Document_And_Entity_Informatio
Document And Entity Information | 6 Months Ended | |
Jun. 30, 2014 | 14-May-14 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'SWK Holdings Corporation | ' |
Document Type | 'S-1 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Common Stock, Shares Outstanding | ' | 43,174,894 |
Amendment Flag | 'true | ' |
Amendment Description | 'This amendment is being filed to comply with regulations. | ' |
Entity Central Index Key | '0001089907 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Unaudited_Condensed_Consolidat
Unaudited Condensed Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $15,817 | $7,664 |
Accounts receivable | 367 | 528 |
Prepaid expenses and other current assets | 1,170 | 16 |
Finance receivables | 885 | 660 |
Deferred tax asset | 69 | 164 |
Total current assets | 18,308 | 9,032 |
Finance receivables | 30,690 | 28,626 |
Marketable investments | 3,119 | 3,119 |
Investment in unconsolidated entities | 9,650 | 10,425 |
Deferred tax asset | 8,436 | 9,639 |
Debt issuance costs | 452 | 523 |
Other assets | 705 | 211 |
Total assets | 71,360 | 61,575 |
Current liabilities: | ' | ' |
Accounts payable and accrued liabilities | 1,559 | 363 |
Total current liabilities | 1,559 | 363 |
Loan credit agreement | 11,000 | 5,000 |
Warrant liability | 316 | 292 |
Other long-term liabilities | ' | 3 |
Total liabilities | 12,875 | 5,658 |
Commitments and contingencies | ' | ' |
Stockholders' equity: | ' | ' |
Preferred stock, $0.001 par value; 5,000,000 shares authorized; no shares issued and outstanding | ' | ' |
Common stock, $0.001 par value; 250,000,000 shares authorized; 43,174,894 and 43,034,894 shares issued and outstanding at June 30, 2014 and December 31, 2013, respectively | 43 | 43 |
Additional paid-in capital | 4,321,590 | 4,321,454 |
Accumulated deficit | -4,268,344 | -4,271,193 |
Accumulated other comprehensive income | ' | ' |
Total SWK Holdings Corporation stockholders' equity | 53,289 | 50,304 |
Non-controlling interests in consolidated entities | 5,196 | 5,613 |
Total stockholders' equity | 58,485 | 55,917 |
Total liabilities and stockholders' equity | $71,360 | $61,575 |
Unaudited_Condensed_Consolidat1
Unaudited Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Financial Position [Abstract] | ' | ' | ' |
Preferred stock, par value (in dollars per share) | $0.00 | $0.00 | $0.00 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 | 0 |
Common stock, par value (in dollars per share) | $0.00 | $0.00 | $0.00 |
Common stock, shares authorized | 250,000,000 | 250,000,000 | 250,000,000 |
Common stock, shares issued | 43,174,894 | 43,034,894 | 42,894,894 |
Common stock, shares outstanding | 43,174,894 | 43,034,894 | 42,894,894 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $7,664 | $24,584 |
Restricted cash | ' | 1,000 |
Accounts receivable | 528 | 197 |
Finance receivables | 660 | 230 |
Deferred tax asset | 164 | 0 |
Prepaid expenses and other current assets | 16 | 36 |
Total current assets | 9,032 | 26,047 |
Finance receivables | 28,626 | 6,270 |
Marketable investments | 3,119 | ' |
Investment in unconsolidated entities | 10,425 | 13,000 |
Debt issuance costs | 523 | 0 |
Property and equipment, net | ' | 3 |
Deferred tax asset | 9,639 | 0 |
Other assets | 211 | 0 |
Total assets | 61,575 | 45,320 |
Current liabilities: | ' | ' |
Accounts payable and accrued liabilities | 363 | 91 |
Total current liabilities | 363 | 91 |
Interest reserve | ' | 1,000 |
Loan credit agreement | 5,000 | 0 |
Warrant liability | 292 | 0 |
Other long-term liabilities | 3 | 41 |
Total liabilities | 5,658 | 1,132 |
Stockholders' equity: | ' | ' |
Preferred stock, $0.001 par value; 5,000,000 shares authorized; no shares issued and outstanding | ' | ' |
Common stock, $0.001 par value; 250,000,000 shares authorized; 43,034,894 and 42,894,894 shares issued and outstanding at December 31, 2013 and 2012, respectively | 43 | 43 |
Additional paid-in capital | 4,321,454 | 4,321,200 |
Accumulated deficit | -4,271,193 | -4,284,055 |
Accumulated other comprehensive income | ' | 0 |
Total SWK Holdings Corporation stockholders' equity | 50,304 | 37,188 |
Non-controlling interests in consolidated entities | 5,613 | 7,000 |
Total stockholders' equity | 55,917 | 44,188 |
Total liabilities and stockholders' equity | $61,575 | $45,320 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Financial Position [Abstract] | ' | ' | ' |
Preferred stock, par value (in dollars per share) | $0.00 | $0.00 | $0.00 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 | 0 |
Common stock, par value (in dollars per share) | $0.00 | $0.00 | $0.00 |
Common stock, shares authorized | 250,000,000 | 250,000,000 | 250,000,000 |
Common stock, shares issued | 43,174,894 | 43,034,894 | 42,894,894 |
Common stock, shares outstanding | 43,174,894 | 43,034,894 | 42,894,894 |
Consolidated_Balance_Sheets_Ho
Consolidated Balance Sheets (Holmdel Pharmaceuticals, LP) (Holmdel Pharmaceuticals, LP, USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Current assets: | ' | ' |
Cash and cash equivalents | $63,379 | $947,016 |
Royalties receivable - related party | 2,473,063 | ' |
Related party receivable | 1,500 | ' |
Prepaid expenses and other current assets | 3,649 | 443,549 |
Total current assets | 2,541,591 | 1,390,565 |
Intangible asset, net | 11,197,799 | 12,640,000 |
Total assets | 13,739,390 | 14,030,565 |
Current liabilities: | ' | ' |
Accrued expenses | ' | 162,096 |
Due to GlaxoSmithKline LLC | ' | 220,549 |
Distributions payable to partners | 2,349,397 | ' |
Total current liabilities | 2,349,397 | 382,645 |
PARTNERS' EQUITY: | ' | ' |
General partner's interest | 1,140 | 1,365 |
Limited partners' interest | 11,388,853 | 13,646,555 |
Total partners' equity | 11,389,993 | 13,647,920 |
Total liabilities and stockholders' equity | $13,739,390 | $14,030,565 |
Unaudited_Condensed_Consolidat2
Unaudited Condensed Consolidated Statements of Income (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues | ' | ' | ' | ' | ' | ' |
Finance receivable interest income, including fees | $1,986 | $553 | $4,017 | $927 | $3,090 | $497 |
Marketable investments interest income | 87 | ' | 178 | ' | 166 | ' |
Income related to investments in unconsolidated entities | 1,192 | 414 | 2,695 | 414 | 2,779 | ' |
Management fees | 96 | 43 | 138 | 99 | 412 | 140 |
Total Revenues | 3,361 | 1,010 | 7,028 | 1,440 | 6,447 | 637 |
Costs and expenses: | ' | ' | ' | ' | ' | ' |
General and administrative | 742 | 424 | 1,411 | 814 | 1,747 | 2,240 |
Total costs and expenses | 742 | 424 | 1,411 | 814 | 1,747 | 2,240 |
Income from operations | 2,619 | 586 | 5,617 | 626 | 4,700 | -1,603 |
Interest and other income (expense), net | -2 | 15 | -36 | 38 | -209 | 158 |
Income before provision for income tax | 2,617 | 601 | 5,581 | 664 | 4,491 | -1,445 |
Provision for income tax | 592 | 7 | 1,298 | 10 | -9,841 | -24 |
Consolidated net income (loss) | 2,025 | 594 | 4,283 | 654 | 14,332 | -1,421 |
Net income attributable to non-controlling interests | 633 | 214 | 1,434 | 214 | 1,470 | ' |
Net income attributable to SWK Holdings Corporation Stockholders | $1,392 | $380 | $2,849 | $440 | $12,862 | ($1,421) |
Net income per share attributable to SWK Holdings Corporation Stockholders | ' | ' | ' | ' | ' | ' |
Basic (in Dollars per share) | $0.03 | $0.01 | $0.07 | $0.01 | $0.31 | ($0.03) |
Diluted (in Dollars per share) | $0.03 | $0.01 | $0.07 | $0.01 | $0.31 | ($0.03) |
Weighted Average Shares | ' | ' | ' | ' | ' | ' |
Basic (in Shares) | 41,510 | 41,352 | 41,486 | 41,334 | 41,343 | 41,247 |
Diluted (in Shares) | 41,589 | 41,411 | 41,559 | 41,404 | 41,440 | 41,247 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (Loss) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues | ' | ' | ' | ' | ' | ' |
Finance receivable interest income, including fees | $1,986 | $553 | $4,017 | $927 | $3,090 | $497 |
Marketable investments interest income | 87 | ' | 178 | ' | 166 | ' |
Income related to investments in unconsolidated entities | 1,192 | 414 | 2,695 | 414 | 2,779 | ' |
Management fees | 96 | 43 | 138 | 99 | 412 | 140 |
Total Revenues | 3,361 | 1,010 | 7,028 | 1,440 | 6,447 | 637 |
Costs and expenses: | ' | ' | ' | ' | ' | ' |
General and administrative | 742 | 424 | 1,411 | 814 | 1,747 | 2,240 |
Total costs and expenses | 742 | 424 | 1,411 | 814 | 1,747 | 2,240 |
Income (loss) from operations | 2,619 | 586 | 5,617 | 626 | 4,700 | -1,603 |
Interest and other income (expense), net | -2 | 15 | -36 | 38 | -209 | 158 |
Income (loss) before provision for income tax | 2,617 | 601 | 5,581 | 664 | 4,491 | -1,445 |
Income tax benefit | 592 | 7 | 1,298 | 10 | -9,841 | -24 |
Consolidated net income (loss) | 2,025 | 594 | 4,283 | 654 | 14,332 | -1,421 |
Net income attributable to non-controlling interests | 633 | 214 | 1,434 | 214 | 1,470 | ' |
Net income (loss) attributable to SWK Holdings Corporation Stockholders | $1,392 | $380 | $2,849 | $440 | $12,862 | ($1,421) |
Net income (loss) per share attributable to SWK Holdings Corporation Stockholders | ' | ' | ' | ' | ' | ' |
Basic (in Dollars per share) | $0.03 | $0.01 | $0.07 | $0.01 | $0.31 | ($0.03) |
Diluted (in Dollars per share) | $0.03 | $0.01 | $0.07 | $0.01 | $0.31 | ($0.03) |
Weighted Average Shares | ' | ' | ' | ' | ' | ' |
Basic (in Shares) | 41,510 | 41,352 | 41,486 | 41,334 | 41,343 | 41,247 |
Diluted (in Shares) | 41,589 | 41,411 | 41,559 | 41,404 | 41,440 | 41,247 |
Consolidated_Statements_of_Inc1
Consolidated Statements of Income (Loss) (Holmdel Pharmaceuticals, LP) (Holmdel Pharmaceuticals, LP, USD $) | 1 Months Ended | 12 Months Ended |
Dec. 31, 2012 | Dec. 31, 2013 | |
NET REVENUES - related parties | ' | ' |
InnoPran XL royalty | ' | $7,135,981 |
Primlev royalty | ' | 860,203 |
Total Revenues | ' | 7,996,184 |
Costs and expenses: | ' | ' |
Amortization of intangible assets | ' | 1,442,201 |
General and administrative | ' | 109,157 |
Acquisition expenses | 1,352,158 | ' |
Income (loss) from operations | -1,352,158 | 6,444,826 |
Interest and other income (expense), net | 78 | 914 |
Consolidated net income (loss) | ($1,352,080) | $6,445,740 |
Unaudited_Condensed_Consolidat3
Unaudited Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' | ' | ' |
Net income (loss) | $2,025 | $594 | $4,283 | $654 | $14,332 | ($1,421) |
Comprehensive income | 2,025 | 594 | 4,283 | 654 | 14,332 | -1,421 |
Comprehensive income attributable to non-controlling interests | 633 | 214 | 1,434 | 214 | 1,470 | ' |
Comprehensive income attributable to SWK Holdings Corporation Stockholders | $1,392 | $380 | $2,849 | $440 | $12,862 | ($1,421) |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' | ' | ' |
Net income (loss) | $2,025 | $594 | $4,283 | $654 | $14,332 | ($1,421) |
Comprehensive income (loss) | 2,025 | 594 | 4,283 | 654 | 14,332 | -1,421 |
Comprehensive income attributable to non-controlling interests | 633 | 214 | 1,434 | 214 | 1,470 | ' |
Comprehensive income (loss) attributable to SWK Holdings Corporation Stockholders | $1,392 | $380 | $2,849 | $440 | $12,862 | ($1,421) |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | Total |
Balances at Dec. 31, 2011 | $42,000 | $4,320,615,000 | ($4,282,634,000) | ' | $38,023,000 |
Balances (in Shares) at Dec. 31, 2011 | 41,647,394 | ' | ' | ' | ' |
Issuance of restricted stock | 1,000 | -1,000 | ' | ' | ' |
Issuance of restricted stock (in Shares) | 1,247,500 | ' | ' | ' | ' |
Stock-based compensation | ' | 586,000 | ' | ' | 586,000 |
Contribution from non-controlling interests | ' | ' | ' | 7,000,000 | 7,000,000 |
Consolidated net income (loss) | ' | ' | -1,421,000 | ' | -1,421,000 |
Balances at Dec. 31, 2012 | 43,000 | 4,321,200,000 | -4,284,055,000 | 7,000,000 | 44,188,000 |
Balances (in Shares) at Dec. 31, 2012 | 42,894,894 | ' | ' | ' | ' |
Issuance of restricted stock (in Shares) | 140,000 | ' | ' | ' | ' |
Stock-based compensation | ' | 254,000 | ' | ' | 254,000 |
Distribution to non-controlling interests | ' | ' | ' | -2,857,000 | -2,857,000 |
Consolidated net income (loss) | ' | ' | 12,862,000 | 1,470,000 | 14,332,000 |
Balances at Dec. 31, 2013 | $43,000 | $4,321,454,000 | ($4,271,193,000) | $5,613,000 | $55,917,000 |
Balances (in Shares) at Dec. 31, 2013 | 43,034,894 | ' | ' | ' | ' |
Unaudited_Condensed_Consolidat4
Unaudited Condensed Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net income (loss) | $4,283 | $654 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Income from investments in unconsolidated entities | -2,695 | -414 |
Deferred income taxes | 1,298 | ' |
Interest income in excess of cash collected | -391 | ' |
Loan discount amortization and fee accretion | -120 | -144 |
Change in fair value of warrants | -374 | ' |
Stock-based compensation | 138 | 132 |
Debt issuance cost amortization | 71 | ' |
Depreciation and amortization | 1 | 1 |
Other non-cash expense | ' | 5 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | 161 | 108 |
Restricted cash | ' | 366 |
Prepaid expenses and other assets | -1,154 | -11 |
Interest reserve | ' | -366 |
Accounts payable and accrued liabilities | 1,196 | 54 |
Net cash provided by operating activities | 2,414 | 385 |
Cash flows from investing activities: | ' | ' |
Cash distributions from investments in unconsolidated entities | 3,470 | 1,625 |
Net increase in finance receivables | -1,880 | -7,878 |
Purchases of property and equipment | ' | -4 |
Net cash used in investing activities | 1,590 | -6,257 |
Cash flows from financing activities: | ' | ' |
Proceeds from loan credit agreement | 6,000 | ' |
Distributions to non-controlling interests | -1,851 | -866 |
Net cash provided by financing activities | 4,149 | -866 |
Net (decrease) increase in cash and cash equivalents | 8,153 | -6,738 |
Cash and cash equivalents at beginning of period | 7,664 | 24,584 |
Cash and cash equivalents at end of period | $15,817 | $17,846 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities: | ' | ' | ' | ' |
Net income (loss) | $4,283 | $654 | $14,332 | ($1,421) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ' | ' | ' | ' |
Deferred income taxes | 1,298 | ' | -9,803 | ' |
Income from investments in unconsolidated entities | -2,695 | -414 | -2,779 | ' |
Loan discount amortization and fee accretion | -120 | -144 | -702 | ' |
Depreciation and amortization | ' | ' | 2 | 5 |
Payment-in-kind interest income | ' | ' | -119 | ' |
Debt issuance cost amortization | 71 | ' | 47 | ' |
Stock-based compensation | 138 | 132 | 254 | 586 |
Other non-cash gain | -391 | ' | ' | -24 |
Change in fair value of warrants | -374 | ' | 190 | ' |
Changes in operating assets and liabilities: | ' | ' | ' | ' |
Accounts receivable | 161 | 108 | -331 | -197 |
Restricted cash | ' | 366 | 1,000 | -1,000 |
Prepaid expenses and other assets | -1,154 | -11 | 19 | 30 |
Interest reserve | ' | -366 | -1,000 | 1,000 |
Accounts payable and other liabilities | 1,196 | 54 | 234 | -94 |
Net cash provided by (used in) operating activities | 2,414 | 385 | 1,344 | -1,115 |
Cash flows from investing activities: | ' | ' | ' | ' |
Issuance of finance receivables | -1,880 | -7,878 | -29,630 | -6,500 |
Repayment of finance receivables | ' | ' | 7,212 | ' |
Investment in unconsolidated entities | ' | ' | ' | -13,000 |
Distributions on investments in unconsolidated entities | 3,470 | 1,625 | 5,354 | ' |
Investment in marketable investments | ' | ' | -3,000 | ' |
Purchases of property and equipment | ' | -4 | -4 | -4 |
Net cash used in investing activities | 1,590 | -6,257 | -20,068 | -19,504 |
Cash flows from financing activities: | ' | ' | ' | ' |
Contributions from non-controlling interests | ' | ' | ' | 7,000 |
Net proceeds from loan credit agreement | 6,000 | ' | 4,661 | ' |
Distribution to non-controlling interests | -1,851 | -866 | -2,857 | ' |
Net cash provided by financing activities | 4,149 | -866 | 1,804 | 7,000 |
Net decrease in cash and cash equivalents | 8,153 | -6,738 | -16,920 | -13,619 |
Cash and cash equivalents at beginning of period | 7,664 | 24,584 | 24,584 | 38,203 |
Cash and cash equivalents at end of period | $15,817 | $17,846 | $7,664 | $24,584 |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Jun. 30, 2014 |
Supplemental Cash Flow Information (Details) [Line Items] | ' | ' |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | ' | 347,222 |
Class of Warrant or Right, Exercise Price of Warrants or Rights | ' | $0.43 |
Warrant [Member] | ' | ' |
Supplemental Cash Flow Information (Details) [Line Items] | ' | ' |
Derivative Asset, Noncurrent | ' | $99 |
Class of Warrant or Right, Shares issued | 1,000,000 | ' |
Class of Warrant or Right, Fair value | $232 | ' |
Consolidated_Statements_of_Cas1
Consolidated Statements of Cash Flows (Holmdel Pharmaceuticals, LP) (Holmdel Pharmaceuticals, LP, USD $) | 1 Months Ended | 12 Months Ended |
Dec. 31, 2012 | Dec. 31, 2013 | |
Cash flows from operating activities: | ' | ' |
Net income (loss) | ($1,352,080) | $6,445,740 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ' | ' |
Amortization of intangible assets | ' | 1,442,201 |
Changes in operating assets and liabilities: | ' | ' |
Royalties receivable | ' | -2,473,063 |
Due from related party | ' | -1,500 |
Prepaid expenses and other assets | -108,000 | 439,900 |
Accrued liabilities | 162,096 | -162,096 |
Due to GlaxoSmithKline LLC | ' | -220,549 |
Net cash provided by (used in) operating activities | -1,297,984 | 5,470,633 |
Cash flows from investing activities: | ' | ' |
Acquisition of InnoPranXL and related assets from GlaxoSmithKline LLC | -12,755,000 | ' |
Net cash used in investing activities | -12,755,000 | ' |
Cash flows from financing activities: | ' | ' |
General and limited partner capital contributions | 15,000,000 | ' |
Distributions paid to general and limited partners | ' | -6,354,270 |
Net cash provided by financing activities | 15,000,000 | -6,354,270 |
Net decrease in cash and cash equivalents | 947,016 | -883,637 |
Cash and cash equivalents at beginning of period | ' | 947,016 |
Cash and cash equivalents at end of period | 947,016 | 63,379 |
Non-cash financing activities: | ' | ' |
Distributions payable to partners | ' | 2,349,397 |
Due to GlaxoSmithKline LLC for acquisition | $220,549 | ' |
Statements_of_Partners_Equity_
Statements of Partners' Equity (Holmdel Pharmaceuticals, LP) (USD $) | Total | HolmdelPharmaceuticalsMember | HolmdelPharmaceuticalsMember | HolmdelPharmaceuticalsMember |
General Partners | Limited Partners | |||
Balance at Dec. 11, 2012 | ' | ' | ' | ' |
Consolidated net income (loss) | ' | -1,352,080 | -135 | -1,351,945 |
Capital contributions | ' | 15,000,000 | 1,500 | 14,998,500 |
Balance at Dec. 31, 2012 | ' | 13,647,920 | 1,365 | 13,646,555 |
Consolidated net income (loss) | 14,332,000 | 6,445,740 | 645 | 6,445,095 |
Distributions paid | ' | -6,354,270 | -635 | -6,353,635 |
Distributions declared and payable | ' | -2,349,397 | -235 | -2,349,162 |
Balance at Dec. 31, 2013 | ' | $11,389,993 | $1,140 | $11,388,853 |
SWK_Holdings_Corporation_and_S
SWK Holdings Corporation and Summary of Significant Accounting Policies | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | Dec. 31, 2013 | |||||||||||||||||||||||||
Accounting Policies [Abstract] | ' | ' | ||||||||||||||||||||||||
Significant Accounting Policies [Text Block] | ' | ' | ||||||||||||||||||||||||
Note 1. SWK Holdings Corporation and Summary of Significant Accounting Policies | Note 1. SWK Holdings Corporation and Summary of Significant Accounting Policies | |||||||||||||||||||||||||
Nature of Operations | Nature of Operations See prior comments | |||||||||||||||||||||||||
SWK Holdings Corporation (“SWK” or the “Company”) is engaged in investing in the pharmaceutical and biotechnology royalty securitization market. The Company’s strategy is to provide capital to a broad range of life science companies, institutions and inventors. The Company is currently focused on monetizing cash flow streams derived from commercial-stage products and related intellectual property through royalty purchases and financings, as well as through the creation of synthetic revenue interests in commercialized products. The Company intends to fill a niche that it believes is underserved in the sub-$50 million transaction size. The Company’s goal is to redeploy its existing assets to earn interest, fee, and other income pursuant to this strategy, and the Company continues to identify and review financing and similar opportunities on an ongoing basis. In addition the Company is also engaged in the business of providing investment advisory services to institutional clients. | SWK Holdings Corporation (the “Company”) was incorporated in July 1996 in California and reincorporated in Delaware in September 1999. In December 2009, the Company sold substantially all of its assets to an unrelated third party ("Asset Sale"). Since the date of the Asset Sale, the Company has been seeking to redeploy their cash to maximize value for their stockholders and were seeking, analyzing and evaluating potential acquisition candidates. Their goal was to redeploy their existing assets to acquire, or invest in, one or more operating businesses with existing or prospective taxable income, or from which they can realize capital gains, that can be offset by use of their net operating loss carryforwards (“NOLs”). | |||||||||||||||||||||||||
The Company has net operating loss carryforwards (“NOLs”) and believes that the ability to utilize these NOLs is an important and substantial asset. The Company believes that the foregoing business strategies can create value for its stockholders, and produce prospective taxable income (or the ability to generate capital gains) that might permit the Company to utilize the NOLs. The Company is unable to assure investors that it will find suitable financing opportunities or that it will be able to utilize its existing NOLs. | In July 2012, the Company commenced its new corporate strategy of building a specialty finance and asset management business. The Company’s strategy is to be a leading healthcare capital provider by offering sophisticated, customized financing solutions to a broad range of life science companies, institutions and inventors. The Company has initially focused on monetizing cash flow streams derived from commercial-stage products and related intellectual property through royalty purchases and financings, as well as through the creation of synthetic revenue interests in commercialized products. The Company expects to deploy its assets to earn interest, fees, and other income pursuant to this strategy, and the Company continues to identify and review financing and similar opportunities on an ongoing basis. In addition, through the Company’s wholly-owned subsidiary, SWK Advisors LLC, the Company provides non-discretionary investment advisory services to institutional clients in separately managed accounts to similarly invest in life science finance. SWK Advisors LLC is registered as an investment advisor with the Texas State Securities Board. The Company intends to fund transactions through their own working capital, as well as by building their asset management business by raising additional third party capital to be invested alongside the Company’s capital. | |||||||||||||||||||||||||
Basis of Presentation | The Company intends to fill a niche that they believe is underserved in the sub-$50 million transaction size. Since many of their competitors that provide longer term, royalty-related financing options have much greater financial resources than the Company, they tend to not focus on transaction sizes below $50 million as it is generally inefficient for them to do so. In addition, we do not believe that a sufficient number of other companies offer similar types of long-term financing options to fill the demand of the sub-$50 million market. As such, the Company believes they face less competition from such longer term, royalty investors in transactions that are less than $50 million. | |||||||||||||||||||||||||
The Company’s unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The unaudited condensed consolidated financial statements include the accounts of all subsidiaries and affiliates in which the Company holds a controlling financial interest as of the financial statement date. Normally a controlling financial interest reflects ownership of a majority of the voting interests. The Company consolidates a variable interest entity (“VIE”) when it possesses both the power to direct the activities of the VIE that most significantly impact its economic performance and the Company is either obligated to absorb the losses that could potentially be significant to the VIE or the Company holds the right to receive benefits from the VIE that could potentially be significant to the VIE, after elimination of intercompany accounts and transactions. | The Company has net operating loss carryforwards (“NOLs”) and believes that the ability to utilize these NOLs is an important and substantial asset. The Company believes that the foregoing business strategies can create value for its stockholders, and produce prospective taxable income (or the ability to generate capital gains) that might permit the Company to utilize the NOLs. The Company is unable to assure investors that it will find suitable financing opportunities or that it will be able to utilize its existing NOLs. | |||||||||||||||||||||||||
The Company owns interests in various partnerships and limited liability companies, or LLCs. The Company consolidates its investments in these partnerships or LLCs, where the Company, as the general partner or managing member, exercises effective control, even though the Company’s ownership is less than 50%. The related governing agreements provide the Company with broad powers, and the other parties do not participate in the management of the entity and do not have the substantial ability to remove the Company. The Company has reviewed each of the underlying agreements to determine if it has effective control. If circumstances changed and it was determined this control did not exist, this investment would be recorded using the equity method of accounting. Although this would change individual line items within the Company’s condensed consolidated financial statements, it would have no effect on our operations and/or total stockholders’ equity attributable to the Company. The Company operates in one operating segment with a single management team that reports to the chief executive officer, who is the Company’s chief operating decision maker. | In the third quarter of 2012, the Company purchased an interest in three revenue-producing investment advisory client contracts from PBS Capital Management, LLC, a firm that its current chief executive officer (“CEO”) and current Managing Director control, for $150,000 plus earn out payments through 2016. This $150,000 payment was treated as compensation expense and is included in general and administrative expenses in the consolidated statements of income (loss) for the year ended December 31, 2012. The Company’s interest in these contracts can be repurchased, for one dollar, by PBS Capital Management, LLC, in the event that the employment contracts of the Company’s current CEO and current Managing Director are not renewed. | |||||||||||||||||||||||||
Unaudited Interim Financial Information | Since implementing its new strategy, the Company has executed nine transactions under its new specialty finance strategy, funding approximately $57,500,000 in various financial products across the life science sector. The Company’s portfolio includes senior and subordinated debt backed by royalties and synthetic royalties paid by companies in the life science sector, purchased royalties generated by sales of life science products and related intellectual property and an unconsolidated equity investment in a company which retains the marketing authorization rights to a pharmaceutical product. | |||||||||||||||||||||||||
The unaudited condensed consolidated financial statements have been prepared by the Company and reflect all normal, recurring adjustments that, in the opinion of management, are necessary for a fair presentation of the interim financial information. The results of operations for the interim periods presented are not necessarily indicative of the results to be expected for any subsequent quarter or for the year ending December 31, 2014. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted under the rules and regulations of the Securities and Exchange Commission (“SEC”). These unaudited condensed consolidated financial statements and notes included herein should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013, filed with the SEC on March 31, 2014. The year-end unaudited condensed consolidated balance sheet data was derived from the Company’s audited financial statements, but does not include all disclosures required by GAAP. | The Company is headquartered in Dallas, Texas. | |||||||||||||||||||||||||
Basis of Presentation and Principles of Consolidation | ||||||||||||||||||||||||||
Variable Interest Entities | ||||||||||||||||||||||||||
The Company’s consolidated financial statements are prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”). The consolidated financial statements include the accounts of all subsidiaries and affiliates in which the Company holds a controlling financial interest as of the financial statement date. Normally a controlling financial interest reflects ownership of a majority of the voting interests. The Company consolidates a variable interest entity (“VIE”) when it possesses both the power to direct the activities of the VIE that most significantly impact its economic performance and the Company is either obligated to absorb the losses that could potentially be significant to the VIE or the Company holds the right to receive benefits from the VIE that could potentially be significant to the VIE, after elimination of intercompany accounts and transactions. | ||||||||||||||||||||||||||
An entity is referred to as a VIE if it possesses one of the following criteria: (i) it is thinly capitalized, (ii) the residual equity holders do not control the entity, (iii) the equity holders are shielded from the economic losses, (iv) the equity holders do not participate fully in the entity’s residual economics, or (v) the entity was established with non-substantive voting interests. The Company consolidates a VIE when it has both the power to direct the activities that most significantly impact the activities of the VIE and the right to receive benefits or the obligation to absorb losses of the entity that could be potentially significant to the VIE. Along with the VIEs that are consolidated in accordance with these guidelines, the Company also holds variable interests in other VIEs that are not consolidated because it is not the primary beneficiary. The Company continually monitors both consolidated and unconsolidated VIEs to determine if any events have occurred that could cause the primary beneficiary to change. See Note 4 for further discussion of VIEs. | ||||||||||||||||||||||||||
The Company owns interests in various partnerships and limited liability companies, or LLCs. The Company consolidates its investments in these partnerships or LLCs, where the Company, as the general partner or managing member, exercises effective control, even though the Company’s ownership may be less than 50%. The related governing agreements provide the Company with broad powers, and the other parties do not participate in the management of the entity and do not have the substantial ability to remove the Company. The Company has reviewed each of the underlying agreements to determine if it has effective control. If circumstances changed and it was determined this control did not exist, this investment would be recorded using the equity method of accounting. Although this would change individual line items within the Company’s consolidated financial statements, it would have no effect on our operations and/or total stockholders’ equity attributable to the Company. The Company operates in one operating segment with a single management team that reports to the chief executive officer, who is the Company’s chief operating decision maker. | ||||||||||||||||||||||||||
Use of Estimates | ||||||||||||||||||||||||||
Variable Interest Entities | ||||||||||||||||||||||||||
The preparation of the Company’s unaudited condensed consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions are required in the determination of revenue recognition, stock-based compensation, impairment of financing receivables and long-lived assets, valuation of warrants, useful lives of property and equipment, income taxes and contingencies and litigation, among others. Some of these judgments can be subjective and complex, and, consequently, actual results may differ from these estimates. The Company estimates often are based on complex judgments, probabilities and assumptions that it believes to be reasonable but that are inherently uncertain and unpredictable. For any given individual estimate or assumption made by the Company, there may also be other estimates or assumptions that are reasonable. | ||||||||||||||||||||||||||
An entity is referred to as a VIE [Defined above] if it possesses one of the following criteria: (i) it is thinly capitalized, (ii) the residual equity holders do not control the entity, (iii) the equity holders are shielded from the economic losses, (iv) the equity holders do not participate fully in the entity's residual economics, or (v) the entity was established with non-substantive voting interests. The Company consolidates a VIE when it has both the power to direct the activities that most significantly impact the activities of the VIE and the right to receive benefits or the obligation to absorb losses of the entity that could be potentially significant to the VIE. Along with the VIEs that are consolidated in accordance with these guidelines, the Company also holds variable interests in other VIEs that are not consolidated because it is not the primary beneficiary. The Company continually monitors both consolidated and unconsolidated VIEs to determine if any events have occurred that could cause the primary beneficiary to change. See Note 4 for further discussion of VIEs. | ||||||||||||||||||||||||||
The Company regularly evaluates its estimates and assumptions using historical experience and other factors, including the economic environment. As future events and their effects cannot be determined with precision, the Company’s estimates and assumptions may prove to be incomplete or inaccurate, or unanticipated events and circumstances may occur that might cause us to change those estimates and assumptions. Market conditions, such as illiquid credit markets, volatile equity markets, and economic downturn, can increase the uncertainty already inherent in the Company’s estimates and assumptions. The Company adjusts its estimates and assumptions when facts and circumstances indicate the need for change. Those changes generally will be reflected in our condensed consolidated financial statements on a prospective basis unless they are required to be treated retrospectively under the relevant accounting standard. It is possible that other professionals, applying reasonable judgment to the same facts and circumstances, could develop and support a range of alternative estimated amounts. | ||||||||||||||||||||||||||
Use of Estimates | ||||||||||||||||||||||||||
Equity Method Investments | ||||||||||||||||||||||||||
The preparation of the Company’s consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions are required in the determination of revenue recognition, stock-based compensation, impairment of financing receivables and long-lived assets, valuation of warrants, useful lives of property and equipment, income taxes and contingencies and litigation, among others. Some of these judgments can be subjective and complex, and, consequently, actual results may differ from these estimates. The Company’s estimates often are based on complex judgments, probabilities and assumptions that it believes to be reasonable but that are inherently uncertain and unpredictable. For any given individual estimate or assumption made by the Company, there may also be other estimates or assumptions that are reasonable. | ||||||||||||||||||||||||||
The Company accounts for portfolio companies whose results are not consolidated, but over which it exercises significant influence, under the equity method of accounting. Whether or not the Company exercises significant influence with respect to a portfolio company depends on an evaluation of several factors including, among others, representation of the Company on the portfolio company’s board of directors and the Company’s ownership level. Under the equity method of accounting, the Company does not reflect a portfolio company’s financial statements within the company’s unaudited consolidated financial statements; however, the Company’s share of the income or loss of such portfolio company is reflected in income in the unaudited condensed consolidated statements of income. The Company includes the carrying value of equity method portfolio companies as part of the investment in unconsolidated entities on the unaudited condensed consolidated balance sheets. | ||||||||||||||||||||||||||
The Company regularly evaluates its estimates and assumptions using historical experience and other factors, including the economic environment. As future events and their effects cannot be determined with precision, the Company’s estimates and assumptions may prove to be incomplete or inaccurate, or unanticipated events and circumstances may occur that might cause change those estimates and assumptions. Market conditions, such as illiquid credit markets, volatile equity markets, and economic downturn, can increase the uncertainty already inherent in the Company’s estimates and assumptions. The Company adjusts its estimates and assumptions when facts and circumstances indicate the need for change. Those changes generally will be reflected in our consolidated financial statements on a prospective basis unless they are required to be treated retrospectively under the relevant accounting standard. It is possible that other professionals, applying reasonable judgment to the same facts and circumstances, could develop and support a range of alternative estimated amounts. | ||||||||||||||||||||||||||
When the Company’s carrying value in an equity method portfolio company is reduced to zero, the Company records no further losses in its unaudited condensed consolidated statements of income unless the Company has an outstanding guarantee obligation or has committed additional funding to such equity method portfolio company. When such equity method portfolio company subsequently reports income, the Company will not record its share of such income until it exceeds the amount of the Company’s share of losses not previously recognized. | ||||||||||||||||||||||||||
Equity Method Investment | ||||||||||||||||||||||||||
Finance Receivables | ||||||||||||||||||||||||||
The Company accounts for portfolio companies whose results are not consolidated, but over which it exercises significant influence, under the equity method of accounting. Whether or not the Company exercises significant influence with respect to a partner company depends on an evaluation of several factors including, among others, representation of the Company on the partner company’s board of directors and the Company’s ownership level. Under the equity method of accounting, the Company does not reflect a partner company’s financial statements within the company’s consolidated financial statements; however, the Company’s share of the income or loss of such partner company is reflected in the consolidated statements of income (loss). The Company includes the carrying value of equity method partner companies as part of the investment in unconsolidated entities on the consolidated balance sheets. | ||||||||||||||||||||||||||
The Company extends credit to customers through a variety of financing arrangements, including revenue interest term loans. The amounts outstanding on loans are referred to as finance receivables and are included in Finance Receivables on the unaudited condensed consolidated balance sheets. It is the Company’s expectation that the loans originated will be held for the foreseeable future or until maturity. In certain situations, for example to manage concentrations and/or credit risk, some or all of certain exposures may be sold. Loans for which the Company has the intent and ability to hold for the foreseeable future or until maturity are classified as held for investment (“HFI”). If the Company no longer has the intent or ability to hold loans for the foreseeable future, then the loans are transferred to held for sale (“HFS”). Loans entered into with the intent to resell are classified as HFS. | ||||||||||||||||||||||||||
When the Company’s carrying value in an equity method partner company is reduced to zero, the Company records no further losses in its consolidated statements of income (loss) unless the Company has an outstanding guarantee obligation or has committed additional funding to such equity method partner company. When such equity method partner company subsequently reports income, the Company will not record its share of such income until it exceeds the amount of the Company’s share of losses not previously recognized. | ||||||||||||||||||||||||||
If it is determined that a loan should be transferred from HFI to HFS, then the balance is transferred at the lower of cost or fair value. At the time of transfer, a write-down of the loan is recorded as a write-off when the carrying amount exceeds fair value and the difference relates to credit quality, otherwise the write-down is recorded as a reduction in interest and other income (expense), net, and any loan loss reserve is reversed. Once classified as HFS, the amount by which the carrying value exceeds fair value is recorded as a valuation allowance and is reflected as a reduction to interest and other income. | ||||||||||||||||||||||||||
Finance Receivables | ||||||||||||||||||||||||||
If it is determined that a loan should be transferred from HFS to HFI, the loan is transferred at the lower of cost or fair value on the transfer date, which coincides with the date of change in management’s intent. The difference between the carrying value of the loan and the fair value, if lower, is reflected as a loan discount at the transfer date, which reduces its carrying value. Subsequent to the transfer, the discount is accreted into earnings as an increase to finance revenue over the life of the loan using the effective interest method. | ||||||||||||||||||||||||||
The Company extends credit to customers through a variety of financing arrangements, including revenue interest term loans. The amounts outstanding on loans are referred to as finance receivables and are included in Finance Receivables on the consolidated balance sheets. It is the Company’s expectation that the loans originated will be held for the foreseeable future or until maturity. In certain situations, for example to manage concentrations and/or credit risk, some or all of certain exposures may be sold. Loans for which the Company has the intent and ability to hold for the foreseeable future or until maturity are classified as held for investment (“HFI”). If the Company no longer has the intent or ability to hold loans for the foreseeable future, then the loans are transferred to held for sale (“HFS”). Loans entered into with the intent to resell are classified as HFS. | ||||||||||||||||||||||||||
Finance receivables are stated at their principal amounts inclusive of deferred loan origination fees. Interest income is credited as earned based on the effective interest rate method except when a finance receivable becomes past due 90 days or more and doubt exists as to the ultimate collection of interest or principal; in those cases the recognition of income is discontinued. | ||||||||||||||||||||||||||
If it is determined that a loan should be transferred from HFI to HFS, then the balance is transferred at the lower of cost or fair value. At the time of transfer, a write-down of the loan is recorded as a write-off when the carrying amount exceeds fair value and the difference relates to credit quality, otherwise the write-down is recorded as a reduction in interest and other income, and any loan loss reserve is reversed. Once classified as HFS, the amount by which the carrying value exceeds fair value is recorded as a valuation allowance and is reflected as a reduction to interest and other income. | ||||||||||||||||||||||||||
Marketable Investments | ||||||||||||||||||||||||||
If it is determined that a loan should be transferred from HFS to HFI, the loan is transferred at the lower of cost or fair value on the transfer date, which coincides with the date of change in management’s intent. The difference between the carrying value of the loan and the fair value, if lower, is reflected as a loan discount at the transfer date, which reduces its carrying value. Subsequent to the transfer, the discount is accreted into earnings as an increase to finance revenue interest income over the life of the loan using the effective interest method. | ||||||||||||||||||||||||||
Available-for-sale securities are reported at fair value with unrealized gains or losses recorded in accumulated other comprehensive income, net of applicable income taxes. The available-for-sale portfolio as of June 30, 2014 and December 31, 2013 includes one debt security. In any case where fair value might fall below amortized cost, the Company would consider whether that security is other-than-temporarily impaired using all available information about the collectability of the security. The Company would not consider that an other-than temporary impairment for a debt security has occurred if (1) the Company does not intend to sell the debt security, (2) it is not more likely than not that the Company will be required to sell the debt security before recovery of its amortized cost basis and (3) the present value of estimated cash flows will fully cover the amortized cost of the security. The Company would consider that an other-than-temporary impairment has occurred if any of the above mentioned three conditions are not met. | ||||||||||||||||||||||||||
Finance receivables are stated at their principal amounts inclusive of deferred loan origination fees. Interest income is credited as earned based on the effective interest rate method except when a finance receivable becomes past due 90 days or more and doubt exists as to the ultimate collection of interest or principal; in those cases the recognition of income is discontinued. | ||||||||||||||||||||||||||
For a debt security for which an other-than-temporary impairment is considered to have occurred, the Company would recognize the entire difference between the amortized cost and the fair value in earnings if the Company intends to sell the debt security or it is more likely than not that the Company will be able to sell the debt security before recovery of its amortized cost basis. If the Company does not intend to sell the debt security and it is not more likely than not that the Company will be required to sell the debt security before recovery of its amortized cost basis, the Company would separate the difference between the amortized cost and the fair value of the debt security into the credit loss component and the non-credit loss component. The credit loss component would be recognized in earnings and the non-credit loss component would be recognized in other comprehensive income, net of applicable income taxes. | ||||||||||||||||||||||||||
Marketable Investments | ||||||||||||||||||||||||||
Derivatives | ||||||||||||||||||||||||||
Available-for-sale securities are reported at fair value with unrealized gains or losses recorded in accumulated other comprehensive income (loss), net of applicable income taxes. The available-for-sale portfolio as of December 31, 2013 included one debt security. In any case where fair value might fall below amortized cost, the Company would consider whether that security is other-than-temporarily impaired using all available information about the collectability of the security. The Company would not consider that an other-than temporary impairment for a debt security has occurred if (i) the Company does not intend to sell the debt security, (ii) it is not more likely than not that the Company will be required to sell the debt security before recovery of its amortized cost basis and (iii) the present value of estimated cash flows will fully cover the amortized cost of the security. The Company would consider that an other-than-temporary impairment has occurred if any of the above mentioned three conditions are not met. | ||||||||||||||||||||||||||
All derivatives held by the Company are recognized in the unaudited condensed consolidated balance sheets at fair value. The accounting treatment for subsequent changes in the fair value depends on their use, and whether they qualify as effective “hedges” for accounting purposes. Derivatives that are not hedges must be adjusted to fair value through the unaudited condensed consolidated statements of income. If a derivative is a hedge, then depending on its nature, changes in its fair value will be either offset against change in the fair value of hedged assets or liabilities through the unaudited condensed consolidated statements of income, or recorded in other comprehensive income. The Company had no derivatives designated as hedges as of June 30, 2014 and December 31, 2013. The Company holds three warrants issued to the Company in conjunction with the term loan investments discussed in Note 2. These warrants are included in other assets in the unaudited condensed consolidated balance sheets. The Company issued a warrant on its own common stock in the year ended December 31, 2013, in conjunction with its credit facility discussed in Note 5. This warrant meets the definition of a derivative and is reflected as warrant liability at fair value in the unaudited condensed consolidated balance sheets as of June 30, 2014 and December 31, 2013. | ||||||||||||||||||||||||||
For a debt security for which an other-than-temporary impairment is considered to have occurred, the Company would recognize the entire difference between the amortized cost and the fair value in earnings if the Company intends to sell the debt security or it is more likely than not that the Company will be able to sell the debt security before recovery of its amortized cost basis. If the Company does not intend to sell the debt security and it is not more likely than not that the Company will be required to sell the debt security before recovery of its amortized cost basis, the Company would separate the difference between the amortized cost and the fair value of the debt security into the credit loss component and the non-credit loss component. The credit loss component would be recognized in earnings and the non-credit loss component would be recognized in other comprehensive income (loss), net of applicable income taxes. | ||||||||||||||||||||||||||
Revenue Recognition | ||||||||||||||||||||||||||
Derivatives | ||||||||||||||||||||||||||
The Company records interest income on an accrual basis based on the effective interest rate method to the extent that it expects to collect such amounts. The Company recognizes investment management fees as earned over the period the services are rendered. In general, the majority of investment management fees earned are charged either monthly or quarterly. Incentive fees, if any, are recognized when earned at the end of the relevant performance period, pursuant to the underlying contract. Other administrative service revenues are recognized when contractual obligations are fulfilled or as services are provided. | ||||||||||||||||||||||||||
