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REVERSE ACQUISITION AND DISPOSAL (Tables) | 3 Months Ended
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Mar. 31, 2020
Business Combinations [Abstract] |
Summary of Purchase Consideration | Total purchase consideration is as follows:
Flex Pharma market capitalization at closing | $ | 10,963,526 |
Fair value of rights to warrants | 1,629,095 |
Fair value of Flex Pharma outstanding options on the merger date | 132,227 |
Total purchase consideration | $ | 12,724,848 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following represents the allocation of the estimated purchase consideration:
Fair value of assets acquired |
Cash | $ | 5,405,826 |
Accounts receivable | 15,168 |
Inventory | 122,235 |
Prepaid expense and other current assets | 106,319 |
Goodwill and intangibles | 8,937,899 |
Total fair value of assets acquired | 14,587,447 |
Fair value of liabilities assumed |
Accounts payable, accrued liabilities and other current liabilities | 1,862,599 |
Total fair value of liabilities assumed | 1,862,599 |
Net assets acquired | $ | 12,724,848 |
Schedule of Unaudited Pro Forma Results | The following unaudited pro forma financial information summarizes the results of operations for the three months ended March 31, 2020 and 2019 as if the merger described above had been completed as of January 1, 2019. Pro forma information primarily reflects adjustments relating to the reversal of transaction costs. Assuming that the merger had been completed as of January 1, 2019, the transaction costs would have been expensed in the prior period.
| Three Months Ended March 31, 2020 |  | Three Months Ended March 31, 2019
Revenues | $ | 1,132,830 |  |  | $ | 655,635 |
Net loss | (2,083,816) |  |  | (9,415,074) |
Net loss per share | (0.22) |  |  | (3.97) |

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