2015 Q2 Form 10-Q Financial Statement
#000114420415047327 Filed on August 07, 2015
Income Statement
| Concept | 2015 Q2 | 2014 Q2 |
|---|---|---|
| Revenue | $5.192M | $7.766M |
| YoY Change | -33.14% | -3.6% |
| Cost Of Revenue | ||
| YoY Change | ||
| Gross Profit | ||
| YoY Change | ||
| Gross Profit Margin | ||
| Selling, General & Admin | $520.0K | $840.0K |
| YoY Change | -38.1% | -65.0% |
| % of Gross Profit | ||
| Research & Development | $0.00 | |
| YoY Change | -100.0% | |
| % of Gross Profit | ||
| Depreciation & Amortization | $0.00 | |
| YoY Change | -100.0% | |
| % of Gross Profit | ||
| Operating Expenses | $516.0K | $836.0K |
| YoY Change | -38.28% | -73.51% |
| Operating Profit | $4.676M | $6.930M |
| YoY Change | -32.53% | 41.43% |
| Interest Expense | $0.00 | |
| YoY Change | -100.0% | |
| % of Operating Profit | 0.0% | |
| Other Income/Expense, Net | $0.00 | -$48.00K |
| YoY Change | -100.0% | -107.43% |
| Pretax Income | $4.676M | $6.882M |
| YoY Change | -32.05% | 43.4% |
| Income Tax | $894.0K | $0.00 |
| % Of Pretax Income | 19.12% | 0.0% |
| Net Earnings | $3.782M | $6.882M |
| YoY Change | -45.05% | 45.84% |
| Net Earnings / Revenue | 72.84% | 88.62% |
| Basic Earnings Per Share | $0.09 | $0.16 |
| Diluted Earnings Per Share | $0.09 | $0.16 |
| COMMON SHARES | ||
| Basic Shares Outstanding | 44.18M shares | 44.11M shares |
| Diluted Shares Outstanding | 44.22M shares | 44.25M shares |
Balance Sheet
| Concept | 2015 Q2 | 2014 Q2 |
|---|---|---|
| SHORT-TERM ASSETS | ||
| Cash & Short-Term Investments | $39.00M | $21.50M |
| YoY Change | 81.4% | 48.72% |
| Cash & Equivalents | $38.99M | $21.48M |
| Short-Term Investments | ||
| Other Short-Term Assets | $600.0K | $400.0K |
| YoY Change | 50.0% | -68.99% |
| Inventory | ||
| Prepaid Expenses | ||
| Receivables | ||
| Other Receivables | ||
| Total Short-Term Assets | $39.61M | $21.90M |
| YoY Change | 80.85% | 39.07% |
| LONG-TERM ASSETS | ||
| Property, Plant & Equipment | ||
| YoY Change | ||
| Goodwill | ||
| YoY Change | ||
| Intangibles | ||
| YoY Change | ||
| Long-Term Investments | ||
| YoY Change | ||
| Other Assets | $1.700M | |
| YoY Change | ||
| Total Long-Term Assets | $1.694M | $1.000K |
| YoY Change | 169300.0% | -99.89% |
| TOTAL ASSETS | ||
| Total Short-Term Assets | $39.61M | $21.90M |
| Total Long-Term Assets | $1.694M | $1.000K |
| Total Assets | $41.30M | $21.90M |
| YoY Change | 88.58% | 31.55% |
| SHORT-TERM LIABILITIES | ||
| YoY Change | ||
| Accounts Payable | $0.00 | $257.0K |
| YoY Change | -100.0% | -56.88% |
| Accrued Expenses | $400.0K | $539.0K |
| YoY Change | -25.79% | -73.1% |
| Deferred Revenue | ||
| YoY Change | ||
| Short-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Long-Term Debt Due | ||
| YoY Change | ||
| Total Short-Term Liabilities | $22.51M | $796.0K |
| YoY Change | 2727.39% | -69.38% |
| LONG-TERM LIABILITIES | ||
| Long-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Other Long-Term Liabilities | $300.0K | $500.0K |
| YoY Change | -40.0% | |
| Total Long-Term Liabilities | $300.0K | $500.0K |
| YoY Change | -40.0% | |
| TOTAL LIABILITIES | ||
| Total Short-Term Liabilities | $22.51M | $796.0K |
| Total Long-Term Liabilities | $300.0K | $500.0K |
| Total Liabilities | $22.83M | $1.263M |
| YoY Change | 1707.44% | -51.42% |
| SHAREHOLDERS EQUITY | ||
| Retained Earnings | -$89.95M | -$114.3M |
| YoY Change | -21.3% | -18.79% |
| Common Stock | $108.4M | $134.9M |
| YoY Change | -19.66% | -12.83% |
| Preferred Stock | ||
| YoY Change | ||
| Treasury Stock (at cost) | ||
| YoY Change | ||
| Treasury Stock Shares | ||
| Shareholders Equity | $18.46M | $20.64M |
| YoY Change | ||
| Total Liabilities & Shareholders Equity | $41.29M | $21.90M |
| YoY Change | 88.52% | 31.55% |
Cashflow Statement
| Concept | 2015 Q2 | 2014 Q2 |
|---|---|---|
| OPERATING ACTIVITIES | ||
| Net Income | $3.782M | $6.882M |
| YoY Change | -45.05% | 45.84% |
| Depreciation, Depletion And Amortization | $0.00 | |
| YoY Change | -100.0% | |
| Cash From Operating Activities | $4.200M | $6.600M |
| YoY Change | -36.36% | 1550.0% |
| INVESTING ACTIVITIES | ||
| Capital Expenditures | ||
| YoY Change | ||
| Acquisitions | ||
| YoY Change | ||
| Other Investing Activities | $0.00 | $100.0K |
| YoY Change | -100.0% | -99.87% |
| Cash From Investing Activities | $0.00 | $100.0K |
| YoY Change | -100.0% | -99.87% |
| FINANCING ACTIVITIES | ||
| Cash Dividend Paid | ||
| YoY Change | ||
| Common Stock Issuance & Retirement, Net | ||
| YoY Change | ||
| Debt Paid & Issued, Net | ||