All derivatives held by the Company are recognized in the consolidated balance sheets at fair value. The accounting treatment for subsequent changes in the fair value depends on their use, and whether they qualify as effective “hedges” for accounting purposes. Derivatives that are not hedges must be adjusted to fair value through the consolidated statements of income (loss). If a derivative is a hedge, then depending on its nature, changes in its fair value will be either offset against change in the fair value of hedged assets or liabilities through the consolidated statements of income (loss), or recorded in other comprehensive income (loss). The Company had no derivatives designated as hedges as of December 31, 2013 and 2012. The Company holds warrants issued to the Company in conjunction with term loan investments discussed in Note 2. These warrants meet the definition of a derivative and are included in other assets in the consolidated balance sheets. The Company issued a warrant on its own common stock in conjunction with its credit agreement discussed in Note 7. This warrant meets the definition of a derivative and is reflected as a warrant liability at fair value in the consolidated balance sheets. | ||||||||||||||||||||||||||
Certain Risks and Concentrations | ||||||||||||||||||||||||||
Revenue Recognition | ||||||||||||||||||||||||||
Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents, accounts receivable, finance receivables and marketable investments. The Company invests its excess cash with major U.S. banks and financial institutions. The Company has not experienced any losses on its cash and cash equivalents. | ||||||||||||||||||||||||||
The Company records interest income on an accrual basis based on the effective interest rate method to the extent that it expects to collect such amounts. The Company recognizes investment management fees as earned over the period the services are rendered. In general, the majority of investment management fees earned are charged either monthly or quarterly. Incentive fees, if any, are recognized when earned at the end of the relevant performance period, pursuant to the underlying contract. Other administrative service revenues are recognized when contractual obligations are fulfilled or as services are provided. | ||||||||||||||||||||||||||
The Company performs ongoing credit evaluations of its customers and generally requires collateral. For the six months ended June 30, 2014 and 2013, three partners companies accounted for 71 percent and 93 percent of total revenue, respectively. For the three months ended June 30, 2014 and 2013, three partners company accounted for 69 percent and 96 percent of total revenue, respectively. | ||||||||||||||||||||||||||
Cash and Cash Equivalents | ||||||||||||||||||||||||||
The Company does not expect its current or future credit risk exposures to have a significant impact on its operations. However, there can be no assurance that its business will not experience any adverse impact from credit risk in the future. | ||||||||||||||||||||||||||
The Company considers all highly liquid investments with an original maturity date of three months or less at the date of purchase to be cash equivalents. There were no such investments at December 31, 2013 or 2012, as all of our cash was held in checking or savings accounts. At December 31, 2013, cash equivalents were deposited in financial institutions and consisted of immediately available fund balances. The Company maintains its cash deposits and cash equivalents with well-known and stable financial institutions. | ||||||||||||||||||||||||||
Net Income per Share | ||||||||||||||||||||||||||
Accounts Receivable | ||||||||||||||||||||||||||
Basic net income per share is computed using the weighted average number of outstanding shares of common stock. Diluted net income per share is computed using the weighted average number of outstanding shares of common stock and, when dilutive, shares of common stock issuable upon exercise of options and warrants deemed outstanding using the treasury stock method. | ||||||||||||||||||||||||||
Accounts receivable are recorded at the aggregate unpaid amount less any allowance for doubtful accounts. The Company determines an account receivable’s delinquency status based on its contractual terms. Interest is not charged on outstanding balances. Accounts are written-off only when all methods of recovery have been exhausted. As of December 31, 2013 and 2012, the allowance for doubtful accounts was zero. | ||||||||||||||||||||||||||
The following table shows the computation of basic and diluted earnings per share for the following (in thousands, except per share amounts): | ||||||||||||||||||||||||||
Restricted Cash | ||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
June 30, | June 30, | Restricted cash consist of third party interest reserve accounts. | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||
Numerator: | Certain Risks and Concentrations | |||||||||||||||||||||||||
Net income attributable to SWK Holdings Corporation Stockholders | $ | 1,392 | $ | 380 | $ | 2,849 | $ | 440 | ||||||||||||||||||
Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents, accounts receivable, finance receivables and marketable investments. The Company invests its excess cash with major U.S. banks and financial institutions. The Company has not experienced any losses on its cash and cash equivalents. | ||||||||||||||||||||||||||
Denominator: | ||||||||||||||||||||||||||
Weighted-average shares outstanding | 41,510 | 41,352 | 41,486 | 41,334 | The Company performs ongoing credit evaluations of its customers and generally requires collateral. For the year ended December 31, 2013, three partner companies accounted for 78 percent of total revenue. As of December 31, 2013, three partner companies accounted for 70 percent of accounts receivable. For the year ended December 31, 2012, two partner companies accounted for 89 percent of total revenue. As of December 31, 2012, two partner companies accounted for 97 percent of accounts receivable. | |||||||||||||||||||||
Effect of dilutive securities | 79 | 59 | 73 | 70 | ||||||||||||||||||||||
The Company does not expect its current or future credit risk exposures to have a significant impact on its operations. However, there can be no assurance that its business will not experience any adverse impact from credit risk in the future. | ||||||||||||||||||||||||||
Weighted-average diluted shares | 41,589 | 41,411 | 41,559 | 41,404 | ||||||||||||||||||||||
Property and Equipment | ||||||||||||||||||||||||||
Basic earnings per share | $ | 0.03 | $ | 0.01 | $ | 0.07 | $ | 0.01 | Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which are three years for computer equipment, software and furniture and fixtures. Upon retirement or sale, the cost and related accumulated depreciation are removed from the accounts, and any related gain or loss is reflected in operations. Improvements that extend the life of a specific asset are capitalized, while normal maintenance and repairs are charged to operations as incurred. | |||||||||||||||||
Diluted earnings per share | $ | 0.03 | $ | 0.01 | $ | 0.07 | $ | 0.01 | ||||||||||||||||||
Segment Reporting | ||||||||||||||||||||||||||
For the three and six month periods ended June 30, 2014 and 2013, outstanding stock options and warrants to purchase shares of common stock in an aggregate of approximately 4,175,000 and 4,175,000 shares and 3,205,000 and 5,255,000 shares, respectively, have been excluded from the calculation of diluted net income per share as all such securities were anti-dilutive. | ||||||||||||||||||||||||||
The Company operates in one operating segment with a single management team that reports to the chief executive officer, who is our chief operating decision maker. Accordingly, the Company does not prepare discrete financial information with respect to separate product line and does not have separately reportable segments. | ||||||||||||||||||||||||||
Reclassifications | ||||||||||||||||||||||||||
Stock-based Compensation | ||||||||||||||||||||||||||
Certain prior period amounts in the unaudited condensed consolidated financial statements have been reclassified to conform to the current period’s presentation. | ||||||||||||||||||||||||||
All stock-based compensation is measured at the grant date, based on the estimated fair value of the award, and is recognized as an expense over the requisite service period. Stock-based compensation expense is reduced for estimated future forfeitures. These estimates are revised in future periods if actual forfeitures differ from the estimates. Changes in forfeiture estimates impact compensation expense in the period in which the change in estimate occurs. | ||||||||||||||||||||||||||
Recent Accounting Pronouncements | ||||||||||||||||||||||||||
For restricted stock, the Company recognizes compensation expense in accordance with the fair value of the Company’s stock as determined on the grant date, amortized over the applicable service period. When vesting of awards is based wholly or in part upon the future performance of the stock price, such terms result in adjustments to the grant date fair value of the award and the derivation of a service period. If service is provided over the derived service period, the adjusted fair value of the awards will be recognized as compensation expense, regardless of whether or not the awards vest. | ||||||||||||||||||||||||||
In May 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, (“ASU 2014-09”), “Revenue from Contracts with Customers”. The objective of ASU 2014-19 is to establish a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will supersede most of the existing revenue recognition guidance, including industry-specific guidance. The core principle of ASU 2014-09 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In applying the new guidance, an entity will (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the contract’s performance obligations; and (5) recognize revenue when (or as) the entity satisfies a performance obligation. ASU 2014-09 applies to all contracts with customers except those that are within the scope of other topics in the FASB Accounting Standards Codification. The new guidance is effective for annual reporting periods (including interim periods within those periods) beginning after December 15, 2016 for public companies. Early adoption is not permitted. Entities have the option of using either a full retrospective or modified approach to adopt ASU 2014-09. The Company is currently evaluating the new guidance and has not determined the impact this standard may have on its consolidated financial statements nor decided upon the method of adoption. | ||||||||||||||||||||||||||
Non-controlling Interests | ||||||||||||||||||||||||||
In June 2014, the FASB issued ASU No. 2014-12, 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. This ASU is effective for annual periods and interim periods within those annual periods, beginning after December 15, 2015. The Company is currently evaluating the impact that the adoption of this guidance will have on its consolidated financial statements. | ||||||||||||||||||||||||||
Non-controlling interests represent third-party equity ownership in certain of the Company’s consolidated subsidiaries, VIEs or investments and are presented as a component of equity. See Note 4 for further discussion of non-controlling interests. | ||||||||||||||||||||||||||
Income Taxes | ||||||||||||||||||||||||||
Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. A valuation allowance is recorded to reduce deferred tax assets to an amount where realization is more likely than not. | ||||||||||||||||||||||||||
If the Company ultimately determines that the payment of such a liability is not necessary, then the Company reverses the liability and recognizes a tax benefit during the period in which the determination is made that the liability is no longer necessary. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as a component of income tax benefit in the statements of income (loss). | ||||||||||||||||||||||||||
Comprehensive Income (Loss) | ||||||||||||||||||||||||||
Comprehensive income (loss) and its components attributable to the Company and non-controlling interests have been reported, net of tax, in the consolidated statements of stockholders’ equity and the consolidated statements of comprehensive income (loss). | ||||||||||||||||||||||||||
Net Income (Loss) per Share | ||||||||||||||||||||||||||
Basic net income (loss) per share is computed using the weighted average number of outstanding shares of common stock. Diluted net income (loss) per share is computed using the weighted average number of outstanding shares of common stock and, when dilutive, shares of common stock issuable upon exercise of options and warrants deemed outstanding using the treasury stock method. | ||||||||||||||||||||||||||
The following table shows the computation of basic and diluted income (loss) per share for the following (in thousands, except per share amounts): | ||||||||||||||||||||||||||
Year Ended | ||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||
Numerator: | ||||||||||||||||||||||||||
Net income (loss) attributable to SWK Holdings Corporation Shareholders | $ | 12,862 | $ | (1,421 | ) | |||||||||||||||||||||
Denominator: | ||||||||||||||||||||||||||
Weighted-average shares outstanding | 41,343 | 41,247 | ||||||||||||||||||||||||
Effect of dilutive securities | 97 | - | ||||||||||||||||||||||||
Weighted-average diluted shares | 41,440 | 41,247 | ||||||||||||||||||||||||
Basic income (loss) per share | $ | 0.31 | $ | (0.03 | ) | |||||||||||||||||||||
Diluted income (loss) per share | $ | 0.31 | $ | (0.03 | ) | |||||||||||||||||||||
For the years ended December 31, 2013, and 2012, outstanding stock options and warrants to purchase shares of common stock in an aggregate of approximately 4,205,000 and 3,327,500 shares, respectively, have been excluded from the calculation of diluted net income (loss) per share as these securities were anti-dilutive. | ||||||||||||||||||||||||||
Recent Accounting Pronouncements | ||||||||||||||||||||||||||
In February 2013, the Financial Accounting Standards Board (“FASB”) issued ASU 2013-02, Comprehensive Income (Topic 220), Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, to require an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. An entity is required to present, either on the face of the statement where net income (loss) is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income (loss) if the amount reclassified is required under GAAP to be reclassified to net income (loss) in its entirety in the same reporting period. For other amounts that are not required to be reclassified in their entirety to net income (loss), an entity is required to cross-reference to other disclosures required under GAAP that provide additional detail about those amounts. This standard was effective for interim and annual periods beginning after December 15, 2012 and is to be applied on a prospective basis. The Company adopted ASU 2013-02 and will disclose significant amounts reclassified out of accumulated other comprehensive income (loss) as such transactions arise. ASU 2013-02 affects financial statement presentation only and has no impact on the Company’s results of operations or consolidated financial statements. | ||||||||||||||||||||||||||
In July 2013, the FASB issued ASU 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. Under this new guidance, companies must present this unrecognized tax benefit in the consolidated financial statements as a reduction to deferred tax assets created by net operating losses or other tax credits from prior periods that occur in the same taxing jurisdiction. If the unrecognized tax benefit exceeds such credits it should be presented in the consolidated financial statements as a liability. This update is effective for annual and interim reporting periods for fiscal years beginning after December 15, 2013. The adoption of this standard is not expected to have any impact on the Company’s operating results and financial position. |
Finance_Receivables
Finance Receivables | 6 Months Ended | 12 Months Ended | ||||||||||||||||
Jun. 30, 2014 | Dec. 31, 2013 | |||||||||||||||||
Receivables [Abstract] | ' | ' | ||||||||||||||||
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | ' | ' | ||||||||||||||||
Note 2. Finance Receivables | Note 2. Finance Receivables | |||||||||||||||||
Finance receivables are reported at their determined principal balances net of any unearned income, cumulative charge-offs and unamortized deferred fees and costs. Unearned income and deferred fees and costs are amortized to interest income based on all cash flows expected using the effective interest method. | Finance receivables are reported at their determined principal balances net of any unearned income, cumulative charge-offs and unamortized deferred fees and costs. Unearned income and deferred fees and costs are amortized to interest income based on all cash flows expected using the effective interest method. | |||||||||||||||||
The carrying value of finance receivables are as follows (in thousands): | The carrying value of finance receivables at December 31 are as follows (in thousands): | |||||||||||||||||
30-Jun-14 | December 31, 2013 | 2013 | 2012 | |||||||||||||||
Portfolio | Portfolio | |||||||||||||||||
Term Loans | ||||||||||||||||||
Term Loans | $ | 23,772 | $ | 21,420 | $ | 21,420 | $ | 6,500 | ||||||||||
Royalty Purchases | 7,803 | 7,866 | Royalty Purchases | |||||||||||||||
Total | 31,575 | 29,286 | 7,866 | |||||||||||||||
Less: current portion | (885 | ) | (660 | ) | Total | 29,286 | $ | 6,500 | ||||||||||
Total noncurrent portion of finance receivables | 30,690 | $ | 28,626 | Less: current portion | 660 | (230 | ) | |||||||||||
Total noncurrent portion of finance receivables | $ | 28,626 | $ | 6,270 | ||||||||||||||
Term Loans | ||||||||||||||||||
Term Loans | ||||||||||||||||||
Nautilus Neurosciences, Inc. | ||||||||||||||||||
Nautilus Neurosciences, Inc. | ||||||||||||||||||
On December 5, 2012, the Company entered into a credit agreement pursuant to which the lenders party thereto provided to a neurology-focused specialty pharmaceutical company a term loan in the principal amount of $22,500,000. The loan was repaid on December 17, 2013. The Company initially provided $19,000,000 and a client of the Company provided the remaining $3,500,000 of the loan. The Company subsequently assigned $12,500,000 of the loan to its clients and retained the remaining $6,500,000. The loan was managed by the Company on behalf of its clients pursuant to the terms of each client’s investment management agreement. The Company recognized $293,000 and $667,000 in interest income, recorded as revenue in the unaudited condensed consolidated statements of income for the three and six months ended June 30, 2013, respectively. | ||||||||||||||||||
On December 5, 2012, the Company entered into a credit agreement pursuant to which the lenders party thereto provided to Nautilus Neurosciences, Inc., a neurology-focused specialty pharmaceutical company, a term loan in the principal amount of $22,500,000. The loan was repaid on December 17, 2013. The Company initially provided $19,000,000 and a client of the Company provided the remaining $3,500,000 of the loan. The Company subsequently assigned $12,500,000 of the loan to its clients and retained the remaining $6,500,000. The loan was managed by the Company on behalf of its clients pursuant to the terms of each client’s investment management agreement. | ||||||||||||||||||
Tribute | ||||||||||||||||||
Prior to repayment, interest and principal under the loan was paid by a tiered revenue interest that is charged on quarterly net sales and royalties of the borrower applied in the following priority (i) first, to the payment of all accrued but unpaid interest until paid in full; and (ii) second to the payment of all principal of the loans. The loan accrued interest at either a base rate or the LIBOR rate, as determined by the borrower, plus an applicable margin; the base rate and LIBOR rate are subject to minimum floor values such that that minimum interest rate is 16%. In addition, the Company received its proportionate share of a $2,000,000 exit fee, which was accreted to interest income over the term of the loan. The Company recognized $1,591,000 in interest income, of which $578,000 related to the accretion of the exit fee, recorded as revenue in the consolidated statement of income (loss) for the year ended December 31, 2013. | ||||||||||||||||||
On August 8, 2013, the Company entered into a credit agreement pursuant to which the Company provided to Tribute Pharmaceuticals Canada Inc. (“Tribute”) a secured term loan in the principal amount of $8,000,000. The loan matures on August 8, 2018. The Company provided $6,000,000 at closing and an additional $2,000,000 on February 4, 2014. | ||||||||||||||||||
Tribute | ||||||||||||||||||
Interest and principal under the loan will be paid by a tiered revenue interest that is charged on quarterly net sales and royalties of Tribute applied in the following priority first, to the payment of all accrued but unpaid interest until paid in full; second to the payment of all principal of the loans. | ||||||||||||||||||
On August 8, 2013, the Company entered into a credit agreement pursuant to which the Company provided to Tribute Pharmaceuticals Canada Inc. ("Tribute") a secured term loan in the principal amount of $8,000,000. The loan matures on August 8, 2018. The Company provided $6,000,000 at closing and on February 4, 2014, provided the additional $2,000,000 unfunded commitment. | ||||||||||||||||||
The loan accrues interest at the LIBOR rate, plus an applicable margin, subject to a 13.5% minimum. In addition, the Company earned an origination fee at closing, and the Company is entitled to an exit fee upon the maturity of the loan, both of which will be accreted to interest income over the term of the loan. The Company recognized $284,000 and $561,000 in interest income recorded as revenue in the unaudited condensed consolidated statements of income for the three and six months ended June 30, 2014, respectively. | ||||||||||||||||||
Interest and principal under the loan will be paid by a tiered revenue interest that is charged on quarterly net sales and royalties of Tribute applied in the following priority first, to the payment of all accrued but unpaid interest until paid in full; second to the payment of all principal of the loans. | ||||||||||||||||||
In connection with the loan and at closing, Tribute also issued the Company a warrant to purchase 755,794 common shares an exercise price of $0.60 per share that may be exercised at any time prior to August 8, 2020 with an initial fair value of $334,000. In conjunction with the additional draw on February 4, 2014, Tribute issued an additional warrant to purchase 347,222 common shares with an exercise price of $0.432 per share that may be exercised at any time prior to February 4, 2021 with an initial fair value of $99,000. | ||||||||||||||||||
The loan shall accrue interest at the LIBOR rate, plus an applicable margin, subject to a 13.5% minimum. In addition, the Company earned an origination fee at closing, and the Company is entitled to an exit fee upon the maturity of the loan, both of which will be accreted to interest income over the term of the loan. The Company recognized $366,000 in interest income recorded as revenue in the consolidated statement of income (loss) for the year ended December 31, 2013. In connection with the loan and at closing, Tribute also issued the Company a warrant to purchase 755,794 common shares an exercise price of $0.60 per share that may be exercised at any time prior to August 8, 2020 with an initial fair value of $334,000. The fair market value of the warrant was $204,000 at December 31, 2013, and is included in other assets in the consolidated balance sheet. An unrealized holdings loss of $131,000 was included in interest and other income (expense) in the consolidated statements of income (loss) for the year ended December 31, 2013. The Company determined the fair value of the warrant outstanding at December 31, 2013, using the Black-Scholes option pricing model with the following assumptions: | ||||||||||||||||||
The fair market value of the warrants was $701,000 at June 30, 2014, and is included in other assets in the unaudited condensed consolidated balance sheet. Unrealized holdings gains of $286,000 and $398,000 were included in interest and other income (expense), net in the unaudited condensed consolidated statements of income for the three and six months ended June 30, 2014, respectively. The Company determined the fair value of the warrants outstanding at June 30, 2014 and December 31, 2013, using the Black-Scholes option pricing model with the following assumptions: | ||||||||||||||||||
31-Dec-13 | ||||||||||||||||||
30-Jun-14 | 31-Dec-13 | Dividend rate | 0 | % | ||||||||||||||
Average Dividend rate | 0 | % | 0 | % | Risk-free rate | 2.5 | % | |||||||||||
Average Risk-free rate | 2.2 | % | 2.5 | % | Expected life (years) | 6.6 | ||||||||||||
Average Expected life (years) | 6.3 | 6.6 | Expected volatility | 97 | % | |||||||||||||
Average Expected volatility | 97 | % | 97 | % | ||||||||||||||
Subsequent to December 31, 2013, in conjunction with the additional draw on February 4, 2014, Tribute issued an additional warrant to purchase 347,222 common shares with an exercise price of $0.432 per share that may be exercised at any time prior to February 4, 2021, as further discussed in Note 12 | ||||||||||||||||||
In the event of a change of control, a merger or a sale of all or substantially all of Tribute’s assets, the loan shall be due and payable. The Company will be entitled to certain additional payments in connection with repayments of the loan, both on maturity and in connection with a prepayment or partial prepayment. Pursuant to the terms of the credit agreement, Tribute entered into a guaranty and collateral agreement granting the Company a security interest in substantially all of Tribute’s assets. The credit agreement contains certain affirmative and negative covenants. The obligations under the credit agreement to repay the loan may be accelerated upon the occurrence of an event of default under the credit agreement. | ||||||||||||||||||
In the event of a change of control, a merger or a sale of all or substantially all of Tribute’s assets, the loan shall be due and payable. The Company will be entitled to certain additional payments in connection with repayments of the Loan, both on maturity and in connection with a prepayment or partial prepayment. Pursuant to the terms of the credit agreement, Tribute entered into a guaranty and collateral agreement granting the Company a security interest in substantially all of Tribute’s assets. The credit agreement contains certain affirmative and negative covenants. The obligations under the credit agreement to repay the loan may be accelerated upon the occurrence of an event of default under the credit agreement. | ||||||||||||||||||
SynCardia Credit Agreement | ||||||||||||||||||
SynCardiaCredit Agreement | ||||||||||||||||||
First Lien Credit Agreement | ||||||||||||||||||
First Lien Credit Agreement | ||||||||||||||||||
On December 13, 2013, the Company entered into a credit agreement pursuant to which the Company provided to SynCardia Systems, Inc. (“SynCardia”), a privately-held manufacturer of the world’s first and only FDA, Health Canada and CE (Europe) approved Total Artificial Heart, a secured term loan in the principal amount of $4,000,000. The loan was an expansion of the SynCardia’s existing credit facility, resulting in a total outstanding amount under the existing credit facility of $16,000,000 at closing. At the lenders’ option, the lenders can increase the term loan to $22,000,000; the Company has the right but not the obligation to advance $1,500,000 of any potential increase. The Company funded the $4,000,000, net of an original issue discount of $60,000 and an arrangement fee of $40,000 at closing. | ||||||||||||||||||
On December 13, 2013, the Company entered into a credit agreement pursuant to which the Company provided to SynCardia Systems, Inc. ("SynCardia"), a privately-held manufacturer of the world's first and only FDA, Health Canada and CE (Europe) approved Total Artificial Heart, a secured term loan in the principal amount of $4,000,000. The loan was an expansion of the SynCardia's existing credit facility, resulting in a total outstanding amount under the existing credit facility of $16,000,000 at closing. At the lenders' option, the lenders can increase the term loan to $22,000,000; the Company has the right but not the obligation to advance $1,500,000 of any potential increase. The Company funded the $4,000,000, net of an original issue discount of $60,000 and an arrangement fee of $40,000 at closing. | ||||||||||||||||||
The loan matures on March 5, 2018, with principal due upon maturity. The loan bears interest at a rate of 13.5%. | ||||||||||||||||||
The loan matures on March 5, 2018, with principal due upon maturity. The loan bears interest at a rate of 13.5%. | ||||||||||||||||||
Pursuant to the terms of the credit agreement and subject to a security agreement, SynCardia granted the lenders a first priority security interest in substantially all of its assets. The security agreement contains certain affirmative and negative covenants. | ||||||||||||||||||
Pursuant to the terms of the credit agreement and subject to a security agreement, SynCardia granted the lenders a first priority security interest in substantially all of its assets. The security agreement contains certain affirmative and negative covenants. | ||||||||||||||||||
In the event of a change of control, a merger or a sale of all or substantially all of SynCardia’s assets, the loan shall be due and payable. The lenders will be entitled to certain additional payments in connection with repayments of the loan, both on maturity and in connection with a prepayment or partial prepayment. The obligations to repay the loan may be accelerated upon the occurrence of an event of default under the credit agreement. | ||||||||||||||||||
In the event of a change of control, a merger or a sale of all or substantially all of SynCardia's assets, the loan shall be due and payable. The lenders will be entitled to certain additional payments in connection with repayments of the loan, both on maturity and in connection with a prepayment or partial prepayment. The obligations to repay the loan may be accelerated upon the occurrence of an event of default under the credit agreement. | ||||||||||||||||||
In addition to the discount and arrangement fee, the Company is entitled to an exit fee upon the maturity of the loan, both of which will be accreted to interest income over the term of the loan. The Company recognized $167,000 and $330,000 in interest income recorded as revenue in the unaudited condensed consolidated statements of income for the three and six months ended June 30, 2014, respectively. | ||||||||||||||||||
In addition to the discount and arrangement fee, the Company is entitled to an exit fee upon the maturity of the loan, both of which will be accreted to interest income over the term of the loan. The Company recognized $32,000 in interest income recorded as revenue in the consolidated statement of income (loss) for the year ended December 31, 2013. | ||||||||||||||||||
Second Lien Credit Agreement | ||||||||||||||||||
Second Lien Credit Agreement | ||||||||||||||||||
On December 13, 2013, the Company also entered into a second lien credit agreement, pursuant to which the Company and other lender parties thereto provided to SynCardia, a term loan in the principal amount of $10,000,000 (the “Second Lien Loan”). The Company provided $6,000,000 principal amount of the Second Lien Loan, funded at closing net of an origination fee of $90,000. The Second Lien Loan matures on December 13, 2021. | ||||||||||||||||||
On December 13, 2013, the Company also entered into a second lien credit agreement, pursuant to which the Company and other lender parties thereto provided to SynCardia, a term loan in the principal amount of $10,000,000 (the "Second Lien Loan"). The Company provided $6,000,000 principal amount of the Second Lien Loan, funded at closing net of an origination fee of $90,000. The Second Lien Loan matures on December 13, 2021. | ||||||||||||||||||
The Second Lien Loan shall be repaid by a tiered revenue interest that is charged on quarterly net sales and royalties of, and any other income and revenue actually received by SynCardia. Pursuant to the terms of the Second Lien Loan, SynCardia granted the lenders a second priority security interest in its assets subject to a security agreement which contains certain affirmative and negative covenants. | ||||||||||||||||||
The Second Lien Loan shall be repaid by a tiered revenue interest that is charged on quarterly net sales and royalties of, and any other income and revenue actually received by SynCardia. Pursuant to the terms of the Second Lien Loan, SynCardia granted the lenders a second priority security interest in its assets subject to a security agreement which contains certain affirmative and negative covenants. | ||||||||||||||||||
In the event of a Change of Control, the Second Lien Loan shall be due, with the total amount payable to the lenders equal to a specified premium defined by the terms of the Second Lien Loan. The obligations to repay the Second Lien Loan may be accelerated upon the occurrence of an event of default under the terms of the Second Lien Loan. | ||||||||||||||||||
In the event of a Change of Control, the Second Lien Loan shall be due, with the total amount payable to the lenders equal to a specified premium defined by the terms of the Second Lien Loan. The obligations to repay the Second Lien Loan may be accelerated upon the occurrence of an event of default under the terms of the Second Lien Loan. | ||||||||||||||||||
The Company recognized $422,000 and $830,000 in interest income recorded as revenue in the unaudited condensed consolidated statements of income for the three and six months ended June 30, 2014, respectively. | ||||||||||||||||||
The Company recognized $79,000 in interest income recorded as revenue in the consolidated statement of income (loss) for the year ended December 31, 2013. | ||||||||||||||||||
Common Stock Purchase | ||||||||||||||||||
Common Stock Purchase | ||||||||||||||||||
In conjunction with the first lien secured term loan, the Company purchased from SynCardia an aggregate of 40,000 shares of SynCardia’s Common Stock, in consideration for the mutual covenants and agreements set forth in the credit agreement. The shares purchased by the Company reflect an ownership percentage in SynCardia of less than 0.05%. The Company deems the shares to be non-marketable as SynCardia is privately held and in development stage, and has reflected the shares at a zero cost basis at June 30, 2014 and December 31, 2013. | ||||||||||||||||||
In conjunction with the first lien secured term loan, the Company purchased from SynCardia an aggregate of 40,000 shares of SynCardia's Common Stock, in consideration for the mutual covenants and agreements set forth in the credit agreement. The shares purchased by the Company reflect an ownership percentage in SynCardia of less than 0.05%. The Company deems the shares to be non-marketable as SynCardia is privately held and in development stage, and has reflected the shares at a zero cost basis at December 31, 2013. | ||||||||||||||||||
Private Dental Products Company | Private Dental Products Company | |||||||||||||||||
On December 10, 2013, the Company entered into a credit agreement to provide a private dental products company (“Dental Products Company”) a senior secured term loan with a principal amount of $6,000,000 funded upon close net of an arrangement fee of $60,000. The Loan matures on December 10, 2018. | On December 10, 2013, the Company entered into a credit agreement to provide a private dental products company ("Dental Products Company") a senior secured term loan with a principal amount of $6,000,000 funded upon close net of an arrangement fee of $60,000. The Loan matures on December 10, 2018. | |||||||||||||||||
Interest and principal under the loan will be paid by a tiered revenue interest that is charged on quarterly net sales and royalties of the Dental Products Company. Pursuant to the terms of the agreement, the Company was granted a first priority security interest in substantially all of the Dental Products Company’s assets. The loan accrues interest at the Libor Rate, plus an applicable margin; the Libor Rate is subject to minimum floor values such that that minimum interest rate is 14%. | Interest and principal under the loan will be paid by a tiered revenue interest that is charged on quarterly net sales and royalties of the Dental Products Company. Pursuant to the terms of the agreement, the Company was granted a first priority security interest in substantially all of the Dental Products Company's assets. The loan accrues interest at the Libor Rate, plus an applicable margin; the Libor Rate is subject to minimum floor values such that that minimum interest rate is 14%. | |||||||||||||||||
In the event of a change of control, a merger or a sale of all or substantially all of the Dental Products Company’s assets, the loan shall be due and payable. The Company will be entitled to certain additional payments in connection with repayments, both on maturity and in connection with prepayments. | In the event of a change of control, a merger or a sale of all or substantially all of the Dental Products Company's assets, the loan shall be due and payable. The Company will be entitled to certain additional payments in connection with repayments, both on maturity and in connection with prepayments. | |||||||||||||||||
The Company also received a warrant to purchase up to 225 shares of the Dental Products Company’s common stock, which if exercised, is equivalent to approximately four percent ownership on a fully diluted basis. The warrant expires December 10, 2020. The warrant is valued at zero at June 30, 2014 and December 31, 2013, in the unaudited condensed consolidated balance sheets. | The Company also received a warrant to purchase up to 225 shares of the Dental Products Company's common stock, which if exercised, is equivalent to approximately four percent ownership on a fully diluted basis. The warrant expires December 10, 2020. The warrant is currently valued at zero at December 31, 2013 in the consolidated balance sheet. | |||||||||||||||||
In addition to the arrangement fee, the Company is entitled to an exit fee upon the maturity of the loan, both of which will be accreted to interest income over the term of the loan. The Company recognized $218,000 and $439,000 in interest income recorded as revenue in the unaudited condensed consolidated statements of income for the three and six months ended June 30, 2014, respectively. | In addition to the arrangement fee, the Company is entitled to an exit fee upon the maturity of the loan, both of which will be accreted to interest income over the term of the loan. The Company recognized $51,000 in interest income recorded as revenue in the consolidated statement of income (loss) for the year ended December 31, 2013. | |||||||||||||||||
Parnell Pharmaceuticals Holdings Pty Ltd | Royalty Purchases | |||||||||||||||||
On January 23, 2014, the Company entered into a credit agreement pursuant to which the lenders party thereto provided to Parnell Pharmaceuticals Holdings Pty Ltd, a leading global veterinary pharmaceutical business (“Parnell”), a term loan in the principal amount of $25,000,000. The Company provided $10,000,000 and the Company’s investment advisory clients provided the remaining $15,000,000 of the loan. The Company serves as the Agent, Sole Lead Arranger and Sole Bookrunner under the credit agreement. The loan was repaid on June 27, 2014. | Bess Royalty Purchase | |||||||||||||||||
Parnell was obligated to make payments calculated on its quarterly net sales and royalties until such time as the lenders receive a 2.0x cash on cash return. The revenue based payment was subject to certain quarterly and annual caps. Pursuant to the terms of the credit agreement, Parnell granted the lenders a first priority security interest in substantially all of Parnell’s assets. | On April 2, 2013, the Company, along with Bess Royalty, LP ("Bess"), purchased a royalty stream paid on the net sales of Besivance®, an ophthalmic antibiotic, from InSite Vision, Inc. Besivance is marketed globally by Bausch & Lomb. The initial purchase price totaled $15,000,000; the Company funded $6,000,000 of the purchase price at closing to own 40.3125% of the royalty stream. Additional contingent consideration includes (i) $1,000,000 to be paid by Bess upon certain net sales milestones achieved by Bausch & Lomb and (ii) annual payments to be remitted to InSite Vision, Inc. once aggregate royalty payments received by the Company and Bess exceed certain thresholds. Bess paid the $1,000,000 contingent consideration in February 2014, which did not result in a change in the Company's interest in the royalty. The purchased royalty stream does not include any further amounts once the aggregate royalty payments received by the Company and Bess reach a certain threshold as defined in the underlying agreement. As the purchased royalty stream has been capped by the defined threshold amount, in effect limiting the Company’s implicit rate of return, the Company’s share of the purchase price has been reflected as a Finance Receivable in the consolidated financial statements. The Company recognized approximately $795,000 in interest income in the consolidated statement of income (loss) for the year ended December 31, 2013, respectively, representing our pro rata portion of royalties paid. | |||||||||||||||||
The Company recognized a syndication fee of $321,000 upon execution of the agreement and interest income of $544,000 and $834,000 as revenue in the unaudited condensed consolidated statements of income for the three and six months ended June 30, 2014, respectively. | Tissue Regeneration Therapeutics Royalty Purchase | |||||||||||||||||
Royalty Purchases | On June 12, 2013, the Company purchased from Tissue Regeneration Therapeutics, Inc. (“TRT”) two royalty streams derived from the licensed use of TRT’s technology in the family cord banking services sector. The initial purchase totaled $2,000,000 paid upon closing. Additional contingent consideration includes (i) $1,250,000 payable upon aggregate royalty payments reaching a certain threshold and (ii) annual sharing payments due to TRT once aggregate royalty payments received by the Company exceed the purchase price paid by the Company. The purchased royalty stream does not include any further amounts once the aggregate royalty payments received by the Company reach a certain threshold as defined in the underlying agreement. The purchase has been reflected as a Finance Receivable in the consolidated financial statements. The Company recognized approximately $176,000 in interest income recorded as revenue in the consolidated statement of income (loss) for the year ended December 31, 2013. | |||||||||||||||||
Bess Royalty Purchase | Credit Quality of Finance Receivables | |||||||||||||||||
On April 2, 2013, the Company, along with Bess Royalty, LP (“Bess”), purchased a royalty stream paid on the net sales of Besivance®, an ophthalmic antibiotic, from InSite Vision, Inc. Besivance® is marketed globally by Bausch & Lomb. The initial purchase price totaled $15,000,000; the Company funded $6,000,000 of the purchase price at closing to own 40.3125% of the royalty stream. Additional contingent consideration includes (i) $1,000,000 to be paid by Bess upon certain net sales milestones achieved by Bausch & Lomb and (ii) annual payments to be remitted to InSite Vision, Inc. once aggregate royalty payments received by the Company and Bess exceed certain thresholds. Bess paid the $1,000,000 contingent consideration in February 2014, which did not result in a change in the Company’s interest in the royalty. The purchased royalty stream does not include any further amounts once the aggregate royalty payments received by the Company and Bess reach a certain threshold as defined in the underlying agreement. As the purchased royalty stream has been capped by the defined threshold amount, in effect limiting the Company’s implicit rate of return, the Company’s share of the purchase price has been reflected as a Finance Receivable in the unaudited condensed consolidated financial statements. The Company recognized approximately $263,000 and $523,000 in interest income in the unaudited condensed consolidated statements of income for the three and six months ended June 30, 2014, respectively. The Company recognized approximately $260,000 in interest income in the unaudited condensed consolidated statements of income for the three and six months ended June 30, 2013. | On a quarterly basis, the Company evaluates the carrying value of each finance receivable for impairment. Currently there are no finance receivables considered impaired and no corresponding allowance for credit losses for impaired loans. | |||||||||||||||||
Tissue Regeneration Therapeutics Royalty Purchase | A term loan is considered to be impaired when, based on current information and events, it is determined that the Company will not be able to collect all amounts due according to the loan contract, including scheduled interest payments. This evaluation is generally based on delinquency information, an assessment of the borrower’s financial condition and the adequacy of collateral, if any. The Company would generally place term loans on nonaccrual status when the full and timely collection of interest or principal becomes uncertain and they are 90 days past due for interest or principal, unless the term loan is both well-secured and in the process of collection. When placed on nonaccrual, the Company would reverse any accrued unpaid interest receivable against interest income and amortization of any net deferred fees is suspended. Generally, the Company would return a term loan to accrual status when all delinquent interest and principal become current under the terms of the credit agreement and collectability of remaining principal and interest is no longer doubtful. | |||||||||||||||||
On June 12, 2013, the Company purchased from Tissue Regeneration Therapeutics, Inc. (“TRT”) two royalty streams derived from the licensed use of TRT’s technology in the family cord banking services sector. The initial purchase totaled $2,000,000 paid upon closing. Additional contingent consideration includes (i) $1,250,000 payable upon aggregate royalty payments reaching a certain threshold and (ii) annual sharing payments due to TRT once aggregate royalty payments received by the Company exceed the purchase price paid by the Company. The purchased royalty stream does not include any further amounts once the aggregate royalty payments received by the Company reach a certain threshold as defined in the underlying agreement. The purchase has been reflected as a Finance Receivable in the unaudited condensed consolidated financial statements. The Company recognized approximately $87,000 and $178,000 in interest income recorded as revenue in the unaudited condensed consolidated statements of income for the three and six months ended June 30, 2014, respectively. | Receivables associated with royalty stream purchases would be considered to be impaired when it is probable that the Company will be unable to collect the book value of the remaining investment based upon adverse changes in the estimated underlying royalty stream. | |||||||||||||||||
Credit Quality of Finance Receivables | When the Company identifies a finance receivable as impaired, it measures the impairment based on the present value of expected future cash flows, discounted at the receivable’s effective interest rate. If it is determined that the value of an impaired receivable is less than the recorded investment, the Company would recognize impairment with a charge to the allowance for credit losses. When the value of the impaired receivable is calculated by discounting expected cash flows, interest income would be recognized using the receivable’s effective interest rate over the remaining life of the receivable. | |||||||||||||||||
On a quarterly basis, the Company evaluates the carrying value of each finance receivable for impairment. Currently there are no finance receivables considered impaired and no corresponding allowance for credit losses for impaired loans. | The Company would individually develop the allowance for credit losses for any identified impaired loans if any existed. In developing the allowance for credit losses, the Company would consider, among other things, the following credit quality indicators: | |||||||||||||||||
A term loan is considered to be impaired when, based on current information and events, it is determined that the Company will not be able to collect all amounts due according to the loan contract, including scheduled interest payments. This evaluation is generally based on delinquency information, an assessment of the borrower’s financial condition and the adequacy of collateral, if any. The Company would generally place term loans on nonaccrual status when the full and timely collection of interest or principal becomes uncertain and they are 90 days past due for interest or principal, unless the term loan is both well-secured and in the process of collection. When placed on nonaccrual, the Company would reverse any accrued unpaid interest receivable against interest income and amortization of any net deferred fees is suspended. Generally, the Company would return a term loan to accrual status when all delinquent interest and principal become current under the terms of the credit agreement and collectability of remaining principal and interest is no longer doubtful. | • business characteristics and financial conditions of obligors; | |||||||||||||||||
Receivables associated with royalty stream purchases would be considered to be impaired when it is probable that the Company will be unable to collect the book value of the remaining investment based upon adverse changes in the estimated underlying royalty stream. | • current economic conditions and trends; | |||||||||||||||||
When the Company identifies a finance receivable as impaired, it measures the impairment based on the present value of expected future cash flows, discounted at the receivable’s effective interest rate. If it is determined that the value of an impaired receivable is less than the recorded investment, the Company would recognize impairment with a charge to the allowance for credit losses. When the value of the impaired receivable is calculated by discounting expected cash flows, interest income would be recognized using the receivable’s effective interest rate over the remaining life of the receivable. | • actual charge-off experience; | |||||||||||||||||
The Company would individually develop the allowance for credit losses for any identified impaired loans if any existed. In developing the allowance for credit losses, the Company would consider, among other things, the following credit quality indicators: | • current delinquency levels; | |||||||||||||||||
• business characteristics and financial conditions of obligors; | • value of underlying collateral and guarantees; | |||||||||||||||||
• current economic conditions and trends; | ||||||||||||||||||
• actual charge-off experience; | • regulatory environment; and | |||||||||||||||||
• current delinquency levels; | ||||||||||||||||||
• value of underlying collateral and guarantees; | • any other relevant factors predicting investment recovery. | |||||||||||||||||
• regulatory environment; and | ||||||||||||||||||
• any other relevant factors predicting investment recovery. | The Company monitors the credit quality indicators of performing and non-performing assets. At December 31, 2013 and 2012, the Company did not have any non-performing assets. | |||||||||||||||||
The Company monitors the credit quality indicators of performing and non-performing assets. At June 30, 2014 and December 31, 2013, the Company did not have any non-performing assets. |
