Fortress Biotech, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Discontinued Operations (Tables)

Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2019

The following is a summary of revenue and expenses of National for the year ended December 31, 2018:


	For the Year Ended December 31,
($ in thousands)	2018
Revenue	$	210,980

Operating expenses
Commissions, compensation and fees		182,127
Clearing fees		2,400
Communications		3,260
Occupancy		3,755
Licenses and registration		2,735
Professional fees		4,306
Interest		97
Depreciation and amortization		1,551
Other administrative expenses		8,165
Total operating expenses		208,396
Gain from operations		2,584

Other income (expense)
Change in fair value of warrants		(13,018)
Other income		153
Total other (expense) income		(12,865)
Loss from discontinued operations before income taxes		(10,281)

Income tax expense		3,188
Loss from discontinued operations		(13,469)

Gain from disposal of National		2,333
Total loss from discontinued operations, net of tax	$	(11,136)

Schedule of condensed consolidated balance sheets

In connection with this sale, the Company classified the assets and liabilities related to NHLD, included on its consolidated balance sheet as of December 31, 2018, as held for sale as presented in the table below:


	December 31,
($ in thousands)	2018
ASSETS
Current assets
Current assets held for sale	$	13,089
Total current assets held for sale		13,089

Total assets held for sale	$	13,089

Schedule of cash flows statement

The table below depicts the cash flows from the transaction for the year ended December 31, 2018:


	For the Year Ended December 31,
($ in thousands)	2018
Operating activities
Effect of elimination entry with discontinued operations presentation	$	(1,785)
Total cash used in discontinued operating activities	$	(1,785)

Investing activities
Proceeds from sale of National	$	9,783
Total cash provided by discontinued investing activities	$	9,783