Annual report pursuant to Section 13 and 15(d)

SELECTED FINANCIAL STATEMENT CAPTIONS - LIABILITIES

v3.20.4
SELECTED FINANCIAL STATEMENT CAPTIONS - LIABILITIES
12 Months Ended
Dec. 31, 2019
Payables And Accruals [Abstract]  
SELECTED FINANCIAL STATEMENT CAPTIONS - LIABILITIES

NOTE 7—SELECTED FINANCIAL STATEMENT CAPTIONS - LIABILITIES

Accounts payable and accrued expenses consisted of the following (in thousands):

 

 

 

December 31, 2019

 

 

December 31, 2018

(As Restated)

 

Accounts payable:

 

 

 

 

 

 

 

 

Clinical and regulatory expenses

 

$

232

 

 

$

83

 

Professional fees

 

 

1,183

 

 

 

2,157

 

Selling expenses

 

 

1,303

 

 

 

382

 

Manufacturing cost

 

 

4,541

 

 

 

 

Other vendors

 

 

18

 

 

 

844

 

Total accounts payable

 

 

7,277

 

 

 

3,466

 

Accrued interest payable, related parties

 

42

 

 

 

842

 

Accrued interest payable

 

 

991

 

 

 

2,138

 

Accrued expenses:

 

 

 

 

 

 

 

 

Payroll expenses

 

 

891

 

 

 

713

 

Government rebates and other rebates

 

 

1,355

 

 

 

933

 

Due to EJ Holdings

 

 

238

 

 

 

57

 

Other accrued expenses

 

 

704

 

 

 

86

 

Total accrued expenses

 

 

3,188

 

 

 

1,789

 

Total accounts payable and accrued expenses

 

$

11,498

 

 

$

8,235

 

 

 

Other long-term liabilities consisted of the following (in thousands):

 

 

 

 

As of December 31,

 

 

 

2019

 

 

2018

 

Trade discount

 

$

23,242

 

 

$

26,222

 

Unearned revenue

 

 

10,500

 

 

 

10,000

 

Other long-term liabilities

 

 

8

 

 

 

 

Total other long-term liabilities

 

$

33,750

 

 

$

36,222

 

    

 

 

 

On June 12, 2017, the Company entered into an API Supply Agreement, as subsequently amended (as so amended, the “API Agreement”), with Telcon pursuant to which Telcon advanced to the Company approximately $31.8 million as an advance trade discount in consideration of the Company’s agreement to purchase from Telcon the Company’s requirements for bulk containers of pharmaceutical grade L-glutamine (“PGLG”). The Company purchased $4.5 million and $1.0 million of PGLG from Telcon during years ended December 31, 2019, and 2018, respectively, of which $3.7 million and zero were reflected in accounts payable as of December 31, 2019 and 2018, respectively. See Note 12 for additional details.