Quarterly report pursuant to Section 13 or 15(d)

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

v3.21.2
Description of Business, the Spin-off and Basis of Presentation (Tables)
9 Months Ended
Sep. 30, 2021
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 assets and liabilities from Parent as of June 21, 2019 ($ in thousands):

Assets:

    

Cash

$

186

Accounts receivable, net

 

72

Inventory, net

 

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 - current

 

(207)

Long-term operating lease liability

 

(769)

Total liabilities

 

(1,867)

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

$

(59)

Acquired identifiable intangible assets amortized period

Expected Life

Acquired intangible Asset

    

Amortization Basis

    

(years)

Technology-Related

 

Straight-line basis

 

3

Marketing-Related

 

Straight-line basis

 

4

Disaggregated revenue by sales

    

Nine Months Ended

September 30,

    

2021

    

2020

Contract manufacturing

$

559

$

573

Custom and white label finished goods manufacturing

 

194

 

Nexgel branded consumer products

 

265

 

Total

$

1,018

$

573