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Acquisitions (Tables)

9 Months Ended

Mar. 31, 2020

Business Combinations [Abstract]

Summary of assets acquired and liabilities assumed

The Pediatric Portfolio

		As of
		November 1, 2019
Consideration
Cash and cash equivalents		$	4,500,000
Fair value of Series G Convertible Preferred Stock
Total shares issued			9,805,845
Estimated fair value per share of Aytu common stock		$	0.567
Estimated fair value of equity consideration transferred		$	5,559,914
Total consideration transferred		$	10,059,914
Recognized amounts of identifiable assets acquired and liabilities assumed
Inventory, net		$	459,123
Prepaid assets			1,743,555
Other current assets			2,548,187
Intangible assets – product technology rights			22,700,000
Accrued product program liabilities			(6,320,853	)
Assumed fixed payment obligations			(26,457,162	)
Total identifiable net assets		$	(5,327,150	)
Goodwill		$	15,387,064

 Innovus Merger (Consumer Health Portfolio)

		As of
		February 14, 2020
Consideration
Fair value of Aytu Common Stock
Total shares issued at close			3,810,393
Estimated fair value per share of Aytu common stock		$	0.756
Estimated fair value of equity consideration transferred		$	2,880,581
Fair value of Series H Convertible Preferred Stock
Total shares issued			1,997,736
Estimated fair value per share of Aytu common stock		$	0.756
Estimated fair value of equity consideration transferred		$	1,510,288
Fair value of former Innovus warrants		$	15,315
Fair value of Contingent Value Rights		$	7,049,079
Forgiveness of Note Payable owed to the Company		$	1,350,000
Total consideration transferred		$	12,805,263

Recognized amounts of identifiable assets acquired and liabilities assumed
Cash and cash equivalents			390,916
Accounts receivables, net		$	278,826
Inventory, net			1,149,625
Prepaid expenses and other current assets			1,736,796
Other long-term assets			36,781
Right-to-use assets			328,410
Property, plant and equipment			190,393
Trademarks and patents			11,744,000
Accounts payable and accrued other expenses			(6,983,969	)
Other current liabilities			(446,995	)
Notes payable			(3,056,361	)
Lease liability			(754,822	)
Preacquisition contingent consideration			(182,606	)
Total identifiable net assets			4,430,994
Goodwill		$	8,374,269

Summary of intangible assets acquired

The Pediatric Portfolio

		As of November 1, 2019
Acquired product technology rights		$	22,700,000

 Innovus Merger (Consumer Health Portfolio)

		As of February 14, 2020
Acquired product distribution rights		$	11,354,000
Acquired customer lists			390,000
Total intangible assets		$	11,744,000

Pro forma information

		Three Months Ended March 31,								Nine Months Ended March 31,
		2020				2019				2020				2019
		Unaudited (aa) (bb)				Pro forma Unaudited				Pro forma Unaudited (cc)				Pro forma Unaudited
Total revenues, net		$	10,331,629			$	10,575,866			$	34,276,368			$	36,916,501
Net income (loss)			(5,850,703	)			(8,740,850	)			(18,197,902	)			(17,205,490	)
Net income / (loss) per share (dd)		$	(0.17	)		$	(0.39	)		$	(0.80	)		$	(0.76	)

(aa)	For the three months ended March 31, 2020, Pediatric Portfolio acquisition occurred prior to the three months ended March 31, 2020, and accordingly, the results of the Pediatric Portfolio are fully consolidated into the Company’s results for the three months ended March 31, 2020.
(bb)	Due to the absence of discrete financial information for Innovus,  covering the period from February 1, 2020 through February 13, 2020, the Company did not include the impact of that stub-period for the pro forma results for the three and nine months ended March 31, 2020.
(cc)	Due to a lack of financial information covering the period from October 1, 2019 through November 1, 2019, the Company was not able to provide pro forma adjusted financial statements for the nine months ended March 31, 2020 without making estimated extrapolations that the Company did not believe would be material or useful to users of the above pro forma information.
(dd)	Pro forma net loss per share calculations excluded the impact of the issuance of the (i) Series G Convertible Preferred Stock and the, (ii)  Series H Convertible Preferred Stock under the assumption those shares would continue to remain non-participatory during the periods reported above.

X

- Definition

Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(2)
-URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(3)
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Tabular disclosure of finite-lived and indefinite-lived intangible assets acquired as part of a business combination.

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Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
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