Annual report pursuant to Section 13 and 15(d)

Discontinued Operations and Assets Held for Sale (Tables)

v3.19.1
Discontinued Operations and Assets Held for Sale (Tables)
 12 Months Ended
Dec. 31, 2018
Discontinued Operations and Disposal Groups [Abstract]  
Disposal Groups, Including Discontinued Operations
The following is a reconciliation of the carrying amounts of major classes of assets and liabilities of the discontinued operations to assets and liabilities held for sale:
 
 
 
December 31,
 
 
 
2018
 
 
2017
 
Accounts receivable, net
 
$
270,768
 
 
$
215,466
 
Inventories, net
 
 
131,342
 
 
 
251,363
 
Prepayments and other current assets
 
 
22,322
 
 
 
32,878
 
Current assets held for sale (1)
 
 
 
 
 
 
499,707
 
Property and equipment, net
 
 
329,738
 
 
 
534,917
 
Intangible assets, net (2)
 
 
342,153
 
 
 
697,181
 
Noncurrent assets held for sale (1)
 
 
 
 
 
 
1,232,098
 
Assets held for sale (1)
 
$
1,096,323
 
 
$
1,731,805
 
 
 
 
 
 
 
 
 
 
Accounts payable
 
$
356,113
 
 
$
236,651
 
Accrued expenses
 
 
521,642
 
 
 
632,970
 
Current liabilities held for sale
 
$
877,755
 
 
$
869,621
 
 
 
(1)
The assets of the discontinued operations classified as held for sale are classified as current on the December 31, 2018 balance sheet because it is probable that the sale will occur and proceeds will be collected within one year.
 
(2)
Includes an impairment charge of $360,000, calculated as the net book value of assets held for sale prior to the impairment less the expected proceeds from the planned sale. The expected proceeds are based on the estimated fair value of the net assets held for sale less the estimated cost to sell the net assets held for sale.
 
The following is a reconciliation of the major classes of line items constituting loss on discontinued operations to loss on discontinued operations shown in the Statement of Operations:
 
 
 
December 31,
 
 
 
2018
 
 
2017
 
Product revenue
 
$
1,624,773
 
 
$
1,212,270
 
Cost of product revenue
 
 
1,968,648
 
 
 
2,241,682
 
Research and development
 
 
2,095,138
 
 
 
3,469,064
 
General and administrative
 
 
59,873
 
 
 
278,043
 
Sales and marketing
 
 
774,500
 
 
 
1,448,517
 
Impairment
 
 
360,000
 
 
 
—
 
Loss on discontinued operations
 
$
(3,633,386
)
 
$
(6,225,036
)