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Fair Value Considerations (Tables)

6 Months Ended

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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Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

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Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

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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.

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