 15,387,064 |
Fixed payment arrangements |  | 26,056,217 |  | – |  | – |  | 26,056,217 |
| $ | 63,764,948 |  | – |  | – | $ | 63,764,948 |
|  |  |  |  | Fair Value Measurements at November 1, 2019 (*) |
|  | Fair Value at November 1, 2019 (*) |  |  | Quoted Priced in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Product technology rights |  | $ | 22,700,000 |  |  |  | – |  |  |  | – |  |  | $ | 22,700,000 |
Goodwill |  |  | 15,387,064 |  |  |  | – |  |  |  | – |  |  |  | 15,387,064 |
Fixed payment arrangements |  |  | 26,457,162 |  |  |  | – |  |  |  | – |  |  |  | 26,457,162 |
|  | $ | 64,544,226 |  |  |  | – |  |  |  | – |  |  | $ | 64,544,226 |
Schedule of significant assumptions in valuing intangible assets |
|  | As of November 1, 2019 (*) |
Product technology rights |  |  |
Re-levered Beta |  |  | 1.60 |
Market risk premium |  |  | 6.00 | %
Small stock risk premium |  |  | 5.20 | %
Risk-free interest rate |  |  | 2.00 | %
Company specific discount |  |  | 25.00 | %
(*) Valuation performed as of November 1, 2019. As a non-recurring fair value measurement, there is no remeasurement at each reporting period unless indications exist that the fair value of the asset has been impaired. There were no indicators as of December 1, 2019 that the fair value of the Product technology rights was impaired.
Schedule of fixed payment obligations discount rate |
|  | As of November 1, 2019 (≠) |
Fixed payment obligations |  |
Discount rate |  | 1.8% to 12.4% |
(≠) Valuation performed as of November 1, 2019. As a non-recurring fair value measurement, there is no remeasurement at each reporting period unless indicates that the circumstances that existed as of the November 1, 2019 measurement date indicate that the carrying value is no longer indicative of fair value.
Schedule of changes in Level 3 inputs |
|  | Product Technology Rights |  |  | Goodwill |  |  | Liability Classified Warrants |  |  | Contingent Consideration |  |  | Fixed Payment Arrangements |
Balance as of June 30, 2019 |  | $ | – |  |  | $ | – |  |  | $ | 13,000 |  |  | $ | 23,326,000 |  |  | $ | – |
Transfers into Level 3 |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Transfer out of Level 3 |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Total gains, losses, amortization or accretion in period |  |  | (378,000 | ) |  |  |  |  |  |  |  |  |  |  | – |  |  |  | – |
Included in earnings |  |  | – |  |  |  | – |  |  |  | (2,000 | ) |  |  | (4,760,000 | ) |  |  | 264,000 |
Included in other comprehensive income |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  |  |
Purchases, issues, sales and settlements |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchases |  |  | 22,700,000 |  |  |  | 15,387,000 |  |  |  | – |  |  |  | – |  |  |  | – |
Issues |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 26,457,000 |
Sales |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Settlements |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (120,000 | ) |  |  | (665,000 | )
Balance as of December 31, 2019 |  | $ | 22,322,000 |  |  | $ | 15,387,000 |  |  | $ | 11,000 |  |  | $ | 18,446,000 |  |  | $ | 26,056,000 |

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- Definition Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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