2018 Q1 Form 10-Q Financial Statement
#000114420418027186 Filed on May 10, 2018
Income Statement
| Concept | 2018 Q1 | 2017 Q1 |
|---|---|---|
| Revenue | $15.00K | $1.440M |
| YoY Change | -98.96% | -55.91% |
| Cost Of Revenue | ||
| YoY Change | ||
| Gross Profit | ||
| YoY Change | ||
| Gross Profit Margin | ||
| Selling, General & Admin | $320.0K | $350.0K |
| YoY Change | -8.57% | -51.39% |
| % of Gross Profit | ||
| Research & Development | ||
| YoY Change | ||
| % of Gross Profit | ||
| Depreciation & Amortization | ||
| YoY Change | ||
| % of Gross Profit | ||
| Operating Expenses | $326.0K | $349.0K |
| YoY Change | -6.59% | -51.6% |
| Operating Profit | ||
| YoY Change | ||
| Interest Expense | ||
| YoY Change | ||
| % of Operating Profit | ||
| Other Income/Expense, Net | ||
| YoY Change | ||
| Pretax Income | -$311.0K | $1.091M |
| YoY Change | -128.51% | -57.13% |
| Income Tax | $1.000K | $446.0K |
| % Of Pretax Income | 40.88% | |
| Net Earnings | -$312.0K | $645.0K |
| YoY Change | -148.37% | -57.48% |
| Net Earnings / Revenue | -2080.0% | 44.79% |
| Basic Earnings Per Share | -$0.01 | $0.01 |
| Diluted Earnings Per Share | -$0.01 | $0.01 |
| COMMON SHARES | ||
| Basic Shares Outstanding | 44.22M | 44.22M shares |
| Diluted Shares Outstanding | 44.22M | 44.22M shares |
Balance Sheet
| Concept | 2018 Q1 | 2017 Q1 |
|---|---|---|
| SHORT-TERM ASSETS | ||
| Cash & Short-Term Investments | $7.200M | $8.100M |
| YoY Change | -11.11% | -16.49% |
| Cash & Equivalents | $7.240M | $8.079M |
| Short-Term Investments | ||
| Other Short-Term Assets | $100.0K | $300.0K |
| YoY Change | -66.67% | 581.82% |
| Inventory | ||
| Prepaid Expenses | ||
| Receivables | ||
| Other Receivables | ||
| Total Short-Term Assets | $7.400M | $8.400M |
| YoY Change | -11.9% | -14.29% |
| LONG-TERM ASSETS | ||
| Property, Plant & Equipment | ||
| YoY Change | ||
| Goodwill | ||
| YoY Change | ||
| Intangibles | ||
| YoY Change | ||
| Long-Term Investments | ||
| YoY Change | ||
| Other Assets | $2.900M | |
| YoY Change | -71.29% | |
| Total Long-Term Assets | $1.900M | $2.900M |
| YoY Change | -34.48% | -71.18% |
| TOTAL ASSETS | ||
| Total Short-Term Assets | $7.400M | $8.400M |
| Total Long-Term Assets | $1.900M | $2.900M |
| Total Assets | $9.300M | $11.30M |
| YoY Change | -17.7% | -43.11% |
| SHORT-TERM LIABILITIES | ||
| YoY Change | ||
| Accounts Payable | $300.0K | $100.0K |
| YoY Change | 200.0% | |
| Accrued Expenses | $200.0K | $200.0K |
| YoY Change | 0.0% | -21.88% |
| Deferred Revenue | ||
| YoY Change | ||
| Short-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Long-Term Debt Due | ||
| YoY Change | ||
| Total Short-Term Liabilities | $468.0K | $322.0K |
| YoY Change | 45.34% | 25.78% |
| LONG-TERM LIABILITIES | ||
| Long-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Other Long-Term Liabilities | ||
| YoY Change | ||
| Total Long-Term Liabilities | $0.00 | $0.00 |
| YoY Change | ||
| TOTAL LIABILITIES | ||
| Total Short-Term Liabilities | $468.0K | $322.0K |
| Total Long-Term Liabilities | $0.00 | $0.00 |
| Total Liabilities | $500.0K | $300.0K |
| YoY Change | 66.67% | 0.0% |
| SHAREHOLDERS EQUITY | ||
| Retained Earnings | ||
| YoY Change | ||
| Common Stock | ||
| YoY Change | ||
| Preferred Stock | ||
| YoY Change | ||
| Treasury Stock (at cost) | ||
| YoY Change | ||
| Treasury Stock Shares | ||
| Shareholders Equity | $8.832M | $11.00M |
| YoY Change | ||
| Total Liabilities & Shareholders Equity | $9.300M | $11.30M |
| YoY Change | -17.7% | -43.22% |
Cashflow Statement
| Concept | 2018 Q1 | 2017 Q1 |
|---|---|---|
| OPERATING ACTIVITIES | ||
| Net Income | -$312.0K | $645.0K |
| YoY Change | -148.37% | -57.48% |
| Depreciation, Depletion And Amortization | ||
| YoY Change | ||
| Cash From Operating Activities | -$238.0K | $440.0K |
| YoY Change | -154.09% | -123.16% |
| INVESTING ACTIVITIES | ||
| Capital Expenditures | ||
| YoY Change | ||
| Acquisitions | ||
| YoY Change | ||
| Other Investing Activities | ||
| YoY Change | ||
| Cash From Investing Activities | ||
| YoY Change | ||
| 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 | |
| YoY Change | ||
| NET CHANGE | ||
| Cash From Operating Activities | -238.0K | $440.0K |
| Cash From Investing Activities | ||
| Cash From Financing Activities | 0.000 | |
| Net Change In Cash | -238.0K | $440.0K |
| YoY Change | -154.09% | -123.16% |
| FREE CASH FLOW | ||
| Cash From Operating Activities | -$238.0K | $440.0K |
| Capital Expenditures | ||
| Free Cash Flow | ||
| YoY Change |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| CY2018Q1 | us-gaap |