Marketable_Investments
Marketable Investments | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||
Jun. 30, 2014 | Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ' | ||||||||||||||||||||||||||||||||
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | ' | ' | ||||||||||||||||||||||||||||||||
Note 3. Marketable Investments | Note 3. Marketable Investments | |||||||||||||||||||||||||||||||||
On July 9, 2013, the Company entered into a note purchase agreement to purchase, at par, $3,000,000 of a total $100,000,000 aggregate principal amount offering of a Senior Secured notes due in November 2026. The notes pay interest quarterly at a rate of 11.5% per annum commencing November 15, 2013. The agreement allows the first interest payment date to include paid-in-kind notes for any cash shortfall, of which the Company received $119,000 on November 15, 2013. Subsequent interest payments from February 15, 2014, through May 15, 2015, are supported by a cash interest reserve account funded at close of $4,500,000. The notes are subject to redemption on or after July 10, 2015, at a price at or above par, as defined. The notes are secured only by certain royalty and milestone payments associated with the sales of pharmaceutical products. The notes are reflected at fair value as Available-for-sale securities. The Company recognized approximately $88,000 and $178,000 in interest income recorded as revenue in the unaudited condensed consolidated statements of income for the three and six months ended June 30, 2014. During the six months ended June 30, 2014 and the year ended December 31, 2013, the Company had no sales of available-for-sale securities and no securities have been considered impaired. | On July 9, 2013, the Company entered into a note purchase agreement to purchase, at par, $3,000,000 of a total $100,000,000 aggregate principal amount offering of a Senior Secured notes due in November 2026. The notes pay interest quarterly at a rate of 11.5% per annum commencing November 15, 2013. The agreement allows the first interest payment date to include paid-in-kind notes for any cash shortfall, of which the Company received $119,000 on November 15, 2013. Subsequent interest payments from February 15, 2014, through May 15, 2015, will be supported by a cash interest reserve account funded at close of $4,500,000. The notes are subject to redemption on or after July 10, 2015, at a price at or above par, as defined. The notes are secured only by certain royalty and milestone payments associated with the sales of pharmaceutical products. The notes are reflected at fair value as Available-for-sale securities. The Company recognized approximately $166,000 in interest income recorded as revenue in the consolidated statement of income (loss) for the year ended December 31, 2013. During the year ended December 31, 2013, the Company had no sales of available-for-sale securities and no securities have been considered impaired. | |||||||||||||||||||||||||||||||||
The amortized cost basis amounts, gross unrealized holding gains, gross unrealized holding losses and fair values of available-for-sale securities as of June 30, 2014 and December 31, 2013, are as follows (in thousands): | The amortized cost basis amounts, gross unrealized holding gains, gross unrealized holding losses and fair values of available-for-sale securities at December 31, 2013 are as follows (in thousands): | |||||||||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Loss | Fair Value | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Loss | Fair Value | |||||||||||||||||||||||||||
Available for Sale Securities: | Available for Sale Securities | |||||||||||||||||||||||||||||||||
Corporate debt securities | $ | 3,119 | $ | — | $ | — | $ | 3,119 | Corporate debt securities | $ | 3,119 | $ | - | $ | - | $ | 3,119 | |||||||||||||||||
$ | 3,119 | $ | — | $ | — | $ | 3,119 | $ | 3,119 | $ | - | $ | - | $ | 3,119 | |||||||||||||||||||
Variable_Interest_Entities
Variable Interest Entities | 6 Months Ended | 12 Months Ended | |||||||||||||||||||||||||
Jun. 30, 2014 | Dec. 31, 2013 | ||||||||||||||||||||||||||
Variable Interest Entities [Abstract] | ' | ' | |||||||||||||||||||||||||
Variable Interest Entities [Text Block] | ' | ' | |||||||||||||||||||||||||
Note 4. Variable Interest Entities | Note 4. Variable Interest Entities | ||||||||||||||||||||||||||
The Company consolidates the activities of VIEs of which we are the primary beneficiary. The primary beneficiary of a VIE is the variable interest holder possessing a controlling financial interest through (i) its power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (ii) its obligation to absorb losses or its right to receive benefits from the VIE that could potentially be significant to the VIE. In order to determine whether the Company owns a variable interest in a VIE, the Company performs qualitative analysis of the entity’s design, organizational structure, primary decision makers and relevant agreements. | The Company consolidates the activities of VIEs of which it is the primary beneficiary. The primary beneficiary of a VIE is the variable interest holder possessing a controlling financial interest through (i) its power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (ii) its obligation to absorb losses or its right to receive benefits from the VIE that could potentially be significant to the VIE. In order to determine whether the Company owns a variable interest in a VIE, the Company performs qualitative analysis of the entity’s design, organizational structure, primary decision makers and relevant agreements. | ||||||||||||||||||||||||||
Consolidated VIE | Consolidated VIE | ||||||||||||||||||||||||||
SWK HP Holdings LP (“SWK HP”) | SWK HP Holdings LP ("SWK HP") | ||||||||||||||||||||||||||
SWK HP was formed in December 2012 to acquire a limited partnership interest in Holmdel Pharmaceuticals LP (“Holmdel”). Holmdel acquired the U.S. marketing authorization rights to a beta blocker pharmaceutical product indicated for the treatment of hypertension for a total purchase price of $13,000,000. The Company, through its wholly owned subsidiary SWK Holdings GP LLC (“SWK Holdings GP”) acquired a direct general partnership interest in SWK HP, which in turn acquired a limited partnership interest in Holmdel. The total investment in SWK HP of $13,000,000 included $6,000,000 provided by SWK Holdings GP and $7,000,000 provided by non-controlling interests. Subject to customary limited partner protections afforded the investors by the terms of the limited partnership agreement, the Company maintains voting and managerial control of SWK HP and therefore includes it in its consolidated financial statements. | SWK HP was formed in December 2012 to acquire a limited partnership interest in Holmdel Pharmaceuticals LP ("Holmdel"). Holmdel acquired the U.S. marketing authorization rights to a beta blocker pharmaceutical product indicated for the treatment of hypertension for a total purchase price of $13,000,000. The Company, through its wholly owned subsidiary SWK Holdings GP LLC ("SWK Holdings GP") acquired a direct general partnership interest in SWK HP, which in turn acquired a limited partnership interest in Holmdel. The total investment in SWK HP of $13,000,000 included $6,000,000 provided by SWK Holdings GP and $7,000,000 provided by non-controlling interests. Subject to customary limited partner protections afforded the investors by the terms of the limited partnership agreement, the Company maintains voting and managerial control of SWK HP and therefore includes it in its consolidated financial statements. | ||||||||||||||||||||||||||
SWK HP is considered a VIE due to the lack of voting or similar decision-making rights by its equity holders regarding activities that have a significant effect on the economic success of the partnership. The Company’s ownership in SWK HP constitutes variable interests. The Company has determined that it is the primary beneficiary of the SWK HP as (i) the Company has the power to direct the activities that most significantly impact the economic performance of SWK HP via its obligations to perform under the partnership agreement, and (ii) the Company has the right to receive residual returns that could potentially be significant to SWK HP. As a result, the Company consolidates SWK HP in its financial statements and the limited partner interests of SWK HP owned by third parties are reflected as a non-controlling interest in the Company’s unaudited condensed consolidated balance sheets. | SWK HP is considered a VIE due to the lack of voting or similar decision-making rights by its equity holders regarding activities that have a significant effect on the economic success of the partnership. The Company’s ownership in SWK HP constitutes variable interests. The Company has determined that it is the primary beneficiary of the SWK HP as (i) the Company has the power to direct the activities that most significantly impact the economic performance of SWK HP via its obligations to perform under the partnership agreement, and (ii) the Company has the right to receive residual returns that could potentially be significant to SWK HP. As a result, the Company consolidates SWK HP in its financial statements and the limited partner interests of SWK HP owned by third parties are reflected as a non-controlling interest in the Company’s consolidated balance sheet. | ||||||||||||||||||||||||||
Unconsolidated VIEs | Unconsolidated VIEs | ||||||||||||||||||||||||||
Holmdel | Holmdel | ||||||||||||||||||||||||||
SWK HP has significant influence over the decisions made by Holmdel. SWK HP will receive quarterly distributions of cash flow generated by the pharmaceutical product according to a tiered scale that is subject to certain cash on cash returns received by SWK HP. Until SWK HP receives a 1x cash on cash return on its interest in Holmdel, SWK HP will receive approximately 84% of the pharmaceutical product’s cash flow. As the cash on cash multiple received by SWK HP Holdings LP increases, SWK HP’s interest in the cash flow generated by the pharmaceutical product decreases, but in no instance will it decline below 39%. Holmdel is considered a VIE because SWK HP’s control over the partnership is disproportionate to its economic interest. This VIE remains unconsolidated as the power to direct the activities of the partnership is not held by the Company. The Company is using the equity method to account for this investment. SWK HP’s current ownership in Holmdel approximates 84%. The Company accounts for its interest in the entity based on the timing of quarterly distributions, which are paid on a quarter lag basis. For the three and six months ended June 30, 2014, the Company recognized $1,192,000 and $2,695,000 of equity method gains, respectively. The amount of equity method gains attributable to the non-controlling interests in SWK HP were $633,000 and $1,434,000 for the three and six months ended June 30, 2014, respectively. For the three and six months ended June 30, 2013, the Company recognized $414,000 of equity method gains, of which $214,000 was attributable to the non-controlling interests in SWK HP. | SWK HP has significant influence over the decisions made by Holmdel. SWK HP will receive quarterly distributions of cash flow generated by the pharmaceutical product according to a tiered scale that is subject to certain cash on cash returns received by SWK HP. Until SWK HP receives a 1x cash on cash return on its interest in Holmdel, SWK HP will receive approximately 84% of the pharmaceutical product’s cash flow. As the cash on cash multiple received by SWK HP Holdings LP increases, SWK HP’s interest in the cash flow generated by the pharmaceutical product decreases, but in no instance will it decline below 39%. Holmdel is considered a VIE because SWK HP’s control over the partnership is disproportionate to its economic interest. This VIE remains unconsolidated as the power to direct the activities of the partnership is not held by the Company. The Company is using the equity method to account for this investment. SWK HP’s current ownership in Holmdel approximates 84%. The Company accounts for its interest in the entity based on the timing of quarterly distributions, which are paid on a quarter lag basis. For the year ended December 31, 2013, the Company recognized $2,779,000 of equity method gains, of which $1,470,000 was attributable to the non-controlling interest in SWK HP. In addition, SWK HP received cash distributions totaling $5,354,000 during the year ended December 31, 2013, of which $2,857,000 was subsequently paid to holders of the non-controlling interests in SWK HP. Changes in the carrying amount of the Company’s investment in Holmdel for the year ended December 31, 2013, are as follows (in thousands): | ||||||||||||||||||||||||||
In addition, SWK HP received cash distributions totaling $3,470,000 during the six months ended June 30, 2014, of which $1,851,000 was subsequently paid to holders of the non-controlling interests in SWK HP. Changes in the carrying amount of the Company’s investment in Holmdel for the six months ended June 30, 2014, are as follows (in thousands): | Balance at December 31, 2012 | $ | 13,000 | ||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 10,425 | Add: Income from investments in unconsolidated entities | 2,779 | |||||||||||||||||||||||
Add: Income from investments in unconsolidated entities | 2,695 | Less: Cash distribution on investments in unconsolidated entities | (5,354 | ) | |||||||||||||||||||||||
Less: Cash distribution on investments in unconsolidated entities | (3,470 | ) | Balance at December 31, 2013 | $ | 10,425 | ||||||||||||||||||||||
Balance at June 30, 2014 | $ | 9,650 | The following table provides the financial statement information related to Holmdel: | ||||||||||||||||||||||||
The following table provides the financial statement information related to Holmdel for the comparative periods which SWK HP has reflected its share of Holmdel income in the Company’s consolidated statements of income: | As of December 31, | Year ended | |||||||||||||||||||||||||
2013 | 31-Dec-13 | ||||||||||||||||||||||||||
As of June 30, | Three months ended | Six months ended | (in millions) | (in millions) | |||||||||||||||||||||||
2014 | 30-Jun-14 | 30-Jun-14 | |||||||||||||||||||||||||
(in millions) | (in millions) | (in millions) | Assets | $ | 13.7 | Revenue | $ | 8 | |||||||||||||||||||
Liabilities | $ | 2.3 | Expenses | $ | 1.6 | ||||||||||||||||||||||
Assets | $ | 12.8 | Net Revenue | $ | 2.2 | $ | 5.3 | Equity | $ | 11.4 | Net income | $ | 6.4 | ||||||||||||||
Liabilities | $ | 1.9 | Expenses | $ | 0.8 | $ | 2.1 | ||||||||||||||||||||
Equity | $ | 10.9 | Net income | $ | 1.4 | $ | 3.2 | ||||||||||||||||||||
As of June 30, | Three months ended | Six months ended | |||||||||||||||||||||||||
2013 | 30-Jun-13 | 30-Jun-13 | |||||||||||||||||||||||||
(in millions) | (in millions) | (in millions) | |||||||||||||||||||||||||
Assets | $ | 15.2 | Revenue | $ | 4 | $ | 4 | ||||||||||||||||||||
Liabilities | $ | 0.2 | Expenses | $ | 3.5 | $ | 3.5 | ||||||||||||||||||||
Equity | $ | 15 | Net income | $ | 0.5 | $ | 0.5 |
Accounts_Payable_and_Accrued_L
Accounts Payable and Accrued Liabilities | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Payables and Accruals [Abstract] | ' | ||||||||
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | ' | ||||||||
Note 5. Accounts Payable and Accrued Liabilities | |||||||||
Accounts payable and accrued liabilities are comprised of the following for each of the years ended December 31 (in thousands): | |||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | ||||||||
Accounts payable, accrued payroll and related expenses | $ | 269 | $ | 32 | |||||
Client deposits | 50 | 48 | |||||||
Interest expense on loan credit agreement | 21 | - | |||||||
Other accrued liabilities | 23 | 11 | |||||||
$ | 363 | $ | 91 | ||||||
Interest_and_Other_Income_Expe
Interest and Other Income (Expense) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Disclosure Text Block [Abstract] | ' | ||||||||
Interest and Other Income [Text Block] | ' | ||||||||
Note 6. Interest and Other Income (Expense) | |||||||||
Interest and other income (expense) are comprised of the following for each of the years ended December 31 (in thousands): | |||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | ||||||||
Interest income | $ | 49 | $ | 158 | |||||
Interest expense | (68 | ) | - | ||||||
Increase (decrease) in fair value of warrant assets | (130 | ) | - | ||||||
Decrease (increase) in fair value of warrant liability | (60 | ) | - | ||||||
$ | (209 | ) | $ | 158 | |||||
Loan_Credit_Agreement_with_Rel
Loan Credit Agreement with Related Party | 6 Months Ended | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | Dec. 31, 2013 | |||||||||||||
Debt Disclosure [Abstract] | ' | ' | ||||||||||||
Debt Disclosure [Text Block] | ' | ' | ||||||||||||
Note 5. Loan Credit Agreement with Related Party | Note 7. Loan Credit Agreement with Related Party | |||||||||||||
The Company entered a credit facility with an affiliate of a stockholder on September 6, 2013. The credit facility provides financing for the Company, primarily for the purchase of eligible investments. The facility matures on September 6, 2017 and provides that the loan shall accrue interest at the LIBOR rate plus a 6.50% margin. As of June 30, 2014 and December 31, 2013, the applicable interest rate was 6.73% and 6.75%, respectively. The principal is repayable in full at maturity. The facility works as a delayed draw credit facility with the Company having the ability to drawdown, as necessary, over the first 18 months (the “Draw Period”) up to $30,000,000, based on certain conditions. The credit facility provided for an initial $15,000,000 to be available at closing. The Company executed a draw of $5,000,000 on December 9, 2013. During the six months ended June 30, 2014, the Company has executed an additional draw of $6,000,000 to fund certain eligible investments. The balances of $11,000,000 and $5,000,000 are reflected as Loan credit agreement in the unaudited condensed consolidated balance sheet as of June 30, 2014 and December 31, 2013, respectively. On or before the last day of the Draw Period, the Company can request the loan amount to be increased to $30 million upon the Company realizing net proceeds of at least $10 million in cash through the issuance of new equity securities. Repayment of the facility is due upon maturity, four years from the closing date. The stockholder’s affiliate, as lender, has received a security interest in basically all assets of the Company as collateral for the facility. In conjunction with the credit facility, the Company issued warrants to the stockholder’s affiliate for 1,000,000 shares of the Company’s common stock at a strike price of $1.3875. In connection with the credit agreement, the Company and the stockholder and certain of the stockholder’s affiliates, including the lender entered into a Voting Rights Agreement restricting the stockholder’s and such affiliates’ voting rights under certain circumstances and providing the stockholder and such affiliates a right of first offer on certain future share issuances. | The Company entered a credit facility with an affiliate of a stockholder on September 6, 2013. The credit facility provides financing for the Company, primarily for the purchase of eligible investments. The facility matures on September 6, 2017 and provides that the loan shall accrue interest at the LIBOR rate plus a 6.50% margin. As of December 31, 2013, the applicable interest rate was 6.75%. The principal is repayable in full at maturity. The facility works as a delayed draw credit facility with the Company having the ability to drawdown, as necessary, over the next 18 months (the "Draw Period") up to $30,000,000, based on certain conditions. The credit facility provided for an initial $15,000,000 to be available at closing. The Company executed a draw of $5,000,000 on December 9, 2013 which is reflected as Loan credit agreement in the consolidated balance sheet. Subsequent to December 31, 2013, the Company has executed draws of an additional $6,000,000 to fund certain eligible investments (See discussion of investments subsequent to December 31, 2013, in Note 12). On or before the last day of the Draw Period, the Company can request the loan amount to be increased to $30 million upon the Company realizing net proceeds of at least $10 million in cash through the issuance of new equity securities. Repayment of the facility is due upon maturity, four years from the closing date. The stockholder’s affiliate, as lender, has received a security interest in basically all assets of the Company as collateral for the facility. In conjunction with the credit facility, the Company issued warrants to the stockholder’s affiliate for 1,000,000 shares of the Company’s common stock at a strike price of $1.3875. In connection with the credit agreement, the Company and the stockholder and certain of the stockholder’s affiliates, including the lender entered into a Voting Rights Agreement restricting the stockholder’s and such affiliates’ voting rights under certain circumstances and providing the stockholder and such affiliates a right of first offer on certain future share issuances. | |||||||||||||
Due to certain provisions within the warrant agreement, the warrants meets the definition of a derivative and do not qualify for a scope exception as it is not considered indexed in the Company’s stock. As such, the warrants with a value of $316,000 and $292,000 at June 30, 2014 and December 31, 2013, are reflected as a warrant liability in the unaudited condensed consolidated balance sheet. Unrealized losses of $66,000 and $24,000 were included in interest and other income (expense) in the unaudited condensed consolidated statements of income for the three and six months ended June 30, 2014. The Company determined the fair value using the Black-Scholes option pricing model with the following assumptions: | Due to certain provisions within the warrant agreement, the warrants meets the definition of a derivative and do not qualify for a scope exception as it is not considered indexed in the Company’s stock. As such, the warrants with a value of $292,000 at December 31, 2013, are reflected as a warrant liability in the consolidated balance sheet. Changes to fair value are included in interest and other (expense) income, net as detailed in Note 6. The Company determined the fair value using the Black-Scholes option pricing model with the following assumptions: | |||||||||||||
30-Jun-14 | December 31, 2013 | 31-Dec-13 | ||||||||||||
Dividend rate | 0 | % | 0 | % | Dividend rate | 0 | % | |||||||
Risk-free rate | 2.1 | % | 2.5 | % | Risk-free rate | 2.5 | % | |||||||
Expected life (years) | 6.2 | 6.7 | Expected life (years) | 6.7 | ||||||||||
Expected volatility | 29.3 | % | 27 | % | Expected volatility | 27 | % | |||||||
During the three and six months ended June 30, 2014, the Company recognized interest expense totaling $223,000 and $412,000, respectively. Interest expense included $36,000 and $71,000 of debt issuance cost amortization for the three and six months ended June 30, 2014, respectively. | During the year ended December 31, 2013, the Company recognized interest expense totaling $68,000. Interest expense included $21,000 of interest due the lender, as well as $47,000 of debt issuance cost amortization. A total of $571,000 of deferred financing costs, including $338,000 in lender fees and $232,000 in the initial value of the warrants, are being recognized as interest expense ratably over the four year term of the loan credit agreement. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Commitments and Contingencies Disclosure [Text Block] | ' | ||||
Note 8. Commitments and Contingencies | |||||
(a) Lease Obligations | |||||
In 2012, the Company relocated its corporate headquarters to Dallas, Texas, where it leases approximately 1,300 square feet. Total rent expense recognized under this lease was approximately $22,000 for the year ended December 31, 2013. The office lease had a two and a half year term that commenced on July 1, 2012. Future minimum rent is as follows: | |||||
2014 | $ | 22,000 | |||
Thereafter | - | ||||
Total future minimum rent with non-cancellable terms of one year or more | $ | 22,000 | |||
(b) Other Contractual Obligations | |||||
As of December 31, 2013, the Company had unfunded commitments of $2,000,000 in the Tribute term loan discussed in Note 2. The $2,000,000 commitment was funded on February 4, 2014 as discussed in Note 12. | |||||
In addition, as of December 31, 2013, the Company had unfunded contingent consideration payable to TRT discussed in Note 2 including (i) $1,250,000 payable upon aggregate royalty payments reaching a certain threshold and (ii) annual sharing payments due to TRT once aggregate royalty payments received by the Company exceed the purchase price paid by the Company. | |||||
(c) Litigation | |||||
The Company is involved in, or has been involved in, arbitrations or various other legal proceedings that arise from the normal course of our business. The ultimate outcome of any litigation is uncertain, and either unfavorable or favorable outcomes could have a material negative impact on the Company’s results of operations, balance sheets and cash flows due to defense costs, and divert management resources. The Company cannot predict the timing or outcome of these claims and other proceedings. Currently, the Company is not involved in any arbitration and/or other legal proceeding that it expects to have a material effect on its business, financial condition, results of operations and cash flows. | |||||
(d) Indemnification | |||||
As permitted by Delaware law, the Company has agreements whereby it indemnifies its officers and directors for certain events or occurrences while the officer is, or was, serving at the Company’s request in such capacity. The term of the indemnification period is for the officer’s or director’s lifetime. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is unlimited; however, the Company has a director and officer insurance policy that limits its exposure and enables the Company to recover a portion of any such amounts. As a result of the Company’s insurance policy coverage, the Company believes the estimated fair value of these indemnification agreements is insignificant. Accordingly, the Company had no liabilities recorded for these agreements as of December 31, 2013 and 2012. |
Stockholders_Equity
Stockholders' Equity | 6 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
Jun. 30, 2014 | Dec. 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note Disclosure [Text Block] | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||
Note 6. Stockholders’ Equity | Note 9. Stockholders’ Equity | ||||||||||||||||||||||||||||||||||||||||||||||
Stock Compensation Plans | (a) Common Stock | ||||||||||||||||||||||||||||||||||||||||||||||
The Company’s 1999 Stock Incentive Plan (the “1999 Stock Incentive Plan”), as successor to the 1997 Stock Option Plan (the “1997 Stock Option Plan”), provided for options to purchase shares of the Company’s common stock to be granted to employees, independent contractors, officers, and directors. The plan expired in July 2009. As a result of the termination of all employees on December 31, 2009, the stock options held by employees were cancelled on March 31, 2010. The only remaining options outstanding as of June 30, 2014, under the 1999 Stock Incentive Plan are those held by some of the Company’s current directors. | The total number of shares of common stock, $0.001 par value, that the Company is authorized to issue is 250,000,000. | ||||||||||||||||||||||||||||||||||||||||||||||
The Company’s 2010 Stock Incentive Plan (the “2010 Stock Incentive Plan”) provides for options, restricted stock, and other customary forms of equity to be granted to the Company’s directors, officers, employees, and independent contractors. All forms of equity incentive compensation are granted at the discretion of the Company’s Board of Directors (the “Board”) and have a term not greater than 10 years from the date of grant. | (b) Preferred Stock | ||||||||||||||||||||||||||||||||||||||||||||||
The following table summarizes activities under the option plans for the indicated periods: | The Board of Directors may, without further action by the stockholders, issue a series of preferred stock and fix the rights and preferences of those shares, including the dividend rights, dividend rates, conversion rights, exchange rights, voting rights, terms of redemption, redemption price or prices, liquidation preferences, the number of shares constituting any series and the designation of such series. As of December 31, 2013, no shares of preferred stock have been issued. | ||||||||||||||||||||||||||||||||||||||||||||||
Options Outstanding | (c) Stock Compensation Plans | ||||||||||||||||||||||||||||||||||||||||||||||
Number of | Weighted | Weighted | Aggregate | ||||||||||||||||||||||||||||||||||||||||||||
Shares | Average | Average | Intrinsic | The Company’s 1999 Stock Incentive Plan (the “1999 Stock Incentive Plan”), as successor to the 1997 Stock Option Plan (the “1997 Stock Option Plan”), provided for options to purchase shares of the Company’s common stock to be granted to employees, independent contractors, officers, and directors. The plan expired in July 2009. As a result of the termination of all employees on December 31, 2009, the stock options held by employees were cancelled on March 31, 2010. The only remaining options outstanding as of December 31, 2013 under the 1999 Stock Incentive Plan are those held by some of the Company’s current directors. | |||||||||||||||||||||||||||||||||||||||||||
Exercise | Remaining Contractual | Value | |||||||||||||||||||||||||||||||||||||||||||||
Price | Term | The Company’s 2010 Stock Incentive Plan (the “2010 Stock Incentive Plan”) provides for options, restricted stock, and other customary forms of equity to be granted to the Company’s directors, officers, employees, and independent contractors. All forms of equity incentive compensation are granted at the discretion of the Company’s Board of Directors (the "Board") and have a term not greater than 10 years from the date of grant. | |||||||||||||||||||||||||||||||||||||||||||||
(in years) | |||||||||||||||||||||||||||||||||||||||||||||||
Balances, December 31, 2013 | 1,680,000 | $ | 1.01 | 7.8 | $ | 458,600 | On May 14, 2012, the Board of Directors granted the Company's current CEO and current Managing Director 750,000 stock options each with an exercise price of $0.83. The options are forfeited if not vested within five years from the date of grant, and vest when the average closing stock price of the Company's common stock exceeds certain levels for sixty consecutive calendar days. Twenty-five percent of each award vests when the average closing stock price of the common stock exceeds $1.24, $1.66, $2.07, and $2.49, respectively. As of December 31, 2013, none of the options associated with this grant had vested. There were no stock options granted in 2013. There were no options exercised in 2013 or 2012. | ||||||||||||||||||||||||||||||||||||||||
Options cancelled and retired | (10,000 | ) | 2.65 | ||||||||||||||||||||||||||||||||||||||||||||
Options exercised | — | — | The following table summarizes activities under the option plans for the indicated periods: | ||||||||||||||||||||||||||||||||||||||||||||
Options granted | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Balances, June 30, 2014 | 1,670,000 | $ | 1.01 | 7.3 | $ | 519,400 | Options Outstanding | ||||||||||||||||||||||||||||||||||||||||
Number of | Weighted | Weighted | Aggregate | ||||||||||||||||||||||||||||||||||||||||||||
Options vested and exercisable and expected to be vested and exercisable at June 30, 2014 | 1,518,900 | $ | 1.03 | 7.3 | $ | 464,626 | Shares | Average | Average | Intrinsic | |||||||||||||||||||||||||||||||||||||
Options vested and exercisable at June 30, 2014 | 170,000 | $ | 1.38 | 6.2 | $ | 89,500 | Exercise | Remaining Contractual | Value | ||||||||||||||||||||||||||||||||||||||
Price | Term | ||||||||||||||||||||||||||||||||||||||||||||||
At June 30, 2014, there were no options available for grant under the 1999 Stock Incentive Plan, and the Company had no total unrecognized stock-based compensation expense under this Plan. At June 30, 2014, there were 2.6 million shares reserved for equity awards under the 2010 Stock Incentive Plan and the Company had approximately $0.1 million of total unrecognized stock option expense, net of estimated forfeitures, which will be recognized over the weighted average remaining period of 1.0 years. | (in years) | ||||||||||||||||||||||||||||||||||||||||||||||
Balances, December 31, 2011 | 180,000 | $ | 2.52 | 5.4 | $ | 2,400 | |||||||||||||||||||||||||||||||||||||||||
Options cancelled and retired | - | - | |||||||||||||||||||||||||||||||||||||||||||||
The following table summarizes significant ranges of outstanding and exercisable options as of June 30, 2014: | Options exercised | - | - | ||||||||||||||||||||||||||||||||||||||||||||
Options granted | 1,500,000 | 0.83 | |||||||||||||||||||||||||||||||||||||||||||||
Options Outstanding, Vested and Exercisable | Balances, December 31, 2012 | 1,680,000 | 1.01 | 8.8 | 2,200 | ||||||||||||||||||||||||||||||||||||||||||
Exercise Prices | Number | Weighted | Weighted | Number | Weighted | Options cancelled and retired | - | - | |||||||||||||||||||||||||||||||||||||||
Outstanding | Average | Average | Exercisable | Average | Options exercised | - | - | ||||||||||||||||||||||||||||||||||||||||
Remaining | Exercise | Exercise | Options granted | - | - | ||||||||||||||||||||||||||||||||||||||||||
Contractual | Price Per | Price Per Share | Balances, December 31, 2013 | 1,680,000 | $ | 1.01 | 7.8 | $ | 458,600 | ||||||||||||||||||||||||||||||||||||||
Life (in Years) | Share | ||||||||||||||||||||||||||||||||||||||||||||||
$ | 0.7 | 20,000 | 5 | $ | 0.7 | 20,000 | $ | 0.7 | Options vested and exerciseable and expected to be vested and exerciseable at December 31, 2013 | 1,518,900 | $ | 1.03 | 7.8 | $ | 410,270 | ||||||||||||||||||||||||||||||||
0.83 | 1,500,000 | 7.9 | 0.83 | — | 0.83 | Options vested and exerciseable at December 31, 2013 | 180,000 | $ | 2.52 | 3.4 | $ | 8,600 | |||||||||||||||||||||||||||||||||||
1.24 | 20,000 | 4.1 | 1.24 | 20,000 | 1.24 | ||||||||||||||||||||||||||||||||||||||||||
2.67 | 20,000 | 3.1 | 2.67 | 20,000 | 2.67 | At December 31, 2013, there were no options available for grant under the 1999 Stock Incentive Plan, and the Company had no total unrecognized stock-based compensation expense under this Plan. At December 31, 2013, there were 2.6 million shares reserved for equity awards under the 2010 Stock Incentive Plan and the Company had approximately $0.1 million of total unrecognized stock option expense, net of estimated forfeitures, which will be recognized over the weighted average remaining period of 1.4 years. | |||||||||||||||||||||||||||||||||||||||||
2.95 | 90,000 | 2.3 | 2.95 | 90,000 | 2.95 | ||||||||||||||||||||||||||||||||||||||||||
3.5 | 20,000 | 2.7 | 3.5 | 20,000 | 3.5 | The following table summarizes significant ranges of outstanding and exercisable options as of December 31, 2013: | |||||||||||||||||||||||||||||||||||||||||
Total | 1,670,000 | 7.3 | $ | 1.01 | 170,000 | $ | 1.38 | ||||||||||||||||||||||||||||||||||||||||
Options Outstanding, Vested and Exercisable | |||||||||||||||||||||||||||||||||||||||||||||||
Employee stock-based compensation expense recognized for time-vesting options for the three and six months ended June 30, 2014 and 2013, uses the Black-Scholes option pricing model for estimating the fair value of options granted under the Company’s equity incentive plans. Risk-free interest rates for the options were taken from the Daily Federal Yield Curve Rates on the grant dates for the expected life of the options as published by the Federal Reserve. The expected volatility was based upon historical data and other relevant factors such as the Company’s changes in historical volatility and its capital structure, in addition to mean reversion. Employee stock-based compensation expense recognized for market performance-vesting options uses a binomial lattice model for estimating the fair value of options granted under the Company’s equity incentive plans. | Exercise Prices | Number | Weighted | Weighted | Number | Weighted | |||||||||||||||||||||||||||||||||||||||||
Outstanding | Average | Average | Exercisable | Average | |||||||||||||||||||||||||||||||||||||||||||
In calculating the expected life of stock options, the Company determines the amount of time from grant date to exercise date for exercised options and adjusts this number for the expected time to exercise for unexercised options. The expected time to exercise for unexercised options is calculated from grant as the midpoint between the expiration date of the option and the later of the measurement date or the vesting date. In developing the expected life assumption, all amounts of time are weighted by the number of underlying options. | Remaining | Exercise | Exercise | ||||||||||||||||||||||||||||||||||||||||||||
Contractual | Price Per | Price Per Share | |||||||||||||||||||||||||||||||||||||||||||||
On January 31, 2012, the Board approved a change in the compensation plan for non-employee directors. In lieu of cash payments historically paid to the Company’s directors for Board service, the Board approved an annual grant of 35,000 shares of restricted common stock for each of our non-executive Board members on January 31 of each year, starting with 2012. The restricted shares fully vest on the first anniversary of the grant and are forfeited if the Board member does not complete the full year of service. | Life (in Years) | Share | |||||||||||||||||||||||||||||||||||||||||||||
$ | 0.7 | 20,000 | 5.5 | $ | 0.7 | 20,000 | $ | 0.7 | |||||||||||||||||||||||||||||||||||||||
The following table summarizes restricted stock activities under the equity incentive plans for the indicated periods: | 0.83 | 1,500,000 | 8.4 | 0.83 | 0 | 0.83 | |||||||||||||||||||||||||||||||||||||||||
1.24 | 20,000 | 4.6 | 1.24 | 20,000 | 1.24 | ||||||||||||||||||||||||||||||||||||||||||
Restricted Shares Outstanding | 2.65 | 10,000 | 3.9 | 2.65 | 10,000 | 2.65 | |||||||||||||||||||||||||||||||||||||||||
Number of Shares | Weighted Average Grant Date Fair Value | 2.67 | 20,000 | 3.6 | 2.67 | 20,000 | 2.67 | ||||||||||||||||||||||||||||||||||||||||
Balances, December 31, 2013 | 1,665,000 | $ | 0.39 | 2.95 | 90,000 | 2.7 | 2.95 | 90,000 | 2.95 | ||||||||||||||||||||||||||||||||||||||
Shares cancelled and forfeited | — | — | 3.5 | 20,000 | 3.2 | 3.5 | 20,000 | 3.5 | |||||||||||||||||||||||||||||||||||||||
Shares vested | (140,000 | ) | 0.83 | Total | 1,680,000 | 7.8 | $ | 1.01 | 180,000 | $ | 2.52 | ||||||||||||||||||||||||||||||||||||
Shares granted | 140,000 | 1.13 | |||||||||||||||||||||||||||||||||||||||||||||
Balances, June 30, 2014 | 1,665,000 | $ | 0.45 | Employee stock-based compensation expense recognized for time-vesting options for the year ended December 31, 2013, and 2012, uses the Black-Scholes option pricing model for estimating the fair value of options granted under the Company's equity incentive plans. Risk-free interest rates for the options were taken from the Daily Federal Yield Curve Rates on the grant dates for the expected life of the options as published by the Federal Reserve. The expected volatility was based upon historical data and other relevant factors such as the Company's changes in historical volatility and its capital structure, in addition to mean reversion. Employee stock-based compensation expense recognized for market performance-vesting options uses a binomial lattice model for estimating the fair value of options granted under the Company's equity incentive plans. | |||||||||||||||||||||||||||||||||||||||||||
For restricted stock granted in 2014 and 2013 under the 2010 Stock Incentive Plan, the Company recognizes compensation expense in accordance with the fair value of such stock as determined on the grant date, amortized over the applicable derived service period using the graded amortization method. The fair value and derived service period of awards with market performance vesting was calculated using a lattice model and included adjustments to the fair value of the Company’s common stock resulting from the vesting conditions being based on the underlying stock price. All 1,665,000 restricted shares are included in the Company’s shares outstanding as of June 30, 2014, but are not included in the computation of basic income per share as the shares are not yet earned by the recipients. The Company had $0.1 million of unrecognized stock based compensation expense, net of estimated forfeitures, related to restricted shares which will be recognized over the weighted average remaining period of 0.6 year. | In calculating the expected life of stock options, the Company determines the amount of time from grant date to exercise date for exercised options and adjusts this number for the expected time to exercise for unexercised options. The expected time to exercise for unexercised options is calculated from grant as the midpoint between the expiration date of the option and the later of the measurement date or the vesting date. In developing the expected life assumption, all amounts of time are weighted by the number of underlying options. | ||||||||||||||||||||||||||||||||||||||||||||||
The stock-based compensation expense recognized by the Company for the three and six months ended June 30, 2014 was $62,000 and $138,000, respectively. The stock-based compensation expense recognized by the Company for the three and six months ended June 30, 2013 was $72,000 and $132,000, respectively. | On January 31, 2012, the Board of Directors (the “Board”) approved a change in the compensation plan for non-employee directors. In lieu of cash payments to our Board members historically paid for Board service, the Board approved an annual grant of 35,000 shares of restricted common stock for each of our non-executive Board members on January 31 of each year, starting with 2012. The restricted shares fully vest on the first anniversary of the grant and are forfeited if the Board member does not complete the full year of service. | ||||||||||||||||||||||||||||||||||||||||||||||
Non-controlling Interests | On May 14, 2012, the Board granted the former, Interim Chief Executive Officer, and Interim Chief Financial Officer, 750,000 and 375,000 shares of restricted stock, respectively, in connection with their separation agreements. Shares are forfeited if not vested within five years from the date of the grant, and vest when the Company's average closing stock price exceeds certain levels for sixty consecutive calendar days. Thirty-three percent of each award vests when the average closing stock price of the common stock exceeds $1.66, $2.07, and $2.49, respectively. There is no requisite service period with respect to these grants; therefore the entire grant date fair value of these awards of $345,000 has been expensed during the year ended December 31, 2012. | ||||||||||||||||||||||||||||||||||||||||||||||
As discussed in Note 4, SWK HP has a limited partnership interest in Holmdel. The total investment by SWK HP was $13,000,000, of which SWK Holdings GP provided $6,000,000. The remaining $7,000,000 is reflected as non-controlling interest in the unaudited condensed consolidated balance sheets. Changes in the carrying amount of the non-controlling interest in the unaudited condensed consolidated balance sheet for the six months ended June 30, 2014, are as follows: | The following table summarizes restricted stock activities under the equity incentive plans for the indicated periods: | ||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 5,613 | Restricted Shares Outstanding | ||||||||||||||||||||||||||||||||||||||||||||
Add: Income attributable to non-controlling interests | 1,434 | Number of Shares | Weighted Average Grant Date Fair Value | ||||||||||||||||||||||||||||||||||||||||||||
Less: Cash distribution to non-controlling interests | (1,851 | ) | Balances, December 31, 2011 | 400,000 | $ | 0.47 | |||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2014 | $ | 5,196 | Shares cancelled and forfeited | - | - | ||||||||||||||||||||||||||||||||||||||||||
Shares vested | - | - | |||||||||||||||||||||||||||||||||||||||||||||
Shares granted | 1,247,500 | 0.36 | |||||||||||||||||||||||||||||||||||||||||||||
Balances, December 31, 2012 | 1,647,500 | $ | 0.38 | ||||||||||||||||||||||||||||||||||||||||||||
Shares cancelled and forfeited | - | - | |||||||||||||||||||||||||||||||||||||||||||||
Shares vested | (105,000 | ) | 0.82 | ||||||||||||||||||||||||||||||||||||||||||||
Shares granted | 140,000 | $ | 0.83 | ||||||||||||||||||||||||||||||||||||||||||||
Balances, December 31, 2013 | 1,682,500 | $ | 0.39 | ||||||||||||||||||||||||||||||||||||||||||||
For restricted stock granted in 2013 and 2012 under the 2010 Stock Incentive Plan, the Company recognizes compensation expense in accordance with the fair value of such stock as determined on the grant date, amortized over the applicable derived service period using the graded amortization method. The fair value and derived service period of awards with market performance vesting was calculated using a lattice model and included adjustments to the fair value of the Company's common stock resulting from the vesting conditions being based on the underlying stock price. All 1,682,500 restricted shares are included in the Company's shares outstanding as of December 31, 2013, but are not included in the computation of basic income (loss) per share as the shares are not yet earned by the recipients. The Company had $0.1 million of unrecognized stock based compensation expense, net of estimated forfeitures, related to restricted shares which will be recognized over the weighted average remaining period of 0.2 year. | |||||||||||||||||||||||||||||||||||||||||||||||
The stock-based compensation expense recognized by the Company for the years ended December 31, 2013, and 2012 was $254,000 and $586,000, respectively. | |||||||||||||||||||||||||||||||||||||||||||||||
(d) Non-controlling Interests | |||||||||||||||||||||||||||||||||||||||||||||||
As discussed in Note 4, SWK HP has a limited partnership interest in Holmdel. The total investment by SWK HP was $13,000,000, of which SWK Holdings GP provided $6,000,000. The remaining $7,000,000 is reflected as non-controlling interest in the consolidated balance sheets and the consolidated statements of stockholders’ equity. Changes in the carrying amount of the non-controlling interest in the consolidated balance sheet for the year ended December 31, 2013, is as follows: | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2012 | $ | 7,000 | |||||||||||||||||||||||||||||||||||||||||||||
Add: Income attributable to non-controlling interests | 1,470 | ||||||||||||||||||||||||||||||||||||||||||||||
Less: Cash distribution to non-controlling interests | (2,857 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 5,613 | |||||||||||||||||||||||||||||||||||||||||||||
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Jun. 30, 2014 | Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ' | ||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Text Block] | ' | ' | ||||||||||||||||||||||||||||||||||||||||
Note 7. Fair Value Measurements | Note 10. Fair Value Measurements | |||||||||||||||||||||||||||||||||||||||||
The Company measures and reports certain financial and non-financial assets and liabilities on a fair value basis. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). GAAP specifies a three-level hierarchy that is used when measuring and disclosing fair value. The fair value hierarchy gives the highest priority to quoted prices available in active markets (i.e., observable inputs) and the lowest priority to data lacking transparency (i.e., unobservable inputs). An instrument’s categorization within the fair value hierarchy is based on the lowest level of significant input to its valuation. The following is a description of the three hierarchy levels. | The Company measures and reports certain financial and non-financial assets and liabilities on a fair value basis. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). GAAP specifies a three-level hierarchy that is used when measuring and disclosing fair value. The fair value hierarchy gives the highest priority to quoted prices available in active markets (i.e., observable inputs) and the lowest priority to data lacking transparency (i.e., unobservable inputs). An instrument’s categorization within the fair value hierarchy is based on the lowest level of significant input to its valuation. The following is a description of the three hierarchy levels. | |||||||||||||||||||||||||||||||||||||||||
Level 1 | Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Active markets are considered to be those in which transactions for the assets or liabilities occur in sufficient frequency and volume to provide pricing information on an ongoing basis. | Level 1 | Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Active markets are considered to be those in which transactions for the assets or liabilities occur in sufficient frequency and volume to provide pricing information on an ongoing basis. | |||||||||||||||||||||||||||||||||||||||
Level 2 | Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability. This category includes quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in inactive markets. | Level 2 | Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability. This category includes quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in inactive markets. | |||||||||||||||||||||||||||||||||||||||
Level 3 | Unobservable inputs are not corroborated by market data. This category is comprised of financial and non-financial assets and liabilities whose fair value is estimated based on internally developed models or methodologies using significant inputs that are generally less readily observable from objective sources. | Level 3 | Unobservable inputs are not corroborated by market data. This category is comprised of financial and non-financial assets and liabilities whose fair value is estimated based on internally developed models or methodologies using significant inputs that are generally less readily observable from objective sources. | |||||||||||||||||||||||||||||||||||||||
Transfers into or out of any hierarchy level are recognized at the end of the reporting period in which the transfers occurred. There were no transfers between any levels during the six months ended June 30, 2014 and 2013. | Transfers into or out of any hierarchy level are recognized at the end of the reporting period in which the transfers occurred. There were no transfers between any levels during the years ended December 31, 2013 and 2012. | |||||||||||||||||||||||||||||||||||||||||
The fair value of equity method investments is not readily available nor have we estimated the fair value of these investments and disclosure is not required. The Company is not aware of any identified events or changes in circumstances that would have a significant adverse effect on the carrying value of any of our equity method investments included in their unaudited condensed consolidated balance sheets at June 30, 2014 or December 31, 2013. | The fair value of equity method investments is not readily available nor have we estimated the fair value of these investments and disclosure is not required. The Company is not aware of any identified events or changes in circumstances that would have a significant adverse effect on the carrying value of any of our equity method investments included in the consolidated balance sheets as of December 31, 2013 and 2012. | |||||||||||||||||||||||||||||||||||||||||