| YoY Change | ||
| Cash From Financing Activities | 0.000 | 0.000 |
| YoY Change | -100.0% | |
| NET CHANGE | ||
| Cash From Operating Activities | 4.200M | 6.600M |
| Cash From Investing Activities | 0.000 | 100.0K |
| Cash From Financing Activities | 0.000 | 0.000 |
| Net Change In Cash | 4.200M | 6.700M |
| YoY Change | -37.31% | -106.06% |
| FREE CASH FLOW | ||
| Cash From Operating Activities | $4.200M | $6.600M |
| Capital Expenditures | ||
| Free Cash Flow | ||
| YoY Change |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| CY2015Q2 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
4676000 | USD |
| CY2015Q2 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
894000 | USD |
| CY2014Q2 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
0 | USD |
| CY2015Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
3782000 | USD |
| CY2015Q2 | us-gaap |
Cash
Cash
|
38993000 | USD |
| CY2014Q4 | us-gaap |
Cash
Cash
|
34562000 | USD |
| CY2015Q2 | us-gaap |
Dividends Payable Current
DividendsPayableCurrent
|
22091000 | USD |
| CY2014Q4 | us-gaap |
Dividends Payable Current
DividendsPayableCurrent
|
4417000 | USD |
| CY2015Q2 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
22506000 | USD |
| CY2015Q2 | us-gaap |
Accrued Rent Noncurrent
AccruedRentNoncurrent
|
322000 | USD |
| CY2015Q2 | us-gaap |
Liabilities
Liabilities
|
22828000 | USD |
| CY2015Q2 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
USD | |
| CY2015Q2 | us-gaap |
Preferred Stock Value
PreferredStockValue
|
0 | USD |
| CY2015Q2 | us-gaap |
Common Stock Value
CommonStockValue
|
441000 | USD |
| CY2015Q2 | us-gaap |
Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
|
107968000 | USD |
| CY2015Q2 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-89949000 | USD |
| CY2015Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
18460000 | USD |
| CY2015Q2 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
41288000 | USD |
| CY2015Q2 | us-gaap |
Assets Current
AssetsCurrent
|
39606000 | USD |
| CY2014Q4 | us-gaap |
Assets Current
AssetsCurrent
|
35040000 | USD |
| CY2015Q2 | us-gaap |
Deferred Tax Assets Liabilities Net Noncurrent
DeferredTaxAssetsLiabilitiesNetNoncurrent
|
1682000 | USD |
| CY2015Q2 | us-gaap |
Royalty Revenue
RoyaltyRevenue
|
5097000 | USD |
| CY2014Q2 | us-gaap |
Royalty Revenue
RoyaltyRevenue
|
7735000 | USD |
| CY2015Q2 | us-gaap |
Other Sales Revenue Net
OtherSalesRevenueNet
|
95000 | USD |
| CY2014Q2 | us-gaap |
Other Sales Revenue Net
OtherSalesRevenueNet
|
31000 | USD |
| CY2015Q2 | us-gaap |
Sales Revenue Net
SalesRevenueNet
|
5192000 | USD |
| CY2014Q2 | us-gaap |
Sales Revenue Net
SalesRevenueNet
|
7766000 | USD |
| CY2015Q2 | us-gaap |
Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
|
516000 | USD |
| CY2014Q2 | us-gaap |
Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
|
836000 | USD |
| CY2015Q2 | us-gaap |
Operating Expenses
OperatingExpenses
|
516000 | USD |
| CY2014Q2 | us-gaap |
Operating Expenses
OperatingExpenses
|
836000 | USD |
| CY2015Q2 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
4676000 | USD |
| CY2014Q2 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
6930000 | USD |
| CY2014Q2 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
6882000 | USD |
| CY2014Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
6882000 | USD |
| CY2015Q2 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
0.09 | |
| CY2014Q2 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
0.16 | |
| CY2015Q2 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
0.09 | |
| CY2014Q2 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
0.16 | |
| CY2014Q2 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
44112000 | shares |
| CY2015Q2 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
44215000 | shares |
| CY2014Q2 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
44253000 | shares |
| CY2015Q2 | us-gaap |
Investment Income Net
InvestmentIncomeNet
|
0 | USD |
| CY2014Q2 | us-gaap |
Investment Income Net
InvestmentIncomeNet
|
-48000 | USD |
| CY2015Q2 | us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
0 | USD |
| CY2014Q2 | us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
-48000 | USD |
| us-gaap |
Royalty Revenue
RoyaltyRevenue
|
10302000 | USD | |
| us-gaap |
Royalty Revenue
RoyaltyRevenue
|
16678000 | USD | |
| us-gaap |
Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
|
1099000 | USD | |
| us-gaap |
Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
|
1344000 | USD | |
| us-gaap |
Operating Expenses
OperatingExpenses
|
1099000 | USD | |