Assets
Assets
|
9300000 | USD |
| CY2017Q4 | us-gaap |
Assets
Assets
|
9512000 | USD |
| CY2018Q1 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
7240000 | USD |
| CY2017Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
7478000 | USD |
| CY2018Q1 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
468000 | USD |
| CY2017Q4 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
368000 | USD |
| CY2018Q1 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
USD | |
| CY2018Q1 | us-gaap |
Royalty Revenue
RoyaltyRevenue
|
15000 | USD |
| CY2017Q1 | us-gaap |
Royalty Revenue
RoyaltyRevenue
|
1440000 | USD |
| CY2018Q1 | us-gaap |
Sales Revenue Net
SalesRevenueNet
|
15000 | USD |
| CY2017Q1 | us-gaap |
Sales Revenue Net
SalesRevenueNet
|
1440000 | USD |
| CY2018Q1 | us-gaap |
Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
|
326000 | USD |
| CY2017Q1 | us-gaap |
Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
|
349000 | USD |
| CY2018Q1 | us-gaap |
Operating Expenses
OperatingExpenses
|
326000 | USD |
| CY2017Q1 | us-gaap |
Operating Expenses
OperatingExpenses
|
349000 | USD |
| CY2018Q1 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
1000 | USD |
| CY2017Q1 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
446000 | USD |
| CY2018Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-312000 | USD |
| CY2017Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
645000 | USD |
| CY2018Q1 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.01 | |
| CY2017Q1 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
0.01 | |
| CY2018Q1 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-0.01 | |
| CY2017Q1 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
0.01 | |
| CY2018Q1 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
44215000 | shares |
| CY2017Q1 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
44215000 | shares |
| CY2018Q1 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
44215000 | shares |
| CY2017Q1 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
44215000 | shares |
| CY2018Q1 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
-311000 | USD |
| CY2018Q1 | us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
-238000 | USD |
| CY2017Q1 | us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
440000 | USD |
| CY2017Q1 | us-gaap |
Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
|
424000 | USD |
| CY2018Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-238000 | USD |
| CY2017Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
440000 | USD |
| CY2018Q1 | us-gaap |
Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
|
-74000 | USD |
| CY2017Q1 | us-gaap |
Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
|
629000 | USD |
| CY2016Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
7639000 | USD |
| CY2017Q1 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
8079000 | USD |
| CY2018Q1 | enzn |
Royalty Revenues From Sales Percentage
RoyaltyRevenuesFromSalesPercentage
|
0 | pure |
| CY2017Q1 | enzn |
Royalty Revenues From Sales Percentage
RoyaltyRevenuesFromSalesPercentage
|
0.44 | pure |
| CY2018Q1 | enzn |
Payment Of Milestone Payments
PaymentOfMilestonePayments
|
7000000 | USD |
| CY2018Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
|
0 | shares |
| CY2018Q1 | us-gaap |
Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
|
0 | shares |
| CY2018Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
|
0 | shares |
| CY2018Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
|
41787 | shares |
| CY2018Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
|
41787 | shares |
| CY2017Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
41787 | shares |
| CY2018Q1 | us-gaap |
Income Taxes Receivable Noncurrent
IncomeTaxesReceivableNoncurrent
|
1940000 | USD |
| CY2017Q4 | us-gaap |
Income Taxes Receivable Noncurrent
IncomeTaxesReceivableNoncurrent
|
1940000 | USD |
| CY2017Q4 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
USD | |
| CY2018Q1 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.01 | |
| CY2017Q4 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.01 | |
| CY2018Q1 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
3000000 | shares |
| CY2017Q4 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
3000000 | shares |
| CY2018Q1 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
0 | shares |
| CY2017Q4 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
0 | shares |
| CY2018Q1 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
0 | shares |