Following are descriptions of the valuation methodologies used to measure material assets and liabilities at fair value and details of the valuation models, key inputs to those models and significant assumptions utilized. | Following are descriptions of the valuation methodologies used to measure material assets and liabilities at fair value and details of the valuation models, key inputs to those models and significant assumptions utilized. | |||||||||||||||||||||||||||||||||||||||||
Finance Receivables | Finance Receivables | |||||||||||||||||||||||||||||||||||||||||
The fair values of finance receivables are estimated using discounted cash flow analyses, using market rates at the balance sheet date that reflect the credit and interest rate-risk inherent in the finance receivables. Projected future cash flows are calculated based upon contractual maturity or call dates, projected repayments and prepayments of principal. These receivables are classified as Level 3. Finance receivables are not measured at fair value on a recurring basis, but estimates of fair value are reflected below. | The fair values of finance receivables are estimated using discounted cash flow analyses, using market rates at the balance sheet date that reflect the credit and interest rate-risk inherent in the finance receivables. Projected future cash flows are calculated based upon contractual maturity or call dates, projected repayments and prepayments of principal. These receivables are classified as Level 3. Finance receivables are not measured at fair value on a recurring basis, but estimates of fair value are reflected below. | |||||||||||||||||||||||||||||||||||||||||
Marketable Investments and Warrant Liability | Marketable Investments and Warrants | |||||||||||||||||||||||||||||||||||||||||
Debt securities | Debt securities | |||||||||||||||||||||||||||||||||||||||||
If active market prices are available, fair value measurement is based on quoted active market prices and, accordingly, these securities would be classified as Level 1. If active market prices are not available, fair value measurement is based on observable inputs other than quoted prices included within Level 1, such as prices for similar assets or broker quotes utilizing observable inputs, and accordingly these securities would be classified as Level 2. If market prices are not available and there are no observable inputs, then fair value would be estimated by using valuation models including discounted cash flow methodologies, commonly used option-pricing models and broker quotes. Such securities would be classified as Level 3, if the valuation models and broker quotes are based on inputs that are unobservable in the market. If fair value is based on broker quotes, the Company checks the validity of received prices based on comparison to prices of other similar assets and market data such as relevant bench mark indices. | If active market prices are available, fair value measurement is based on quoted active market prices and, accordingly, these securities would be classified as Level 1. If active market prices are not available, fair value measurement is based on observable inputs other than quoted prices included within Level 1, such as prices for similar assets or broker quotes utilizing observable inputs, and accordingly these securities would be classified as Level 2. If market prices are not available and there are no observable inputs, then fair value would be estimated by using valuation models including discounted cash flow methodologies, commonly used option-pricing models and broker quotes. Such securities would be classified as Level 3, if the valuation models and broker quotes are based on inputs that are unobservable in the market. If fair value is based on broker quotes, the Company checks the validity of received prices based on comparison to prices of other similar assets and market data such as relevant bench mark indices. | |||||||||||||||||||||||||||||||||||||||||
Derivative securities | Derivative securities | |||||||||||||||||||||||||||||||||||||||||
For exchange-traded derivatives, fair value is based on quoted market prices, and accordingly, would be classified as Level 1. For non-exchange traded derivatives, fair value is based on option pricing models and are classified as Level 3. | For exchange-traded derivatives, fair value is based on quoted market prices, and accordingly, would be classified as Level 1. For non-exchange traded derivatives, fair value is based on option pricing models and are classified as Level 3. | |||||||||||||||||||||||||||||||||||||||||
The following table presents financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2014 (in thousands): | The following table presents financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2013 (in thousands): | |||||||||||||||||||||||||||||||||||||||||
Total Carrying Value in Consolidated Balance Sheet | Quoted prices | Significant | Significant | Total Carrying Value in Consolidated Balance Sheet | Quoted prices | Significant | Significant | |||||||||||||||||||||||||||||||||||
in active | other | unobservable | in active | other | unobservable | |||||||||||||||||||||||||||||||||||||
markets for | observable | inputs | markets for | observable | inputs | |||||||||||||||||||||||||||||||||||||
identical assets | inputs | (Level 3) | identical assets | inputs | (Level 3) | |||||||||||||||||||||||||||||||||||||
or liabilities | (Level 2) | or liabilities | (Level 2) | |||||||||||||||||||||||||||||||||||||||
(Level 1) | (Level 1) | |||||||||||||||||||||||||||||||||||||||||
Financial Assets: | Financial Assets: | |||||||||||||||||||||||||||||||||||||||||
Tribute warrants | $ | 701 | $ | — | $ | — | $ | 701 | Tribute warrant | $ | 204 | $ | - | $ | - | $ | 204 | |||||||||||||||||||||||||
Available-for-sale securities | 3,119 | — | 3,119 | — | Available-for-sale securities | 3,119 | - | 3,119 | - | |||||||||||||||||||||||||||||||||
Financial Liabilities: | Financial Liabilities: | |||||||||||||||||||||||||||||||||||||||||
Warrant liability | $ | 316 | $ | — | $ | — | $ | 316 | Warrant liability | $ | 292 | $ | - | $ | - | $ | 292 | |||||||||||||||||||||||||
The following table presents financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2013 (in thousands): | The changes on the value of the Tribute warrant asset during the year ended December 31, 2013 were as follows (in thousands): | |||||||||||||||||||||||||||||||||||||||||
Total Carrying Value in Consolidated Balance Sheet | Quoted prices | Significant | Significant | Fair value – beginning of period | $ | - | ||||||||||||||||||||||||||||||||||||
in active | other | unobservable | Issuances | 334 | ||||||||||||||||||||||||||||||||||||||
markets for | observable | inputs | Change in fair value | (130 | ) | |||||||||||||||||||||||||||||||||||||
identical assets | inputs | (Level 3) | Fair value – end of period | $ | 204 | |||||||||||||||||||||||||||||||||||||
or liabilities | (Level 2) | |||||||||||||||||||||||||||||||||||||||||
(Level 1) | The changes on the value of the warrant liability during the year ended December 31, 2013 were as follows (in thousands): | |||||||||||||||||||||||||||||||||||||||||
Financial Assets: | ||||||||||||||||||||||||||||||||||||||||||
Tribute warrant | $ | 204 | $ | — | $ | — | $ | 204 | Fair value – beginning of period | $ | - | |||||||||||||||||||||||||||||||
Available-for-sale securities | 3,119 | — | 3,119 | — | Issuances | 232 | ||||||||||||||||||||||||||||||||||||
Change in fair value | 60 | |||||||||||||||||||||||||||||||||||||||||
Financial Liabilities: | Fair value – end of period | $ | 292 | |||||||||||||||||||||||||||||||||||||||
Warrant liability | $ | 292 | $ | — | $ | — | $ | 292 | ||||||||||||||||||||||||||||||||||
For assets and liabilities measured on a non-recurring basis during the year, accounting guidance requires quantitative disclosures about the fair value measurements separately for each major category. There were no remeasured assets or liabilities at fair value on a non-recurring basis during the years ended December 31, 2013 and 2012. | ||||||||||||||||||||||||||||||||||||||||||
The changes on the value of the Tribute warrant asset during the six months ended June 30, 2014, were as follows (in thousands): | The following information is provided to help readers gain an understanding of the relationship between amounts reported in the accompanying consolidated financial statements and the related market or fair value. The disclosures include financial instruments and derivative financial instruments, other than investment in affiliates. | |||||||||||||||||||||||||||||||||||||||||
Fair value – December 31, 2013 | $ | 204 | Carry | Fair | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||
Issuances | 99 | Value | Value | |||||||||||||||||||||||||||||||||||||||
Change in fair value | 398 | Financial Assets | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||
Fair value – June 30, 2014 | $ | 701 | Cash and restricted cash | 7,664 | 7,664 | 7,664 | - | - | ||||||||||||||||||||||||||||||||||
Finance receivables | 29,286 | 29,324 | - | - | 29,324 | |||||||||||||||||||||||||||||||||||||
The changes on the value of the warrant liability during the six months ended June 30, 2014, were as follows (in thousands): | Marketable investments | 3,119 | 3,119 | - | 3,119 | - | ||||||||||||||||||||||||||||||||||||
Other assets | 204 | 204 | - | - | 204 | |||||||||||||||||||||||||||||||||||||
Fair value – December 31, 2013 | $ | 292 | ||||||||||||||||||||||||||||||||||||||||
Issuances | — | Financial Liabilities | ||||||||||||||||||||||||||||||||||||||||
Change in fair value | 24 | Warrant liability | $ | 292 | $ | 292 | $ | - | $ | - | $ | 292 | ||||||||||||||||||||||||||||||
Fair value – June 30, 2014 | $ | 316 | ||||||||||||||||||||||||||||||||||||||||
For assets and liabilities measured on a non-recurring basis during the year, accounting guidance requires quantitative disclosures about the fair value measurements separately for each major category. There were no remeasured assets or liabilities at fair value on a non-recurring basis during the six months ended June 30, 2014 and December 31, 2013. | ||||||||||||||||||||||||||||||||||||||||||
The following information as of June 30, 2014 and December 31, 2013, is provided to help readers gain an understanding of the relationship between amounts reported in the accompanying consolidated financial statements and the related market or fair value. The disclosures include financial instruments and derivative financial instruments, other than investment in affiliates. | ||||||||||||||||||||||||||||||||||||||||||
30-Jun-14 | Carry | Fair | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||
Value | Value | |||||||||||||||||||||||||||||||||||||||||
Financial Assets | ||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 15,817 | $ | 15,817 | $ | 15,817 | $ | — | $ | — | ||||||||||||||||||||||||||||||||
Finance receivables | 31,575 | 31,615 | — | — | 31,615 | |||||||||||||||||||||||||||||||||||||
Marketable investments | 3,119 | 3,119 | — | 3,119 | — | |||||||||||||||||||||||||||||||||||||
Other assets | 701 | 701 | — | — | 701 | |||||||||||||||||||||||||||||||||||||
Financial Liabilities | ||||||||||||||||||||||||||||||||||||||||||
Warrant liability | $ | 316 | $ | 316 | $ | — | $ | — | $ | 316 | ||||||||||||||||||||||||||||||||
31-Dec-13 | Carry | Fair | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||
Value | Value | |||||||||||||||||||||||||||||||||||||||||
Financial Assets | ||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 7,664 | $ | 7,664 | $ | 7,664 | $ | — | $ | — | ||||||||||||||||||||||||||||||||
Finance receivables | 29,286 | 29,324 | — | — | 29,324 | |||||||||||||||||||||||||||||||||||||
Marketable investments | 3,119 | 3,119 | — | 3,119 | — | |||||||||||||||||||||||||||||||||||||
Other assets | 204 | 204 | — | — | 204 | |||||||||||||||||||||||||||||||||||||
Financial Liabilities | ||||||||||||||||||||||||||||||||||||||||||
Warrant liability | $ | 292 | $ | 292 | $ | — | $ | — | $ | 292 |
Income_Taxes
Income Taxes | 6 Months Ended | 12 Months Ended | ||||||||||||||||
Jun. 30, 2014 | Dec. 31, 2013 | |||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ' | ||||||||||||||||
Income Tax Disclosure [Text Block] | ' | ' | ||||||||||||||||
Note 8. Income Taxes | Note 11. Income Taxes | |||||||||||||||||
The Company recognizes interest and penalties related to uncertain tax positions as a component of income tax expense. The Company had no unrecognized tax benefits as of June 30, 2014 and December 31, 2013. | The components of income (loss) before income tax benefit are as follows (in thousands): | |||||||||||||||||
As of December 31, 2013, the Company’s valuation allowance against deferred tax assets decreased by approximately $20,960,000 due to write off of expired deferred tax assets and partial release of the Company’s valuation allowance. | December 31, | |||||||||||||||||
2013 | 2012 | |||||||||||||||||
The Company will continue to assess the need for a valuation allowance on the deferred tax assets by evaluating both positive and negative evidence that may exist on a quarterly basis. Any adjustment to the deferred tax asset valuation allowance would be recorded in the unaudited condensed consolidated statements of income for the period that the adjustment is determined to be required. | U.S. | $ | 4,491 | $ | (1,445 | ) | ||||||||||||
Foreign | - | - | ||||||||||||||||
Deferred tax assets consist of the following (in thousands): | $ | 4,491 | $ | (1,445 | ) | |||||||||||||
June 30, | December 31, | During the years ended December 31, 2013 and 2012, the Company's benefit for income taxes was as follows (in thousands): | ||||||||||||||||
2014 | 2013 | |||||||||||||||||
Deferred tax assets | December 31, | |||||||||||||||||
Credit carryforward | $ | 2,660 | $ | 2,660 | 2013 | 2012 | ||||||||||||
Stock based compensation | 287 | 287 | Current benefit | $ | (38 | ) | $ | (24 | ) | |||||||||
Other | 59 | 59 | Deferred benefit | (9,803 | ) | - | ||||||||||||
Net operating losses | 146,039 | 146,637 | $ | (9,841 | ) | $ | (24 | ) | ||||||||||
Gross deferred tax assets | 148,345 | 149,643 | The components of the income tax benefit are as follows (in thousands): | |||||||||||||||
Valuation allowance | (139,840 | ) | (139,840 | ) | ||||||||||||||
Net deferred tax assets | $ | 8,505 | $ | 9,803 | December 31, | |||||||||||||
2013 | 2012 | |||||||||||||||||
The Tax Reform Act of 1986 limits the use of net operating loss and tax credit carryforwards in certain situations where stock ownership changes occur. In the event the Company has had a change in ownership, the future utilization of the Company’s net operating loss and tax credit carryforwards could be limited. | Federal tax benefit at statutory rate | $ | 1,384 | $ | (491 | ) | ||||||||||||
Change in valuation allowance | (20,960 | ) | (5,600 | ) | ||||||||||||||
A portion of deferred tax assets relating to NOLs, pertains to NOL carryforwards resulting from tax deductions upon the exercise of employee stock options of approximately $1,800,000. When recognized, the tax benefit of these loss carryforwards will be accounted for as a credit to additional paid-in capital rather than a reduction of the income tax expense. | Other | 67 | (2,192 | ) | ||||||||||||||
State income taxes rate differential | - | (23 | ) | |||||||||||||||
As of June 30, 2014, the Company had net operating loss carryforwards for federal income tax purposes of approximately $433,000,000. The federal net operating loss carryforwards, if not offset against future income, will expire by 2032, with the majority of such NOLs expiring by 2021. | Net change in uncertain tax positions | - | (21 | ) | ||||||||||||||
Write off of expired deferred tax assets | 10,080 | 8,303 | ||||||||||||||||
Provision related to non-controlling interest | (412 | ) | - | |||||||||||||||
Total income tax benefit | $ | (9,841 | ) | $ | (24 | ) | ||||||||||||
The Company records deferred tax assets if the realization of such assets is more likely than not to occur in accordance with accounting standards that address income taxes. Significant management judgment is required in determining whether a valuation allowance against the Company's deferred tax assets is required. The Company has considered all available evidence, both positive and negative, such as historical levels of income and predictability of future forecasts of taxable income, in determining whether a valuation allowance is required. The Company is also required to forecast future taxable income in accordance with accounting standards that address income taxes to assess the appropriateness of a valuation allowance, which further requires the exercise of significant management judgment. Specifically, the Company evaluated the following criteria when considering a valuation allowance: | ||||||||||||||||||
• the history of tax net operating losses in recent years; | ||||||||||||||||||
• predictability of operating results | ||||||||||||||||||
• profitability for a sustained period of time; and | ||||||||||||||||||
• level of profitability on a quarterly basis. | ||||||||||||||||||
As of December 31, 2013, the Company had cumulative net income before tax for the three years then ended. Based on its historical operating performance, the Company has concluded that it was more likely than not that the Company would not be able to realize the full benefit of the U.S. federal and state deferred tax assets in the future. However, the Company has concluded that it is more likely than not that the Company will be able to realize approximately $9,803,000 benefit of the U.S. federal and state deferred tax assets in the future. As a result, the Company has released $9,803,000 of the valuation allowance against its net deferred tax assets during the year ended December 31, 2013. | ||||||||||||||||||
As of December 31, 2013, the Company's valuation allowance against deferred tax assets decreased by approximately $20,960,000 due to write off of expired deferred tax assets and partial release of the Company's valuation allowance. | ||||||||||||||||||
The Company will continue to assess the need for a valuation allowance on the deferred tax assets by evaluating both positive and negative evidence that may exist on a quarterly basis. Any adjustment to the deferred tax asset valuation allowance would be recorded in the consolidated statement of income (loss) for the period that the adjustment is determined to be required. The valuation allowance against deferred tax assets was $139,840,000 and $160,799,000 as of December 31, 2013 and 2012, respectively. | ||||||||||||||||||
Deferred tax assets consist of the following (in thousands): | ||||||||||||||||||
December 31, | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||
Deferred tax assets | ||||||||||||||||||
Credit carryforward | $ | 2,660 | $ | 6,091 | ||||||||||||||
Stock based compensation | 287 | 241 | ||||||||||||||||
Other | 59 | 553 | ||||||||||||||||
Net operating losses | 146,637 | 153,914 | ||||||||||||||||
Gross deferred tax assets | 149,643 | 160,799 | ||||||||||||||||
Valuation allowance | (139,840 | ) | (160,799 | ) | ||||||||||||||
Net deferred tax assets | $ | 9,803 | $ | - | ||||||||||||||
The Tax Reform Act of 1986 limits the use of net operating loss and tax credit carryforwards in certain situations where stock ownership changes occur. In the event the Company has had a change in ownership, the future utilization of the Company's net operating loss and tax credit carryforwards could be limited. | ||||||||||||||||||
A portion of deferred tax assets relating to NOLs, pertains to NOL carryforwards resulting from tax deductions upon the exercise of employee stock options of approximately $1,800,000. When recognized, the tax benefit of these loss carryforwards will be accounted for as a credit to additional paid-in capital rather than a reduction of the income tax expense. | ||||||||||||||||||
As of December 31, 2013, the Company had net operating loss carryforwards for federal income tax purposes of approximately $433,000,000. The federal net operating loss carryforwards, if not offset against future income, will expire by 2032, with the majority of such NOLs expiring by 2021. | ||||||||||||||||||
The Company records liabilities, where appropriate, for all uncertain income tax positions. The Company recognizes potential accrued interest and penalties related to unrecognized tax benefits within operations as income tax expense. The adoption of these provisions did not have an impact on the Company's consolidated financial condition, results of operations or cash flows. The company released approximately $41,000 of unrecognized tax benefit due to the lapse of the statute of limitation. At December 31, 2013, the Company had $0 of unrecognized tax benefits. | ||||||||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||
Balance as of January 1 | $ | 41 | $ | 63 | ||||||||||||||
Additions for tax positions related to the current year | - | 2 | ||||||||||||||||
Additions for tax positions related to prior years | - | - | ||||||||||||||||
Reductions for tax positions of prior years due to lapse of statute of limitation | (41 | ) | (24 | ) | ||||||||||||||
Settlements | - | - | ||||||||||||||||
Balance as of December 31 | $ | - | $ | 41 | ||||||||||||||
The Company is subject to taxation in the US and various state jurisdictions. The Company is currently open to audit under the statute of limitations by the Internal Revenue Service for the years ending December 31, 1998 through December 31, 2013, due to carryforward of unutilized net operating losses and research and development credits. The Company does not anticipate significant changes to its uncertain tax positions through December 31, 2013. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions Disclosure [Text Block] | ' |
Note 12. Related Party Transactions | |
The Company provides investment advisory services to an affiliate of a stockholder. During the years ended December 31, 2013 and 2012, the Company recognized approximately $120,000 and $3,000, respectively in revenue. Accounts received from the affiliate were approximately $75,000 and $3,000 as of December 31, 2013 and 2012. | |
As disclosed in Note 7, on September 6, 2013, the Company entered into a credit facility with an affiliate of a stockholder. As of December 31, 2013, the Company had $5,000,000 outstanding under the credit facility. |
Subsequent_Events
Subsequent Events | 6 Months Ended | 12 Months Ended |
Jun. 30, 2014 | Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' | ' |
Subsequent Events [Text Block] | ' | ' |
Note 9. Subsequent Events | Note 13. Subsequent Events | |
On August 18, 2014, the Company entered into a Securities Purchase Agreement (the “Purchase Agreement”) with Carlson Capital, L.P. (“Carlson”). Pursuant to the terms of the Purchase Agreement, on August 18, 2014, funds affiliated with Carlson (collectively, the “Stockholder”) acquired 55,908,000 newly issued shares of the Company’s common stock, par value $0.001 per share (the “Common Stock”) for a purchase price of $1.37 per share or an aggregate purchase price of $76,593,960 (the “Initial Closing”). | Parnell Pharmaceuticals Holdings Pty Ltd | |
The Purchase Agreement provides that the Company will conduct a rights offering (the “Rights Offering”) as promptly as reasonably practical after the closing of the Purchase Agreement. The Rights Offering will be substantially on the terms set forth in the registration statement on Form S-1 filed by the Company with the SEC on February 13, 2014, as the same has been (and as it may be) amended and supplemented (including each amendment and supplement thereto, the “Registration Statement”). The Stockholder will have the right to participate in the Rights Offering on the same terms as all other stockholders, including with respect to the subscription price. However, the Stockholder agreed that they would exercise only that number of rights they receive in the Rights Offering which represents the number of rights they would have received if the rights had been distributed on the day immediately preceding the Initial Closing. | On January 23, 2014, the Company entered into a credit agreement pursuant to which the lenders party thereto provided to Parnell Pharmaceuticals Holdings Pty Ltd, a leading global veterinary pharmaceutical business (“Parnell”), a term loan in the principal amount of $25,000,000. The Company provided $10,000,000 and clients of the Company provided the remaining $15,000,000 of the loan. The Company serves as the Agent, Sole Lead Arranger and Sole Bookrunner under the credit agreement and earned a $375,000 arrangement fee at closing. The loan matures on January 23, 2021. | |
Double Black Diamond, L.P., an affiliate of the Stockholder, has agreed to serve as the standby purchaser with respect to the Rights Offering and will generally have the right to purchase any unsubscribed shares, (other than shares the Stockholder has agreed not to purchase pursuant to the exercise of its rights as described above). | Parnell is obligated to make payments calculated on its quarterly net sales and royalties until such time as the lenders receive a 2.0x cash on cash return. The revenue based payment is subject to certain quarterly and annual caps. The total amount payable is subject to adjustment under certain events including qualified partial payments, a change of control or full prepayment of the loan. The revenue based payment is made quarterly. All amounts applied under the revenue based payment will be made to each lender according to its pro-rata share of the loan. | |
The Purchase Agreement further provides that, following the consummation of the Rights Offering, the Stockholder will purchase a number of newly issued additional shares of Common Stock such that (after taking into account the Initial Closing and the closing of the Rights Offering, including any shares of Common Stock purchased by the Stockholder and its affiliates in the rights offering, including as standby purchaser) the Stockholders and its affiliates will own (including the 1,000,000 shares of Common Stock underlying the Warrant held by the Standby Purchaser) an aggregate of 69% of the Company’s combined issued and outstanding Common Stock, unvested restricted stock, and Common Stock underlying such Warrant. | ||
In connection with the transactions described above, the Company has agreed to reimburse the Stockholder for up to $900,000 in transaction expenses. | Pursuant to the terms of the credit agreement, the Borrowers granted the lenders a first priority security interest in substantially all of Parnell's assets. The credit agreement contains certain affirmative and negative covenants. Parnell’s U.S., U.K., Australian, New Zealand subsidiaries have guaranteed the obligations under the credit agreement. The obligations to repay the loan may be accelerated upon the occurrence of an event of default under the terms of the credit agreement | |
In connection with the Purchase Agreement, the Company and the Stockholder entered into a Stockholders’ Agreement, dated as of August 18, 2014 (the “Stockholders’ Agreement”) pursuant to which, among other things, the Company granted the Stockholder approval rights with respect to certain transactions including with respect to the incurrence of indebtedness over specified amounts, the sale of assets over specified amounts, declaration of dividends, loans, capital contributions to or investments in any third party over specified amounts, changes in the size of the board of directors or changes in the Company’s CEO. In addition, the Stockholder agreed that until the earlier of the fifth anniversary of the Initial Closing or the date it owns less than 40% of the outstanding shares of Common Stock it will not increase its voting percentage of Common Stock to greater than 76% or cause the Company to engage in any buybacks in excess of 3% of the then outstanding shares of Common Stock without offering to acquire all of the then-outstanding Common Stock at the same price and on the same terms and conditions. The Stockholder further agreed that, until the earlier of the fifth anniversary of the Initial Closing or the date it owns less than 40% of the outstanding shares of Common Stock, it will not sell shares of Common Stock to any purchaser that would result in such purchaser having a voting percentage of Common Stock in excess of 40% (and with neither the Stockholder and its affiliates nor any other holder of Common Stock and its affiliates holding a voting percentage in excess of 40%) unless the purchaser contemporaneously makes a binding offer to acquire all of the then-outstanding Common Stock of the Company, at the same price and on the same terms and conditions as the purchase of shares from the Stockholder. The Stockholder also agreed that, until the earlier of the eighth anniversary of the Initial Closing or the date it owns less than 40% of the outstanding shares of Common Stock, the Stockholder will not engage in a transaction as described in Rule 13e-3 under the Securities Exchange Act of 1934, as amended, without offering to acquire all of the then-outstanding Common Stock at the same price and on the same terms and conditions. Additionally, until the earlier of the eighth anniversary of the Initial Closing or the date it owns less than 40% of the outstanding shares of Common Stock, the Stockholder agrees to maintain at least two directors who are not affiliates of the Stockholder or the Company (the “Non-Affiliated Directors”), and agrees that any related party transaction or deregistration of the Common Stock from SEC reporting requirements requires the approval of the Non-Affiliated Directors. The Stockholders’ Agreement also contains a right for the Stockholder to serve as the exclusive standby purchaser for any additional rights offerings prior to September 6, 2016, and a pre-emptive right to purchase its pro rata share of any additional offerings other than such rights offerings by the Company prior to such date. | ||
The Stockholders Agreement also provides that, until the second anniversary of the Initial Closing, the Company will not seek, negotiate or consummate any sale of Common Stock (with certain customary exceptions), except through one or more rights offerings substantially on the same structural terms as the Rights Offering. In addition, the Stockholder agreed that until the earlier of the fifth anniversary of the Initial Closing or the date it owns less than 40% of the outstanding shares of Common Stock, it would provide support to the Company in various ways, including with respect to sourcing financing and other business opportunities. | Tribute | |
Additionally, in connection with the transactions described above, William Clifford, Michael Margolis and John Nemelka resigned from the Company’s board of directors. Pursuant to the Company’s Bylaws, the board of directors appointed Chris Haga, Blair Baker and Ed Stead to fill the vacancies created. Mr. Stead was appointed as a Class II director for a term expiring in 2017 and Mr. Baker and Mr. Haga were appointed as Class III directors for a terms expiring in 2014. | ||
The Company also entered into new employment agreements with J. Brett Pope, chief executive officer, and Winston Black, managing director. Under their respective new agreements, Messrs. Pope and Black will each receive a base salary of $240,000 beginning January 1, 2015, and will be entitled to a bonus based on the Company’s performance. In addition, each received an option grant for 1,000,000 shares with an exercise price of $1.37 per share. Fifty percent of the options vest over 4 years beginning December 31, 2015 and fifty percent vest if the 60 day average closing stock price exceeds $2.06. | Pursuant to the credit agreement between Tribute and the Company, the Company provided the remaining $2,000,000 available under the credit agreement to Tribute on February 4, 2014. | |
In connection with the transactions described above, the Company amended its Second Amended and Restated Rights Agreement to designate the Stockholder and it affiliates as Exempt Persons (as defined in the Rights Agreement) unless they own more than 76% of the outstanding shares of Common Stock. | ||
In connection with the transactions, the Voting Agreement by and among the Stockholder and the Company dated September 6, 2013 was terminated. | Rights Offering | |
Cambia Royalty Purchase | On February 13, 2014, the Company filed a registration statement on Form S-1 in conjunction with a planned rights offering to raise $12,500,000 of gross proceeds. An affiliate of a major stockholder and the lender under the credit facility has agreed to serve as the standby purchaser of the rights offering. The terms of the rights offering have not yet been set by the Company's Board of Directors. | |
On July 31, 2014, the Company purchased 25% of a royalty stream paid on the net sales of Cambia®, an NSAID pharmaceutical product indicated for the treatment of migraine. Cambia® is marketed in the United States by Depomed, Inc. and in Canada by Tribute. The initial purchase price totaled $4 million. Additional contingent consideration includes (i) $0.5 million to be paid by SWK to the royalty seller upon certain sales of Cambia® reaching certain net sales and (ii) annual payments to be remitted to the royalty seller once aggregate royalty payments received by the Company exceed certain thresholds. The purchased royalty stream does not include any further amounts once the aggregate royalty payments received by the Company reach a certain threshold as defined in the underlying agreement. | ||
Response Genetics, Inc. | ||
On July 30, 2014, the Company entered into a credit agreement pursuant to which the Company provided to Response Genetics, Inc. (“Response”) a term loan in the principal amount of $12,000,000. The loan matures on July 30, 2020. The Company provided $8,500,000 at closing. Response can draw down the remaining $3,500,000 of the credit facility at any time until December 31, 2015, if Response achieves certain revenue thresholds, and as long as it is in compliance with all covenants under the credit agreement. | ||
Interest and principal under the loan will be paid by a tiered revenue interest that is charged on quarterly net sales and royalties of Response applied in the following priority first, to the payment of all accrued but unpaid interest until paid in full; second to the payment of all principal of the loans. | ||
The loan shall accrue interest at the LIBOR rate, plus an applicable margin, subject to a 13.5% minimum. In addition, the Company earned an origination fee at closing, and the Company is entitled to an exit fee upon the maturity of the loan, both of which will be accreted to interest income over the term of the loan. | ||
In connection with the loan, Response also issued the Company a warrant to purchase 681,090 common shares an exercise price of $0.936 per share, at any time prior to July 30, 2020 with an initial fair value of $378,747. |
Nature_of_Operations_Holmdel_P
Nature of Operations (Holmdel Pharmaceuticals, LP) (Holmdel Pharmaceuticals, LP) | 12 Months Ended |
Dec. 31, 2013 | |
Holmdel Pharmaceuticals, LP | ' |
Nature of Operations [Text Block] | ' |
Note 1. Nature of Operations | |
Holmdel Pharmaceuticals, LP (the “Partnership”, or “Holmdel”), was formed pursuant to a certificate of limited partnership filed with the Secretary of State of the State of Delaware on December 12, 2012. On December 20, 2012, Holmdel entered in to an Asset Purchase Agreement (“APA”) with GlaxoSmithKline LLC (“GSK”) and acquired the U.S. marketing authorization rights to InnoPran XL ®, a beta blocker pharmaceutical product indicated for the treatment of hypertension, for a total purchase price of approximately $13 million (“the Acquisition”), Holmdel was organized solely for the purpose of (i) consummating the Acquisition, (ii) owning the purchased assets, (iii) entering into a License and Supply Agreement, (iv) entering into a Sublicense and Distribution Agreement and (v) engaging in any other lawful act or activity that is ancillary or incidental to the foregoing. At December 31, 2013, HP General Partner LLC (the “General Partner”) owned a 0.010% general partner interest in Holmdel, through which it manages and effectively controls Holmdel. The General Partner is an equity method investment of SWK Holdings Corporation. As of December 31, 2013, SWK HP Holdings LP an affiliate of SWK Holdings Corporation and Holmdel Therapeutics, LLC (see below) owned limited partnership interests of 84.1% and 15.9%, respectively, which are subject to adjustment under the terms of the limited partnership agreement. | |
In connection with the Acquisition, and also on December 20, 2012. Holmdel entered into a license and supply agreement with Aptalis Pharmatech, Inc. (the “Aptalis Agreement”) pursuant to which Holmdel was granted a sole and exclusive royalty bearing license to the Aptalis extended release technology (“the Aptalis Technology”) and other technology (“the Holmdel Technology Rights”) to use in the manufacture of InnoPran XL (together, “the Product”). In addition, and also pursuant to the Aptalis Agreement, Aptalis agreed to manufacture and supply the Product to Holmdel (the ‘Manufacturing Agreement’). | |
Contemporaneously upon entering into the Aptalis Agreement, Holmdel entered into a Sublicense and Distribution Agreement (“the Mist Agreement”) with Mist Pharmaceuticals. LLC (“Mist”), a related party as described below, to grant to Mist (i) an exclusive right and sublicense to the Aptalis Technology, (ii) an exclusive right and license to the related intellectual property, and (iii) an exclusive assignment and delegation of Holmdel’s rights and obligations under the Aptalis license and supply agreement to grant one or more third parties co-promotion and distribution rights, to use the Aptalis Technology and other rights as defined in the Mist Agreement to market, sell and distribute InnoPran XL within the United States and its territories. | |
In consideration for the items above, Mist agreed to pay royalties, based on a percentage of net sales of the Product, starting at 56% of net sales and growing to 97% of net sales in 2017. With respect to any renewal period after 2017, Holmdel and Mist shall agree on a royalty amount. Mist shall be permitted to deduct cost of goods sold and an administrative fee of $240,000 per year which includes a yearly insurance premium. In addition, until Holmdel receives $ 15 million in the aggregate from the Mist Agreement, Mist shall pay to Holmdel all amounts related to the net sales of Primlev® received by Mist from Akrimax Pharmaceuticals, LLC (“Akrimax”), a related party as described below, pursuant to an agreement between Mist and Akrimax dated October 4, 2011. The initial term of this agreement is two years and shall be automatically renewed for successive periods of one year. The agreement may be terminated (i) by either party if the other party shall commit a material breach if not cured within 60 days written notice; (ii) by Mist if the trailing twelve months net sales are less than $16 million through the fiscal quarter ended June 30, 2014, upon 90 days’ written notice; or (iii) after the expiration of the initial term, by either party upon 180 days’ written notice. | |
On December 20, 2012, Mist entered into a co-promotion and distribution agreement with Akrimax (“the Akrimax Agreement”) whereby Mist assigned and delegated to Akrimax all of the rights and duties that were assigned or delegated to Mist under the Aptalis Agreement, including (i) the Aptalis manufacturing rights under the Manufacturing Agreement, and (ii) all of the Holmdel obligations delegated to Mist. In addition, Akrimax and Mist agreed that Aptalis shall be deemed a third party beneficiary of the Akrimax Agreement with all rights to enforce the Akrimax Agreement against Akrimax in Aptalis’ own name as if Aptalis were a signatory. | |
Holmdel Therapeutics LLC is owned and controlled by the same individuals who own and control Mist and Akrimax. As such, all transactions between Holmdel and Mist and/or Akrimax are considered related party transactions. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies (Holmdel Pharmaceuticals, LP) | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | Dec. 31, 2013 | |||||||||||||||||||||||||
Significant Accounting Policies [Text Block] | ' | ' | ||||||||||||||||||||||||
Note 1. SWK Holdings Corporation and Summary of Significant Accounting Policies | Note 1. SWK Holdings Corporation and Summary of Significant Accounting Policies | |||||||||||||||||||||||||
Nature of Operations | Nature of Operations See prior comments | |||||||||||||||||||||||||
SWK Holdings Corporation (“SWK” or the “Company”) is engaged in investing in the pharmaceutical and biotechnology royalty securitization market. The Company’s strategy is to provide capital to a broad range of life science companies, institutions and inventors. The Company is currently focused on monetizing cash flow streams derived from commercial-stage products and related intellectual property through royalty purchases and financings, as well as through the creation of synthetic revenue interests in commercialized products. The Company intends to fill a niche that it believes is underserved in the sub-$50 million transaction size. The Company’s goal is to redeploy its existing assets to earn interest, fee, and other income pursuant to this strategy, and the Company continues to identify and review financing and similar opportunities on an ongoing basis. In addition the Company is also engaged in the business of providing investment advisory services to institutional clients. | SWK Holdings Corporation (the “Company”) was incorporated in July 1996 in California and reincorporated in Delaware in September 1999. In December 2009, the Company sold substantially all of its assets to an unrelated third party ("Asset Sale"). Since the date of the Asset Sale, the Company has been seeking to redeploy their cash to maximize value for their stockholders and were seeking, analyzing and evaluating potential acquisition candidates. Their goal was to redeploy their existing assets to acquire, or invest in, one or more operating businesses with existing or prospective taxable income, or from which they can realize capital gains, that can be offset by use of their net operating loss carryforwards (“NOLs”). | |||||||||||||||||||||||||
The Company has net operating loss carryforwards (“NOLs”) and believes that the ability to utilize these NOLs is an important and substantial asset. The Company believes that the foregoing business strategies can create value for its stockholders, and produce prospective taxable income (or the ability to generate capital gains) that might permit the Company to utilize the NOLs. The Company is unable to assure investors that it will find suitable financing opportunities or that it will be able to utilize its existing NOLs. | In July 2012, the Company commenced its new corporate strategy of building a specialty finance and asset management business. The Company’s strategy is to be a leading healthcare capital provider by offering sophisticated, customized financing solutions to a broad range of life science companies, institutions and inventors. The Company has initially focused on monetizing cash flow streams derived from commercial-stage products and related intellectual property through royalty purchases and financings, as well as through the creation of synthetic revenue interests in commercialized products. The Company expects to deploy its assets to earn interest, fees, and other income pursuant to this strategy, and the Company continues to identify and review financing and similar opportunities on an ongoing basis. In addition, through the Company’s wholly-owned subsidiary, SWK Advisors LLC, the Company provides non-discretionary investment advisory services to institutional clients in separately managed accounts to similarly invest in life science finance. SWK Advisors LLC is registered as an investment advisor with the Texas State Securities Board. The Company intends to fund transactions through their own working capital, as well as by building their asset management business by raising additional third party capital to be invested alongside the Company’s capital. | |||||||||||||||||||||||||
Basis of Presentation | The Company intends to fill a niche that they believe is underserved in the sub-$50 million transaction size. Since many of their competitors that provide longer term, royalty-related financing options have much greater financial resources than the Company, they tend to not focus on transaction sizes below $50 million as it is generally inefficient for them to do so. In addition, we do not believe that a sufficient number of other companies offer similar types of long-term financing options to fill the demand of the sub-$50 million market. As such, the Company believes they face less competition from such longer term, royalty investors in transactions that are less than $50 million. | |||||||||||||||||||||||||
The Company’s unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The unaudited condensed consolidated financial statements include the accounts of all subsidiaries and affiliates in which the Company holds a controlling financial interest as of the financial statement date. Normally a controlling financial interest reflects ownership of a majority of the voting interests. The Company consolidates a variable interest entity (“VIE”) when it possesses both the power to direct the activities of the VIE that most significantly impact its economic performance and the Company is either obligated to absorb the losses that could potentially be significant to the VIE or the Company holds the right to receive benefits from the VIE that could potentially be significant to the VIE, after elimination of intercompany accounts and transactions. | The Company has net operating loss carryforwards (“NOLs”) and believes that the ability to utilize these NOLs is an important and substantial asset. The Company believes that the foregoing business strategies can create value for its stockholders, and produce prospective taxable income (or the ability to generate capital gains) that might permit the Company to utilize the NOLs. The Company is unable to assure investors that it will find suitable financing opportunities or that it will be able to utilize its existing NOLs. | |||||||||||||||||||||||||
The Company owns interests in various partnerships and limited liability companies, or LLCs. The Company consolidates its investments in these partnerships or LLCs, where the Company, as the general partner or managing member, exercises effective control, even though the Company’s ownership is less than 50%. The related governing agreements provide the Company with broad powers, and the other parties do not participate in the management of the entity and do not have the substantial ability to remove the Company. The Company has reviewed each of the underlying agreements to determine if it has effective control. If circumstances changed and it was determined this control did not exist, this investment would be recorded using the equity method of accounting. Although this would change individual line items within the Company’s condensed consolidated financial statements, it would have no effect on our operations and/or total stockholders’ equity attributable to the Company. The Company operates in one operating segment with a single management team that reports to the chief executive officer, who is the Company’s chief operating decision maker. | In the third quarter of 2012, the Company purchased an interest in three revenue-producing investment advisory client contracts from PBS Capital Management, LLC, a firm that its current chief executive officer (“CEO”) and current Managing Director control, for $150,000 plus earn out payments through 2016. This $150,000 payment was treated as compensation expense and is included in general and administrative expenses in the consolidated statements of income (loss) for the year ended December 31, 2012. The Company’s interest in these contracts can be repurchased, for one dollar, by PBS Capital Management, LLC, in the event that the employment contracts of the Company’s current CEO and current Managing Director are not renewed. | |||||||||||||||||||||||||
Unaudited Interim Financial Information | Since implementing its new strategy, the Company has executed nine transactions under its new specialty finance strategy, funding approximately $57,500,000 in various financial products across the life science sector. The Company’s portfolio includes senior and subordinated debt backed by royalties and synthetic royalties paid by companies in the life science sector, purchased royalties generated by sales of life science products and related intellectual property and an unconsolidated equity investment in a company which retains the marketing authorization rights to a pharmaceutical product. | |||||||||||||||||||||||||
The unaudited condensed consolidated financial statements have been prepared by the Company and reflect all normal, recurring adjustments that, in the opinion of management, are necessary for a fair presentation of the interim financial information. The results of operations for the interim periods presented are not necessarily indicative of the results to be expected for any subsequent quarter or for the year ending December 31, 2014. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted under the rules and regulations of the Securities and Exchange Commission (“SEC”). These unaudited condensed consolidated financial statements and notes included herein should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013, filed with the SEC on March 31, 2014. The year-end unaudited condensed consolidated balance sheet data was derived from the Company’s audited financial statements, but does not include all disclosures required by GAAP. | The Company is headquartered in Dallas, Texas. | |||||||||||||||||||||||||
Basis of Presentation and Principles of Consolidation | ||||||||||||||||||||||||||
Variable Interest Entities | ||||||||||||||||||||||||||
The Company’s consolidated financial statements are prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”). The consolidated financial statements include the accounts of all subsidiaries and affiliates in which the Company holds a controlling financial interest as of the financial statement date. Normally a controlling financial interest reflects ownership of a majority of the voting interests. The Company consolidates a variable interest entity (“VIE”) when it possesses both the power to direct the activities of the VIE that most significantly impact its economic performance and the Company is either obligated to absorb the losses that could potentially be significant to the VIE or the Company holds the right to receive benefits from the VIE that could potentially be significant to the VIE, after elimination of intercompany accounts and transactions. | ||||||||||||||||||||||||||
An entity is referred to as a VIE if it possesses one of the following criteria: (i) it is thinly capitalized, (ii) the residual equity holders do not control the entity, (iii) the equity holders are shielded from the economic losses, (iv) the equity holders do not participate fully in the entity’s residual economics, or (v) the entity was established with non-substantive voting interests. The Company consolidates a VIE when it has both the power to direct the activities that most significantly impact the activities of the VIE and the right to receive benefits or the obligation to absorb losses of the entity that could be potentially significant to the VIE. Along with the VIEs that are consolidated in accordance with these guidelines, the Company also holds variable interests in other VIEs that are not consolidated because it is not the primary beneficiary. The Company continually monitors both consolidated and unconsolidated VIEs to determine if any events have occurred that could cause the primary beneficiary to change. See Note 4 for further discussion of VIEs. | ||||||||||||||||||||||||||
The Company owns interests in various partnerships and limited liability companies, or LLCs. The Company consolidates its investments in these partnerships or LLCs, where the Company, as the general partner or managing member, exercises effective control, even though the Company’s ownership may be less than 50%. The related governing agreements provide the Company with broad powers, and the other parties do not participate in the management of the entity and do not have the substantial ability to remove the Company. The Company has reviewed each of the underlying agreements to determine if it has effective control. If circumstances changed and it was determined this control did not exist, this investment would be recorded using the equity method of accounting. Although this would change individual line items within the Company’s consolidated financial statements, it would have no effect on our operations and/or total stockholders’ equity attributable to the Company. The Company operates in one operating segment with a single management team that reports to the chief executive officer, who is the Company’s chief operating decision maker. | ||||||||||||||||||||||||||
Use of Estimates | ||||||||||||||||||||||||||
Variable Interest Entities | ||||||||||||||||||||||||||
The preparation of the Company’s unaudited condensed consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions are required in the determination of revenue recognition, stock-based compensation, impairment of financing receivables and long-lived assets, valuation of warrants, useful lives of property and equipment, income taxes and contingencies and litigation, among others. Some of these judgments can be subjective and complex, and, consequently, actual results may differ from these estimates. The Company estimates often are based on complex judgments, probabilities and assumptions that it believes to be reasonable but that are inherently uncertain and unpredictable. For any given individual estimate or assumption made by the Company, there may also be other estimates or assumptions that are reasonable. | ||||||||||||||||||||||||||
An entity is referred to as a VIE [Defined above] if it possesses one of the following criteria: (i) it is thinly capitalized, (ii) the residual equity holders do not control the entity, (iii) the equity holders are shielded from the economic losses, (iv) the equity holders do not participate fully in the entity's residual economics, or (v) the entity was established with non-substantive voting interests. The Company consolidates a VIE when it has both the power to direct the activities that most significantly impact the activities of the VIE and the right to receive benefits or the obligation to absorb losses of the entity that could be potentially significant to the VIE. Along with the VIEs that are consolidated in accordance with these guidelines, the Company also holds variable interests in other VIEs that are not consolidated because it is not the primary beneficiary. The Company continually monitors both consolidated and unconsolidated VIEs to determine if any events have occurred that could cause the primary beneficiary to change. See Note 4 for further discussion of VIEs. | ||||||||||||||||||||||||||
The Company regularly evaluates its estimates and assumptions using historical experience and other factors, including the economic environment. As future events and their effects cannot be determined with precision, the Company’s estimates and assumptions may prove to be incomplete or inaccurate, or unanticipated events and circumstances may occur that might cause us to change those estimates and assumptions. Market conditions, such as illiquid credit markets, volatile equity markets, and economic downturn, can increase the uncertainty already inherent in the Company’s estimates and assumptions. The Company adjusts its estimates and assumptions when facts and circumstances indicate the need for change. Those changes generally will be reflected in our condensed consolidated financial statements on a prospective basis unless they are required to be treated retrospectively under the relevant accounting standard. It is possible that other professionals, applying reasonable judgment to the same facts and circumstances, could develop and support a range of alternative estimated amounts. | ||||||||||||||||||||||||||
Use of Estimates | ||||||||||||||||||||||||||
Equity Method Investments | ||||||||||||||||||||||||||
The preparation of the Company’s consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions are required in the determination of revenue recognition, stock-based compensation, impairment of financing receivables and long-lived assets, valuation of warrants, useful lives of property and equipment, income taxes and contingencies and litigation, among others. Some of these judgments can be subjective and complex, and, consequently, actual results may differ from these estimates. The Company’s estimates often are based on complex judgments, probabilities and assumptions that it believes to be reasonable but that are inherently uncertain and unpredictable. For any given individual estimate or assumption made by the Company, there may also be other estimates or assumptions that are reasonable. | ||||||||||||||||||||||||||
The Company accounts for portfolio companies whose results are not consolidated, but over which it exercises significant influence, under the equity method of accounting. Whether or not the Company exercises significant influence with respect to a portfolio company depends on an evaluation of several factors including, among others, representation of the Company on the portfolio company’s board of directors and the Company’s ownership level. Under the equity method of accounting, the Company does not reflect a portfolio company’s financial statements within the company’s unaudited consolidated financial statements; however, the Company’s share of the income or loss of such portfolio company is reflected in income in the unaudited condensed consolidated statements of income. The Company includes the carrying value of equity method portfolio companies as part of the investment in unconsolidated entities on the unaudited condensed consolidated balance sheets. | ||||||||||||||||||||||||||
The Company regularly evaluates its estimates and assumptions using historical experience and other factors, including the economic environment. As future events and their effects cannot be determined with precision, the Company’s estimates and assumptions may prove to be incomplete or inaccurate, or unanticipated events and circumstances may occur that might cause change those estimates and assumptions. Market conditions, such as illiquid credit markets, volatile equity markets, and economic downturn, can increase the uncertainty already inherent in the Company’s estimates and assumptions. The Company adjusts its estimates and assumptions when facts and circumstances indicate the need for change. Those changes generally will be reflected in our consolidated financial statements on a prospective basis unless they are required to be treated retrospectively under the relevant accounting standard. It is possible that other professionals, applying reasonable judgment to the same facts and circumstances, could develop and support a range of alternative estimated amounts. | ||||||||||||||||||||||||||
When the Company’s carrying value in an equity method portfolio company is reduced to zero, the Company records no further losses in its unaudited condensed consolidated statements of income unless the Company has an outstanding guarantee obligation or has committed additional funding to such equity method portfolio company. When such equity method portfolio company subsequently reports income, the Company will not record its share of such income until it exceeds the amount of the Company’s share of losses not previously recognized. | ||||||||||||||||||||||||||
Equity Method Investment | ||||||||||||||||||||||||||
Finance Receivables | ||||||||||||||||||||||||||
The Company accounts for portfolio companies whose results are not consolidated, but over which it exercises significant influence, under the equity method of accounting. Whether or not the Company exercises significant influence with respect to a partner company depends on an evaluation of several factors including, among others, representation of the Company on the partner company’s board of directors and the Company’s ownership level. Under the equity method of accounting, the Company does not reflect a partner company’s financial statements within the company’s consolidated financial statements; however, the Company’s share of the income or loss of such partner company is reflected in the consolidated statements of income (loss). The Company includes the carrying value of equity method partner companies as part of the investment in unconsolidated entities on the consolidated balance sheets. | ||||||||||||||||||||||||||
The Company extends credit to customers through a variety of financing arrangements, including revenue interest term loans. The amounts outstanding on loans are referred to as finance receivables and are included in Finance Receivables on the unaudited condensed consolidated balance sheets. It is the Company’s expectation that the loans originated will be held for the foreseeable future or until maturity. In certain situations, for example to manage concentrations and/or credit risk, some or all of certain exposures may be sold. Loans for which the Company has the intent and ability to hold for the foreseeable future or until maturity are classified as held for investment (“HFI”). If the Company no longer has the intent or ability to hold loans for the foreseeable future, then the loans are transferred to held for sale (“HFS”). Loans entered into with the intent to resell are classified as HFS. | ||||||||||||||||||||||||||
When the Company’s carrying value in an equity method partner company is reduced to zero, the Company records no further losses in its consolidated statements of income (loss) unless the Company has an outstanding guarantee obligation or has committed additional funding to such equity method partner company. When such equity method partner company subsequently reports income, the Company will not record its share of such income until it exceeds the amount of the Company’s share of losses not previously recognized. | ||||||||||||||||||||||||||
If it is determined that a loan should be transferred from HFI to HFS, then the balance is transferred at the lower of cost or fair value. At the time of transfer, a write-down of the loan is recorded as a write-off when the carrying amount exceeds fair value and the difference relates to credit quality, otherwise the write-down is recorded as a reduction in interest and other income (expense), net, and any loan loss reserve is reversed. Once classified as HFS, the amount by which the carrying value exceeds fair value is recorded as a valuation allowance and is reflected as a reduction to interest and other income. | ||||||||||||||||||||||||||
Finance Receivables | ||||||||||||||||||||||||||
If it is determined that a loan should be transferred from HFS to HFI, the loan is transferred at the lower of cost or fair value on the transfer date, which coincides with the date of change in management’s intent. The difference between the carrying value of the loan and the fair value, if lower, is reflected as a loan discount at the transfer date, which reduces its carrying value. Subsequent to the transfer, the discount is accreted into earnings as an increase to finance revenue over the life of the loan using the effective interest method. | ||||||||||||||||||||||||||
The Company extends credit to customers through a variety of financing arrangements, including revenue interest term loans. The amounts outstanding on loans are referred to as finance receivables and are included in Finance Receivables on the consolidated balance sheets. It is the Company’s expectation that the loans originated will be held for the foreseeable future or until maturity. In certain situations, for example to manage concentrations and/or credit risk, some or all of certain exposures may be sold. Loans for which the Company has the intent and ability to hold for the foreseeable future or until maturity are classified as held for investment (“HFI”). If the Company no longer has the intent or ability to hold loans for the foreseeable future, then the loans are transferred to held for sale (“HFS”). Loans entered into with the intent to resell are classified as HFS. | ||||||||||||||||||||||||||
Finance receivables are stated at their principal amounts inclusive of deferred loan origination fees. Interest income is credited as earned based on the effective interest rate method except when a finance receivable becomes past due 90 days or more and doubt exists as to the ultimate collection of interest or principal; in those cases the recognition of income is discontinued. | ||||||||||||||||||||||||||
If it is determined that a loan should be transferred from HFI to HFS, then the balance is transferred at the lower of cost or fair value. At the time of transfer, a write-down of the loan is recorded as a write-off when the carrying amount exceeds fair value and the difference relates to credit quality, otherwise the write-down is recorded as a reduction in interest and other income, and any loan loss reserve is reversed. Once classified as HFS, the amount by which the carrying value exceeds fair value is recorded as a valuation allowance and is reflected as a reduction to interest and other income. | ||||||||||||||||||||||||||
Marketable Investments | ||||||||||||||||||||||||||
If it is determined that a loan should be transferred from HFS to HFI, the loan is transferred at the lower of cost or fair value on the transfer date, which coincides with the date of change in management’s intent. The difference between the carrying value of the loan and the fair value, if lower, is reflected as a loan discount at the transfer date, which reduces its carrying value. Subsequent to the transfer, the discount is accreted into earnings as an increase to finance revenue interest income over the life of the loan using the effective interest method. | ||||||||||||||||||||||||||
Available-for-sale securities are reported at fair value with unrealized gains or losses recorded in accumulated other comprehensive income, net of applicable income taxes. The available-for-sale portfolio as of June 30, 2014 and December 31, 2013 includes one debt security. In any case where fair value might fall below amortized cost, the Company would consider whether that security is other-than-temporarily impaired using all available information about the collectability of the security. The Company would not consider that an other-than temporary impairment for a debt security has occurred if (1) the Company does not intend to sell the debt security, (2) it is not more likely than not that the Company will be required to sell the debt security before recovery of its amortized cost basis and (3) the present value of estimated cash flows will fully cover the amortized cost of the security. The Company would consider that an other-than-temporary impairment has occurred if any of the above mentioned three conditions are not met. | ||||||||||||||||||||||||||
Finance receivables are stated at their principal amounts inclusive of deferred loan origination fees. Interest income is credited as earned based on the effective interest rate method except when a finance receivable becomes past due 90 days or more and doubt exists as to the ultimate collection of interest or principal; in those cases the recognition of income is discontinued. | ||||||||||||||||||||||||||
For a debt security for which an other-than-temporary impairment is considered to have occurred, the Company would recognize the entire difference between the amortized cost and the fair value in earnings if the Company intends to sell the debt security or it is more likely than not that the Company will be able to sell the debt security before recovery of its amortized cost basis. If the Company does not intend to sell the debt security and it is not more likely than not that the Company will be required to sell the debt security before recovery of its amortized cost basis, the Company would separate the difference between the amortized cost and the fair value of the debt security into the credit loss component and the non-credit loss component. The credit loss component would be recognized in earnings and the non-credit loss component would be recognized in other comprehensive income, net of applicable income taxes. | ||||||||||||||||||||||||||
Marketable Investments | ||||||||||||||||||||||||||
Derivatives | ||||||||||||||||||||||||||
Available-for-sale securities are reported at fair value with unrealized gains or losses recorded in accumulated other comprehensive income (loss), net of applicable income taxes. The available-for-sale portfolio as of December 31, 2013 included one debt security. In any case where fair value might fall below amortized cost, the Company would consider whether that security is other-than-temporarily impaired using all available information about the collectability of the security. The Company would not consider that an other-than temporary impairment for a debt security has occurred if (i) the Company does not intend to sell the debt security, (ii) it is not more likely than not that the Company will be required to sell the debt security before recovery of its amortized cost basis and (iii) the present value of estimated cash flows will fully cover the amortized cost of the security. The Company would consider that an other-than-temporary impairment has occurred if any of the above mentioned three conditions are not met. | ||||||||||||||||||||||||||
All derivatives held by the Company are recognized in the unaudited condensed consolidated balance sheets at fair value. The accounting treatment for subsequent changes in the fair value depends on their use, and whether they qualify as effective “hedges” for accounting purposes. Derivatives that are not hedges must be adjusted to fair value through the unaudited condensed consolidated statements of income. If a derivative is a hedge, then depending on its nature, changes in its fair value will be either offset against change in the fair value of hedged assets or liabilities through the unaudited condensed consolidated statements of income, or recorded in other comprehensive income. The Company had no derivatives designated as hedges as of June 30, 2014 and December 31, 2013. The Company holds three warrants issued to the Company in conjunction with the term loan investments discussed in Note 2. These warrants are included in other assets in the unaudited condensed consolidated balance sheets. The Company issued a warrant on its own common stock in the year ended December 31, 2013, in conjunction with its credit facility discussed in Note 5. This warrant meets the definition of a derivative and is reflected as warrant liability at fair value in the unaudited condensed consolidated balance sheets as of June 30, 2014 and December 31, 2013. | ||||||||||||||||||||||||||
For a debt security for which an other-than-temporary impairment is considered to have occurred, the Company would recognize the entire difference between the amortized cost and the fair value in earnings if the Company intends to sell the debt security or it is more likely than not that the Company will be able to sell the debt security before recovery of its amortized cost basis. If the Company does not intend to sell the debt security and it is not more likely than not that the Company will be required to sell the debt security before recovery of its amortized cost basis, the Company would separate the difference between the amortized cost and the fair value of the debt security into the credit loss component and the non-credit loss component. The credit loss component would be recognized in earnings and the non-credit loss component would be recognized in other comprehensive income (loss), net of applicable income taxes. | ||||||||||||||||||||||||||
Revenue Recognition | ||||||||||||||||||||||||||
Derivatives | ||||||||||||||||||||||||||
The Company records interest income on an accrual basis based on the effective interest rate method to the extent that it expects to collect such amounts. The Company recognizes investment management fees as earned over the period the services are rendered. In general, the majority of investment management fees earned are charged either monthly or quarterly. Incentive fees, if any, are recognized when earned at the end of the relevant performance period, pursuant to the underlying contract. Other administrative service revenues are recognized when contractual obligations are fulfilled or as services are provided. | ||||||||||||||||||||||||||
All derivatives held by the Company are recognized in the consolidated balance sheets at fair value. The accounting treatment for subsequent changes in the fair value depends on their use, and whether they qualify as effective “hedges” for accounting purposes. Derivatives that are not hedges must be adjusted to fair value through the consolidated statements of income (loss). If a derivative is a hedge, then depending on its nature, changes in its fair value will be either offset against change in the fair value of hedged assets or liabilities through the consolidated statements of income (loss), or recorded in other comprehensive income (loss). The Company had no derivatives designated as hedges as of December 31, 2013 and 2012. The Company holds warrants issued to the Company in conjunction with term loan investments discussed in Note 2. These warrants meet the definition of a derivative and are included in other assets in the consolidated balance sheets. The Company issued a warrant on its own common stock in conjunction with its credit agreement discussed in Note 7. This warrant meets the definition of a derivative and is reflected as a warrant liability at fair value in the consolidated balance sheets. | ||||||||||||||||||||||||||
Certain Risks and Concentrations | ||||||||||||||||||||||||||
Revenue Recognition | ||||||||||||||||||||||||||
Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents, accounts receivable, finance receivables and marketable investments. The Company invests its excess cash with major U.S. banks and financial institutions. The Company has not experienced any losses on its cash and cash equivalents. | ||||||||||||||||||||||||||
The Company records interest income on an accrual basis based on the effective interest rate method to the extent that it expects to collect such amounts. The Company recognizes investment management fees as earned over the period the services are rendered. In general, the majority of investment management fees earned are charged either monthly or quarterly. Incentive fees, if any, are recognized when earned at the end of the relevant performance period, pursuant to the underlying contract. Other administrative service revenues are recognized when contractual obligations are fulfilled or as services are provided. | ||||||||||||||||||||||||||
The Company performs ongoing credit evaluations of its customers and generally requires collateral. For the six months ended June 30, 2014 and 2013, three partners companies accounted for 71 percent and 93 percent of total revenue, respectively. For the three months ended June 30, 2014 and 2013, three partners company accounted for 69 percent and 96 percent of total revenue, respectively. | ||||||||||||||||||||||||||
Cash and Cash Equivalents | ||||||||||||||||||||||||||
The Company does not expect its current or future credit risk exposures to have a significant impact on its operations. However, there can be no assurance that its business will not experience any adverse impact from credit risk in the future. | ||||||||||||||||||||||||||
The Company considers all highly liquid investments with an original maturity date of three months or less at the date of purchase to be cash equivalents. There were no such investments at December 31, 2013 or 2012, as all of our cash was held in checking or savings accounts. At December 31, 2013, cash equivalents were deposited in financial institutions and consisted of immediately available fund balances. The Company maintains its cash deposits and cash equivalents with well-known and stable financial institutions. | ||||||||||||||||||||||||||
Net Income per Share | ||||||||||||||||||||||||||
Accounts Receivable | ||||||||||||||||||||||||||
Basic net income per share is computed using the weighted average number of outstanding shares of common stock. Diluted net income per share is computed using the weighted average number of outstanding shares of common stock and, when dilutive, shares of common stock issuable upon exercise of options and warrants deemed outstanding using the treasury stock method. | ||||||||||||||||||||||||||
Accounts receivable are recorded at the aggregate unpaid amount less any allowance for doubtful accounts. The Company determines an account receivable’s delinquency status based on its contractual terms. Interest is not charged on outstanding balances. Accounts are written-off only when all methods of recovery have been exhausted. As of December 31, 2013 and 2012, the allowance for doubtful accounts was zero. | ||||||||||||||||||||||||||
The following table shows the computation of basic and diluted earnings per share for the following (in thousands, except per share amounts): | ||||||||||||||||||||||||||
Restricted Cash | ||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
June 30, | June 30, | Restricted cash consist of third party interest reserve accounts. | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||
Numerator: | Certain Risks and Concentrations | |||||||||||||||||||||||||
Net income attributable to SWK Holdings Corporation Stockholders | $ | 1,392 | $ | 380 | $ | 2,849 | $ | 440 | ||||||||||||||||||
Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents, accounts receivable, finance receivables and marketable investments. The Company invests its excess cash with major U.S. banks and financial institutions. The Company has not experienced any losses on its cash and cash equivalents. | ||||||||||||||||||||||||||
Denominator: | ||||||||||||||||||||||||||
Weighted-average shares outstanding | 41,510 | 41,352 | 41,486 | 41,334 | The Company performs ongoing credit evaluations of its customers and generally requires collateral. For the year ended December 31, 2013, three partner companies accounted for 78 percent of total revenue. As of December 31, 2013, three partner companies accounted for 70 percent of accounts receivable. For the year ended December 31, 2012, two partner companies accounted for 89 percent of total revenue. As of December 31, 2012, two partner companies accounted for 97 percent of accounts receivable. | |||||||||||||||||||||
Effect of dilutive securities | 79 | 59 | 73 | 70 | ||||||||||||||||||||||
The Company does not expect its current or future credit risk exposures to have a significant impact on its operations. However, there can be no assurance that its business will not experience any adverse impact from credit risk in the future. | ||||||||||||||||||||||||||
Weighted-average diluted shares | 41,589 | 41,411 | 41,559 | 41,404 | ||||||||||||||||||||||
Property and Equipment | ||||||||||||||||||||||||||
Basic earnings per share | $ | 0.03 | $ | 0.01 | $ | 0.07 | $ | 0.01 | Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which are three years for computer equipment, software and furniture and fixtures. Upon retirement or sale, the cost and related accumulated depreciation are removed from the accounts, and any related gain or loss is reflected in operations. Improvements that extend the life of a specific asset are capitalized, while normal maintenance and repairs are charged to operations as incurred. | |||||||||||||||||
Diluted earnings per share | $ | 0.03 | $ | 0.01 | $ | 0.07 | $ | 0.01 | ||||||||||||||||||
Segment Reporting | ||||||||||||||||||||||||||
For the three and six month periods ended June 30, 2014 and 2013, outstanding stock options and warrants to purchase shares of common stock in an aggregate of approximately 4,175,000 and 4,175,000 shares and 3,205,000 and 5,255,000 shares, respectively, have been excluded from the calculation of diluted net income per share as all such securities were anti-dilutive. | ||||||||||||||||||||||||||
The Company operates in one operating segment with a single management team that reports to the chief executive officer, who is our chief operating decision maker. Accordingly, the Company does not prepare discrete financial information with respect to separate product line and does not have separately reportable segments. | ||||||||||||||||||||||||||
Reclassifications | ||||||||||||||||||||||||||
Stock-based Compensation | ||||||||||||||||||||||||||
Certain prior period amounts in the unaudited condensed consolidated financial statements have been reclassified to conform to the current period’s presentation. | ||||||||||||||||||||||||||
All stock-based compensation is measured at the grant date, based on the estimated fair value of the award, and is recognized as an expense over the requisite service period. Stock-based compensation expense is reduced for estimated future forfeitures. These estimates are revised in future periods if actual forfeitures differ from the estimates. Changes in forfeiture estimates impact compensation expense in the period in which the change in estimate occurs. | ||||||||||||||||||||||||||
Recent Accounting Pronouncements | ||||||||||||||||||||||||||
For restricted stock, the Company recognizes compensation expense in accordance with the fair value of the Company’s stock as determined on the grant date, amortized over the applicable service period. When vesting of awards is based wholly or in part upon the future performance of the stock price, such terms result in adjustments to the grant date fair value of the award and the derivation of a service period. If service is provided over the derived service period, the adjusted fair value of the awards will be recognized as compensation expense, regardless of whether or not the awards vest. | ||||||||||||||||||||||||||
In May 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, (“ASU 2014-09”), “Revenue from Contracts with Customers”. The objective of ASU 2014-19 is to establish a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will supersede most of the existing revenue recognition guidance, including industry-specific guidance. The core principle of ASU 2014-09 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In applying the new guidance, an entity will (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the contract’s performance obligations; and (5) recognize revenue when (or as) the entity satisfies a performance obligation. ASU 2014-09 applies to all contracts with customers except those that are within the scope of other topics in the FASB Accounting Standards Codification. The new guidance is effective for annual reporting periods (including interim periods within those periods) beginning after December 15, 2016 for public companies. Early adoption is not permitted. Entities have the option of using either a full retrospective or modified approach to adopt ASU 2014-09. The Company is currently evaluating the new guidance and has not determined the impact this standard may have on its consolidated financial statements nor decided upon the method of adoption. | ||||||||||||||||||||||||||
Non-controlling Interests | ||||||||||||||||||||||||||
In June 2014, the FASB issued ASU No. 2014-12, 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. This ASU is effective for annual periods and interim periods within those annual periods, beginning after December 15, 2015. The Company is currently evaluating the impact that the adoption of this guidance will have on its consolidated financial statements. | ||||||||||||||||||||||||||
Non-controlling interests represent third-party equity ownership in certain of the Company’s consolidated subsidiaries, VIEs or investments and are presented as a component of equity. See Note 4 for further discussion of non-controlling interests. | ||||||||||||||||||||||||||
Income Taxes | ||||||||||||||||||||||||||
Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. A valuation allowance is recorded to reduce deferred tax assets to an amount where realization is more likely than not. | ||||||||||||||||||||||||||
If the Company ultimately determines that the payment of such a liability is not necessary, then the Company reverses the liability and recognizes a tax benefit during the period in which the determination is made that the liability is no longer necessary. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as a component of income tax benefit in the statements of income (loss). | ||||||||||||||||||||||||||
Comprehensive Income (Loss) | ||||||||||||||||||||||||||
Comprehensive income (loss) and its components attributable to the Company and non-controlling interests have been reported, net of tax, in the consolidated statements of stockholders’ equity and the consolidated statements of comprehensive income (loss). | ||||||||||||||||||||||||||
Net Income (Loss) per Share | ||||||||||||||||||||||||||
Basic net income (loss) per share is computed using the weighted average number of outstanding shares of common stock. Diluted net income (loss) per share is computed using the weighted average number of outstanding shares of common stock and, when dilutive, shares of common stock issuable upon exercise of options and warrants deemed outstanding using the treasury stock method. | ||||||||||||||||||||||||||
The following table shows the computation of basic and diluted income (loss) per share for the following (in thousands, except per share amounts): | ||||||||||||||||||||||||||
Year Ended | ||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||
Numerator: | ||||||||||||||||||||||||||
Net income (loss) attributable to SWK Holdings Corporation Shareholders | $ | 12,862 | $ | (1,421 | ) | |||||||||||||||||||||
Denominator: | ||||||||||||||||||||||||||
Weighted-average shares outstanding | 41,343 | 41,247 | ||||||||||||||||||||||||
Effect of dilutive securities | 97 | - | ||||||||||||||||||||||||
Weighted-average diluted shares | 41,440 | 41,247 | ||||||||||||||||||||||||
Basic income (loss) per share | $ | 0.31 | $ | (0.03 | ) | |||||||||||||||||||||
Diluted income (loss) per share | $ | 0.31 | $ | (0.03 | ) | |||||||||||||||||||||
For the years ended December 31, 2013, and 2012, outstanding stock options and warrants to purchase shares of common stock in an aggregate of approximately 4,205,000 and 3,327,500 shares, respectively, have been excluded from the calculation of diluted net income (loss) per share as these securities were anti-dilutive. | ||||||||||||||||||||||||||
Recent Accounting Pronouncements | ||||||||||||||||||||||||||
In February 2013, the Financial Accounting Standards Board (“FASB”) issued ASU 2013-02, Comprehensive Income (Topic 220), Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, to require an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. An entity is required to present, either on the face of the statement where net income (loss) is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income (loss) if the amount reclassified is required under GAAP to be reclassified to net income (loss) in its entirety in the same reporting period. For other amounts that are not required to be reclassified in their entirety to net income (loss), an entity is required to cross-reference to other disclosures required under GAAP that provide additional detail about those amounts. This standard was effective for interim and annual periods beginning after December 15, 2012 and is to be applied on a prospective basis. The Company adopted ASU 2013-02 and will disclose significant amounts reclassified out of accumulated other comprehensive income (loss) as such transactions arise. ASU 2013-02 affects financial statement presentation only and has no impact on the Company’s results of operations or consolidated financial statements. | ||||||||||||||||||||||||||
In July 2013, the FASB issued ASU 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. Under this new guidance, companies must present this unrecognized tax benefit in the consolidated financial statements as a reduction to deferred tax assets created by net operating losses or other tax credits from prior periods that occur in the same taxing jurisdiction. If the unrecognized tax benefit exceeds such credits it should be presented in the consolidated financial statements as a liability. This update is effective for annual and interim reporting periods for fiscal years beginning after December 15, 2013. The adoption of this standard is not expected to have any impact on the Company’s operating results and financial position. | ||||||||||||||||||||||||||
Holmdel Pharmaceuticals, LP | ' | ' | ||||||||||||||||||||||||
Significant Accounting Policies [Text Block] | ' | ' | ||||||||||||||||||||||||
Note 2. Summary of Significant Accounting Policies | ||||||||||||||||||||||||||
Basis of Presentation: The financial statements reflect the accounts of Holmdel Pharmaceuticals, LP. | ||||||||||||||||||||||||||
Use of Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”), requires the Partnership’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the dale of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | ||||||||||||||||||||||||||
Risks and Uncertainties: The Partnership is subject to risks common to companies in the pharmaceutical industry including, but not limited to, dependence on key products, dependence on key customers and suppliers, and protection of intellectual property rights. | ||||||||||||||||||||||||||
Cash: The Partnership maintains cash on deposit in a financial institution in amounts which, at times, may be in excess of insured limits. | ||||||||||||||||||||||||||
Royalty Revenue: The Partnerships sole source of revenue is royalty revenue with a related party. As discussed above in Note 1, the Partnership currently has royalty agreements in place for which it receives quarterly royalty payments, based on the net sales of InnoPran XL and Primlev. The Partnership recognizes royalty revenue based upon amounts contractually due pursuant to the underlying royalty agreements. Specifically, revenue is recognized in accordance with the terms of the underlying royalty agreements when (i) persuasive evidence of an arrangement exists; (ii) the risks and rewards have been transferred; (iii) the royalty is fixed or determinable; and (iv) the collectability of the royalty is reasonably assured. | ||||||||||||||||||||||||||
As discussed in Note 1 above, The Partnership recognizes and records royalty revenue based on a percentage of Akrimax’s reported net sales to the Partnership for InnoPran XL® and Primlev®, as defined in the agreement, and as reported to the Partnership by Akrimax, net of all costs incurred by Mist related to the Mist Agreement. The Partnership receives quarterly sales information from Akrimax and makes no adjustments to the amounts reported to it by Akrimax. The agreement provides for gross sales to be reduced by estimates of sales returns, credits and allowances, normal trade and cash discounts, and other costs as defined in the agreement and in accordance with GAAP, all of which are determined by Akrimax. See also Note 6. | ||||||||||||||||||||||||||
Intangible Assets: The Partnership accounts for recognized intangible assets based on their estimated useful lives. Intangible assets with finite useful lives are amortized while intangible assets with indefinite useful lives are not amortized. The useful life is the period over which the assets are expected to contribute directly or indirectly to future cash flows. Straight-line amortization is used to expense recognized amortizable intangible assets. Intangible assets are not written off in the period of acquisition unless they become impaired during that period. The Partnership evaluates the remaining useful life of each intangible asset that is being amortized each reporting period to determine whether events and circumstances warrant a revision to the remaining period of amortization. If the estimate of the intangible asset’s remaining useful life is changed, the remaining carrying amount of the intangible asset is amortized prospectively over that revised remaining useful life. | ||||||||||||||||||||||||||
Intangible assets with indefinite lives are tested for impairment if impairment indicators arise and, at a minimum, annually. However an entity is permitted to first assess qualitative factors to determine if a quantitative impairment test is necessary. Further testing is only required if the entity determines, based on the qualitative assessment, that it is more likely than not that an indefinite-lived intangible assets fair value is less than its carrying amount. Otherwise, no further impairment testing is required. The Partnership considers many factors in evaluating whether the value of its intangible assets with indefinite lives may not be recoverable including, but not limited to, expected growth rates and the cost of equity and debt capital. | ||||||||||||||||||||||||||
The Partnership did not record any impairments of intangible assets for the year ended December 31, 2013 and for the period from December 12, 2012 (inception) to December 31, 2012. | ||||||||||||||||||||||||||
Income Taxes: The Partnership is generally not subject to U.S. federal and most state income taxes. The partners of the Partnership are liable for income tax in regard to their distributive share of the Partnership’s taxable income. Such taxable income may vary substantially from net income (loss) reported in the accompanying financial statements. | ||||||||||||||||||||||||||
The Partnership evaluates tax positions taken or expected to be taken in the course of preparing the Partnership’s tax returns and disallows the recognition of tax positions not deemed to meet a ‘more-likely-than-not’ threshold of being sustained by the applicable tax authority. The Partnership’s management does not believe it has any tax positions taken within its financial statements that would not meet this threshold. The Partnership’s policy is to reflect interest and penalties related to uncertain tax positions, when and if they become applicable. The Partnership has not recognized any potential interest or penalties in its financial statements for the year ended December 31, 2013 and for the period from December 12, 2012 (inception) to December 31, 2012. The Partnership’s federal and state tax returns for the tax years for which the applicable statutes of limitations have not expired, which is since inception, are subject to examination. | ||||||||||||||||||||||||||
Recent Accounting Pronouncements: In January 2014 the FASB issued ASU 2014-02. ‘Intangibles-Goodwill and Other (Topic 350) Accounting for Goodwill’. These amendments permit a private company to subsequently amortize goodwill on a straight-line basis over a period of ten years, or less if the Partnership demonstrates that another useful life is more appropriate. It also permits a private company to apply a simplified impairment model to goodwill. Under the goodwill accounting alternative, goodwill should be tested for impairment when a triggering event occurs that indicates that the fair value of a company (or a reporting unit) may be below its carrying amount. A private company that elects the accounting alternative is further required to make an accounting policy election to test goodwill for impairment at either the Partnership level or the reporting unit level. The amendments are effective for annual periods beginning after December 15, 2014 and interim periods within annual periods beginning after December 15, 2015. Early adoption is permitted. The Partnership’s management is current assessing the impact, if any. of adoption of this standard on its financial statements. | ||||||||||||||||||||||||||
In July 2012, the FASB Issued ASU 2012-02, Intangibles-Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment. This ASU simplifies how entities test indefinite-lived intangible assets for impairment which improve consistency in impairment testing requirements among long-lived asset categories. These amended standards permit an assessment of qualitative factors to determine whether it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying value. For assets in which this assessment concludes it is more likely than not that the fair value is more than its carrying value, these amended standards eliminate the requirement to perform quantitative impairment testing as outlined in the previously issued standards. The guidance is effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012, early adoption is permitted. The adoption of this standard did not have a material impact on the Partnership’s financial statements. | ||||||||||||||||||||||||||
Subsequent Events: The Partnership has evaluated events after December 31, 2013 and through March 28, 2014, which is the dale the financial statements were available to be issued. See Note 7. |
Acquisition_Holmdel_Pharmaceut
Acquisition (Holmdel Pharmaceuticals, LP) (Holmdel Pharmaceuticals, LP) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Holmdel Pharmaceuticals, LP | ' | ||||
Business Combination Disclosure [Text Block] | ' | ||||
Note 3. Acquisition | |||||
On December 20, 2012, Holmdel entered into the APA with GSK, and acquired the U.S. marketing authorization rights to InnoPran XL®, for a total purchase price of approximately $13 million. The Partnership has accounted for the Acquisition as a purchase whereby the acquired tangible and intangible assets and assumed liabilities are recorded at their estimated fair value. The Partnership funded the Acquisition with contributed capital from the General and Limited Partners. The Acquisition was consummated to be in line with the Partnerships strategic plan to take non-promoted and undervalued assets and actively market them to maximize their asset value. | |||||
The following table summarizes the consideration paid and estimated fair values of the assets acquired and liabilities assumed and incurred in connection with the transaction: | |||||
Fair Value of Consideration transferred: | |||||
Cash | $ | 12,755,000 | |||
Payable to GSK | 220,549 | ||||
Total Fair Value of Consideration transferred | $ | 12,975,549 | |||
Recognized amounts of identifiable assets acquired: | |||||
Inventory (included in other current assets) | $ | 335,549 | |||
InnoPran XL license | 12.640.000 | ||||
Total identifiable net assets | $ | 12,975,549 | |||
Net assets acquired | $ | 12,975,549 | |||
The Partnership incurred $1,352,158 of acquisition expenses as a result of the Acquisition during the period from December 12, 2012 (inception) to December 31, 2012. | |||||
Under the terms of the APA, Holmdel acquired the rights to certain inventory ($335,549) for which title did not transfer until January 2013. As such, the fair value of this inventory which represents net realizable value for finished goods was valued at the selling price less the sum of costs to dispose and a reasonable profit allowance for the selling efforts, and is included in other current assets. Upon the sale of the inventory, the cost reduces net royalty revenues as the related inventory is sold pursuant to the Mist Agreement. The Partnership purchased no other inventory as all inventory is purchased as part of the Mist Agreement. | |||||
The valuation of the InnoPran XL license was estimated using the multi-period excess earnings method, a form of the income approach. Under this method, an intangible asset’s fair value is equal to the present value of the after-tax cash flows (excess earnings) attributable solely to the intangible asset. To calculate fair the value, the Partnership used probability-weighted cash flows discounted at an appropriate discount rate. The Partnership believes that the level and timing of cash flows appropriately reflect market participant assumptions. Based on the cash flow projections, the InnoPran XL license is being amortized on a straight-line basis over an approximate 9-year useful life. |
Intangible_asset_Holmdel_Pharm
Intangible asset (Holmdel Pharmaceuticals, LP) (Holmdel Pharmaceuticals, LP) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Holmdel Pharmaceuticals, LP | ' | ||||||||
Intangible Assets Disclosure [Text Block] | ' | ||||||||
Note 4. Intangible asset | |||||||||
The following reflects the details of the InnoPran XL license at December 31, 2013 and 2012: | |||||||||
2013 | 2012 | ||||||||
InnoPran XL license (estimated useful life of 9 years) | $ | 12,640,000 | $ | 12,640,000 | |||||
Less accumulated amortization | 1,442,201 | — | |||||||
Intangible asset, net | $ | 11,197,799 | $ | 12,640,000 | |||||
Changes in the gross carrying amount of the InnoPran XL license consisted of the following: | |||||||||
Gross carrying amount | |||||||||
Balance at December 12, 2012 (inception) | $ | — | |||||||
Acquisitions | 12,640,000 | ||||||||
Balance at December 31, 2012 and 2013 | $ | 12,640,000 | |||||||
Amortization expense for the year ended December 31, 2013 was $1,442,201. There was no amortization expense for the period from December 12, 2012 (inception) to December 31, 2012 as the Partnership did not receive all required regulatory approvals until January 2013. | |||||||||
The estimated future amortization for InnoPran XL license is as follows: | |||||||||
2014 | $ | 1,442,201 | |||||||
2015 | 1,442,201 | ||||||||
2016 | 1,446,150 | ||||||||
2017 | 1,442,201 | ||||||||
2018 | 1,442,201 | ||||||||
Thereafter | 3,982,845 | ||||||||
$ | 11,197,799 | ||||||||
There were no accumulated impairment losses at December 31, 2013 and 2012. |
Commitments_and_Contingencies_
Commitments and Contingencies (Holmdel Pharmaceuticals, LP) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments and Contingencies Disclosure [Text Block] | ' | ||||
Note 8. Commitments and Contingencies | |||||
(a) Lease Obligations | |||||
In 2012, the Company relocated its corporate headquarters to Dallas, Texas, where it leases approximately 1,300 square feet. Total rent expense recognized under this lease was approximately $22,000 for the year ended December 31, 2013. The office lease had a two and a half year term that commenced on July 1, 2012. Future minimum rent is as follows: | |||||
2014 | $ | 22,000 | |||
Thereafter | - | ||||
Total future minimum rent with non-cancellable terms of one year or more | $ | 22,000 | |||
(b) Other Contractual Obligations | |||||
As of December 31, 2013, the Company had unfunded commitments of $2,000,000 in the Tribute term loan discussed in Note 2. The $2,000,000 commitment was funded on February 4, 2014 as discussed in Note 12. | |||||
In addition, as of December 31, 2013, the Company had unfunded contingent consideration payable to TRT discussed in Note 2 including (i) $1,250,000 payable upon aggregate royalty payments reaching a certain threshold and (ii) annual sharing payments due to TRT once aggregate royalty payments received by the Company exceed the purchase price paid by the Company. | |||||
(c) Litigation | |||||
The Company is involved in, or has been involved in, arbitrations or various other legal proceedings that arise from the normal course of our business. The ultimate outcome of any litigation is uncertain, and either unfavorable or favorable outcomes could have a material negative impact on the Company’s results of operations, balance sheets and cash flows due to defense costs, and divert management resources. The Company cannot predict the timing or outcome of these claims and other proceedings. Currently, the Company is not involved in any arbitration and/or other legal proceeding that it expects to have a material effect on its business, financial condition, results of operations and cash flows. | |||||
(d) Indemnification | |||||
