SELECTED FINANCIAL STATEMENT LIABILITIES
|12 Months Ended|
Dec. 31, 2021
|Payables And Accruals [Abstract]|
|SELECTED FINANCIAL STATEMENT LIABILITIES||
NOTE 6—SELECTED FINANCIAL STATEMENT LIABILITIES
Accounts payable and accrued expenses consisted of the following (in thousands):
Other current liabilities consisted of the following (in thousands):
Other long-term liabilities consisted of the following (in thousands):
On June 12, 2017, the Company entered into an API Supply 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 estimated annual target for bulk containers of PGLG. On July 12, 2017, the Company entered into a raw material supply agreement with Telcon which revised certain items of the API Supply Agreement (the “revised API agreement”). The Company purchased $0.4 million and $2.2 million of PGLG from Telcon during years ended December 31, 2021, and 2020, respectively, of which $382,000 and $208,000 were reflected in accounts payable as of December 31, 2021 and 2020, respectively. The revised API agreement provided for an annual API purchase target of $5 million and a target “profit” (i.e., gross margin) to Telcon of $2.5 million. To the extent these targets are not met, Telcon may be entitled to payment of the shortfall or to offset the shortfall against the Telcon convertible bond and proceeds there of that are pledged as a collateral to secure our obligations. See Note 11 and Note 14 for additional details.
The entire disclosure for accounts payable and accrued liabilities at the end of the reporting period.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef