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Note 16 - License, Collaboration and Distribution Agreements | 12 Months Ended
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Dec. 31, 2021
Notes to Financial Statements |
License, Collaboration, and Distribution Agreements [Text Block] | NOTE 16. LICENSE, COLLABORATION AND DISTRIBUTION AGREEMENTS Transactions under the Company’s major distribution agreements are recognized upon transfer of control of product sold to its major distribution partners at the amount of consideration that the Company expects to be entitled to. The Company records contract liabilities for the amounts that are estimated to be subject to significant reversal, including allowances for services, discounts, rebate programs, and product returns. The following table presents changes in the Company's contract assets and liabilities for the year ended December 31, 2021 (in thousands):
|  | Balance at Beginning of the Period |  |  | Additions |  |  | Deductions |  |  | Balance at the end of the Period |
Contract liabilities: deferred revenue |  | $ | 2 |  |  | $ | 176 |  |  | $ | (124 | ) |  | $ | 54 |
Contract liabilities: accrued liabilities (includes contract assets) |  |  | 573 |  |  |  | 1,851 |  |  |  | (1,154 | ) |  |  | 1,270 |
Total |  | $ | 575 |  |  | $ | 2,027 |  |  | $ | (1,278 | ) |  | $ | 1,324 |
The following table presents changes in the Company's contract assets and liabilities for the year ended December 31, 2020 (in thousands):
|  | Balance at Beginning of the Period |  |  | Additions |  |  | Deductions |  |  | Balance at the end of the Period |
Contract liabilities: deferred revenue |  | $ | — |  |  | $ | 2 |  |  | $ | — |  |  | $ | 2 |
Contract liabilities: accrued liabilities (includes contract assets) |  |  | 434 |  |  |  | 2,338 |  |  |  | (2,199 | ) |  |  | 573 |
Total |  | $ | 434 |  |  | $ | 2,340 |  |  | $ | (2,199 | ) |  | $ | 575 |
For the years ended December 31, 2021, 2020 and 2019, the Company recognized the following revenue (in thousands):
|  | Year Ended December 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
Revenue recognized in the period from: |  |  |  |  |  |  |  |  |  |  |  |
Amounts included in contract liabilities at the beginning of the period: |  |  |  |  |  |  |  |  |  |  |  |
Performance obligations satisfied |  | $ | 573 |  |  | $ | 434 |  |  | $ | 1,473 |
New activities in the period: |  |  |  |  |  |  |  |  |  |  |  |
Performance obligations satisfied |  |  | 7,848 |  |  |  | 9,500 |  |  |  | 5,126 |
|  | $ | 8,421 |  |  | $ | 9,934 |  |  | $ | 6,599 |
Avenova Spray Pharmacy Distribution Agreements and Specialty Pharmacies Avenova Spray is made available in local pharmacies and major pharmacy retail chains under nationwide distribution agreements with McKesson Corporation, Cardinal Health and AmerisourceBergen. We have also entered into direct agreements with preferred pharmacy networks as part of our Partner Pharmacy Program. During the years ended December 31, 2021, 2020 and 2019, the Company earned $0.6 million, $1.7 million and $4.6 million, respectively, in sales revenue for its Avenova Spray product from these distribution and partner pharmacy agreements. Under these product distribution arrangements, the Company had a contract liability balance of $0.9 million as of December 31, 2021 and $0.7 million as of December 31, 2020. The contract liability is included in accrued liabilities in the consolidated balance sheets. The Company also recorded a prepayment of $19 thousand and $144 thousand for rebates related to these distribution agreements as of December 31, 2021 and December 31, 2020, respectively, that is recorded in the prepaid expenses and other current assets in the consolidated balance sheets (see Note 5, “Prepaid Expenses and Other Current Assets”). Over-the-Counter Sales of Avenova Spray Avenova Spray was launched online on June 1, 2019 direct to U.S. customers. Avenova Spray is offered primarily for sale on Amazon.com, the Company’s website (Avenova.com) and Walmart.com. Avenova Spray was launched at select CVS stores and online on CVS.com in February 2021. These channels provide the Company with more stable pricing and provide customers with easy access to our product. During the years ended December 31, 2021, 2020, and 2019 the revenue generated from Avenova Spray in these channels was $5.1 million, $3.3 million, and $1.0 million, respectively.

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