| us-gaap |
Operating Expenses
OperatingExpenses
|
1344000 | USD | |
| us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
9354000 | USD | |
| us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
15397000 | USD | |
| us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
9354000 | USD | |
| us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
-1600000 | USD | |
| us-gaap |
Net Income Loss
NetIncomeLoss
|
10954000 | USD | |
| us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
0.25 | ||
| us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
0.35 | ||
| us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
0.25 | ||
| us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
44182000 | shares | |
| us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
44102000 | shares | |
| us-gaap |
Investment Income Net
InvestmentIncomeNet
|
0 | USD | |
| us-gaap |
Investment Income Net
InvestmentIncomeNet
|
61000 | USD | |
| us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
0 | USD | |
| us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
61000 | USD | |
| us-gaap |
Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
8854000 | USD | |
| us-gaap |
Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
14827000 | USD | |
| us-gaap |
Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
|
0 | USD | |
| us-gaap |
Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
|
152000 | USD | |
| us-gaap |
Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
|
0 | USD | |
| us-gaap |
Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
|
152000 | USD | |
| us-gaap |
Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
|
6000 | USD | |
| us-gaap |
Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
|
22000 | USD | |
| us-gaap |
Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
|
4417000 | USD | |
| us-gaap |
Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
|
0 | USD | |
| us-gaap |
Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
|
-4423000 | USD | |
| us-gaap |
Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
|
-22000 | USD | |
| us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
4431000 | USD | |
| us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
14957000 | USD | |
| CY2014Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
34562000 | USD |
| CY2013Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
6520000 | USD |
| CY2015Q2 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
38993000 | USD |
| CY2014Q2 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
21477000 | USD |
| us-gaap |
Nature Of Operations
NatureOfOperations
|
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"> <table style="BORDER-BOTTOM: 0px solid; BORDER-LEFT: 0px solid; LINE-HEIGHT: 115%; WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt; BORDER-TOP: 0px solid; BORDER-RIGHT: 0px solid" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 3%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="3%"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt"> <b><font style="FONT-SIZE: 10pt">(1)</font></b></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 96%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="96%"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><b><font style="FONT-SIZE: 10pt">Description of Business</font></b></div> </td> </tr> </table>   <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">Enzon Pharmaceuticals, Inc. (together with its subsidiaries, “Enzon” or the “Company”) receives royalty revenues from existing licensing arrangements with other companies primarily related to sales of four marketed drug products, namely, PegIntron ®, Sylatron ®, Macugen ® and CIMZIA ®. The Company also had previously received royalty revenues from licensing arrangement related to sales of Oncaspar and Adagen until the Company’s rights to receive royalties on sales of these products expired in 2014. In addition, the Company’s rights to receive royalties on sales of Macugen and CIMZIA expired in the U.S. and Great Britain in 2014. The primary source of the Company’s royalty revenues is sales of PegIntron, which is marketed by Merck & Co., Inc. (“Merck”). The Company currently has no clinical operations and limited corporate operations. Royalty revenues from sales of PegIntron accounted for approximately <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 71</font>% and <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 85</font>% of the Company’s total royalty revenues for the three months ended June 30, 2015 and 2014, respectively, and approximately <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">80</font></font>% of the Company’s total royalty revenues in each of the six-month periods ended June 30, 2015 and 2014 and approximately <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 79</font>% and <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 87</font>% of the Company’s total royalty revenues for fiscal years 2014 and 2013, respectively.