SELECTED FINANCIAL STATEMENT CAPTIONS - LIABILITIES
|3 Months Ended|
Mar. 31, 2022
|Payables And Accruals [Abstract]|
|SELECTED FINANCIAL STATEMENT CAPTIONS - LIABILITIES||
NOTE 6 — SELECTED FINANCIAL STATEMENT - LIABILITIES
Accounts payable and accrued expenses consisted of the following at March 31, 2022 and December 31, 2021 (in thousands):
Other current liabilities consisted of the following at March 31, 2022 and December 31, 2021 (in thousands):
Other long-term liabilities consisted of the following at March 31, 2022 and December 31, 2021 (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 requirements 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 $200,000 and $2.0 million of PGLG from Telcon in the three months ended March 31, 2022, and March 31, 2021, respectively, of which $200,000 and $378,000 were reflected in accounts payable as of March 31, 2022 and December 31, 2021, 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, which management refers to as a “target shortfall,” Telcon may be entitled to payment of the “target shortfall,” or to settle the target shortfall by exchange of principal and interest on the Telcon convertible bond and proceeds thereof that are pledged as a collateral to secure our obligations. See Note 5 for information regarding a settlement in the three months ended March 31, 2022 of the target shortfall for 2020 and 2021.
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