v3.23.2

Note 3 - Discontinued Operations | 12 Months Ended
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Dec. 31, 2022
Notes to Financial Statements |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 3. Discontinued Operations On April 3, 2023, the Company completed the sale of its DSUVIA business to Alora. The disposal of the DSUVIA business represents a strategic shift that will have a major qualitative effect on its personnel resources and quantitative effect on its financial results. Accordingly, the Company concluded, pursuant to ASC 205-20, “Presentation of Financial Statements–Discontinued Operations”, that the disposal should be presented as discontinued operations in the consolidated balance sheets as of December 31, 2022 and 2021 and in the consolidated statements of operations as discontinued operations, net of tax, for the years ended December 31, 2022 and 2021. As such, the consolidated financial statements herein have been presented in accordance with ASC 205-20. Net loss from discontinued operations for the years ended December 31, 2022 and 2021, is as follows:
​ |  | Year ended December 31, |
​ |  | 2022 |  |  | 2021 |
Total revenues |  | $ | 1,771 |  |  | $ | 2,440 |
Cost of goods sold |  |  | 1,508 |  |  |  | 1,959 |
Selling, general and administrative expense |  |  | 9,744 |  |  |  | 16,670 |
Research and development expenses |  | ​ | 1,852 |  |  |  | 1,660 |
Loss from operations |  |  | 11,333 |  |  |  | 17,849 |
Interest expense |  | ​ | 37 |  |  |  | 98 |
Loss from discontinued operations before loss on disposal |  | $ | 11,370 |  |  | $ | 17,947 |
The following table summarizes the carrying amounts of major classes of assets and liabilities of discontinued operations for each of the periods presented (in thousands).
​ |  | ​ |  |  | ​ |
​ |  | December 31, 2022 |  |  | December 31, 2021 |
Cash and cash equivalents |  | $ | — |  |  | $ | — |
Accounts receivable, net |  |  | 309 |  |  |  | 160 |
Inventories |  |  | 1,178 |  |  |  | 1,111 |
Prepaid expenses and other current assets |  |  | 444 |  |  |  | 577 |
Total current assets of discontinued operations |  |  | 1,931 |  |  |  | 1,848 |
Property, plant and equipment, net |  |  | 10,261 |  |  |  | 11,021 |
Operating lease right-of-use assets |  |  | 3,499 |  |  |  | 4,031 |
Other assets |  |  | 176 |  |  |  | 196 |
Total non-current assets of discontinued operations |  |  | 13,936 |  |  |  | 15,248 |
Total assets of discontinued operations |  | $ | 15,867 |  |  | $ | 17,096 |
​ |  | ​ |  |  | ​ |
Accounts payable |  | $ | 784 |  |  | $ | 1,204 |
Accrued liabilities |  |  | 1,720 |  |  |  | 3,008 |
Operating lease liabilities, current portion |  |  | 1,601 |  |  |  | 886 |
Note payable, current portion |  |  | 400 |  |  |  | 463 |
Deferred revenue, current portion |  |  | 115 |  |  |  | 87 |
Total current liabilities of discontinued operations |  |  | 4,620 |  |  |  | 5,648 |
Operating lease liabilities, net of current portion |  |  | 2,959 |  |  |  | 3,649 |
Deferred revenue, net of current portion |  |  | 1,036 |  |  |  | 1,151 |
Total non-current liabilities of discontinued operations |  |  | 3,995 |  |  |  | 4,800 |
Total liabilities of discontinued operations |  |  | 8,615 |  |  |  | 10,448 |
Net assets of discontinued operations |  | $ | 7,252 |  |  | $ | 6,648 |
​ The following table presents the significant non-cash items for the discontinued operations that are included in the consolidated statements of cash flows (in thousands):
​ |  | Year Ended December 31, |
​ |  | 2022 |  |  |  | 2021 |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |
Depreciation and amortization |  | $ | 1,465 |  |  |  | $ | 1,537 |
Stock-based compensation |  |  | 250 |  |  |  |  | 779 |
Inventory impairment charge |  |  | 40 |  |  |  |  | 723 |
Non-cash interest expense related to debt financing |  |  | (37 | ) |  |  |  | (98 | )

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//360/tableOfContent + Details
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