Annual report pursuant to Section 13 and 15(d)

Description of Business, the Spin-off and Basis of Presentation (Tables)

v3.20.1
Description of Business, the Spin-off and Basis of Presentation (Tables)
 12 Months Ended
Dec. 31, 2019
Description of Business, the Spin-off and Basis of Presentation  
Schedule of net liabilities assumed pursuant to Spin-Off and in exchange

Pursuant to the Spin-Off and in exchange for the 5,005,211 shares of common stock, NexGel assumed the following net liabilities from Parent as of June 21, 2019 ($ in thousands):

 

 

 

 

 

Assets:

    

  

 

Cash

 

$

186

Accounts receivable, net

 

 

72

Inventory

 

 

140

Prepaid expenses and other current assets

 

 

101

Property and equipment, net

 

 

155

Operating lease - right of use asset

 

 

976

Other assets

 

 

178

Total assets

 

 

1,808

 

 

 

 

Liabilities:

 

 

  

Accounts payable

 

 

(496)

Accrued expenses and other current liabilities

 

 

(395)

Operating lease liability

 

 

(976)

 

 

 

 

Total liabilities

 

 

(1,867)

Net liabilities assumed in Spin-Off on June 21, 2019

 

$

(59)