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The Company was previously dedicated to the research and development of innovative therapeutics for patients with high unmet medical needs.   Beginning in December 2012, the Company’s Board of Directors (the “Board”), with outside consultants, began a review of the possible sale or disposition of one or more corporate assets or a sale of the Company. At that time, the Company suspended substantially all clinical development activities with a goal of conserving capital and maximizing value returned to the Company’s stockholders.   By April 2013, the review did not result in a definitive offer to acquire the Company or all or substantially all of the Company’s assets.   At the same time, the Company announced that its Board intended to distribute excess cash, expected to arise from ongoing royalty revenues, in the form of periodic dividends to stockholders.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">Subsequently, the following significant events occurred: </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">In April 2013, pursuant to the terms of an asset purchase agreement, the Company sold to Belrose Pharma, Inc. (“Belrose”), all right, title and interest to the Company’s Customized PEGylation platform and related assets.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"> </font></div> <font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">In September 2013, the Company entered into a sublease agreement, which was amended and restated in November 2013, with Axcellerate Pharma, LLC (“Axcellerate”), pursuant to which the Company subleases to Axcellerate a portion of the Company’s premises consisting of approximately <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 30,000</font> rentable square feet of the building located at 20 Kingsbridge Road, Piscataway, New Jersey and a share of related parking areas. The term of the sublease commenced on <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">November 14, 2013</font> and will expire on <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">July 30, 2021</font>. The monthly fixed rent payable by Axcellerate to the Company under the sublease is as follows: (i) in year one, $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">10,417</font>, (ii) in year two, $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">15,625</font>, (iii) in year three, $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">20,833</font>, (iv) in year four, $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">26,042</font> and (v) in each of years five through eight, $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">35,000</font>. The sublease also provides for Axcellerate to pay additional rent to cover its applicable share of real estate taxes, operating expenses, sewer and gas usage, water usage, electricity usage and certain other charges incurred by Axcellerate.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"> In October 2013, the Company terminated its License and Collaboration Agreement with Santaris Pharma A/S (“Santaris”) whereby Enzon returned to Santaris the rights to molecules utilizing LNA technology including the mRNA antagonists targeting Hypoxia-Inducible Factor-1 alpha (HIF-1 alpha), the Androgen Receptor (AR), HER3, and Beta-catenin.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"> </font></div> <font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">In March 2014, the Company entered into a novation agreement with Zhejiang Hisun Pharmaceutical Co., Ltd. ("Hisun") and Belrose (the “Novation Agreement”), pursuant to which the parties confirmed the novation of the Company’s Collaboration Agreement with Hisun to Belrose. As a consequence of the Novation Agreement , the Company received a gross amount of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">550,000</font> from Hisun, the amount of a receivable previously written off, and paid $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">249,565</font> to Belrose. The recording of these transactions resulted in a net reduction of general and administrative expense of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">300,435</font>.