| CY2018Q1 | us-gaap |
Basis Of Accounting
BasisOfAccounting
|
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.5in; PADDING-RIGHT: 0.8pt"> <div><font style="FONT-SIZE: 10pt"><b>(2)</b></font></div> </td> <td style="TEXT-ALIGN: justify; PADDING-RIGHT: 0.8pt"> <div><font style="FONT-SIZE: 10pt"><b>Basis of Presentation</b></font></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in; font-size-adjust: none; font-stretch: normal" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; font-size-adjust: none; font-stretch: normal" align="justify"><i>Interim Financial Statements</i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; font-size-adjust: none; font-stretch: normal" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in; font-size-adjust: none; font-stretch: normal" align="justify">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, 2017.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in; font-size-adjust: none; font-stretch: normal" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; font-size-adjust: none; font-stretch: normal" align="justify"><i>Principles of Consolidation</i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in; font-size-adjust: none; font-stretch: normal" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in; font-size-adjust: none; font-stretch: normal" align="justify">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.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in; font-size-adjust: none; font-stretch: normal" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; font-size-adjust: none; font-stretch: normal" align="justify"><i>Use of Estimates</i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in; font-size-adjust: none; font-stretch: normal" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in; font-size-adjust: none; font-stretch: normal" align="justify">The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America 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. These estimates include legal and contractual contingencies and income taxes. Although management bases its estimates on historical experience, relevant current information and various other assumptions that are believed to be reasonable under the circumstances, actual results could differ from these estimates.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; font-size-adjust: none; font-stretch: normal" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; font-size-adjust: none; font-stretch: normal" align="justify"><i>Revenues</i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in; font-size-adjust: none; font-stretch: normal" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in; font-size-adjust: none; font-stretch: normal" align="justify">In accordance with Financial Accounting Standards Board (“<font style="COLOR: rgb(34,34,34); BACKGROUND-COLOR: transparent">FASB”)</font> Accounting Standards Update (“ASU”) No. 2014-09 (Topic 606), royalty revenues from the Company’s agreements with third parties are recognized when the Company can reasonably determine the amounts earned. In most cases, this will be upon notification from the third-party licensee, which is typically during the quarter following the quarter in which the sales occurred. The Company does not participate in the selling or marketing of products for which it receives royalties. No provision for uncollectible accounts is established upon recognition of revenues. (See Note 3.)</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in; font-size-adjust: none; font-stretch: normal" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in; font-size-adjust: none; font-stretch: normal" align="justify">Contingent payments due under the asset purchase agreement for the sale of the Company’s former specialty pharmaceutical business are recognized as income when the milestone has been achieved and collection is assured. Such payments are non-refundable and no further effort is required on the part of the Company or the other party to complete the earning process.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> | |
| CY2017Q4 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
0 | shares |
| CY2017Q4 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
44214603 | shares |
| CY2018Q1 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
44214603 | shares |
| CY2018Q1 | enzn |
Adjustments To Royalties Revenue
AdjustmentsToRoyaltiesRevenue
|
313000 | USD |
| CY2017 | us-gaap |
Proceeds From Royalties Received
ProceedsFromRoyaltiesReceived
|
3500000 | USD |