As permitted by Delaware law, the Company has agreements whereby it indemnifies its officers and directors for certain events or occurrences while the officer is, or was, serving at the Company’s request in such capacity. The term of the indemnification period is for the officer’s or director’s lifetime. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is unlimited; however, the Company has a director and officer insurance policy that limits its exposure and enables the Company to recover a portion of any such amounts. As a result of the Company’s insurance policy coverage, the Company believes the estimated fair value of these indemnification agreements is insignificant. Accordingly, the Company had no liabilities recorded for these agreements as of December 31, 2013 and 2012. | |||||
Holmdel Pharmaceuticals, LP | ' | ||||
Commitments and Contingencies Disclosure [Text Block] | ' | ||||
Note 5. Commitments and Contingencies | |||||
Pursuant to the Amended and Restated Limited Partnership Agreement dated December 20, 2012, all liquid assets of the Partnership, including royalty payments received in connection with product sales and all other proceeds of the Partnership, less an amount reasonably determined by the General Partner to cover operating expenses, shall be distributed no less frequently than quarterly to the Partners, pro rata in accordance with their respective partner percentages. |
Related_Party_Transactions_Hol
Related Party Transactions (Holmdel Pharmaceuticals, LP) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Related Party Transactions Disclosure [Text Block] | ' | ||||
Note 12. Related Party Transactions | |||||
The Company provides investment advisory services to an affiliate of a stockholder. During the years ended December 31, 2013 and 2012, the Company recognized approximately $120,000 and $3,000, respectively in revenue. Accounts received from the affiliate were approximately $75,000 and $3,000 as of December 31, 2013 and 2012. | |||||
As disclosed in Note 7, on September 6, 2013, the Company entered into a credit facility with an affiliate of a stockholder. As of December 31, 2013, the Company had $5,000,000 outstanding under the credit facility. | |||||
Holmdel Pharmaceuticals, LP | ' | ||||
Related Party Transactions Disclosure [Text Block] | ' | ||||
Note 6. Related Party Transactions | |||||
The Partnership has agreements in place with Mist based on the December 20, 2012 Sublicense and Distribution Agreement and with Akrimax as a result of the co-promotion and distribution agreement between Mist and Akrimax, which assigned and delegated to Akrimax all of the rights and duties that were assigned or delegated to Mist under the Aptalis Agreement | |||||
Pursuant to the Mist Agreement, Holmdel is entitled to a quarterly payment from Mist of the royalties earned, net of the fees for cost of products, the Aptalis royalty (under the Aptalis Agreement) and administrative fees Accordingly, Holmdel records the net amount from Mist as net revenues. As of December 31, 2013 net revenues included: | |||||
InnoPrann XL royalty based on a percentage of net sales as defined under the Mist Agreement | $ | 8,971,162 | |||
Primlev royalty as defined under the Mist Agreement | 860,203 | ||||
Royalties based on a percentage of net sales as defined under the Mist Agreement | 9,831,365 | ||||
Cost of product | (632,998 | ) | |||
Administrative fee, including insurance premium | (240,000 | ) | |||
Aptalis royalty | (962,183 | ) | |||
Net revenue | $ | 7,996,184 | |||
Royalties receivable - related party on the accompanying balance sheet of $2,473,063 represents amounts due to Holmdel from Mist for fourth quarter 2012 activity, which was paid in 2014. Payments of net revenues are made from Mist directly to the partners as distributions. | |||||
Included in 2012 acquisition expenses is approximately $740,000 paid to Akrimax as a finder’s fee |
Subsequent_Events_Holmdel_Phar
Subsequent Events (Holmdel Pharmaceuticals, LP) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2014 | Dec. 31, 2013 | |
Subsequent Events [Text Block] | ' | ' |
Note 9. Subsequent Events | Note 13. Subsequent Events | |
On August 18, 2014, the Company entered into a Securities Purchase Agreement (the “Purchase Agreement”) with Carlson Capital, L.P. (“Carlson”). Pursuant to the terms of the Purchase Agreement, on August 18, 2014, funds affiliated with Carlson (collectively, the “Stockholder”) acquired 55,908,000 newly issued shares of the Company’s common stock, par value $0.001 per share (the “Common Stock”) for a purchase price of $1.37 per share or an aggregate purchase price of $76,593,960 (the “Initial Closing”). | Parnell Pharmaceuticals Holdings Pty Ltd | |
The Purchase Agreement provides that the Company will conduct a rights offering (the “Rights Offering”) as promptly as reasonably practical after the closing of the Purchase Agreement. The Rights Offering will be substantially on the terms set forth in the registration statement on Form S-1 filed by the Company with the SEC on February 13, 2014, as the same has been (and as it may be) amended and supplemented (including each amendment and supplement thereto, the “Registration Statement”). The Stockholder will have the right to participate in the Rights Offering on the same terms as all other stockholders, including with respect to the subscription price. However, the Stockholder agreed that they would exercise only that number of rights they receive in the Rights Offering which represents the number of rights they would have received if the rights had been distributed on the day immediately preceding the Initial Closing. | On January 23, 2014, the Company entered into a credit agreement pursuant to which the lenders party thereto provided to Parnell Pharmaceuticals Holdings Pty Ltd, a leading global veterinary pharmaceutical business (“Parnell”), a term loan in the principal amount of $25,000,000. The Company provided $10,000,000 and clients of the Company provided the remaining $15,000,000 of the loan. The Company serves as the Agent, Sole Lead Arranger and Sole Bookrunner under the credit agreement and earned a $375,000 arrangement fee at closing. The loan matures on January 23, 2021. | |
Double Black Diamond, L.P., an affiliate of the Stockholder, has agreed to serve as the standby purchaser with respect to the Rights Offering and will generally have the right to purchase any unsubscribed shares, (other than shares the Stockholder has agreed not to purchase pursuant to the exercise of its rights as described above). | Parnell is obligated to make payments calculated on its quarterly net sales and royalties until such time as the lenders receive a 2.0x cash on cash return. The revenue based payment is subject to certain quarterly and annual caps. The total amount payable is subject to adjustment under certain events including qualified partial payments, a change of control or full prepayment of the loan. The revenue based payment is made quarterly. All amounts applied under the revenue based payment will be made to each lender according to its pro-rata share of the loan. | |
The Purchase Agreement further provides that, following the consummation of the Rights Offering, the Stockholder will purchase a number of newly issued additional shares of Common Stock such that (after taking into account the Initial Closing and the closing of the Rights Offering, including any shares of Common Stock purchased by the Stockholder and its affiliates in the rights offering, including as standby purchaser) the Stockholders and its affiliates will own (including the 1,000,000 shares of Common Stock underlying the Warrant held by the Standby Purchaser) an aggregate of 69% of the Company’s combined issued and outstanding Common Stock, unvested restricted stock, and Common Stock underlying such Warrant. | ||
In connection with the transactions described above, the Company has agreed to reimburse the Stockholder for up to $900,000 in transaction expenses. | Pursuant to the terms of the credit agreement, the Borrowers granted the lenders a first priority security interest in substantially all of Parnell's assets. The credit agreement contains certain affirmative and negative covenants. Parnell’s U.S., U.K., Australian, New Zealand subsidiaries have guaranteed the obligations under the credit agreement. The obligations to repay the loan may be accelerated upon the occurrence of an event of default under the terms of the credit agreement | |
In connection with the Purchase Agreement, the Company and the Stockholder entered into a Stockholders’ Agreement, dated as of August 18, 2014 (the “Stockholders’ Agreement”) pursuant to which, among other things, the Company granted the Stockholder approval rights with respect to certain transactions including with respect to the incurrence of indebtedness over specified amounts, the sale of assets over specified amounts, declaration of dividends, loans, capital contributions to or investments in any third party over specified amounts, changes in the size of the board of directors or changes in the Company’s CEO. In addition, the Stockholder agreed that until the earlier of the fifth anniversary of the Initial Closing or the date it owns less than 40% of the outstanding shares of Common Stock it will not increase its voting percentage of Common Stock to greater than 76% or cause the Company to engage in any buybacks in excess of 3% of the then outstanding shares of Common Stock without offering to acquire all of the then-outstanding Common Stock at the same price and on the same terms and conditions. The Stockholder further agreed that, until the earlier of the fifth anniversary of the Initial Closing or the date it owns less than 40% of the outstanding shares of Common Stock, it will not sell shares of Common Stock to any purchaser that would result in such purchaser having a voting percentage of Common Stock in excess of 40% (and with neither the Stockholder and its affiliates nor any other holder of Common Stock and its affiliates holding a voting percentage in excess of 40%) unless the purchaser contemporaneously makes a binding offer to acquire all of the then-outstanding Common Stock of the Company, at the same price and on the same terms and conditions as the purchase of shares from the Stockholder. The Stockholder also agreed that, until the earlier of the eighth anniversary of the Initial Closing or the date it owns less than 40% of the outstanding shares of Common Stock, the Stockholder will not engage in a transaction as described in Rule 13e-3 under the Securities Exchange Act of 1934, as amended, without offering to acquire all of the then-outstanding Common Stock at the same price and on the same terms and conditions. Additionally, until the earlier of the eighth anniversary of the Initial Closing or the date it owns less than 40% of the outstanding shares of Common Stock, the Stockholder agrees to maintain at least two directors who are not affiliates of the Stockholder or the Company (the “Non-Affiliated Directors”), and agrees that any related party transaction or deregistration of the Common Stock from SEC reporting requirements requires the approval of the Non-Affiliated Directors. The Stockholders’ Agreement also contains a right for the Stockholder to serve as the exclusive standby purchaser for any additional rights offerings prior to September 6, 2016, and a pre-emptive right to purchase its pro rata share of any additional offerings other than such rights offerings by the Company prior to such date. | ||
The Stockholders Agreement also provides that, until the second anniversary of the Initial Closing, the Company will not seek, negotiate or consummate any sale of Common Stock (with certain customary exceptions), except through one or more rights offerings substantially on the same structural terms as the Rights Offering. In addition, the Stockholder agreed that until the earlier of the fifth anniversary of the Initial Closing or the date it owns less than 40% of the outstanding shares of Common Stock, it would provide support to the Company in various ways, including with respect to sourcing financing and other business opportunities. | Tribute | |
Additionally, in connection with the transactions described above, William Clifford, Michael Margolis and John Nemelka resigned from the Company’s board of directors. Pursuant to the Company’s Bylaws, the board of directors appointed Chris Haga, Blair Baker and Ed Stead to fill the vacancies created. Mr. Stead was appointed as a Class II director for a term expiring in 2017 and Mr. Baker and Mr. Haga were appointed as Class III directors for a terms expiring in 2014. | ||
The Company also entered into new employment agreements with J. Brett Pope, chief executive officer, and Winston Black, managing director. Under their respective new agreements, Messrs. Pope and Black will each receive a base salary of $240,000 beginning January 1, 2015, and will be entitled to a bonus based on the Company’s performance. In addition, each received an option grant for 1,000,000 shares with an exercise price of $1.37 per share. Fifty percent of the options vest over 4 years beginning December 31, 2015 and fifty percent vest if the 60 day average closing stock price exceeds $2.06. | Pursuant to the credit agreement between Tribute and the Company, the Company provided the remaining $2,000,000 available under the credit agreement to Tribute on February 4, 2014. | |
In connection with the transactions described above, the Company amended its Second Amended and Restated Rights Agreement to designate the Stockholder and it affiliates as Exempt Persons (as defined in the Rights Agreement) unless they own more than 76% of the outstanding shares of Common Stock. | ||
In connection with the transactions, the Voting Agreement by and among the Stockholder and the Company dated September 6, 2013 was terminated. | Rights Offering | |
Cambia Royalty Purchase | On February 13, 2014, the Company filed a registration statement on Form S-1 in conjunction with a planned rights offering to raise $12,500,000 of gross proceeds. An affiliate of a major stockholder and the lender under the credit facility has agreed to serve as the standby purchaser of the rights offering. The terms of the rights offering have not yet been set by the Company's Board of Directors. | |
On July 31, 2014, the Company purchased 25% of a royalty stream paid on the net sales of Cambia®, an NSAID pharmaceutical product indicated for the treatment of migraine. Cambia® is marketed in the United States by Depomed, Inc. and in Canada by Tribute. The initial purchase price totaled $4 million. Additional contingent consideration includes (i) $0.5 million to be paid by SWK to the royalty seller upon certain sales of Cambia® reaching certain net sales and (ii) annual payments to be remitted to the royalty seller once aggregate royalty payments received by the Company exceed certain thresholds. The purchased royalty stream does not include any further amounts once the aggregate royalty payments received by the Company reach a certain threshold as defined in the underlying agreement. | ||
Response Genetics, Inc. | ||
On July 30, 2014, the Company entered into a credit agreement pursuant to which the Company provided to Response Genetics, Inc. (“Response”) a term loan in the principal amount of $12,000,000. The loan matures on July 30, 2020. The Company provided $8,500,000 at closing. Response can draw down the remaining $3,500,000 of the credit facility at any time until December 31, 2015, if Response achieves certain revenue thresholds, and as long as it is in compliance with all covenants under the credit agreement. | ||
Interest and principal under the loan will be paid by a tiered revenue interest that is charged on quarterly net sales and royalties of Response applied in the following priority first, to the payment of all accrued but unpaid interest until paid in full; second to the payment of all principal of the loans. | ||
The loan shall accrue interest at the LIBOR rate, plus an applicable margin, subject to a 13.5% minimum. In addition, the Company earned an origination fee at closing, and the Company is entitled to an exit fee upon the maturity of the loan, both of which will be accreted to interest income over the term of the loan. | ||
In connection with the loan, Response also issued the Company a warrant to purchase 681,090 common shares an exercise price of $0.936 per share, at any time prior to July 30, 2020 with an initial fair value of $378,747. | ||
Holmdel Pharmaceuticals, LP | ' | ' |
Subsequent Events [Text Block] | ' | ' |
Note 7. Subsequent Events | ||
On February 4, 2014 the Partnership entered into an agreement with Cranford Pharmaceuticals LLC. (‘Cranford’), a Company with a minority ownership by the same individuals who own and control Mist and Akrimax and hence a related party, whereby Holmdel granted to Cranford an exclusive right and license to sublicense to Mist and other sub licensees, and to grant to one or more third parties, co-promotion and distribution rights, to use the Holmdel Technology Rights pursuant to the Aptalis Agreement discussed above in Note 1, to develop, market, sell and distribute within the United States and its territories, a product which Cranford wishes to develop and market as Inderal XL™ (propranolol hydrochloride) extended release capsules (a beta blocker) based on the formulation for InnoPran XL® (“the Cranford Agreement”). | ||
Pursuant to the Cranford Agreement, Cranford will pay Holmdel a quarterly royalty payment based on a percentage of all net Sales of Inderal XL by Cranford, any co-promoter, Mist or any other sub licensee, sold during the applicable calendar quarter. |
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | Dec. 31, 2013 | |||||||||||||||||||||||||
Accounting Policies [Abstract] | ' | ' | ||||||||||||||||||||||||
Consolidation, Subsidiaries or Other Investments, Consolidated Entities, Policy [Policy Text Block] | ' | ' | ||||||||||||||||||||||||
Nature of Operations | Nature of Operations See prior comments | |||||||||||||||||||||||||
SWK Holdings Corporation (“SWK” or the “Company”) is engaged in investing in the pharmaceutical and biotechnology royalty securitization market. The Company’s strategy is to provide capital to a broad range of life science companies, institutions and inventors. The Company is currently focused on monetizing cash flow streams derived from commercial-stage products and related intellectual property through royalty purchases and financings, as well as through the creation of synthetic revenue interests in commercialized products. The Company intends to fill a niche that it believes is underserved in the sub-$50 million transaction size. The Company’s goal is to redeploy its existing assets to earn interest, fee, and other income pursuant to this strategy, and the Company continues to identify and review financing and similar opportunities on an ongoing basis. In addition the Company is also engaged in the business of providing investment advisory services to institutional clients. | SWK Holdings Corporation (the “Company”) was incorporated in July 1996 in California and reincorporated in Delaware in September 1999. In December 2009, the Company sold substantially all of its assets to an unrelated third party ("Asset Sale"). Since the date of the Asset Sale, the Company has been seeking to redeploy their cash to maximize value for their stockholders and were seeking, analyzing and evaluating potential acquisition candidates. Their goal was to redeploy their existing assets to acquire, or invest in, one or more operating businesses with existing or prospective taxable income, or from which they can realize capital gains, that can be offset by use of their net operating loss carryforwards (“NOLs”). | |||||||||||||||||||||||||
The Company has net operating loss carryforwards (“NOLs”) and believes that the ability to utilize these NOLs is an important and substantial asset. The Company believes that the foregoing business strategies can create value for its stockholders, and produce prospective taxable income (or the ability to generate capital gains) that might permit the Company to utilize the NOLs. The Company is unable to assure investors that it will find suitable financing opportunities or that it will be able to utilize its existing NOLs. | In July 2012, the Company commenced its new corporate strategy of building a specialty finance and asset management business. The Company’s strategy is to be a leading healthcare capital provider by offering sophisticated, customized financing solutions to a broad range of life science companies, institutions and inventors. The Company has initially focused on monetizing cash flow streams derived from commercial-stage products and related intellectual property through royalty purchases and financings, as well as through the creation of synthetic revenue interests in commercialized products. The Company expects to deploy its assets to earn interest, fees, and other income pursuant to this strategy, and the Company continues to identify and review financing and similar opportunities on an ongoing basis. In addition, through the Company’s wholly-owned subsidiary, SWK Advisors LLC, the Company provides non-discretionary investment advisory services to institutional clients in separately managed accounts to similarly invest in life science finance. SWK Advisors LLC is registered as an investment advisor with the Texas State Securities Board. The Company intends to fund transactions through their own working capital, as well as by building their asset management business by raising additional third party capital to be invested alongside the Company’s capital. | |||||||||||||||||||||||||
The Company intends to fill a niche that they believe is underserved in the sub-$50 million transaction size. Since many of their competitors that provide longer term, royalty-related financing options have much greater financial resources than the Company, they tend to not focus on transaction sizes below $50 million as it is generally inefficient for them to do so. In addition, we do not believe that a sufficient number of other companies offer similar types of long-term financing options to fill the demand of the sub-$50 million market. As such, the Company believes they face less competition from such longer term, royalty investors in transactions that are less than $50 million. | ||||||||||||||||||||||||||
The Company has net operating loss carryforwards (“NOLs”) and believes that the ability to utilize these NOLs is an important and substantial asset. The Company believes that the foregoing business strategies can create value for its stockholders, and produce prospective taxable income (or the ability to generate capital gains) that might permit the Company to utilize the NOLs. The Company is unable to assure investors that it will find suitable financing opportunities or that it will be able to utilize its existing NOLs. | ||||||||||||||||||||||||||
In the third quarter of 2012, the Company purchased an interest in three revenue-producing investment advisory client contracts from PBS Capital Management, LLC, a firm that its current chief executive officer (“CEO”) and current Managing Director control, for $150,000 plus earn out payments through 2016. This $150,000 payment was treated as compensation expense and is included in general and administrative expenses in the consolidated statements of income (loss) for the year ended December 31, 2012. The Company’s interest in these contracts can be repurchased, for one dollar, by PBS Capital Management, LLC, in the event that the employment contracts of the Company’s current CEO and current Managing Director are not renewed. | ||||||||||||||||||||||||||
Since implementing its new strategy, the Company has executed nine transactions under its new specialty finance strategy, funding approximately $57,500,000 in various financial products across the life science sector. The Company’s portfolio includes senior and subordinated debt backed by royalties and synthetic royalties paid by companies in the life science sector, purchased royalties generated by sales of life science products and related intellectual property and an unconsolidated equity investment in a company which retains the marketing authorization rights to a pharmaceutical product. | ||||||||||||||||||||||||||
The Company is headquartered in Dallas, Texas. | ||||||||||||||||||||||||||
Consolidation, Policy [Policy Text Block] | ' | ' | ||||||||||||||||||||||||
Basis of Presentation | Basis of Presentation and Principles of Consolidation | |||||||||||||||||||||||||
The Company’s unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The unaudited condensed consolidated financial statements include the accounts of all subsidiaries and affiliates in which the Company holds a controlling financial interest as of the financial statement date. Normally a controlling financial interest reflects ownership of a majority of the voting interests. The Company consolidates a variable interest entity (“VIE”) when it possesses both the power to direct the activities of the VIE that most significantly impact its economic performance and the Company is either obligated to absorb the losses that could potentially be significant to the VIE or the Company holds the right to receive benefits from the VIE that could potentially be significant to the VIE, after elimination of intercompany accounts and transactions. | The Company’s consolidated financial statements are prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”). The consolidated financial statements include the accounts of all subsidiaries and affiliates in which the Company holds a controlling financial interest as of the financial statement date. Normally a controlling financial interest reflects ownership of a majority of the voting interests. The Company consolidates a variable interest entity (“VIE”) when it possesses both the power to direct the activities of the VIE that most significantly impact its economic performance and the Company is either obligated to absorb the losses that could potentially be significant to the VIE or the Company holds the right to receive benefits from the VIE that could potentially be significant to the VIE, after elimination of intercompany accounts and transactions. | |||||||||||||||||||||||||
The Company owns interests in various partnerships and limited liability companies, or LLCs. The Company consolidates its investments in these partnerships or LLCs, where the Company, as the general partner or managing member, exercises effective control, even though the Company’s ownership is less than 50%. The related governing agreements provide the Company with broad powers, and the other parties do not participate in the management of the entity and do not have the substantial ability to remove the Company. The Company has reviewed each of the underlying agreements to determine if it has effective control. If circumstances changed and it was determined this control did not exist, this investment would be recorded using the equity method of accounting. Although this would change individual line items within the Company’s condensed consolidated financial statements, it would have no effect on our operations and/or total stockholders’ equity attributable to the Company. The Company operates in one operating segment with a single management team that reports to the chief executive officer, who is the Company’s chief operating decision maker. | The Company owns interests in various partnerships and limited liability companies, or LLCs. The Company consolidates its investments in these partnerships or LLCs, where the Company, as the general partner or managing member, exercises effective control, even though the Company’s ownership may be less than 50%. The related governing agreements provide the Company with broad powers, and the other parties do not participate in the management of the entity and do not have the substantial ability to remove the Company. The Company has reviewed each of the underlying agreements to determine if it has effective control. If circumstances changed and it was determined this control did not exist, this investment would be recorded using the equity method of accounting. Although this would change individual line items within the Company’s consolidated financial statements, it would have no effect on our operations and/or total stockholders’ equity attributable to the Company. The Company operates in one operating segment with a single management team that reports to the chief executive officer, who is the Company’s chief operating decision maker. | |||||||||||||||||||||||||
Unaudited Interim Financial Information [Policy Text Block] | ' | ' | ||||||||||||||||||||||||
Unaudited Interim Financial Information | ||||||||||||||||||||||||||
The unaudited condensed consolidated financial statements have been prepared by the Company and reflect all normal, recurring adjustments that, in the opinion of management, are necessary for a fair presentation of the interim financial information. The results of operations for the interim periods presented are not necessarily indicative of the results to be expected for any subsequent quarter or for the year ending December 31, 2014. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted under the rules and regulations of the Securities and Exchange Commission (“SEC”). These unaudited condensed consolidated financial statements and notes included herein should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013, filed with the SEC on March 31, 2014. The year-end unaudited condensed consolidated balance sheet data was derived from the Company’s audited financial statements, but does not include all disclosures required by GAAP. | ||||||||||||||||||||||||||
Consolidation, Variable Interest Entity, Policy [Policy Text Block] | ' | ' | ||||||||||||||||||||||||
Variable Interest Entities | Variable Interest Entities | |||||||||||||||||||||||||
An entity is referred to as a VIE if it possesses one of the following criteria: (i) it is thinly capitalized, (ii) the residual equity holders do not control the entity, (iii) the equity holders are shielded from the economic losses, (iv) the equity holders do not participate fully in the entity’s residual economics, or (v) the entity was established with non-substantive voting interests. The Company consolidates a VIE when it has both the power to direct the activities that most significantly impact the activities of the VIE and the right to receive benefits or the obligation to absorb losses of the entity that could be potentially significant to the VIE. Along with the VIEs that are consolidated in accordance with these guidelines, the Company also holds variable interests in other VIEs that are not consolidated because it is not the primary beneficiary. The Company continually monitors both consolidated and unconsolidated VIEs to determine if any events have occurred that could cause the primary beneficiary to change. See Note 4 for further discussion of VIEs. | An entity is referred to as a VIE [Defined above] if it possesses one of the following criteria: (i) it is thinly capitalized, (ii) the residual equity holders do not control the entity, (iii) the equity holders are shielded from the economic losses, (iv) the equity holders do not participate fully in the entity's residual economics, or (v) the entity was established with non-substantive voting interests. The Company consolidates a VIE when it has both the power to direct the activities that most significantly impact the activities of the VIE and the right to receive benefits or the obligation to absorb losses of the entity that could be potentially significant to the VIE. Along with the VIEs that are consolidated in accordance with these guidelines, the Company also holds variable interests in other VIEs that are not consolidated because it is not the primary beneficiary. The Company continually monitors both consolidated and unconsolidated VIEs to determine if any events have occurred that could cause the primary beneficiary to change. See Note 4 for further discussion of VIEs. | |||||||||||||||||||||||||
Use of Estimates, Policy [Policy Text Block] | ' | ' | ||||||||||||||||||||||||
Use of Estimates | Use of Estimates | |||||||||||||||||||||||||
The preparation of the Company’s unaudited condensed consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions are required in the determination of revenue recognition, stock-based compensation, impairment of financing receivables and long-lived assets, valuation of warrants, useful lives of property and equipment, income taxes and contingencies and litigation, among others. Some of these judgments can be subjective and complex, and, consequently, actual results may differ from these estimates. The Company estimates often are based on complex judgments, probabilities and assumptions that it believes to be reasonable but that are inherently uncertain and unpredictable. For any given individual estimate or assumption made by the Company, there may also be other estimates or assumptions that are reasonable. | The preparation of the Company’s consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions are required in the determination of revenue recognition, stock-based compensation, impairment of financing receivables and long-lived assets, valuation of warrants, useful lives of property and equipment, income taxes and contingencies and litigation, among others. Some of these judgments can be subjective and complex, and, consequently, actual results may differ from these estimates. The Company’s estimates often are based on complex judgments, probabilities and assumptions that it believes to be reasonable but that are inherently uncertain and unpredictable. For any given individual estimate or assumption made by the Company, there may also be other estimates or assumptions that are reasonable. | |||||||||||||||||||||||||
The Company regularly evaluates its estimates and assumptions using historical experience and other factors, including the economic environment. As future events and their effects cannot be determined with precision, the Company’s estimates and assumptions may prove to be incomplete or inaccurate, or unanticipated events and circumstances may occur that might cause us to change those estimates and assumptions. Market conditions, such as illiquid credit markets, volatile equity markets, and economic downturn, can increase the uncertainty already inherent in the Company’s estimates and assumptions. The Company adjusts its estimates and assumptions when facts and circumstances indicate the need for change. Those changes generally will be reflected in our condensed consolidated financial statements on a prospective basis unless they are required to be treated retrospectively under the relevant accounting standard. It is possible that other professionals, applying reasonable judgment to the same facts and circumstances, could develop and support a range of alternative estimated amounts. | The Company regularly evaluates its estimates and assumptions using historical experience and other factors, including the economic environment. As future events and their effects cannot be determined with precision, the Company’s estimates and assumptions may prove to be incomplete or inaccurate, or unanticipated events and circumstances may occur that might cause change those estimates and assumptions. Market conditions, such as illiquid credit markets, volatile equity markets, and economic downturn, can increase the uncertainty already inherent in the Company’s estimates and assumptions. The Company adjusts its estimates and assumptions when facts and circumstances indicate the need for change. Those changes generally will be reflected in our consolidated financial statements on a prospective basis unless they are required to be treated retrospectively under the relevant accounting standard. It is possible that other professionals, applying reasonable judgment to the same facts and circumstances, could develop and support a range of alternative estimated amounts. | |||||||||||||||||||||||||
Equity Method Investments, Policy [Policy Text Block] | ' | ' | ||||||||||||||||||||||||
Equity Method Investments | Equity Method Investment | |||||||||||||||||||||||||
The Company accounts for portfolio companies whose results are not consolidated, but over which it exercises significant influence, under the equity method of accounting. Whether or not the Company exercises significant influence with respect to a portfolio company depends on an evaluation of several factors including, among others, representation of the Company on the portfolio company’s board of directors and the Company’s ownership level. Under the equity method of accounting, the Company does not reflect a portfolio company’s financial statements within the company’s unaudited consolidated financial statements; however, the Company’s share of the income or loss of such portfolio company is reflected in income in the unaudited condensed consolidated statements of income. The Company includes the carrying value of equity method portfolio companies as part of the investment in unconsolidated entities on the unaudited condensed consolidated balance sheets. | The Company accounts for portfolio companies whose results are not consolidated, but over which it exercises significant influence, under the equity method of accounting. Whether or not the Company exercises significant influence with respect to a partner company depends on an evaluation of several factors including, among others, representation of the Company on the partner company’s board of directors and the Company’s ownership level. Under the equity method of accounting, the Company does not reflect a partner company’s financial statements within the company’s consolidated financial statements; however, the Company’s share of the income or loss of such partner company is reflected in the consolidated statements of income (loss). The Company includes the carrying value of equity method partner companies as part of the investment in unconsolidated entities on the consolidated balance sheets. | |||||||||||||||||||||||||
When the Company’s carrying value in an equity method portfolio company is reduced to zero, the Company records no further losses in its unaudited condensed consolidated statements of income unless the Company has an outstanding guarantee obligation or has committed additional funding to such equity method portfolio company. When such equity method portfolio company subsequently reports income, the Company will not record its share of such income until it exceeds the amount of the Company’s share of losses not previously recognized. | When the Company’s carrying value in an equity method partner company is reduced to zero, the Company records no further losses in its consolidated statements of income (loss) unless the Company has an outstanding guarantee obligation or has committed additional funding to such equity method partner company. When such equity method partner company subsequently reports income, the Company will not record its share of such income until it exceeds the amount of the Company’s share of losses not previously recognized. | |||||||||||||||||||||||||
Finance, Loans and Leases Receivable, Policy [Policy Text Block] | ' | ' | ||||||||||||||||||||||||
Finance Receivables | Finance Receivables | |||||||||||||||||||||||||
The Company extends credit to customers through a variety of financing arrangements, including revenue interest term loans. The amounts outstanding on loans are referred to as finance receivables and are included in Finance Receivables on the unaudited condensed consolidated balance sheets. It is the Company’s expectation that the loans originated will be held for the foreseeable future or until maturity. In certain situations, for example to manage concentrations and/or credit risk, some or all of certain exposures may be sold. Loans for which the Company has the intent and ability to hold for the foreseeable future or until maturity are classified as held for investment (“HFI”). If the Company no longer has the intent or ability to hold loans for the foreseeable future, then the loans are transferred to held for sale (“HFS”). Loans entered into with the intent to resell are classified as HFS. | The Company extends credit to customers through a variety of financing arrangements, including revenue interest term loans. The amounts outstanding on loans are referred to as finance receivables and are included in Finance Receivables on the consolidated balance sheets. It is the Company’s expectation that the loans originated will be held for the foreseeable future or until maturity. In certain situations, for example to manage concentrations and/or credit risk, some or all of certain exposures may be sold. Loans for which the Company has the intent and ability to hold for the foreseeable future or until maturity are classified as held for investment (“HFI”). If the Company no longer has the intent or ability to hold loans for the foreseeable future, then the loans are transferred to held for sale (“HFS”). Loans entered into with the intent to resell are classified as HFS. | |||||||||||||||||||||||||
If it is determined that a loan should be transferred from HFI to HFS, then the balance is transferred at the lower of cost or fair value. At the time of transfer, a write-down of the loan is recorded as a write-off when the carrying amount exceeds fair value and the difference relates to credit quality, otherwise the write-down is recorded as a reduction in interest and other income (expense), net, and any loan loss reserve is reversed. Once classified as HFS, the amount by which the carrying value exceeds fair value is recorded as a valuation allowance and is reflected as a reduction to interest and other income. | If it is determined that a loan should be transferred from HFI to HFS, then the balance is transferred at the lower of cost or fair value. At the time of transfer, a write-down of the loan is recorded as a write-off when the carrying amount exceeds fair value and the difference relates to credit quality, otherwise the write-down is recorded as a reduction in interest and other income, and any loan loss reserve is reversed. Once classified as HFS, the amount by which the carrying value exceeds fair value is recorded as a valuation allowance and is reflected as a reduction to interest and other income. | |||||||||||||||||||||||||
If it is determined that a loan should be transferred from HFS to HFI, the loan is transferred at the lower of cost or fair value on the transfer date, which coincides with the date of change in management’s intent. The difference between the carrying value of the loan and the fair value, if lower, is reflected as a loan discount at the transfer date, which reduces its carrying value. Subsequent to the transfer, the discount is accreted into earnings as an increase to finance revenue over the life of the loan using the effective interest method. | If it is determined that a loan should be transferred from HFS to HFI, the loan is transferred at the lower of cost or fair value on the transfer date, which coincides with the date of change in management’s intent. The difference between the carrying value of the loan and the fair value, if lower, is reflected as a loan discount at the transfer date, which reduces its carrying value. Subsequent to the transfer, the discount is accreted into earnings as an increase to finance revenue interest income over the life of the loan using the effective interest method. | |||||||||||||||||||||||||
Finance receivables are stated at their principal amounts inclusive of deferred loan origination fees. Interest income is credited as earned based on the effective interest rate method except when a finance receivable becomes past due 90 days or more and doubt exists as to the ultimate collection of interest or principal; in those cases the recognition of income is discontinued. | Finance receivables are stated at their principal amounts inclusive of deferred loan origination fees. Interest income is credited as earned based on the effective interest rate method except when a finance receivable becomes past due 90 days or more and doubt exists as to the ultimate collection of interest or principal; in those cases the recognition of income is discontinued. | |||||||||||||||||||||||||
Marketable Securities, Policy [Policy Text Block] | ' | ' | ||||||||||||||||||||||||
Marketable Investments | Marketable Investments | |||||||||||||||||||||||||
Available-for-sale securities are reported at fair value with unrealized gains or losses recorded in accumulated other comprehensive income, net of applicable income taxes. The available-for-sale portfolio as of June 30, 2014 and December 31, 2013 includes one debt security. In any case where fair value might fall below amortized cost, the Company would consider whether that security is other-than-temporarily impaired using all available information about the collectability of the security. The Company would not consider that an other-than temporary impairment for a debt security has occurred if (1) the Company does not intend to sell the debt security, (2) it is not more likely than not that the Company will be required to sell the debt security before recovery of its amortized cost basis and (3) the present value of estimated cash flows will fully cover the amortized cost of the security. The Company would consider that an other-than-temporary impairment has occurred if any of the above mentioned three conditions are not met. | Available-for-sale securities are reported at fair value with unrealized gains or losses recorded in accumulated other comprehensive income (loss), net of applicable income taxes. The available-for-sale portfolio as of December 31, 2013 included one debt security. In any case where fair value might fall below amortized cost, the Company would consider whether that security is other-than-temporarily impaired using all available information about the collectability of the security. The Company would not consider that an other-than temporary impairment for a debt security has occurred if (i) the Company does not intend to sell the debt security, (ii) it is not more likely than not that the Company will be required to sell the debt security before recovery of its amortized cost basis and (iii) the present value of estimated cash flows will fully cover the amortized cost of the security. The Company would consider that an other-than-temporary impairment has occurred if any of the above mentioned three conditions are not met. | |||||||||||||||||||||||||
For a debt security for which an other-than-temporary impairment is considered to have occurred, the Company would recognize the entire difference between the amortized cost and the fair value in earnings if the Company intends to sell the debt security or it is more likely than not that the Company will be able to sell the debt security before recovery of its amortized cost basis. If the Company does not intend to sell the debt security and it is not more likely than not that the Company will be required to sell the debt security before recovery of its amortized cost basis, the Company would separate the difference between the amortized cost and the fair value of the debt security into the credit loss component and the non-credit loss component. The credit loss component would be recognized in earnings and the non-credit loss component would be recognized in other comprehensive income, net of applicable income taxes. | For a debt security for which an other-than-temporary impairment is considered to have occurred, the Company would recognize the entire difference between the amortized cost and the fair value in earnings if the Company intends to sell the debt security or it is more likely than not that the Company will be able to sell the debt security before recovery of its amortized cost basis. If the Company does not intend to sell the debt security and it is not more likely than not that the Company will be required to sell the debt security before recovery of its amortized cost basis, the Company would separate the difference between the amortized cost and the fair value of the debt security into the credit loss component and the non-credit loss component. The credit loss component would be recognized in earnings and the non-credit loss component would be recognized in other comprehensive income (loss), net of applicable income taxes. | |||||||||||||||||||||||||
Derivatives, Policy [Policy Text Block] | ' | ' | ||||||||||||||||||||||||
Derivatives | Derivatives | |||||||||||||||||||||||||
All derivatives held by the Company are recognized in the unaudited condensed consolidated balance sheets at fair value. The accounting treatment for subsequent changes in the fair value depends on their use, and whether they qualify as effective “hedges” for accounting purposes. Derivatives that are not hedges must be adjusted to fair value through the unaudited condensed consolidated statements of income. If a derivative is a hedge, then depending on its nature, changes in its fair value will be either offset against change in the fair value of hedged assets or liabilities through the unaudited condensed consolidated statements of income, or recorded in other comprehensive income. The Company had no derivatives designated as hedges as of June 30, 2014 and December 31, 2013. The Company holds three warrants issued to the Company in conjunction with the term loan investments discussed in Note 2. These warrants are included in other assets in the unaudited condensed consolidated balance sheets. The Company issued a warrant on its own common stock in the year ended December 31, 2013, in conjunction with its credit facility discussed in Note 5. This warrant meets the definition of a derivative and is reflected as warrant liability at fair value in the unaudited condensed consolidated balance sheets as of June 30, 2014 and December 31, 2013. | All derivatives held by the Company are recognized in the consolidated balance sheets at fair value. The accounting treatment for subsequent changes in the fair value depends on their use, and whether they qualify as effective “hedges” for accounting purposes. Derivatives that are not hedges must be adjusted to fair value through the consolidated statements of income (loss). If a derivative is a hedge, then depending on its nature, changes in its fair value will be either offset against change in the fair value of hedged assets or liabilities through the consolidated statements of income (loss), or recorded in other comprehensive income (loss). The Company had no derivatives designated as hedges as of December 31, 2013 and 2012. The Company holds warrants issued to the Company in conjunction with term loan investments discussed in Note 2. These warrants meet the definition of a derivative and are included in other assets in the consolidated balance sheets. The Company issued a warrant on its own common stock in conjunction with its credit agreement discussed in Note 7. This warrant meets the definition of a derivative and is reflected as a warrant liability at fair value in the consolidated balance sheets. | |||||||||||||||||||||||||
Revenue Recognition, Policy [Policy Text Block] | ' | ' | ||||||||||||||||||||||||
Revenue Recognition | Revenue Recognition | |||||||||||||||||||||||||
The Company records interest income on an accrual basis based on the effective interest rate method to the extent that it expects to collect such amounts. The Company recognizes investment management fees as earned over the period the services are rendered. In general, the majority of investment management fees earned are charged either monthly or quarterly. Incentive fees, if any, are recognized when earned at the end of the relevant performance period, pursuant to the underlying contract. Other administrative service revenues are recognized when contractual obligations are fulfilled or as services are provided. | The Company records interest income on an accrual basis based on the effective interest rate method to the extent that it expects to collect such amounts. The Company recognizes investment management fees as earned over the period the services are rendered. In general, the majority of investment management fees earned are charged either monthly or quarterly. Incentive fees, if any, are recognized when earned at the end of the relevant performance period, pursuant to the underlying contract. Other administrative service revenues are recognized when contractual obligations are fulfilled or as services are provided. | |||||||||||||||||||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | ' | ' | ||||||||||||||||||||||||
