Discontinued Operations

6 Months Ended

Jun. 30, 2016

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Note 8—Discontinued Operations

On January, 4, 2016, the Company completed the spin-off of Aytu by distributing a majority of its shares of common stock of Aytu to the Ampio shareholders on a pro rata basis. The Aytu business has been included in Ampio’s financial results as discontinued operations for all periods presented. Please refer to Note 1 – Basis of Presentation for additional information concerning discontinued operations.

For all periods presented, the operating results associated with the Aytu business have been reclassified into loss from discontinued operations in the statement of operations. Due to the limited operations during the first four days of January 2016, the Company deemed the operating results associated with Aytu to be immaterial for disclosure purposes. The following table provides a summary of Aytu amounts included in discontinued operations:

	Three Months Ended June 30,				Six Months Ended June 30,
	2016		2015		2016		2015
Revenue	$	-	$	182,035	$	-	$	205,864
Total operating expenses		-		(2,124,607)		-		(3,954,573)
Interest expense		-		(4,094)		-		(40,146)
Loss from discontinued operations	$	-	$	(1,946,666)	$	-	$	(3,788,855)

Assets and liabilities of discontinued operations consisted of the following at December 31, 2015:

	December 31,     2015
Cash and cash equivalents	$	10,959,546
Prepaid expenses and other		1,644,674
Prepaid research and development - related party		121,983
Current assets of discontinued operations		12,726,203
Fixed assets, net		143,826
In-process research and development		7,500,000
Developed technology, customer contracts and trade names, net		2,909,583
Goodwill		221,000
Patents, net		593,382
Long-term portion of prepaid research and development - related party		274,463
Deposits		2,888
Other assets of discontinued operations		11,645,142
Assets of discontinued operations	$	24,371,345
Accounts payable	$	1,076,293
Primsol payable		1,111,057
Accrued compensation		492,584
Deferred revenue		85,714
Current liabilities of discontinued operations		2,765,648
Convertible promissory notes, net of unamortized discount of $253,448		4,921,552
Interest payable		161,988
Contingent consideration		687,685
Long-term deferred rent		11,694
Long-term deferred revenue		383,036
Warrant derivative liability		180,969
Liabilities of discontinued operations		6,346,924
Liabilities of discontinued operations	$	9,112,572