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">On July 16, 2014, Belrose provided written notice to Hisun asserting multiple breaches by Hisun of the Collaboration Agreement including failure to pay $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">450,000</font> of milestone payments. Belrose provided Hisun up to 60 days to cure the breaches. On September 16, Belrose notified Hisun and the Company that it was terminating the Collaboration Agreement and demanded the return of material related to PEG- SN38 and a royalty-free right to any Hisun patents related to PEG-SN38. Hisun responded on September 16 that they rejected Belrose’s assertion that Hisun had committed multiple breaches and requested that Belrose continue its performance of technology transfer under the Collaboration Agreement.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="COLOR: #1a1a1a; FONT-SIZE: 10pt">The Company wound down its remaining research and development activities during 2013</font> <font style="FONT-SIZE: 10pt">and has no intention of resuming any clinical development activities or acquiring new sources of royalty revenues.</font></div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> | ||
| enzn |
Royalty Revenues From Sales Percentage
RoyaltyRevenuesFromSalesPercentage
|
0.8 | pure | |
| us-gaap |
Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
|
60000 | USD | |
| us-gaap |
Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
|
418000 | USD | |
| us-gaap |
Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
|
516000 | USD | |
| us-gaap |
Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
|
-1682000 | USD | |
| us-gaap |
Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
|
0 | USD | |
| CY2014Q2 | enzn |
Royalty Revenues From Sales Percentage
RoyaltyRevenuesFromSalesPercentage
|
0.85 | pure |
| CY2013Q3 | us-gaap |
Area Of Land
AreaOfLand
|
30000 | acre |
| CY2013Q3 | enzn |
Sub Lease Commencement Date
SubLeaseCommencementDate
|
2013-11-14 | |
| CY2013Q3 | enzn |
Sublease Expiration Date
SubleaseExpirationDate
|
2021-07-30 | |
| CY2013Q3 | enzn |
Monthly Fixed Rent Receivable On Sublease Year One
MonthlyFixedRentReceivableOnSubleaseYearOne
|
10417 | USD |
| CY2013Q3 | enzn |
Monthly Fixed Rent Receivable On Sublease Year Two
MonthlyFixedRentReceivableOnSubleaseYearTwo
|
15625 | USD |
| CY2013Q3 | enzn |
Monthly Fixed Rent Receivable On Sublease Year Three
MonthlyFixedRentReceivableOnSubleaseYearThree
|
20833 | USD |
| CY2013Q3 | enzn |
Monthly Fixed Rent Receivable On Sublease Year Four
MonthlyFixedRentReceivableOnSubleaseYearFour
|
26042 | USD |
| CY2013Q3 | enzn |
Monthly Fixed Rent Receivable On Sublease In Each Of Year Five To Eight
MonthlyFixedRentReceivableOnSubleaseInEachOfYearFiveToEight
|
35000 | USD |
| CY2015Q2 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
3782000 | USD |
| CY2015Q2 | us-gaap |
Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
|
33000 | shares |
| us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
10954000 | USD | |
| us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
15403000 | USD | |
| us-gaap |
Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
|
46000 | shares | |
| us-gaap |
Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
|
154000 | shares | |
| CY2015Q2 | enzn |
Employee Service Share Based Compensation Tax Payments
EmployeeServiceShareBasedCompensationTaxPayments
|
16000 | USD |
| CY2014Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
519000 | shares |
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
|
0 | shares | |
| us-gaap |
Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
|
0 | shares | |
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
|
87000 | shares | |
| CY2015Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
432000 | shares |
| CY2015Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
|
432000 | shares |
| CY2015Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
|
389000 | shares |
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
|
0 | shares | |
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
|
14000 | shares | |
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
|
0 | shares | |
| CY2014Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
|
46000 | shares |
| CY2015Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
|
32000 | shares |
| us-gaap |
Basis Of Accounting
BasisOfAccounting
|