Cash and Cash Equivalents | ||||||||||||||||||||||||||
The Company considers all highly liquid investments with an original maturity date of three months or less at the date of purchase to be cash equivalents. There were no such investments at December 31, 2013 or 2012, as all of our cash was held in checking or savings accounts. At December 31, 2013, cash equivalents were deposited in financial institutions and consisted of immediately available fund balances. The Company maintains its cash deposits and cash equivalents with well-known and stable financial institutions. | ||||||||||||||||||||||||||
Trade and Other Accounts Receivable, Policy [Policy Text Block] | ' | ' | ||||||||||||||||||||||||
Accounts Receivable | ||||||||||||||||||||||||||
Accounts receivable are recorded at the aggregate unpaid amount less any allowance for doubtful accounts. The Company determines an account receivable’s delinquency status based on its contractual terms. Interest is not charged on outstanding balances. Accounts are written-off only when all methods of recovery have been exhausted. As of December 31, 2013 and 2012, the allowance for doubtful accounts was zero. | ||||||||||||||||||||||||||
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | ' | ' | ||||||||||||||||||||||||
Restricted Cash | ||||||||||||||||||||||||||
Restricted cash consist of third party interest reserve accounts. | ||||||||||||||||||||||||||
Concentration Risk, Credit Risk, Policy [Policy Text Block] | ' | ' | ||||||||||||||||||||||||
Certain Risks and Concentrations | Certain Risks and Concentrations | |||||||||||||||||||||||||
Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents, accounts receivable, finance receivables and marketable investments. The Company invests its excess cash with major U.S. banks and financial institutions. The Company has not experienced any losses on its cash and cash equivalents. | Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents, accounts receivable, finance receivables and marketable investments. The Company invests its excess cash with major U.S. banks and financial institutions. The Company has not experienced any losses on its cash and cash equivalents. | |||||||||||||||||||||||||
The Company performs ongoing credit evaluations of its customers and generally requires collateral. For the six months ended June 30, 2014 and 2013, three partners companies accounted for 71 percent and 93 percent of total revenue, respectively. For the three months ended June 30, 2014 and 2013, three partners company accounted for 69 percent and 96 percent of total revenue, respectively. | The Company performs ongoing credit evaluations of its customers and generally requires collateral. For the year ended December 31, 2013, three partner companies accounted for 78 percent of total revenue. As of December 31, 2013, three partner companies accounted for 70 percent of accounts receivable. For the year ended December 31, 2012, two partner companies accounted for 89 percent of total revenue. As of December 31, 2012, two partner companies accounted for 97 percent of accounts receivable. | |||||||||||||||||||||||||
The Company does not expect its current or future credit risk exposures to have a significant impact on its operations. However, there can be no assurance that its business will not experience any adverse impact from credit risk in the future. | The Company does not expect its current or future credit risk exposures to have a significant impact on its operations. However, there can be no assurance that its business will not experience any adverse impact from credit risk in the future. | |||||||||||||||||||||||||
Property, Plant and Equipment, Policy [Policy Text Block] | ' | ' | ||||||||||||||||||||||||
Property and Equipment | ||||||||||||||||||||||||||
Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which are three years for computer equipment, software and furniture and fixtures. Upon retirement or sale, the cost and related accumulated depreciation are removed from the accounts, and any related gain or loss is reflected in operations. Improvements that extend the life of a specific asset are capitalized, while normal maintenance and repairs are charged to operations as incurred. | ||||||||||||||||||||||||||
Segment Reporting, Policy [Policy Text Block] | ' | ' | ||||||||||||||||||||||||
Segment Reporting | ||||||||||||||||||||||||||
The Company operates in one operating segment with a single management team that reports to the chief executive officer, who is our chief operating decision maker. Accordingly, the Company does not prepare discrete financial information with respect to separate product line and does not have separately reportable segments. | ||||||||||||||||||||||||||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | ' | ' | ||||||||||||||||||||||||
Stock-based Compensation | ||||||||||||||||||||||||||
All stock-based compensation is measured at the grant date, based on the estimated fair value of the award, and is recognized as an expense over the requisite service period. Stock-based compensation expense is reduced for estimated future forfeitures. These estimates are revised in future periods if actual forfeitures differ from the estimates. Changes in forfeiture estimates impact compensation expense in the period in which the change in estimate occurs. | ||||||||||||||||||||||||||
For restricted stock, the Company recognizes compensation expense in accordance with the fair value of the Company’s stock as determined on the grant date, amortized over the applicable service period. When vesting of awards is based wholly or in part upon the future performance of the stock price, such terms result in adjustments to the grant date fair value of the award and the derivation of a service period. If service is provided over the derived service period, the adjusted fair value of the awards will be recognized as compensation expense, regardless of whether or not the awards vest. | ||||||||||||||||||||||||||
Other Comprehensive Income, Noncontrolling Interest [Text Block] | ' | ' | ||||||||||||||||||||||||
Non-controlling Interests | ||||||||||||||||||||||||||
Non-controlling interests represent third-party equity ownership in certain of the Company’s consolidated subsidiaries, VIEs or investments and are presented as a component of equity. See Note 4 for further discussion of non-controlling interests. | ||||||||||||||||||||||||||
Income Tax, Policy [Policy Text Block] | ' | ' | ||||||||||||||||||||||||
Income Taxes | ||||||||||||||||||||||||||
Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. A valuation allowance is recorded to reduce deferred tax assets to an amount where realization is more likely than not. | ||||||||||||||||||||||||||
If the Company ultimately determines that the payment of such a liability is not necessary, then the Company reverses the liability and recognizes a tax benefit during the period in which the determination is made that the liability is no longer necessary. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as a component of income tax benefit in the statements of income (loss). | ||||||||||||||||||||||||||
Comprehensive Income, Policy [Policy Text Block] | ' | ' | ||||||||||||||||||||||||
Comprehensive Income (Loss) | ||||||||||||||||||||||||||
Comprehensive income (loss) and its components attributable to the Company and non-controlling interests have been reported, net of tax, in the consolidated statements of stockholders’ equity and the consolidated statements of comprehensive income (loss). | ||||||||||||||||||||||||||
Earnings Per Share, Policy [Policy Text Block] | ' | ' | ||||||||||||||||||||||||
Net Income per Share | Net Income (Loss) per Share | |||||||||||||||||||||||||
Basic net income per share is computed using the weighted average number of outstanding shares of common stock. Diluted net income per share is computed using the weighted average number of outstanding shares of common stock and, when dilutive, shares of common stock issuable upon exercise of options and warrants deemed outstanding using the treasury stock method. | Basic net income (loss) per share is computed using the weighted average number of outstanding shares of common stock. Diluted net income (loss) per share is computed using the weighted average number of outstanding shares of common stock and, when dilutive, shares of common stock issuable upon exercise of options and warrants deemed outstanding using the treasury stock method. | |||||||||||||||||||||||||
The following table shows the computation of basic and diluted income (loss) per share for the following (in thousands, except per share amounts): | ||||||||||||||||||||||||||
The following table shows the computation of basic and diluted earnings per share for the following (in thousands, except per share amounts): | ||||||||||||||||||||||||||
Year Ended | ||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | December 31, | ||||||||||||||||||||||||
June 30, | June 30, | 2013 | 2012 | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | Numerator: | ||||||||||||||||||||||
Numerator: | Net income (loss) attributable to SWK Holdings Corporation Shareholders | $ | 12,862 | $ | (1,421 | ) | ||||||||||||||||||||
Net income attributable to SWK Holdings Corporation Stockholders | $ | 1,392 | $ | 380 | $ | 2,849 | $ | 440 | ||||||||||||||||||
Denominator: | ||||||||||||||||||||||||||
Denominator: | Weighted-average shares outstanding | 41,343 | 41,247 | |||||||||||||||||||||||
Weighted-average shares outstanding | 41,510 | 41,352 | 41,486 | 41,334 | Effect of dilutive securities | 97 | - | |||||||||||||||||||
Effect of dilutive securities | 79 | 59 | 73 | 70 | ||||||||||||||||||||||
Weighted-average diluted shares | 41,440 | 41,247 | ||||||||||||||||||||||||
Weighted-average diluted shares | 41,589 | 41,411 | 41,559 | 41,404 | ||||||||||||||||||||||
Basic income (loss) per share | $ | 0.31 | $ | (0.03 | ) | |||||||||||||||||||||
Basic earnings per share | $ | 0.03 | $ | 0.01 | $ | 0.07 | $ | 0.01 | Diluted income (loss) per share | $ | 0.31 | $ | (0.03 | ) | ||||||||||||
Diluted earnings per share | $ | 0.03 | $ | 0.01 | $ | 0.07 | $ | 0.01 | ||||||||||||||||||
For the years ended December 31, 2013, and 2012, outstanding stock options and warrants to purchase shares of common stock in an aggregate of approximately 4,205,000 and 3,327,500 shares, respectively, have been excluded from the calculation of diluted net income (loss) per share as these securities were anti-dilutive. | ||||||||||||||||||||||||||
For the three and six month periods ended June 30, 2014 and 2013, outstanding stock options and warrants to purchase shares of common stock in an aggregate of approximately 4,175,000 and 4,175,000 shares and 3,205,000 and 5,255,000 shares, respectively, have been excluded from the calculation of diluted net income per share as all such securities were anti-dilutive. | ||||||||||||||||||||||||||
Reclassification, Policy [Policy Text Block] | ' | ' | ||||||||||||||||||||||||
Reclassifications | ||||||||||||||||||||||||||
Certain prior period amounts in the unaudited condensed consolidated financial statements have been reclassified to conform to the current period’s presentation. | ||||||||||||||||||||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | ' | ' | ||||||||||||||||||||||||
Recent Accounting Pronouncements | Recent Accounting Pronouncements | |||||||||||||||||||||||||
In May 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, (“ASU 2014-09”), “Revenue from Contracts with Customers”. The objective of ASU 2014-19 is to establish a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will supersede most of the existing revenue recognition guidance, including industry-specific guidance. The core principle of ASU 2014-09 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In applying the new guidance, an entity will (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the contract’s performance obligations; and (5) recognize revenue when (or as) the entity satisfies a performance obligation. ASU 2014-09 applies to all contracts with customers except those that are within the scope of other topics in the FASB Accounting Standards Codification. The new guidance is effective for annual reporting periods (including interim periods within those periods) beginning after December 15, 2016 for public companies. Early adoption is not permitted. Entities have the option of using either a full retrospective or modified approach to adopt ASU 2014-09. The Company is currently evaluating the new guidance and has not determined the impact this standard may have on its consolidated financial statements nor decided upon the method of adoption. | In February 2013, the Financial Accounting Standards Board (“FASB”) issued ASU 2013-02, Comprehensive Income (Topic 220), Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, to require an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. An entity is required to present, either on the face of the statement where net income (loss) is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income (loss) if the amount reclassified is required under GAAP to be reclassified to net income (loss) in its entirety in the same reporting period. For other amounts that are not required to be reclassified in their entirety to net income (loss), an entity is required to cross-reference to other disclosures required under GAAP that provide additional detail about those amounts. This standard was effective for interim and annual periods beginning after December 15, 2012 and is to be applied on a prospective basis. The Company adopted ASU 2013-02 and will disclose significant amounts reclassified out of accumulated other comprehensive income (loss) as such transactions arise. ASU 2013-02 affects financial statement presentation only and has no impact on the Company’s results of operations or consolidated financial statements. | |||||||||||||||||||||||||
In June 2014, the FASB issued ASU No. 2014-12, 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. This ASU is effective for annual periods and interim periods within those annual periods, beginning after December 15, 2015. The Company is currently evaluating the impact that the adoption of this guidance will have on its consolidated financial statements. | In July 2013, the FASB issued ASU 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. Under this new guidance, companies must present this unrecognized tax benefit in the consolidated financial statements as a reduction to deferred tax assets created by net operating losses or other tax credits from prior periods that occur in the same taxing jurisdiction. If the unrecognized tax benefit exceeds such credits it should be presented in the consolidated financial statements as a liability. This update is effective for annual and interim reporting periods for fiscal years beginning after December 15, 2013. The adoption of this standard is not expected to have any impact on the Company’s operating results and financial position. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Holmdel Pharmaceuticals, LP) (Policies) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2014 | Dec. 31, 2013 | |
Use of Estimates, Policy [Policy Text Block] | ' | ' |
Use of Estimates | Use of Estimates | |
The preparation of the Company’s unaudited condensed consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions are required in the determination of revenue recognition, stock-based compensation, impairment of financing receivables and long-lived assets, valuation of warrants, useful lives of property and equipment, income taxes and contingencies and litigation, among others. Some of these judgments can be subjective and complex, and, consequently, actual results may differ from these estimates. The Company estimates often are based on complex judgments, probabilities and assumptions that it believes to be reasonable but that are inherently uncertain and unpredictable. For any given individual estimate or assumption made by the Company, there may also be other estimates or assumptions that are reasonable. | The preparation of the Company’s consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions are required in the determination of revenue recognition, stock-based compensation, impairment of financing receivables and long-lived assets, valuation of warrants, useful lives of property and equipment, income taxes and contingencies and litigation, among others. Some of these judgments can be subjective and complex, and, consequently, actual results may differ from these estimates. The Company’s estimates often are based on complex judgments, probabilities and assumptions that it believes to be reasonable but that are inherently uncertain and unpredictable. For any given individual estimate or assumption made by the Company, there may also be other estimates or assumptions that are reasonable. | |
The Company regularly evaluates its estimates and assumptions using historical experience and other factors, including the economic environment. As future events and their effects cannot be determined with precision, the Company’s estimates and assumptions may prove to be incomplete or inaccurate, or unanticipated events and circumstances may occur that might cause us to change those estimates and assumptions. Market conditions, such as illiquid credit markets, volatile equity markets, and economic downturn, can increase the uncertainty already inherent in the Company’s estimates and assumptions. The Company adjusts its estimates and assumptions when facts and circumstances indicate the need for change. Those changes generally will be reflected in our condensed consolidated financial statements on a prospective basis unless they are required to be treated retrospectively under the relevant accounting standard. It is possible that other professionals, applying reasonable judgment to the same facts and circumstances, could develop and support a range of alternative estimated amounts. | The Company regularly evaluates its estimates and assumptions using historical experience and other factors, including the economic environment. As future events and their effects cannot be determined with precision, the Company’s estimates and assumptions may prove to be incomplete or inaccurate, or unanticipated events and circumstances may occur that might cause change those estimates and assumptions. Market conditions, such as illiquid credit markets, volatile equity markets, and economic downturn, can increase the uncertainty already inherent in the Company’s estimates and assumptions. The Company adjusts its estimates and assumptions when facts and circumstances indicate the need for change. Those changes generally will be reflected in our consolidated financial statements on a prospective basis unless they are required to be treated retrospectively under the relevant accounting standard. It is possible that other professionals, applying reasonable judgment to the same facts and circumstances, could develop and support a range of alternative estimated amounts. | |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | ' | ' |
Certain Risks and Concentrations | Certain Risks and Concentrations | |
Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents, accounts receivable, finance receivables and marketable investments. The Company invests its excess cash with major U.S. banks and financial institutions. The Company has not experienced any losses on its cash and cash equivalents. | Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents, accounts receivable, finance receivables and marketable investments. The Company invests its excess cash with major U.S. banks and financial institutions. The Company has not experienced any losses on its cash and cash equivalents. | |
The Company performs ongoing credit evaluations of its customers and generally requires collateral. For the six months ended June 30, 2014 and 2013, three partners companies accounted for 71 percent and 93 percent of total revenue, respectively. For the three months ended June 30, 2014 and 2013, three partners company accounted for 69 percent and 96 percent of total revenue, respectively. | The Company performs ongoing credit evaluations of its customers and generally requires collateral. For the year ended December 31, 2013, three partner companies accounted for 78 percent of total revenue. As of December 31, 2013, three partner companies accounted for 70 percent of accounts receivable. For the year ended December 31, 2012, two partner companies accounted for 89 percent of total revenue. As of December 31, 2012, two partner companies accounted for 97 percent of accounts receivable. | |
The Company does not expect its current or future credit risk exposures to have a significant impact on its operations. However, there can be no assurance that its business will not experience any adverse impact from credit risk in the future. | The Company does not expect its current or future credit risk exposures to have a significant impact on its operations. However, there can be no assurance that its business will not experience any adverse impact from credit risk in the future. | |
Cash and Cash Equivalents, Policy [Policy Text Block] | ' | ' |
Cash and Cash Equivalents | ||
The Company considers all highly liquid investments with an original maturity date of three months or less at the date of purchase to be cash equivalents. There were no such investments at December 31, 2013 or 2012, as all of our cash was held in checking or savings accounts. At December 31, 2013, cash equivalents were deposited in financial institutions and consisted of immediately available fund balances. The Company maintains its cash deposits and cash equivalents with well-known and stable financial institutions. | ||
Income Tax, Policy [Policy Text Block] | ' | ' |
Income Taxes | ||
Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. A valuation allowance is recorded to reduce deferred tax assets to an amount where realization is more likely than not. | ||
If the Company ultimately determines that the payment of such a liability is not necessary, then the Company reverses the liability and recognizes a tax benefit during the period in which the determination is made that the liability is no longer necessary. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as a component of income tax benefit in the statements of income (loss). | ||
New Accounting Pronouncements, Policy [Policy Text Block] | ' | ' |
Recent Accounting Pronouncements | Recent Accounting Pronouncements | |
In May 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, (“ASU 2014-09”), “Revenue from Contracts with Customers”. The objective of ASU 2014-19 is to establish a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will supersede most of the existing revenue recognition guidance, including industry-specific guidance. The core principle of ASU 2014-09 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In applying the new guidance, an entity will (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the contract’s performance obligations; and (5) recognize revenue when (or as) the entity satisfies a performance obligation. ASU 2014-09 applies to all contracts with customers except those that are within the scope of other topics in the FASB Accounting Standards Codification. The new guidance is effective for annual reporting periods (including interim periods within those periods) beginning after December 15, 2016 for public companies. Early adoption is not permitted. Entities have the option of using either a full retrospective or modified approach to adopt ASU 2014-09. The Company is currently evaluating the new guidance and has not determined the impact this standard may have on its consolidated financial statements nor decided upon the method of adoption. | In February 2013, the Financial Accounting Standards Board (“FASB”) issued ASU 2013-02, Comprehensive Income (Topic 220), Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, to require an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. An entity is required to present, either on the face of the statement where net income (loss) is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income (loss) if the amount reclassified is required under GAAP to be reclassified to net income (loss) in its entirety in the same reporting period. For other amounts that are not required to be reclassified in their entirety to net income (loss), an entity is required to cross-reference to other disclosures required under GAAP that provide additional detail about those amounts. This standard was effective for interim and annual periods beginning after December 15, 2012 and is to be applied on a prospective basis. The Company adopted ASU 2013-02 and will disclose significant amounts reclassified out of accumulated other comprehensive income (loss) as such transactions arise. ASU 2013-02 affects financial statement presentation only and has no impact on the Company’s results of operations or consolidated financial statements. | |
In June 2014, the FASB issued ASU No. 2014-12, 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. This ASU is effective for annual periods and interim periods within those annual periods, beginning after December 15, 2015. The Company is currently evaluating the impact that the adoption of this guidance will have on its consolidated financial statements. | In July 2013, the FASB issued ASU 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. Under this new guidance, companies must present this unrecognized tax benefit in the consolidated financial statements as a reduction to deferred tax assets created by net operating losses or other tax credits from prior periods that occur in the same taxing jurisdiction. If the unrecognized tax benefit exceeds such credits it should be presented in the consolidated financial statements as a liability. This update is effective for annual and interim reporting periods for fiscal years beginning after December 15, 2013. The adoption of this standard is not expected to have any impact on the Company’s operating results and financial position. | |
Holmdel Pharmaceuticals, LP | ' | ' |
Basis of Accounting [Text Block] | ' | ' |
Basis of Presentation: The financial statements reflect the accounts of Holmdel Pharmaceuticals, LP. | ||
Use of Estimates, Policy [Policy Text Block] | ' | ' |
Use of Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”), requires the Partnership’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the dale of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | ||
Concentration Risk, Credit Risk, Policy [Policy Text Block] | ' | ' |
Risks and Uncertainties: The Partnership is subject to risks common to companies in the pharmaceutical industry including, but not limited to, dependence on key products, dependence on key customers and suppliers, and protection of intellectual property rights. | ||
Cash and Cash Equivalents, Policy [Policy Text Block] | ' | ' |
Cash: The Partnership maintains cash on deposit in a financial institution in amounts which, at times, may be in excess of insured limits. | ||
Revenue Recognition, Services, Royalty Fees [Policy Text Block] | ' | ' |
Royalty Revenue: The Partnerships sole source of revenue is royalty revenue with a related party. As discussed above in Note 1, the Partnership currently has royalty agreements in place for which it receives quarterly royalty payments, based on the net sales of InnoPran XL and Primlev. The Partnership recognizes royalty revenue based upon amounts contractually due pursuant to the underlying royalty agreements. Specifically, revenue is recognized in accordance with the terms of the underlying royalty agreements when (i) persuasive evidence of an arrangement exists; (ii) the risks and rewards have been transferred; (iii) the royalty is fixed or determinable; and (iv) the collectability of the royalty is reasonably assured. | ||
As discussed in Note 1 above, The Partnership recognizes and records royalty revenue based on a percentage of Akrimax’s reported net sales to the Partnership for InnoPran XL® and Primlev®, as defined in the agreement, and as reported to the Partnership by Akrimax, net of all costs incurred by Mist related to the Mist Agreement. The Partnership receives quarterly sales information from Akrimax and makes no adjustments to the amounts reported to it by Akrimax. The agreement provides for gross sales to be reduced by estimates of sales returns, credits and allowances, normal trade and cash discounts, and other costs as defined in the agreement and in accordance with GAAP, all of which are determined by Akrimax. See also Note 6. | ||
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | ' | ' |
Intangible Assets: The Partnership accounts for recognized intangible assets based on their estimated useful lives. Intangible assets with finite useful lives are amortized while intangible assets with indefinite useful lives are not amortized. The useful life is the period over which the assets are expected to contribute directly or indirectly to future cash flows. Straight-line amortization is used to expense recognized amortizable intangible assets. Intangible assets are not written off in the period of acquisition unless they become impaired during that period. The Partnership evaluates the remaining useful life of each intangible asset that is being amortized each reporting period to determine whether events and circumstances warrant a revision to the remaining period of amortization. If the estimate of the intangible asset’s remaining useful life is changed, the remaining carrying amount of the intangible asset is amortized prospectively over that revised remaining useful life. | ||
Intangible assets with indefinite lives are tested for impairment if impairment indicators arise and, at a minimum, annually. However an entity is permitted to first assess qualitative factors to determine if a quantitative impairment test is necessary. Further testing is only required if the entity determines, based on the qualitative assessment, that it is more likely than not that an indefinite-lived intangible assets fair value is less than its carrying amount. Otherwise, no further impairment testing is required. The Partnership considers many factors in evaluating whether the value of its intangible assets with indefinite lives may not be recoverable including, but not limited to, expected growth rates and the cost of equity and debt capital. | ||
The Partnership did not record any impairments of intangible assets for the year ended December 31, 2013 and for the period from December 12, 2012 (inception) to December 31, 2012. | ||
Income Tax, Policy [Policy Text Block] | ' | ' |
Income Taxes: The Partnership is generally not subject to U.S. federal and most state income taxes. The partners of the Partnership are liable for income tax in regard to their distributive share of the Partnership’s taxable income. Such taxable income may vary substantially from net income (loss) reported in the accompanying financial statements. | ||
The Partnership evaluates tax positions taken or expected to be taken in the course of preparing the Partnership’s tax returns and disallows the recognition of tax positions not deemed to meet a ‘more-likely-than-not’ threshold of being sustained by the applicable tax authority. The Partnership’s management does not believe it has any tax positions taken within its financial statements that would not meet this threshold. The Partnership’s policy is to reflect interest and penalties related to uncertain tax positions, when and if they become applicable. The Partnership has not recognized any potential interest or penalties in its financial statements for the year ended December 31, 2013 and for the period from December 12, 2012 (inception) to December 31, 2012. The Partnership’s federal and state tax returns for the tax years for which the applicable statutes of limitations have not expired, which is since inception, are subject to examination. | ||
New Accounting Pronouncements, Policy [Policy Text Block] | ' | ' |
Recent Accounting Pronouncements: In January 2014 the FASB issued ASU 2014-02. ‘Intangibles-Goodwill and Other (Topic 350) Accounting for Goodwill’. These amendments permit a private company to subsequently amortize goodwill on a straight-line basis over a period of ten years, or less if the Partnership demonstrates that another useful life is more appropriate. It also permits a private company to apply a simplified impairment model to goodwill. Under the goodwill accounting alternative, goodwill should be tested for impairment when a triggering event occurs that indicates that the fair value of a company (or a reporting unit) may be below its carrying amount. A private company that elects the accounting alternative is further required to make an accounting policy election to test goodwill for impairment at either the Partnership level or the reporting unit level. The amendments are effective for annual periods beginning after December 15, 2014 and interim periods within annual periods beginning after December 15, 2015. Early adoption is permitted. The Partnership’s management is current assessing the impact, if any. of adoption of this standard on its financial statements. | ||
In July 2012, the FASB Issued ASU 2012-02, Intangibles-Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment. This ASU simplifies how entities test indefinite-lived intangible assets for impairment which improve consistency in impairment testing requirements among long-lived asset categories. These amended standards permit an assessment of qualitative factors to determine whether it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying value. For assets in which this assessment concludes it is more likely than not that the fair value is more than its carrying value, these amended standards eliminate the requirement to perform quantitative impairment testing as outlined in the previously issued standards. The guidance is effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012, early adoption is permitted. The adoption of this standard did not have a material impact on the Partnership’s financial statements. | ||
Subsequent Events, Policy [Policy Text Block] | ' | ' |
Subsequent Events: The Partnership has evaluated events after December 31, 2013 and through March 28, 2014, which is the dale the financial statements were available to be issued. See Note 7. |
SWK_Holdings_Corporation_and_S1
SWK Holdings Corporation and Summary of Significant Accounting Policies (Tables) | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | Dec. 31, 2013 | |||||||||||||||||||||||||
Accounting Policies [Abstract] | ' | ' | ||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ' | ||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
June 30, | June 30, | Year Ended | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | December 31, | ||||||||||||||||||||||
Numerator: | 2013 | 2012 | ||||||||||||||||||||||||
Net income attributable to SWK Holdings Corporation Stockholders | $ | 1,392 | $ | 380 | $ | 2,849 | $ | 440 | Numerator: | |||||||||||||||||
Net income (loss) attributable to SWK Holdings Corporation Shareholders | $ | 12,862 | $ | (1,421 | ) | |||||||||||||||||||||
Denominator: | ||||||||||||||||||||||||||
Weighted-average shares outstanding | 41,510 | 41,352 | 41,486 | 41,334 | Denominator: | |||||||||||||||||||||
Effect of dilutive securities | 79 | 59 | 73 | 70 | Weighted-average shares outstanding | 41,343 | 41,247 | |||||||||||||||||||
Effect of dilutive securities | 97 | - | ||||||||||||||||||||||||
Weighted-average diluted shares | 41,589 | 41,411 | 41,559 | 41,404 | ||||||||||||||||||||||
Weighted-average diluted shares | 41,440 | 41,247 | ||||||||||||||||||||||||
Basic earnings per share | $ | 0.03 | $ | 0.01 | $ | 0.07 | $ | 0.01 | ||||||||||||||||||
Diluted earnings per share | $ | 0.03 | $ | 0.01 | $ | 0.07 | $ | 0.01 | Basic income (loss) per share | $ | 0.31 | $ | (0.03 | ) | ||||||||||||
Diluted income (loss) per share | $ | 0.31 | $ | (0.03 | ) |
Finance_Receivables_Tables
Finance Receivables (Tables) | 6 Months Ended | 12 Months Ended | ||||||||||||||||
Jun. 30, 2014 | Dec. 31, 2013 | |||||||||||||||||
Receivables [Abstract] | ' | ' | ||||||||||||||||
Schedule of carrying value of finance receivables [Table Text Block] | ' | ' | ||||||||||||||||
2013 | 2012 | |||||||||||||||||
30-Jun-14 | December 31, 2013 | Portfolio | ||||||||||||||||
Portfolio | Term Loans | |||||||||||||||||
$ | 21,420 | $ | 6,500 | |||||||||||||||
Term Loans | $ | 23,772 | $ | 21,420 | Royalty Purchases | |||||||||||||
Royalty Purchases | 7,803 | 7,866 | 7,866 | |||||||||||||||
Total | 31,575 | 29,286 | Total | 29,286 | $ | 6,500 | ||||||||||||
Less: current portion | (885 | ) | (660 | ) | Less: current portion | 660 | (230 | ) | ||||||||||
Total noncurrent portion of finance receivables | 30,690 | $ | 28,626 | Total noncurrent portion of finance receivables | $ | 28,626 | $ | 6,270 | ||||||||||
Schedule of fair value using the Black-Scholes option pricing model [Table Text Block] | ' | ' | ||||||||||||||||
31-Dec-13 | ||||||||||||||||||
30-Jun-14 | 31-Dec-13 | Dividend rate | 0 | % | ||||||||||||||
Average Dividend rate | 0 | % | 0 | % | Risk-free rate | 2.5 | % | |||||||||||
Average Risk-free rate | 2.2 | % | 2.5 | % | Expected life (years) | 6.6 | ||||||||||||
Average Expected life (years) | 6.3 | 6.6 | Expected volatility | 97 | % | |||||||||||||
Average Expected volatility | 97 | % | 97 | % |
Marketable_Investments_Tables
Marketable Investments (Tables) | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||
Jun. 30, 2014 | Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ' | ||||||||||||||||||||||||||||||||
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | ' | ' | ||||||||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Loss | Fair Value | |||||||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Loss | Fair Value | Available for Sale Securities | ||||||||||||||||||||||||||||||
Available for Sale Securities: | Corporate debt securities | $ | 3,119 | $ | - | $ | - | $ | 3,119 | |||||||||||||||||||||||||
Corporate debt securities | $ | 3,119 | $ | — | $ | — | $ | 3,119 | $ | 3,119 | $ | - | $ | - | $ | 3,119 | ||||||||||||||||||
$ | 3,119 | $ | — | $ | — | $ | 3,119 |
Variable_Interest_Entities_Tab
Variable Interest Entities (Tables) | 6 Months Ended | 12 Months Ended | |||||||||||||||||||||||||
Jun. 30, 2014 | Dec. 31, 2013 | ||||||||||||||||||||||||||
Variable Interest Entities [Abstract] | ' | ' | |||||||||||||||||||||||||
Investment [Table Text Block] | ' | ' | |||||||||||||||||||||||||
Balance at December 31, 2012 | $ | 13,000 | |||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 10,425 | |||||||||||||||||||||||||
Add: Income from investments in unconsolidated entities | 2,779 | ||||||||||||||||||||||||||
Add: Income from investments in unconsolidated entities | 2,695 | ||||||||||||||||||||||||||
Less: Cash distribution on investments in unconsolidated entities | (5,354 | ) | |||||||||||||||||||||||||
Less: Cash distribution on investments in unconsolidated entities | (3,470 | ) | |||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 10,425 | |||||||||||||||||||||||||
Balance at June 30, 2014 | $ | 9,650 | |||||||||||||||||||||||||
Equity Method Investments [Table Text Block] | ' | ' | |||||||||||||||||||||||||
As of December 31, | Year ended | ||||||||||||||||||||||||||
As of June 30, | Three months ended | Six months ended | 2013 | 31-Dec-13 | |||||||||||||||||||||||
2014 | 30-Jun-14 | 30-Jun-14 | (in millions) | (in millions) | |||||||||||||||||||||||
(in millions) | (in millions) | (in millions) | |||||||||||||||||||||||||
Assets | $ | 13.7 | Revenue | $ | 8 | ||||||||||||||||||||||
Assets | $ | 12.8 | Net Revenue | $ | 2.2 | $ | 5.3 | Liabilities | $ | 2.3 | Expenses | $ | 1.6 | ||||||||||||||
Liabilities | $ | 1.9 | Expenses | $ | 0.8 | $ | 2.1 | Equity | $ | 11.4 | Net income | $ | 6.4 | ||||||||||||||
Equity | $ | 10.9 | Net income | $ | 1.4 | $ | 3.2 | ||||||||||||||||||||
As of June 30, | Three months ended | Six months ended | |||||||||||||||||||||||||
2013 | 30-Jun-13 | 30-Jun-13 | |||||||||||||||||||||||||
(in millions) | (in millions) | (in millions) | |||||||||||||||||||||||||
Assets | $ | 15.2 | Revenue | $ | 4 | $ | 4 | ||||||||||||||||||||
Liabilities | $ | 0.2 | Expenses | $ | 3.5 | $ | 3.5 | ||||||||||||||||||||
Equity | $ | 15 | Net income | $ | 0.5 | $ | 0.5 |
Accounts_Payable_and_Accrued_L1
Accounts Payable and Accrued Liabilities (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Payables and Accruals [Abstract] | ' | ||||||||
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | ' | ||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | ||||||||
Accounts payable, accrued payroll and related expenses | $ | 269 | $ | 32 | |||||
Client deposits | 50 | 48 | |||||||
Interest expense on loan credit agreement | 21 | - | |||||||
Other accrued liabilities | 23 | 11 | |||||||
$ | 363 | $ | 91 |
Interest_and_Other_Income_Expe1
Interest and Other Income (Expense) (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Disclosure Text Block [Abstract] | ' | ||||||||
Interest and Other Income [Table Text Block] | ' | ||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | ||||||||
Interest income | $ | 49 | $ | 158 | |||||
Interest expense | (68 | ) | - | ||||||
Increase (decrease) in fair value of warrant assets | (130 | ) | - | ||||||
Decrease (increase) in fair value of warrant liability | (60 | ) | - | ||||||
$ | (209 | ) | $ | 158 |
Loan_Credit_Agreement_Tables
Loan Credit Agreement (Tables) | 6 Months Ended | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | Dec. 31, 2013 | |||||||||||||
Debt Disclosure [Abstract] | ' | ' | ||||||||||||
Schedule of Assumptions Used [Table Text Block] | ' | ' | ||||||||||||
31-Dec-13 | ||||||||||||||
30-Jun-14 | December 31, 2013 | Dividend rate | 0 | % | ||||||||||
Dividend rate | 0 | % | 0 | % | Risk-free rate | 2.5 | % | |||||||
Risk-free rate | 2.1 | % | 2.5 | % | Expected life (years) | 6.7 | ||||||||
Expected life (years) | 6.2 | 6.7 | Expected volatility | 27 | % | |||||||||
Expected volatility | 29.3 | % | 27 | % |
Commitments_and_Contingencies_1
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | ' | ||||
2014 | $ | 22,000 | |||
Thereafter | - | ||||
Total future minimum rent with non-cancellable terms of one year or more | $ | 22,000 |
Stockholders_Equity_Tables
Stockholders Equity (Tables) | 6 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
Jun. 30, 2014 | Dec. 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||
Options Outstanding | |||||||||||||||||||||||||||||||||||||||||||||||
Options Outstanding | Number of | Weighted | Weighted | Aggregate | |||||||||||||||||||||||||||||||||||||||||||
Number of | Weighted | Weighted | Aggregate | Shares | Average | Average | Intrinsic | ||||||||||||||||||||||||||||||||||||||||
Shares | Average | Average | Intrinsic | Exercise | Remaining Contractual | Value | |||||||||||||||||||||||||||||||||||||||||
Exercise | Remaining Contractual | Value | Price | Term | |||||||||||||||||||||||||||||||||||||||||||
Price | Term | (in years) | |||||||||||||||||||||||||||||||||||||||||||||
(in years) | Balances, December 31, 2011 | 180,000 | $ | 2.52 | 5.4 | $ | 2,400 | ||||||||||||||||||||||||||||||||||||||||
Balances, December 31, 2013 | 1,680,000 | $ | 1.01 | 7.8 | $ | 458,600 | Options cancelled and retired | - | - | ||||||||||||||||||||||||||||||||||||||
Options cancelled and retired | (10,000 | ) | 2.65 | Options exercised | - | - | |||||||||||||||||||||||||||||||||||||||||
Options exercised | — | — | Options granted | 1,500,000 | 0.83 | ||||||||||||||||||||||||||||||||||||||||||
Options granted | — | — | Balances, December 31, 2012 | 1,680,000 | 1.01 | 8.8 | 2,200 | ||||||||||||||||||||||||||||||||||||||||
Balances, June 30, 2014 | 1,670,000 | $ | 1.01 | 7.3 | $ | 519,400 | Options cancelled and retired | - | - | ||||||||||||||||||||||||||||||||||||||
Options exercised | - | - | |||||||||||||||||||||||||||||||||||||||||||||
Options vested and exercisable and expected to be vested and exercisable at June 30, 2014 | 1,518,900 | $ | 1.03 | 7.3 | $ | 464,626 | Options granted | - | - | ||||||||||||||||||||||||||||||||||||||
Options vested and exercisable at June 30, 2014 | 170,000 | $ | 1.38 | 6.2 | $ | 89,500 | Balances, December 31, 2013 | 1,680,000 | $ | 1.01 | 7.8 | $ | 458,600 | ||||||||||||||||||||||||||||||||||
Options vested and exerciseable and expected to be vested and exerciseable at December 31, 2013 | 1,518,900 | $ | 1.03 | 7.8 | $ | 410,270 | |||||||||||||||||||||||||||||||||||||||||
Options vested and exerciseable at December 31, 2013 | 180,000 | $ | 2.52 | 3.4 | $ | 8,600 | |||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||
Options Outstanding, Vested and Exercisable | |||||||||||||||||||||||||||||||||||||||||||||||
Options Outstanding, Vested and Exercisable | Exercise Prices | Number | Weighted | Weighted | Number | Weighted | |||||||||||||||||||||||||||||||||||||||||
Exercise Prices | Number | Weighted | Weighted | Number | Weighted | Outstanding | Average | Average | Exercisable | Average | |||||||||||||||||||||||||||||||||||||
Outstanding | Average | Average | Exercisable | Average | Remaining | Exercise | Exercise | ||||||||||||||||||||||||||||||||||||||||
Remaining | Exercise | Exercise | Contractual | Price Per | Price Per Share | ||||||||||||||||||||||||||||||||||||||||||
Contractual | Price Per | Price Per Share | Life (in Years) | Share | |||||||||||||||||||||||||||||||||||||||||||
Life (in Years) | Share | $ | 0.7 | 20,000 | 5.5 | $ | 0.7 | 20,000 | $ | 0.7 | |||||||||||||||||||||||||||||||||||||
$ | 0.7 | 20,000 | 5 | $ | 0.7 | 20,000 | $ | 0.7 | 0.83 | 1,500,000 | 8.4 | 0.83 | 0 | 0.83 | |||||||||||||||||||||||||||||||||
0.83 | 1,500,000 | 7.9 | 0.83 | — | 0.83 | 1.24 | 20,000 | 4.6 | 1.24 | 20,000 | 1.24 | ||||||||||||||||||||||||||||||||||||
1.24 | 20,000 | 4.1 | 1.24 | 20,000 | 1.24 | 2.65 | 10,000 | 3.9 | 2.65 | 10,000 | 2.65 | ||||||||||||||||||||||||||||||||||||
2.67 | 20,000 | 3.1 | 2.67 | 20,000 | 2.67 | 2.67 | 20,000 | 3.6 | 2.67 | 20,000 | 2.67 | ||||||||||||||||||||||||||||||||||||
2.95 | 90,000 | 2.3 | 2.95 | 90,000 | 2.95 | 2.95 | 90,000 | 2.7 | 2.95 | 90,000 | 2.95 | ||||||||||||||||||||||||||||||||||||
3.5 | 20,000 | 2.7 | 3.5 | 20,000 | 3.5 | 3.5 | 20,000 | 3.2 | 3.5 | 20,000 | 3.5 | ||||||||||||||||||||||||||||||||||||
Total | 1,670,000 | 7.3 | $ | 1.01 | 170,000 | $ | 1.38 | Total | 1,680,000 | 7.8 | $ | 1.01 | 180,000 | $ | 2.52 | ||||||||||||||||||||||||||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||
Restricted Shares Outstanding | |||||||||||||||||||||||||||||||||||||||||||||||
Restricted Shares Outstanding | Number of Shares | Weighted Average Grant Date Fair Value | |||||||||||||||||||||||||||||||||||||||||||||
Number of Shares | Weighted Average Grant Date Fair Value | Balances, December 31, 2011 | 400,000 | $ | 0.47 | ||||||||||||||||||||||||||||||||||||||||||
Balances, December 31, 2013 | 1,665,000 | $ | 0.39 | Shares cancelled and forfeited | - | - | |||||||||||||||||||||||||||||||||||||||||
Shares cancelled and forfeited | — | — | Shares vested | - | - | ||||||||||||||||||||||||||||||||||||||||||
Shares vested | (140,000 | ) | 0.83 | Shares granted | 1,247,500 | 0.36 | |||||||||||||||||||||||||||||||||||||||||
Shares granted | 140,000 | 1.13 | Balances, December 31, 2012 | 1,647,500 | $ | 0.38 | |||||||||||||||||||||||||||||||||||||||||
Balances, June 30, 2014 | 1,665,000 | $ | 0.45 | Shares cancelled and forfeited | - | - | |||||||||||||||||||||||||||||||||||||||||
Shares vested | (105,000 | ) | 0.82 | ||||||||||||||||||||||||||||||||||||||||||||
Shares granted | 140,000 | $ | 0.83 | ||||||||||||||||||||||||||||||||||||||||||||
Balances, December 31, 2013 | 1,682,500 | $ | 0.39 | ||||||||||||||||||||||||||||||||||||||||||||
Change in Non-Controlling Interest, Carrying amount | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2012 | $ | 7,000 | |||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 5,613 | Add: Income attributable to non-controlling interests | 1,470 | |||||||||||||||||||||||||||||||||||||||||||
Add: Income attributable to non-controlling interests | 1,434 | Less: Cash distribution to non-controlling interests | (2,857 | ) | |||||||||||||||||||||||||||||||||||||||||||
Less: Cash distribution to non-controlling interests | (1,851 | ) | Balance at December 31, 2013 | $ | 5,613 | ||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2014 | $ | 5,196 |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Jun. 30, 2014 | Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ' | ||||||||||||||||||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | ' | ' | ||||||||||||||||||||||||||||||||||||||||
Total Carrying Value in Consolidated Balance Sheet | Quoted prices | Significant | Significant | |||||||||||||||||||||||||||||||||||||||
Total Carrying Value in Consolidated Balance Sheet | Quoted prices | Significant | Significant | in active | other | unobservable | ||||||||||||||||||||||||||||||||||||
in active | other | unobservable | markets for | observable | inputs | |||||||||||||||||||||||||||||||||||||
markets for | observable | inputs | identical assets | inputs | (Level 3) | |||||||||||||||||||||||||||||||||||||
identical assets | inputs | (Level 3) | or liabilities | (Level 2) | ||||||||||||||||||||||||||||||||||||||
or liabilities | (Level 2) | (Level 1) | ||||||||||||||||||||||||||||||||||||||||
(Level 1) | Financial Assets: | |||||||||||||||||||||||||||||||||||||||||
Financial Assets: | Tribute warrant | $ | 204 | $ | - | $ | - | $ | 204 | |||||||||||||||||||||||||||||||||
Tribute warrants | $ | 701 | $ | — | $ | — | $ | 701 | Available-for-sale securities | 3,119 | - | 3,119 | - | |||||||||||||||||||||||||||||
Available-for-sale securities | 3,119 | — | 3,119 | — | ||||||||||||||||||||||||||||||||||||||
Financial Liabilities: | ||||||||||||||||||||||||||||||||||||||||||
Financial Liabilities: | Warrant liability | $ | 292 | $ | - | $ | - | $ | 292 | |||||||||||||||||||||||||||||||||
Warrant liability | $ | 316 | $ | — | $ | — | $ | 316 | ||||||||||||||||||||||||||||||||||
Total Carrying Value in Consolidated Balance Sheet | Quoted prices | Significant | Significant | |||||||||||||||||||||||||||||||||||||||
in active | other | unobservable | ||||||||||||||||||||||||||||||||||||||||
markets for | observable | inputs | ||||||||||||||||||||||||||||||||||||||||
identical assets | inputs | (Level 3) | ||||||||||||||||||||||||||||||||||||||||
or liabilities | (Level 2) | |||||||||||||||||||||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||||||||||||||||||||||
Financial Assets: | ||||||||||||||||||||||||||||||||||||||||||
Tribute warrant | $ | 204 | $ | — | $ | — | $ | 204 | ||||||||||||||||||||||||||||||||||
Available-for-sale securities | 3,119 | — | 3,119 | — | ||||||||||||||||||||||||||||||||||||||
Financial Liabilities: | ||||||||||||||||||||||||||||||||||||||||||
Warrant liability | $ | 292 | $ | — | $ | — | $ | 292 | ||||||||||||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | ' | ' | ||||||||||||||||||||||||||||||||||||||||
Fair value – beginning of period | $ | - | ||||||||||||||||||||||||||||||||||||||||
Fair value – December 31, 2013 | $ | 204 | Issuances | 334 | ||||||||||||||||||||||||||||||||||||||
Issuances | 99 | Change in fair value | (130 | ) | ||||||||||||||||||||||||||||||||||||||
Change in fair value | 398 | Fair value – end of period | $ | 204 | ||||||||||||||||||||||||||||||||||||||
Fair value – June 30, 2014 | $ | 701 | Fair value – beginning of period | $ | - | |||||||||||||||||||||||||||||||||||||
Issuances | 232 | |||||||||||||||||||||||||||||||||||||||||
Fair value – December 31, 2013 | $ | 292 | Change in fair value | 60 | ||||||||||||||||||||||||||||||||||||||
