XML 37 R6.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) (USD $)
9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Cash flows from operating activities:    
Net loss $ (20,064,702) $ (10,911)
Adjustments to reconcile net loss to net cash from operating activities:    
Depreciation 488,187 162,814
Amortization of intangibles and interest accretion of contingent consideration 6,978,804 2,157,775
Amortization of deferred financing costs 1,120,390   
Interest accretion on notes receivable (28,200)   
Deferred income tax benefit (10,230,000) (517,388)
Gain on sale of investment (3,605,000)   
Loss on disposal of assets 1,279 19,845
Stock compensation expense 1,516,253 1,901,568
Expense from stock options issued in exchange for services 426,030 540,252
Change in fair value of put right 6,116,489   
Change in fair value of contingent consideration (805,000)   
Loss from the operations of the joint venture with SEEK    240,195
Changes in operating assets and liabilities (net of effects of acquisitions):    
Accounts receivable 14,507,263 855,760
Inventory 4,902,870 190,352
Prepaid expenses and other assets (2,969,184) (147,639)
Accounts payable 100,447 83,337
Income taxes 1,112,785 (2,299,606)
Accrued expenses (8,995,348) (2,502,663)
Net cash from operating activities (9,426,900) 673,691
Cash flows from investing activities:    
Proceeds from sale of investment 4,605,263   
Acquisition of Cypress (309,589)  
Acquisition of gastroenterology product license    (2,400,000)
Proceeds from sale of certain Cypress intangible assets 19,588,137  
Acquisition of Great Southern Laboratories ("GSL")    (4,666,964)
Acquisition of license for non-codeine antitussive drug in development    (5,000,000)
Other intangibles    (850,000)
Proceeds from sale of property, plant and equipment 26,600 7,550
Purchase of property, plant and equipment (509,957) (279,673)
Net cash used in investing activities 23,400,454 (13,189,087)
Cash flows from financing activities:    
Cash acquired in connection with acquisition of Somaxon 2,880,837   
Payments on original Midcap Loan (12,497,196)   
Payments on term loan (10,000,000)  
Net proceeds from revolving credit facility (5,760,836)  
Payments on line of credit    (6,000,000)
Payments on contracts payable (1,700,000) (2,990,000)
Proceeds from issuance of stock in additional offering, net of issuance costs of $846,202    23,751,032
Payments on mortgages and capital leases (119,684) (80,732)
Tax benefit on stock-based awards (84,000) 148,000
Proceeds from issuance of stock 184,015 172,973
Payment of employee income tax liability with surrender of employee restricted stock (208,613)   
Net cash from financing activities (27,305,477) 15,001,273
Net (decrease) increase in cash and cash equivalents (13,331,923) 2,485,877
Cash and cash equivalents, beginning of period 23,022,821 34,551,180
Cash and cash equivalents, end of period 9,690,898 37,037,057
Supplemental Disclosure:    
Cash paid for income taxes 1,370,379 2,446,643
Interest paid during the period 838,801 116,105
Non-cash transaction    
Acquisition of Omeclamox license - contract payable    2,000,000
Accrued bonus paid in unrestricted common stock    199,770
Accrued bonus paid in restricted common stock 104,024   
Assumption of mortgage in acquisition of GSL    1,641,668
Assumption of capital leases in acquisition of GSL    106,869
Acquisition of license and supply agreement - contract payable 500,000 850,000
Acquisition of Cypress and Somaxon - Purchase price adjustment (see Note 4) 5,916,121   
Acquisition of Somaxon - Fair value of common stock 23,840,424   
Non-cash intangible value of deferred tax liability related to intellectual property license acquired    $ 2,687,368