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 1%"> <div> </div> </td> <td style="WIDTH: 3%"> <div><b>(2)</b></div> </td> <td style="TEXT-ALIGN: justify; WIDTH: 96%"> <div><b>Basis of Presentation</b></div> </td> </tr> </table>   <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><i><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>Interim Financial Statements</font></i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The accompanying unaudited condensed consolidated financial statements have been prepared from the books and records of the Company in accordance with United States generally accepted accounting principles (U.S. GAAP) for interim financial information and Rule 10-01 of Regulation S-X promulgated by the U.S. Securities and Exchange Commission. Accordingly, these financial statements do not include all of the information and footnotes required for complete annual financial statements. Interim results are not necessarily indicative of the results that may be expected for the full year. Interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014.</font></div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><i><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>Principles of Consolidation</font></i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated as part of the consolidation.</font></div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><i><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>Use of Estimates</font></i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Although management bases its estimates on historical experience and various other assumptions that are believed to be reasonable under the circumstances, actual results could differ from these estimates.<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></font></div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> | ||
| CY2015Q2 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
44182414 | shares |
| CY2015Q2 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
44182414 | shares |
| CY2014Q4 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
44174456 | shares |
| CY2014Q4 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
44174456 | shares |
| CY2015Q1 | us-gaap |
Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
|
2500000 | USD |
| us-gaap |
Use Of Estimates
UseOfEstimates
|
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><i><font style="FONT-SIZE: 10pt">Use of Estimates</font></i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Although management bases its estimates on historical experience and various other assumptions that are believed to be reasonable under the circumstances, actual results could differ from these estimates.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> | ||
| enzn |
Employee Service Share Based Compensation Tax Payments
EmployeeServiceShareBasedCompensationTaxPayments
|
23000 | USD | |
| enzn |
Employee Service Share Based Compensation Tax Payments
EmployeeServiceShareBasedCompensationTaxPayments
|
6000 | USD | |
| CY2015Q2 | us-gaap |
Dividends Payable Amount Per Share
DividendsPayableAmountPerShare
|
0.50 | |
| CY2015Q2 | us-gaap |
Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
|
22100000 | USD |
| us-gaap |
Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
|
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="WIDTH: 3%"> <div style="CLEAR:both;CLEAR: both"><b>(3)</b></div> </td> <td style="TEXT-ALIGN: justify; WIDTH: 96%"> <div style="CLEAR:both;CLEAR: both"><b>New Accounting Pronouncements</b></div> </td> </tr> </table>   <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">In April 2014, the FASB issued ASU 2014-08, <i>Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.</i> The update changes the requirements for reporting discontinued operations in Subtopic 205-20. A discontinued operation may include a component of an entity or a group of components of an entity, or a business. A disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. Examples include a disposal of a major geographic area, a major line of business or a major equity method investment. Additionally, the update requires expanded disclosures about discontinued operations that will provide financial statement users with more information about the assets, liabilities, income and expenses of discontinued operations. This update is effective prospectively for reporting periods beginning after December 15, 2014 and early adoption is permitted. The Company is currently evaluating the impact adoption will have on its financial statements.