| CY2018Q1 | 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;FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in; font-size-adjust: none; font-stretch: normal" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; font-size-adjust: none; font-stretch: normal" align="justify"><i>Use of Estimates</i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in; font-size-adjust: none; font-stretch: normal" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in; font-size-adjust: none; font-stretch: normal" align="justify">The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America 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. These estimates include legal and contractual contingencies and income taxes. Although management bases its estimates on historical experience, relevant current information and various other assumptions that are believed to be reasonable under the circumstances, actual results could differ from these estimates.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> | |
| CY2018Q1 | us-gaap |
Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
|
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.5in; PADDING-RIGHT: 0.8pt"> <div><font style="FONT-SIZE: 10pt"><b>(3)</b></font></div> </td> <td style="TEXT-ALIGN: justify; PADDING-RIGHT: 0.8pt"> <div><font style="FONT-SIZE: 10pt"><b>New Accounting Pronouncements</b></font></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;COLOR: rgb(37,37,37); FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in; font-size-adjust: none; font-stretch: normal">  </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in; font-size-adjust: none; font-stretch: normal" align="justify"> In May 2014, the <font style="COLOR: rgb(34,34,34); BACKGROUND-COLOR: transparent">FASB issued</font><font style="COLOR: rgb(37,37,37)"> </font> ASU No. 2014-09 (Topic 606), “Revenue from Contracts with Customers,” relating to revenue recognition.  This new standard provides for a single five-step model to be applied to all revenue contracts with customers as well as requires additional financial statement disclosures that will enable users to understand the nature, amount, timing and uncertainty of revenue and cash flows relating to customer contracts.  Companies have an option to use either a retrospective approach or cumulative effect adjustment approach to implement the standard.  This ASU, as amended, is effective January 1, 2018.  <font style="COLOR: blue"> </font> <font style="COLOR: rgb(34,34,34)">The Adoption of this update did not 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;FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; font-size-adjust: none; font-stretch: normal">  </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in; font-size-adjust: none; font-stretch: normal" align="justify">Other recent ASU's issued by the FASB and guidance issued by the Securities and Exchange Commission did not, or are not believed by management to, have a material effect on the Company’s present or future consolidated financial statements.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> | |
| CY2018Q1 | us-gaap |
Interest Paid Net
InterestPaidNet
|
0 | USD |
| CY2017 | us-gaap |
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
|
0.35 | pure |
| CY2018Q1 | enzn |
Refund Of Tax Credit Description
RefundOfTaxCreditDescription
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In addition, the Act repealed the corporate alternative minimum tax (AMT) for years beginning after December 31, 2017 and allows companies with existing alternative minimum tax credit (MTC) carryforwards as of December 31, 2017 to receive refunds of the credits in tax years after 2017 and before 2022 in an amount equal to 50% (100% in 2021) of the excess MTC over the amount of the credit allowable for the year against regular tax liability. | |
| CY2018Q1 | us-gaap |
Tax Credit Carryforward Limitations On Use
TaxCreditCarryforwardLimitationsOnUse
|
The Act also provides for an indefinite carryforward period for net operating losses generated after 2017 and limits annual utilization to 80% of taxable income. Net operating losses generated prior to 2018 continue to be carried forward for 20 years and have no 80% limitation on utilization. | |
| CY2018Q1 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
-312000 | USD |
| CY2018Q1 | us-gaap |
Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
|
0 | shares |
| CY2017Q1 | us-gaap |
Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
|
0 | shares |
| CY2017Q1 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
645000 | USD |
