Subsequent Events

9 Months Ended

Mar. 31, 2020

Subsequent Events

Subsequent Events

Note 20.  Subsequent Event

In December 2019, the COVID-19 virus emerged in Wuhan, China and spread to other parts of the world.  In March 2020, the World Health Organization (“WHO”) designated COVID-19 a global pandemic.  Governments on the national, state and local level in the United States, and around the world, have implemented lockdown and shelter-in-place orders, requiring many non-essential businesses to shut down operations for the time being.  The Company’s business, however, is deemed “essential” and it has continued to operate and has continued to manufacture and distribute its medicines to customers. 

In light of the economic impacts of COVID-19, the Company performed a review of the assets on our consolidated balance sheet as of March 31, 2020, including intangible and other long-lived assets.  Based on our review, we continue to believe that we will be able to realize the full value of our assets and that a triggering event does not exist at this time.  As such, no impairments or other write-downs were recorded during the three and nine months ended March 31, 2020 specifically related to COVID-19.  Our assessment was based on information currently available and is highly reliant on various assumptions which include estimates of future cash flows and the probability of achieving the estimated cash flows.  Changes in market conditions or other changes in the future outlook may lead to impairments in the future.

While COVID-19 has thus far not had a material impact on the Company’s operations, we cannot reasonably predict the ultimate impact of COVID-19 on our future results of operations and cashflows due to the continued uncertainty around the duration and severity of the pandemic.