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">In May 2014, the FASB issued ASU 2014-09, <i>Revenue from Contracts with Customers</i> (“ASU 2014-09”), which will supersede nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of ASU 2014-09 is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The Company is carefully evaluating its existing revenue recognition practices to determine whether any contracts in the scope of the guidance will be affected by the new requirements. The effects may include identifying performance obligations in existing arrangements, determining the transaction price and allocating the transaction price to each separate performance obligation. The Company will also establish practices to determine when a performance obligation has been satisfied, and recognize revenue in accordance with the new requirements. The new standard is effective for the Company on January 1, 2017. Early adoption is not permitted. However, on July 9, 2015, the the FASB agreed to delay the effective date of ASU 2014-09 by one year. This would make ASU 2014-09 effective for the Company on January 1, 2018. If this proposal is approved, early adoption of ASU 2014-09 would be permitted effective January 1, 2017. ASU 2014-09 allows for either “full retrospective” adoption, meaning the standard is applied to all of the periods presented, or “modified retrospective” adoption, meaning the standard is applied only to the most current period presented in the financial statements. Management currently believes that this ASU will not have a material impact on the Company’s operating results, financial position or cash flow.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">In June 2014, the FASB issued ASU No. 2014-12, <i>Compensation – Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period</i> . The issue is the result of a consensus of the FASB Emerging Issues Task Force (EITF). The amendments in this ASU require that a performance target that affects vesting, and that could be achieved after the requisite service period, be treated as a performance condition. The amendments in this ASU are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015 and can be either applied prospectively or retrospectively. Earlier adoption is permitted. Management currently believes the adoption this ASU will not have a material impact on the Company’s operating results, financial position or cash flows.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">On February 18, 2015, the FASB issued ASU No. 2015-02 “Consolidation (Topic 810): Amendments to the Consolidation Analysis” that amends the current consolidation guidance. The amendments affect both the variable interest entity and voting interest entity consolidation models. The new guidance is effective for the Company beginning January 1, 2016, with early adoption permitted. This new guidance is not expected to have a material impact on the Company’s Consolidated Financial Statements.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">On April 7, 2015, the FASB issued ASU No. 2015-03 “Simplifying the Presentation of Debt Issuance Costs,” which requires that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of related debt liability, consistent with debt discounts. Under current accounting standards, such costs are recorded as an asset. The new guidance is effective for the Company beginning January 1, 2016, with early adoption permitted. This new guidance is not expected to have a material impact on the Company’s Consolidated Financial Statements.<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></font></div> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> | ||
| CY2015Q2 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.01 | |
| CY2014Q4 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.01 | |
| CY2014Q4 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
3000000 | shares |
| CY2015Q2 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
3000000 | shares |
| CY2015Q2 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
0 | shares |
| CY2014Q4 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
0 | shares |
| CY2015Q2 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
0 | shares |
| CY2014Q4 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
0 | shares |
| CY2015Q2 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.01 | |
| CY2014Q4 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.01 | |
| CY2015Q2 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
170000000 | shares |
| CY2014Q4 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
170000000 | shares |