Issuances | — | Fair value – end of period | $ | 292 | ||||||||||||||||||||||||||||||||||||||
Change in fair value | 24 | |||||||||||||||||||||||||||||||||||||||||
Fair value – June 30, 2014 | $ | 316 | ||||||||||||||||||||||||||||||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | ' | ' | ||||||||||||||||||||||||||||||||||||||||
Carry | Fair | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||
30-Jun-14 | Carry | Fair | Level 1 | Level 2 | Level 3 | Value | Value | |||||||||||||||||||||||||||||||||||
Value | Value | Financial Assets | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||
Financial Assets | Cash and restricted cash | 7,664 | 7,664 | 7,664 | - | - | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 15,817 | $ | 15,817 | $ | 15,817 | $ | — | $ | — | Finance receivables | 29,286 | 29,324 | - | - | 29,324 | ||||||||||||||||||||||||||
Finance receivables | 31,575 | 31,615 | — | — | 31,615 | Marketable investments | 3,119 | 3,119 | - | 3,119 | - | |||||||||||||||||||||||||||||||
Marketable investments | 3,119 | 3,119 | — | 3,119 | — | Other assets | 204 | 204 | - | - | 204 | |||||||||||||||||||||||||||||||
Other assets | 701 | 701 | — | — | 701 | |||||||||||||||||||||||||||||||||||||
Financial Liabilities | ||||||||||||||||||||||||||||||||||||||||||
Financial Liabilities | Warrant liability | $ | 292 | $ | 292 | $ | - | $ | - | $ | 292 | |||||||||||||||||||||||||||||||
Warrant liability | $ | 316 | $ | 316 | $ | — | $ | — | $ | 316 | ||||||||||||||||||||||||||||||||
31-Dec-13 | Carry | Fair | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||
Value | Value | |||||||||||||||||||||||||||||||||||||||||
Financial Assets | ||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 7,664 | $ | 7,664 | $ | 7,664 | $ | — | $ | — | ||||||||||||||||||||||||||||||||
Finance receivables | 29,286 | 29,324 | — | — | 29,324 | |||||||||||||||||||||||||||||||||||||
Marketable investments | 3,119 | 3,119 | — | 3,119 | — | |||||||||||||||||||||||||||||||||||||
Other assets | 204 | 204 | — | — | 204 | |||||||||||||||||||||||||||||||||||||
Financial Liabilities | ||||||||||||||||||||||||||||||||||||||||||
Warrant liability | $ | 292 | $ | 292 | $ | — | $ | — | $ | 292 | ||||||||||||||||||||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 6 Months Ended | 12 Months Ended | ||||||||||||||||
Jun. 30, 2014 | Dec. 31, 2013 | |||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ' | ||||||||||||||||
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | ' | ' | ||||||||||||||||
December 31, | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||
U.S. | $ | 4,491 | $ | (1,445 | ) | |||||||||||||
Foreign | - | - | ||||||||||||||||
$ | 4,491 | $ | (1,445 | ) | ||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | ' | ||||||||||||||||
December 31, | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||
Current benefit | $ | (38 | ) | $ | (24 | ) | ||||||||||||
Deferred benefit | (9,803 | ) | - | |||||||||||||||
$ | (9,841 | ) | $ | (24 | ) | |||||||||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | ' | ||||||||||||||||
December 31, | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||
Federal tax benefit at statutory rate | $ | 1,384 | $ | (491 | ) | |||||||||||||
Change in valuation allowance | (20,960 | ) | (5,600 | ) | ||||||||||||||
Other | 67 | (2,192 | ) | |||||||||||||||
State income taxes rate differential | - | (23 | ) | |||||||||||||||
Net change in uncertain tax positions | - | (21 | ) | |||||||||||||||
Write off of expired deferred tax assets | 10,080 | 8,303 | ||||||||||||||||
Provision related to non-controlling interest | (412 | ) | - | |||||||||||||||
Total income tax benefit | $ | (9,841 | ) | $ | (24 | ) | ||||||||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | ' | ||||||||||||||||
December 31, | ||||||||||||||||||
June 30, | December 31, | 2013 | 2012 | |||||||||||||||
2014 | 2013 | Deferred tax assets | ||||||||||||||||
Deferred tax assets | Credit carryforward | $ | 2,660 | $ | 6,091 | |||||||||||||
Credit carryforward | $ | 2,660 | $ | 2,660 | Stock based compensation | 287 | 241 | |||||||||||
Stock based compensation | 287 | 287 | Other | 59 | 553 | |||||||||||||
Other | 59 | 59 | Net operating losses | 146,637 | 153,914 | |||||||||||||
Net operating losses | 146,039 | 146,637 | ||||||||||||||||
Gross deferred tax assets | 149,643 | 160,799 | ||||||||||||||||
Gross deferred tax assets | 148,345 | 149,643 | Valuation allowance | (139,840 | ) | (160,799 | ) | |||||||||||
Valuation allowance | (139,840 | ) | (139,840 | ) | Net deferred tax assets | $ | 9,803 | $ | - | |||||||||
Net deferred tax assets | $ | 8,505 | $ | 9,803 | ||||||||||||||
Summary of Income Tax Contingencies [Table Text Block] | ' | ' | ||||||||||||||||
2013 | 2012 | |||||||||||||||||
Balance as of January 1 | $ | 41 | $ | 63 | ||||||||||||||
Additions for tax positions related to the current year | - | 2 | ||||||||||||||||
Additions for tax positions related to prior years | - | - | ||||||||||||||||
Reductions for tax positions of prior years due to lapse of statute of limitation | (41 | ) | (24 | ) | ||||||||||||||
Settlements | - | - | ||||||||||||||||
Balance as of December 31 | $ | - | $ | 41 |
Acquisition_Holmdel_Pharmaceut1
Acquisition (Holmdel Pharmaceuticals, LP) (Tables) (Holmdel Pharmaceuticals, LP) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Holmdel Pharmaceuticals, LP | ' | ||||
Schedule of consideration paid and estimated fair values of the assets acquired and liabilities assumed | ' | ||||
Fair Value of Consideration transferred: | |||||
Cash | $ | 12,755,000 | |||
Payable to GSK | 220,549 | ||||
Total Fair Value of Consideration transferred | $ | 12,975,549 | |||
Recognized amounts of identifiable assets acquired: | |||||
Inventory (included in other current assets) | $ | 335,549 | |||
InnoPran XL license | 12.640.000 | ||||
Total identifiable net assets | $ | 12,975,549 | |||
Net assets acquired | $ | 12,975,549 |
Intangible_asset_Holmdel_Pharm1
Intangible asset (Holmdel Pharmaceuticals, LP) (Tables) (Holmdel Pharmaceuticals, LP) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Holmdel Pharmaceuticals, LP | ' | ||||||||
Schedule of InnoPran XL license | ' | ||||||||
2013 | 2012 | ||||||||
InnoPran XL license (estimated useful life of 9 years) | $ | 12,640,000 | $ | 12,640,000 | |||||
Less accumulated amortization | 1,442,201 | — | |||||||
Intangible asset, net | $ | 11,197,799 | $ | 12,640,000 | |||||
Schedule of changes in the gross carrying amount of InnoPran XL license | ' | ||||||||
Gross carrying amount | |||||||||
Balance at December 12, 2012 (inception) | $ | — | |||||||
Acquisitions | 12,640,000 | ||||||||
Balance at December 31, 2012 and 2013 | $ | 12,640,000 | |||||||
Schedule of estimated future amortization for InnoPran XL license | ' | ||||||||
2014 | $ | 1,442,201 | |||||||
2015 | 1,442,201 | ||||||||
2016 | 1,446,150 | ||||||||
2017 | 1,442,201 | ||||||||
2018 | 1,442,201 | ||||||||
Thereafter | 3,982,845 | ||||||||
$ | 11,197,799 |
Related_Party_Transactions_Hol1
Related Party Transactions (Holmdel Pharmaceuticals, LP) (Tables) (Holmdel Pharmaceuticals, LP) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Holmdel Pharmaceuticals, LP | ' | ||||
Schedule of related party transactions net revenues | ' | ||||
InnoPrann XL royalty based on a percentage of net sales as defined under the Mist Agreement | $ | 8,971,162 | |||
Primlev royalty as defined under the Mist Agreement | 860,203 | ||||
Royalties based on a percentage of net sales as defined under the Mist Agreement | 9,831,365 | ||||
Cost of product | (632,998 | ) | |||
Administrative fee, including insurance premium | (240,000 | ) | |||
Aptalis royalty | (962,183 | ) | |||
Net revenue | $ | 7,996,184 |
SWK_Holdings_Corporation_and_S2
SWK Holdings Corporation and Summary of Significant Accounting Policies (Details) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Item | Item | Item | ||||
Note1SWKHoldingsCorporationandSummaryofSignificantAccountingPoliciesDetailsLineItems [Line Items] | ' | ' | ' | ' | ' | ' |
Number of Operating Segments | ' | ' | 1 | ' | 1 | ' |
Number of Major Customers | 3 | ' | 3 | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in Shares) | 4,175,000 | 3,205,000 | 4,175,000 | 5,255,000 | 4,205,000 | 3,327,500 |
Sales [Member] | Customer Concentration Risk [Member] | ' | ' | ' | ' | ' | ' |
Note1SWKHoldingsCorporationandSummaryofSignificantAccountingPoliciesDetailsLineItems [Line Items] | ' | ' | ' | ' | ' | ' |
Number of Major Customers | ' | ' | ' | ' | 3 | 2 |
Concentration Risk, Percentage | 69.00% | 96.00% | 71.00% | 93.00% | 78.00% | 89.00% |
SWK_Holdings_Corporation_and_S3
SWK Holdings Corporation and Summary of Significant Accounting Policies (Details 2) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Numerator: | ' | ' | ' | ' | ' | ' |
Net income attributable to SWK Holdings Corporation Shareholders (in Dollars) | $1,392 | $380 | $2,849 | $440 | $12,862 | ($1,421) |
Denominator: | ' | ' | ' | ' | ' | ' |
Weighted-average shares outstanding | 41,510 | 41,352 | 41,486 | 41,334 | 41,343 | 41,247 |
Effect of dilutive securities | 79 | 59 | 73 | 70 | 97 | ' |
Weighted-average diluted shares | 41,589 | 41,411 | 41,559 | 41,404 | 41,440 | 41,247 |
Basic earnings per share (in Dollars per share) | $0.03 | $0.01 | $0.07 | $0.01 | $0.31 | ($0.03) |
Diluted earnings per share (in Dollars per share) | $0.03 | $0.01 | $0.07 | $0.01 | $0.31 | ($0.03) |
SWK_Holdings_Corporation_and_S4
SWK Holdings Corporation and Summary of Significant Accounting Policies (Details Narrative 2) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Item | Item | Item | |||||
Payments to Acquire Businesses, Gross (in Dollars) | ' | ' | $150 | ' | ' | ' | ' |
Payments to Acquire Finance Receivables (in Dollars) | ' | ' | ' | 1,880 | 7,878 | 29,630 | 6,500 |
Number of Operating Segments | ' | ' | ' | 1 | ' | 1 | ' |
Allowance for Doubtful Accounts Receivable (in Dollars) | ' | ' | ' | ' | ' | 0 | 0 |
Number of Major Customers | 3 | ' | ' | 3 | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in Shares) | 4,175,000 | 3,205,000 | ' | 4,175,000 | 5,255,000 | 4,205,000 | 3,327,500 |
Computer Equipment Software Furnitures And Fixtures [Member] | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | ' | ' | ' | ' | ' | '3 years | ' |
Sales [Member] | Customer Concentration Risk [Member] | ' | ' | ' | ' | ' | ' | ' |
Number of Major Customers | ' | ' | ' | ' | ' | 3 | 2 |
Concentration Risk, Percentage | 69.00% | 96.00% | ' | 71.00% | 93.00% | 78.00% | 89.00% |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | ' | ' | ' | ' | ' | ' | ' |
Number of Major Customers | ' | ' | ' | ' | ' | 3 | 2 |
Concentration Risk, Percentage | ' | ' | ' | ' | ' | 70.00% | 97.00% |
Life Science Sector [Member] | ' | ' | ' | ' | ' | ' | ' |
Payments to Acquire Finance Receivables (in Dollars) | ' | ' | ' | ' | ' | 57,500 | ' |
General and Administrative Expense [Member] | ' | ' | ' | ' | ' | ' | ' |
Allocated Share-based Compensation Expense (in Dollars) | ' | ' | ' | ' | ' | ' | $150 |
Finance_Receivables_Details
Finance Receivables (Details) (USD $) | 6 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | 6 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 0 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | |||||||||||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 23, 2014 | Dec. 05, 2012 | Dec. 31, 2013 | Jun. 30, 2014 | Sep. 06, 2013 | Jun. 30, 2014 | Jan. 23, 2014 | Dec. 05, 2012 | Jan. 23, 2014 | Dec. 05, 2012 | Sep. 06, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Feb. 04, 2014 | Aug. 08, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Aug. 08, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Aug. 08, 2013 | Apr. 02, 2013 | Apr. 05, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 10, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 12, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 13, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 13, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 13, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2013 |
Delayed Draw [Member] | Delayed Draw [Member] | Delayed Draw [Member] | SWK Funding LLC [Member] | SWK Funding LLC [Member] | SWK Funding LLC [Member] | Clients Of SWK Holdings [Member] | A Client Of SWK Advisors [Member] | Loan Credit Agreement [Member] | Loan Credit Agreement [Member] | Loan Credit Agreement [Member] | Tribute Term Loan [Member] | Tribute Term Loan [Member] | Tribute Term Loan [Member] | Tribute Term Loan [Member] | Tribute Term Loan [Member] | Tribute Term Loan [Member] | Tribute Term Loan [Member] | Tribute Term Loan [Member] | Tribute Term Loan [Member] | Tribute Term Loan [Member] | Besivance [Member] | Besivance [Member] | Besivance [Member] | Besivance [Member] | Besivance [Member] | Besivance [Member] | Dental Products Company [Member] | Dental Products Company [Member] | Dental Products Company [Member] | Dental Products Company [Member] | Dental Products Company [Member] | Dental Products Company [Member] | TRT [Member] | TRT [Member] | TRT [Member] | TRT [Member] | Syn Cardia Systems [Member] | Syn Cardia Systems [Member] | Syn Cardia Systems [Member] | Syn Cardia Systems [Member] | Syn Cardia Systems [Member] | Syn Cardia Systems [Member] | Syn Cardia Systems [Member] | Syn Cardia Systems [Member] | Syn Cardia Systems [Member] | Parnell Pharmaceuticals Holdings Pty Ltd [Member] | Parnell Pharmaceuticals Holdings Pty Ltd [Member] | Nautilus Neurosciences Inc [Member] | Nautilus Neurosciences Inc [Member] | |||||||
Delayed Draw [Member] | Delayed Draw [Member] | Marketable Securities [Member] | Marketable Securities [Member] | Marketable Securities [Member] | Revenue [Member] | Revenue [Member] | Revenue [Member] | Minimum [Member] | Marketable Securities [Member] | Marketable Securities [Member] | Revenue [Member] | Revenue [Member] | Revenue [Member] | Revenue [Member] | Revenue [Member] | Revenue [Member] | Second Lien Loan [Member] | Second Lien Loan [Member] | Second Lien Loan [Member] | Second Lien Loan [Member] | Minimum [Member] | Revenue [Member] | Revenue [Member] | Revenue [Member] | Revenue [Member] | |||||||||||||||||||||||||||||||
Revenue [Member] | Revenue [Member] | Revenue [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Note2FinanceReceivablesDetailsLineItems [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | $25,000 | $22,500 | ' | ' | ' | $6,500 | $10,000 | $19,000 | $15,000 | $3,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan Commitment Assigned by Wholly-Owned Subsidiary of the Company | 12,500 | ' | 12,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Income, Other | ' | ' | 1,591 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 284 | 561 | 366 | ' | ' | 795 | 263 | 260 | 523 | 260 | ' | ' | ' | 51 | 218 | 439 | ' | 87 | 178 | 176 | ' | 167 | 330 | 32 | ' | 422 | 830 | 79 | ' | 544 | 834 | 293 | 667 |
Financing Receivable, Net | 31,575 | ' | 29,286 | 6,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,000 | ' | ' | ' | 6,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to Acquire Notes Receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000 | 6,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receivable with Imputed Interest, Effective Yield (Interest Rate) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13.50% | ' | ' | ' | ' | ' | ' | 14.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13.50% | ' | ' | ' | ' | ' | ' | ' | 13.50% | ' | ' | ' | ' |
Class of Warrant or Right, Outstanding (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 347,222 | 755,794 | 755,794 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 225 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per Item) | $0.43 | ' | ' | ' | ' | ' | ' | $1.39 | $1.39 | ' | ' | ' | ' | ' | ' | ' | ' | $0.43 | $0.60 | $0.60 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants and Rights Outstanding | 316 | ' | 292 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 292 | 316 | 292 | 99 | ' | ' | 701 | 204 | 334 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value Adjustment of Warrants | -42 | ' | 60 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 286 | 398 | 131 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to Acquire Finance Receivables | 1,880 | 7,878 | 29,630 | 6,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finance Receivable, Maximum Facility Agreement Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Advances to Affiliates, Maximum Rights, Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receivable with Imputed Interest, Discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments for Fees | ' | ' | ' | ' | ' | ' | 338 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40 | ' | ' | ' | 90 | ' | ' | ' | ' | ' | ' | ' | ' |
Financing Receivable, Gross | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Investment Owned, Balance, Shares (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Investment Owned, Percent of Net Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.05% | ' | ' | ' | ' | ' | ' | ' | ' |
Syndication Fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 321 | ' | ' |
Total Cost of Royalty Stream | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000 | 15,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Company Funded Royalty Stream | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,000 | 6,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Royalty Stream, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40.31% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Royalty Stream Contingent Consideration, Paid By Third Party | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Royalty Stream Contingent Consideration, Liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,250 | ' | ' | $1,250 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finance_Receivables_Details_2
Finance Receivables (Details 2) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Portfolio | ' | ' | ' |
Notes Receivable, Net | $31,575 | $29,286 | $6,500 |
Less: current portion | -885 | -660 | -230 |
Total noncurrent portion of finance receivables | 30,690 | 28,626 | 6,270 |
Life Science Royalty Purchases [Member] | ' | ' | ' |
Portfolio | ' | ' | ' |
Notes Receivable, Net | 7,803 | 7,866 | ' |
Life Science Term Loans [Member] | ' | ' | ' |
Portfolio | ' | ' | ' |
Notes Receivable, Net | $23,772 | $21,420 | $6,500 |
Finance_Receivables_Details_3
Finance Receivables (Details 3) (Tribute Term Loan [Member]) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2014 | Dec. 31, 2013 | |
Tribute Term Loan [Member] | ' | ' |
Note2FinanceReceivablesDetailsFairValueAssumptionsLineItems [Line Items] | ' | ' |
Dividend rate | 0.00% | 0.00% |
Risk-free rate | 2.20% | 2.50% |
Expected life (years) | '6 years 3 months 18 days | '6 years 7 months 6 days |
Expected volatility | 97.00% | 97.00% |
Finance_Receivables_Details_Na
Finance Receivables (Details Narrative 2) (USD $) | 6 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 3 Months Ended | 6 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 0 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 0 Months Ended | |||||||||||||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 23, 2014 | Dec. 05, 2012 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 05, 2012 | Dec. 05, 2012 | Sep. 06, 2013 | Feb. 04, 2014 | Aug. 08, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Aug. 08, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Feb. 04, 2014 | Aug. 08, 2013 | Dec. 31, 2013 | Feb. 04, 2014 | Apr. 02, 2013 | Apr. 05, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Apr. 05, 2013 | Dec. 10, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 12, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 13, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 13, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 13, 2013 |
Life Science Royalty Purchases [Member] | Life Science Royalty Purchases [Member] | Life Science Term Loans [Member] | Life Science Term Loans [Member] | Life Science Term Loans [Member] | SWK Funding LLC [Member] | SWK Funding LLC [Member] | A Client Of SWK Advisors [Member] | Loan Credit Agreement [Member] | Tribute Term Loan [Member] | Tribute Term Loan [Member] | Tribute Term Loan [Member] | Tribute Term Loan [Member] | Tribute Term Loan [Member] | Tribute Term Loan [Member] | Tribute Term Loan [Member] | Tribute Term Loan [Member] | Tribute Term Loan [Member] | Tribute Term Loan [Member] | Tribute Term Loan [Member] | Tribute [Member] | Tribute [Member] | Besivance [Member] | Besivance [Member] | Besivance [Member] | Besivance [Member] | Besivance [Member] | Besivance [Member] | Besivance [Member] | Dental Products Company [Member] | Dental Products Company [Member] | Dental Products Company [Member] | Dental Products Company [Member] | Dental Products Company [Member] | Dental Products Company [Member] | TRT [Member] | TRT [Member] | TRT [Member] | TRT [Member] | Syn Cardia Systems [Member] | Syn Cardia Systems [Member] | Syn Cardia Systems [Member] | Syn Cardia Systems [Member] | Syn Cardia Systems [Member] | Syn Cardia Systems [Member] | Syn Cardia Systems [Member] | Syn Cardia Systems [Member] | Syn Cardia Systems [Member] | |||||||
Marketable Securities [Member] | Marketable Securities [Member] | Marketable Securities [Member] | Revenue [Member] | Revenue [Member] | Revenue [Member] | Subsequent Event [Member] | Minimum [Member] | Subsequent Event [Member] | Bess Royalty [Member] | Marketable Securities [Member] | Marketable Securities [Member] | Revenue [Member] | Revenue [Member] | Revenue [Member] | Revenue [Member] | Revenue [Member] | Revenue [Member] | Second Lien Loan [Member] | Second Lien Loan [Member] | Second Lien Loan [Member] | Second Lien Loan [Member] | Minimum [Member] | ||||||||||||||||||||||||||||||||
Revenue [Member] | Revenue [Member] | Revenue [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | ' | ' | ' | ' | $25,000 | $22,500 | ' | ' | ' | ' | ' | $6,500 | $19,000 | $3,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan Commitment Assigned by Wholly-Owned Subsidiary of the Company | 12,500 | ' | 12,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | ' | ' | 16.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan Exit Fee Which the Lenders are Entitled to | ' | ' | 2,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Income, Other | ' | ' | 1,591 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 284 | 561 | 366 | ' | ' | ' | ' | ' | 795 | 263 | 260 | 523 | 260 | ' | ' | ' | ' | 51 | 218 | 439 | ' | 87 | 178 | 176 | ' | 167 | 330 | 32 | ' | 422 | 830 | 79 | ' |
Accretion of Exit Fee | ' | ' | 578 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing Receivable, Net | 31,575 | ' | 29,286 | 6,500 | ' | ' | 7,803 | 7,866 | 23,772 | 21,420 | 6,500 | ' | ' | ' | ' | ' | 8,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000 | ' | ' | ' | ' | ' | ' | ' | ' | 6,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,000 | ' | ' | ' | 6,000 | ' | ' | ' | ' |
Payments to Acquire Notes Receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000 | 6,000 | ' | ' | ' | ' | ' | ' | ' | 2,000 | ' | ' | 2,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receivable with Imputed Interest, Effective Yield (Interest Rate) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13.50% | ' | ' | ' | ' | ' | ' | ' | 13.50% |
Class of Warrant or Right, Outstanding (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 347,222 | 755,794 | 755,794 | ' | ' | ' | ' | ' | ' | 347,222 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 225 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per Share) | $0.43 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.43 | $0.60 | $0.60 | ' | ' | ' | ' | ' | ' | $0.43 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants and Rights Outstanding | 316 | ' | 292 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 292 | 99 | ' | ' | 701 | 204 | 334 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value Adjustment of Warrants | -42 | ' | 60 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 286 | 398 | 131 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to Acquire Finance Receivables | 1,880 | 7,878 | 29,630 | 6,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Finance Receivable, Maximum Facility Agreement Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Advances to Affiliates, Maximum Rights, Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500 | ' | ' | ' | ' | ' | ' | ' | ' |
Receivable with Imputed Interest, Discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60 | ' | ' | ' | ' | ' | ' | ' | ' |
Payments for Fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40 | ' | ' | ' | 90 | ' | ' | ' | ' |
Financing Receivable, Gross | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000 | ' | ' | ' | ' |
Investment Owned, Balance, Shares (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,000 | ' | ' | ' | ' |
Investment Owned, Percent of Net Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.05% | ' | ' | ' | ' |
Total Cost of Royalty Stream | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000 | 15,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Company Funded Royalty Stream | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,000 | 6,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Royalty Stream Contingent Consideration, Paid By Third Party | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000 | ' | ' | ' | ' | ' | 1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Royalty Stream Contingent Consideration, Liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,250 | ' | ' | $1,250 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Marketable_Investments_Details
Marketable Investments (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Nov. 15, 2013 | Nov. 15, 2013 | Jul. 09, 2013 | Jun. 30, 2014 | Jul. 09, 2013 | Jun. 30, 2014 | Dec. 31, 2013 |
Agreement To Purchase Senior Secured Notes [Member] | Agreement To Purchase Senior Secured Notes [Member] | Agreement To Purchase Senior Secured Notes [Member] | Agreement To Purchase Senior Secured Notes [Member] | Agreement To Purchase Senior Secured Notes [Member] | Agreement To Purchase Senior Secured Notes [Member] | Agreement To Purchase Senior Secured Notes [Member] | ||||||
Tribute [Member] | Revenue [Member] | Revenue [Member] | ||||||||||
Note3MarketableInvestmentsDetailsLineItems [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior Notes | ' | ' | ' | ' | ' | ' | ' | $3,000 | ' | $100,000 | ' | ' |
Receivable with Imputed Interest, Effective Yield (Interest Rate) | ' | ' | ' | ' | ' | ' | ' | 11.50% | ' | ' | ' | ' |
Paid-in-Kind Interest | ' | ' | ' | ' | -119 | 119 | 119 | ' | ' | ' | ' | ' |
Cash Interest Reserve Created at Close | ' | ' | ' | ' | ' | ' | ' | 4,500 | ' | ' | ' | ' |
Investment Income, Interest | 87 | ' | 178 | ' | 166 | ' | ' | ' | 88 | ' | 178 | 166 |
Proceeds from Sale of Available-for-sale Securities | ' | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' |
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities | ' | ' | $0 | ' | $0 | ' | ' | ' | ' | ' | ' | ' |
Marketable_Investments_Details1
Marketable Investments (Details 2) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Investment Holdings Reconciliation [Abstract] | ' | ' |
Amortized Cost | $3,119 | $3,119 |
Gross Unrealized Gains | ' | ' |
Gross Unrealized Loss | ' | ' |
Fair Value | $3,119 | $3,119 |
Marketable_Investments_Details2
Marketable Investments (Details Narrative) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Nov. 15, 2013 | Nov. 15, 2013 | Jul. 09, 2013 | Jun. 30, 2014 | Jul. 09, 2013 | Jun. 30, 2014 | Dec. 31, 2013 |
Agreement To Purchase Senior Secured Notes [Member] | Agreement To Purchase Senior Secured Notes [Member] | Agreement To Purchase Senior Secured Notes [Member] | Agreement To Purchase Senior Secured Notes [Member] | Agreement To Purchase Senior Secured Notes [Member] | Agreement To Purchase Senior Secured Notes [Member] | Agreement To Purchase Senior Secured Notes [Member] | ||||||
Tribute [Member] | Revenue [Member] | Revenue [Member] | ||||||||||
Senior Notes | ' | ' | ' | ' | ' | ' | ' | $3,000 | ' | $100,000 | ' | ' |
Receivable with Imputed Interest, Effective Yield (Interest Rate) | ' | ' | ' | ' | ' | ' | ' | 11.50% | ' | ' | ' | ' |
Paid-in-Kind Interest | ' | ' | ' | ' | -119 | 119 | 119 | ' | ' | ' | ' | ' |
Cash Interest Reserve Created at Close | ' | ' | ' | ' | ' | ' | ' | 4,500 | ' | ' | ' | ' |
Investment Income, Interest | 87 | ' | 178 | ' | 166 | ' | ' | ' | 88 | ' | 178 | 166 |
Proceeds from Sale of Available-for-sale Securities | ' | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' |
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities | ' | ' | $0 | ' | $0 | ' | ' | ' | ' | ' | ' | ' |
Variable_Interest_Entities_Det
Variable Interest Entities (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 1 Months Ended | ||||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 |
Minimum Interest [Member] | SWKHP Holdings [Member] | SWKHP Holdings [Member] | SWKHP Holdings [Member] | SWKHP Holdings [Member] | SWKHP Holdings [Member] | Holmdel Pharmaceuticals LP [Member] | SWKHP Holdings GP [Member] | SWKHP Holdings LP [Member] | |||||||
Note4VariableInterestEntitiesDetailsLineItems [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to Acquire Intangible Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $13,000 | ' | ' |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,000 | 13,000 |
Stockholders' Equity Attributable to Noncontrolling Interest | 5,196 | ' | 5,196 | ' | 5,613 | 7,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percent of Pharmaceutical Product's Cash Flow to be Received by the Limited Partnership | ' | ' | ' | ' | ' | 84.00% | 39.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Noncontrolling Interest, Ownership Percentage by Parent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 84.00% | ' | ' |
Income (Loss) from Equity Method Investments | 1,192 | 414 | 2,695 | 414 | 2,779 | ' | ' | 1,192 | 214 | 1,434 | 214 | 1,470 | ' | ' | ' |
Proceeds from Equity Method Investment, Dividends or Distributions | ' | ' | 3,470 | 1,625 | 5,354 | ' | ' | ' | ' | 1,851 | ' | 5,354 | ' | ' | ' |
Payments to Noncontrolling Interests | ' | ' | $1,851 | $866 | $2,857 | ' | ' | ' | ' | $3,470 | ' | $2,857 | ' | ' | ' |
Variable_Interest_Entities_Det1
Variable Interest Entities (Details 2) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Change in Investment Carrying Amount - Holmdel [Abstract] | ' | ' | ' | ' | ' |
Beginning Balance | ' | ' | $10,425 | $13,000 | $13,000 |
Add: Income from investments in unconsolidated entities | 1,192 | 414 | 2,695 | 414 | 2,779 |
Less: Cash distribution on investments in unconsolidated entities | ' | ' | -3,470 | -1,625 | -5,354 |
Ending Balance | $9,650 | ' | $9,650 | ' | $10,425 |
Variable_Interest_Entities_Det2
Variable Interest Entities (Details 3) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Financial Statement Information - Holmdel [Abstract] | ' | ' | ' | ' | ' |
Assets | $12,800 | $15,200 | $12,800 | $15,200 | $13,700 |
Liabilities | 1,900 | 200 | 1,900 | 200 | 2,300 |
Equity | 10,900 | 15,000 | 10,900 | 15,000 | 11,400 |
Revenue | 2,200 | 4,000 | 5,300 | 4,000 | 8,000 |
Expenses | 800 | 3,500 | 2,100 | 3,500 | 1,600 |
Net income | $1,400 | $500 | $3,200 | $500 | $6,400 |
Variable_Interest_Entities_Det3
Variable Interest Entities (Details Narrative) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 1 Months Ended | ||||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 |
Minimum Interest [Member] | SWKHP Holdings [Member] | SWKHP Holdings [Member] | SWKHP Holdings [Member] | SWKHP Holdings [Member] | SWKHP Holdings [Member] | Holmdel Pharmaceuticals LP [Member] | SWKHP Holdings GP [Member] | SWKHP Holdings LP [Member] | |||||||
Payments to Acquire Intangible Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $13,000 | ' | ' |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,000 | 13,000 |
Stockholders' Equity Attributable to Noncontrolling Interest | 5,196 | ' | 5,196 | ' | 5,613 | 7,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percent of Pharmaceutical Product's Cash Flow to be Received by the Limited Partnership | ' | ' | ' | ' | ' | 84.00% | 39.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Noncontrolling Interest, Ownership Percentage by Parent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 84.00% | ' | ' |
Income (Loss) from Equity Method Investments | 1,192 | 414 | 2,695 | 414 | 2,779 | ' | ' | 1,192 | 214 | 1,434 | 214 | 1,470 | ' | ' | ' |
Proceeds from Equity Method Investment, Dividends or Distributions | ' | ' | 3,470 | 1,625 | 5,354 | ' | ' | ' | ' | 1,851 | ' | 5,354 | ' | ' | ' |
Payments to Noncontrolling Interests | ' | ' | $1,851 | $866 | $2,857 | ' | ' | ' | ' | $3,470 | ' | $2,857 | ' | ' | ' |
Accounts_Payable_and_Accrued_L2
Accounts Payable and Accrued Liabilities (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Components of Accounts Payable and Accrued Liabilities [Abstract] | ' | ' | ' |
Accounts payable, accrued payroll and related expenses | ' | $269 | $32 |
Client deposits | ' | 50 | 48 |
Interest expense on loan credit agreement | ' | 21 | ' |
Other accrued liabilities | ' | 23 | 11 |
Accounts payable and accrued liabilities | $1,559 | $363 | $91 |
Interest_and_Other_Income_Expe2
Interest and Other Income (Expense) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Components of Interest and Other Income [Abstract] | ' | ' | ' | ' | ' | ' |
Interest income | ' | ' | ' | ' | $49 | $158 |
Interest expense | ' | ' | ' | ' | -68 | ' |
Increase (decrease) in fair value of warrant assets | ' | ' | ' | ' | -130 | ' |
Decrease (increase) in fair value of warrant liability | ' | ' | ' | ' | -60 | ' |
Interest and other income (expense), net | ($2) | $15 | ($36) | $38 | ($209) | $158 |
Loan_Credit_Agreement_with_Rel1
Loan Credit Agreement with Related Party (Details) (USD $) | 6 Months Ended | 12 Months Ended | 3 Months Ended | 6 Months Ended | 0 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 0 Months Ended | 6 Months Ended | 0 Months Ended | ||||||||||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Jun. 30, 2014 | Sep. 06, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 06, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Sep. 06, 2013 | Jun. 30, 2014 | Sep. 06, 2013 | Sep. 06, 2013 | Dec. 09, 2013 | Jun. 30, 2014 | Dec. 31, 2013 |
Other Income [Member] | Other Income [Member] | Delayed Draw [Member] | Delayed Draw [Member] | Delayed Draw [Member] | Delayed Draw [Member] | Delayed Draw [Member] | Delayed Draw [Member] | Delayed Draw [Member] | Delayed Draw [Member] | Delayed Draw [Member] | Delayed Draw [Member] | Delayed Draw [Member] | Loan Credit Agreement [Member] | Loan Credit Agreement [Member] | Loan Credit Agreement [Member] | Loan Credit Agreement [Member] | |||||
Warrant [Member] | Warrant [Member] | Due To Lender [Member] | Threshold For Loan Increase [Member] | Threshold For Loan Increase [Member] | Amount Available After Realizing Net Proceeds Of At Least 10 Million [Member] | Amount Available After Realizing Net Proceeds Of At Least 10 Million [Member] | Amount Available At Closing [Member] | Amount Available At Closing [Member] | Delayed Draw [Member] | Delayed Draw [Member] | Delayed Draw [Member] | ||||||||||
Note5LoanCreditAgreementwithRelatedPartyDetailsLineItems [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | ' | ' | 6.50% | 6.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate at Period End | ' | ' | ' | ' | ' | ' | ' | 6.73% | 6.73% | 6.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Term | ' | ' | ' | ' | ' | ' | ' | ' | '18 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | ' | $30,000 | $30,000 | $30,000 | ' | ' | ' | ' | $30,000 | $30,000 | $15,000 | $15,000 | ' | ' | ' | ' |
Proceeds from Lines of Credit | ' | ' | ' | ' | ' | ' | ' | ' | 6,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000 | ' | ' |
Long-term Line of Credit, Noncurrent | 11,000 | ' | 5,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance or Sale of Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000 | 10,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Expiration Period | ' | ' | ' | ' | ' | ' | '4 years | ' | '4 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in Shares) | 347,222 | ' | ' | ' | ' | ' | 1,000,000 | 1,000,000 | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per Item) | $0.43 | ' | ' | ' | ' | ' | $1.39 | $1.39 | $1.39 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants and Rights Outstanding | 316 | ' | 292 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 292 | ' | 316 | 292 |
Unrealized Gain (Loss) on Derivatives | ' | ' | -130 | ' | 66 | 24 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Expense, Debt | ' | ' | ' | ' | ' | ' | ' | 223 | 412 | 68 | 21 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of Financing Costs | $71 | ' | $47 | ' | ' | ' | ' | $36 | $71 | $47 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan_Credit_Agreement_with_Rel2
Loan Credit Agreement with Related Party (Details 2) (Loan Credit Agreement [Member]) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2014 | Dec. 31, 2013 | |
Loan Credit Agreement [Member] | ' | ' |
Note5LoanCreditAgreementwithRelatedPartyDetailsValuationAssumptionsLineItems [Line Items] | ' | ' |
Dividend rate | 0.00% | 0.00% |
Risk-free rate | 2.10% | 2.50% |
Expected life (years) | '6 years 2 months 12 days | '6 years 8 months 12 days |
Expected volatility | 29.30% | 27.00% |
Loan_Credit_Agreement_with_Rel3
Loan Credit Agreement with Related Party (Details Narrative) (USD $) | 6 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 6 Months Ended | 0 Months Ended | |||||||||||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 06, 2013 | Feb. 13, 2014 | Sep. 06, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 09, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Sep. 06, 2013 | Jun. 30, 2014 | Sep. 06, 2013 | Sep. 06, 2013 | Jun. 30, 2014 | Jan. 02, 2014 |
Loan Credit Agreement [Member] | Subsequent Event [Member] | Delayed Draw [Member] | Delayed Draw [Member] | Delayed Draw [Member] | Delayed Draw [Member] | Delayed Draw [Member] | Delayed Draw [Member] | Delayed Draw [Member] | Delayed Draw [Member] | Delayed Draw [Member] | Delayed Draw [Member] | Delayed Draw [Member] | Delayed Draw [Member] | Delayed Draw [Member] | Delayed Draw [Member] | Delayed Draw [Member] | |||||
Due To Lender [Member] | Loan Credit Agreement [Member] | Loan Credit Agreement [Member] | Loan Credit Agreement [Member] | Amount Available After Realizing Net Proceeds Of At Least 10 Million [Member] | Amount Available After Realizing Net Proceeds Of At Least 10 Million [Member] | Amount Available At Closing [Member] | Amount Available At Closing [Member] | Threshold For Loan Increase [Member] | Threshold For Loan Increase [Member] | Subsequent Event [Member] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | ' | ' | 6.50% | 6.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate at Period End | ' | ' | ' | ' | ' | ' | ' | 6.73% | 6.73% | 6.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | ' | $30,000 | $30,000 | $30,000 | ' | ' | ' | ' | ' | $30,000 | $30,000 | $15,000 | $15,000 | ' | ' | ' |
Proceeds from Lines of Credit | ' | ' | ' | ' | ' | ' | ' | ' | 6,000 | ' | ' | 5,000 | ' | ' | ' | ' | ' | ' | ' | ' | 6,000 |
Proceeds from Issuance or Sale of Equity | ' | ' | ' | ' | ' | 12,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000 | 10,000 | ' |
Line of Credit Facility, Expiration Period | ' | ' | ' | ' | ' | ' | '4 years | ' | '4 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in Shares) | 347,222 | ' | ' | ' | ' | ' | 1,000,000 | 1,000,000 | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per Item) | $0.43 | ' | ' | ' | ' | ' | $1.39 | $1.39 | $1.39 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants and Rights Outstanding | 316 | ' | 292 | 0 | 292 | ' | ' | ' | ' | ' | ' | ' | 316 | 292 | ' | ' | ' | ' | ' | ' | ' |
Interest Expense, Debt | ' | ' | ' | ' | ' | ' | ' | 223 | 412 | 68 | 21 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of Financing Costs | 71 | ' | 47 | ' | ' | ' | ' | 36 | 71 | 47 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Finance Costs, Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | 571 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments for Fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | $338 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitments_and_Contingencies_2
Commitments and Contingencies (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Future Minimum Rent [Abstract] | ' |
2014 | $22 |
Thereafter | 0 |
Total future minimum rent with non-cancellable terms of one year or more | $22 |
Commitments_and_Contingencies_3
Commitments and Contingencies (Details Narrative) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 12, 2013 |
In Thousands, unless otherwise specified | New Corporate Headquarters [Member] | New Corporate Headquarters [Member] | Tribute [Member] | TRT [Member] | TRT [Member] | |||
sqft | ||||||||
Area of Real Estate Property (in Square Feet) | ' | ' | ' | ' | 1,300 | ' | ' | ' |
Operating Leases, Rent Expense | ' | ' | ' | $22 | ' | ' | ' | ' |
Financing Receivable, Net | 31,575 | 29,286 | 6,500 | ' | ' | 2,000 | ' | ' |
Royalty Stream Contingent Consideration, Liability | ' | ' | ' | ' | ' | ' | $1,250 | $1,250 |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | 1 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended | 12 Months Ended | |||||||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2012 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Jun. 30, 2014 | 14-May-12 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Non Executive Board Members [Member] | Two Thousand Ten Stock Incentive Plan [Member] | Two Thousand Ten Stock Incentive Plan [Member] | SWKHP Holdings LP [Member] | SWKHP Holdings GP [Member] | Two Thousand Ten Stock Incentive Plan [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | |||||||
Note6StockholdersEquityDetailsLineItems [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | '5 years | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | ' | ' | ' | ' | ' | ' | ' | 2,600,000 | 2,600,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | ' | ' | ' | ' | ' | ' | ' | $100 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | ' | ' | ' | ' | ' | ' | ' | '1 year | '1 year 146 days | ' | ' | ' | ' | '182 days | '73 days | ' | ' |
Share-based Goods and Nonemployee Services Transaction, Quantity of Securities Issued (in Shares) | ' | ' | ' | ' | ' | ' | 35,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,665,000 | 1,682,500 | 1,647,500 | 400,000 |
Share-based Compensation | 62 | 72 | 138 | 132 | 254 | 586 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,000 | 6,000 | ' | ' | ' | ' | ' | ' |
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | ' | ' | ' | ' | ' | $7,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders_Equity_Details_2
Stockholders' Equity (Details 2) (USD $) | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Summary of Activities Under Option Plans [Abstract] | ' | ' | ' | ' |
Balances - Number of shares | 1,670,000 | 1,680,000 | 1,680,000 | 180,000 |
Balances - Weighted Average exercise price | $1.01 | $1.01 | $1.01 | $2.52 |
Balances - Weighted average remaining contractual term | '7 years 110 days | '7 years 292 days | '8 years 9 months 18 days | '5 years 146 days |
Balances - Aggregate intrinsic value | $519,400,000 | $458,600,000 | $2,200,000 | $2,400,000 |
Options vested and exercisable and expected to be vested and exercisable at March 31, 2014 | 1,518,900 | 1,518,900 | ' | ' |
Options vested and exercisable and expected to be vested and exercisable at March 31, 2014 | $1.03 | $1.03 | ' | ' |
Options vested and exercisable and expected to be vested and exercisable at March 31, 2014 | '7 years 110 days | '7 years 292 days | ' | ' |
Options vested and exercisable and expected to be vested and exercisable at March 31, 2014 | 464,626,000 | 410,270,000 | ' | ' |
Options vested and exercisable at end of period | 170,000 | 180,000 | ' | ' |
Options vested and exercisable at end of period | ' | $2.52 | ' | ' |
Options vested and exercisable at end of period | '6 years 73 days | '3 years 146 days | ' | ' |
Options vested and exercisable at end of period | $89,500,000 | $8,600,000 | ' | ' |
Options cancelled and retired | -10,000 | 0 | ' | ' |
Options cancelled and retired | $2.65 | $0 | ' | ' |
Options exercised | 0 | 0 | 0 | ' |
Options exercised | $0 | $0 | $0 | ' |
Options granted | 0 | 0 | 1,500,000 | ' |
Options granted | $0 | $0 | $0.83 | ' |
Stockholders_Equity_Details_3
Stockholders' Equity (Details 3) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 |
Eighty Three Cents [Member] | Eighty Three Cents [Member] | One Twenty Four [Member] | One Twenty Four [Member] | Two Dollars Sixty Seven Cents [Member] | Two Dollars Sixty Seven Cents [Member] | Two Ninety Five [Member] | Two Ninety Five [Member] | Three Fifty [Member] | Three Fifty [Member] | Total [Member] | Total [Member] | Seventy [Member] | Seventy [Member] | Two Sixty Five [Member] | |||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise Prices | $1.01 | $1.01 | $1.01 | $2.52 | $0.83 | $0.83 | $1.24 | $1.24 | $2.67 | $2.67 | $2.95 | $2.95 | $3.50 | $3.50 | $1.01 | $1.01 | $0.70 | $0.70 | $2.65 |
Number Outstanding, Vested and Exercisable (in Shares) | ' | ' | ' | ' | 1,500,000 | 1,500,000 | 20,000 | 20,000 | 20,000 | 20,000 | 90,000 | 90,000 | 20,000 | 20,000 | 1,670,000 | 1,680,000 | 20,000 | 20,000 | 10,000 |
Weighted Average Remaining Contractual Life (In Years) | ' | ' | ' | ' | '7 years 328 days | '8 years 146 days | '4 years 53 days | '4 years 219 days | '3 years 53 days | '3 years 219 days | '2 years 110 days | '2 years 255 days | '2 years 256 days | '3 years 73 days | '7 years 110 days | '7 years 292 days | '5 years | '5 years 6 months | '3 years 328 days |
Weighted Average Exercise Price Per Share | $1.01 | $1.01 | $1.01 | $2.52 | $0.83 | $0.83 | $1.24 | $1.24 | $2.67 | $2.67 | $2.95 | $2.95 | $3.50 | $3.50 | $1.01 | $1.01 | $0.70 | $0.70 | $2.65 |
Number Exercisable (in Shares) | ' | ' | ' | ' | ' | 0 | 20,000 | 20,000 | 20,000 | 20,000 | 90,000 | 90,000 | 20,000 | 20,000 | 170,000 | 180,000 | 20,000 | 20,000 | 10,000 |
Weighted Average Exercise Price Per Share | ' | ' | ' | ' | $0.83 | $0.83 | $1.24 | $1.24 | $2.67 | $2.67 | $2.95 | $2.95 | $3.50 | $3.50 | $1.38 | $2.52 | $0.70 | $0.70 | $2.65 |
Stockholders_Equity_Details_4
Stockholders' Equity (Details 4) (Restricted Stock [Member], USD $) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Restricted Stock [Member] | ' | ' | ' |
Note6StockholdersEquityDetailsRestrictedStockActivityLineItems [Line Items] | ' | ' | ' |
Balances, Number of Shares | 1,682,500 | 1,647,500 | 400,000 |
Balances, Weighted Average Grant Date Fair Value (per share) | $0.39 | $0.38 | $0.47 |
Shares vested | -140,000 | -105,000 | ' |
Shares vested (per share) | $0.83 | $0.82 | ' |
Shares granted | 140,000 | 140,000 | 1,247,500 |
Shares granted (per share) | $1.13 | $0.83 | $0.36 |
Balances, Number of Shares | 1,665,000 | 1,682,500 | 1,647,500 |
Balances, Weighted Average Grant Date Fair Value (per share) | $0.45 | $0.39 | $0.38 |
Stockholders_Equity_Details_5
Stockholders' Equity (Details 5) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Changes in Carrying Amount of Non-Controlling Interest [Abstract] | ' | ' | ' | ' | ' |
Beginning Balance | ' | ' | $5,613 | $7,000 | $7,000 |
Add: Income attributable to non-controlling interests | 633 | 214 | 1,434 | 214 | 1,470 |
Less: Cash distribution to non-controlling interests | ' | ' | -1,851 | ' | -2,857 |
Ending Balance | $5,196 | ' | $5,196 | ' | $5,613 |
Stockholders_Equity_Details_Na
Stockholders Equity (Details Narrative) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 1 Months Ended | 6 Months Ended | 12 Months Ended | 0 Months Ended | 6 Months Ended | 12 Months Ended | 0 Months Ended | |||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | 14-May-12 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2012 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | 14-May-12 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | 14-May-12 | 14-May-12 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
J Brett Pope [Member] | J Brett Pope [Member] | J Brett Pope [Member] | Non Executive Board Members [Member] | Two Thousand Ten Stock Incentive Plan [Member] | Two Thousand Ten Stock Incentive Plan [Member] | Nine Teen Ninety Nine Stock Incentive Plan [Member] | SWKHP Holdings LP [Member] | SWKHP Holdings GP [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | First Quarter Of Options [Member] | Second Quarter Of Options [Member] | Third Quarter Of Options [Member] | Final Quarter Of Options [Member] | First Third Of Restricted Stock [Member] | Second Third Of Restricted Stock [Member] | Final Third Of Restricted Stock [Member] | |||||||
John Nemelka [Member] | Paul Burgon [Member] | J Brett Pope [Member] | J Brett Pope [Member] | J Brett Pope [Member] | J Brett Pope [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | |||||||||||||||||||||
Common Stock, Par or Stated Value Per Share (in Dollars per share) | $0.00 | ' | $0.00 | ' | $0.00 | $0.00 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Shares Authorized | 250,000,000 | ' | 250,000,000 | ' | 250,000,000 | 250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | ' | ' | 0 | ' | 0 | 1,500,000 | 750,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in Dollars per share) | ' | ' | $0 | ' | $0 | $0.83 | $0.83 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share Price (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.24 | $1.66 | $2.07 | $2.49 | $1.66 | $2.07 | $2.49 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | ' | ' | 0 | ' | 0 | 0 | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,600,000 | 2,600,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $100 | ' | ' | ' | ' | ' | $100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | '1 year 146 days | ' | ' | ' | ' | '182 days | '73 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Goods and Nonemployee Services Transaction, Quantity of Securities Issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 140,000 | 140,000 | 1,247,500 | ' | 750,000 | 375,000 | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value (in Dollars) | ' | ' | ' | ' | ' | 345 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,665,000 | 1,682,500 | 1,647,500 | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation (in Dollars) | 62 | 72 | 138 | 132 | 254 | 586 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,000 | 6,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Noncontrolling Interest, Increase from Subsidiary Equity Issuance (in Dollars) | ' | ' | ' | ' | ' | $7,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders_Equity_Details_6
Stockholders Equity (Details 6) (USD $) | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Summary of Activities Under Option Plans [Abstract] | ' | ' | ' | ' |
Balances - Number of shares | 1,670,000 | 1,680,000 | 1,680,000 | 180,000 |
Balances - Weighted Average exercise price | $1.01 | $1.01 | $1.01 | $2.52 |
Balances - Weighted average remaining contractual term | '7 years 110 days | '7 years 292 days | '8 years 9 months 18 days | '5 years 146 days |
Balances - Aggregate intrinsic value | $519,400,000 | $458,600,000 | $2,200,000 | $2,400,000 |
Options vested and exerciseable and expected to be vested and exerciseable at end of period | 1,518,900 | 1,518,900 | ' | ' |
Options vested and exerciseable and expected to be vested and exerciseable at end of period | $1.03 | $1.03 | ' | ' |
Options vested and exerciseable and expected to be vested and exerciseable at end of period | '7 years 110 days | '7 years 292 days | ' | ' |
Options vested and exerciseable and expected to be vested and exerciseable at end of period | 464,626,000 | 410,270,000 | ' | ' |
Options vested and exerciseable at end of period | 170,000 | 180,000 | ' | ' |
Options vested and exerciseable at end of period | ' | $2.52 | ' | ' |
Options vested and exerciseable at end of period | '6 years 73 days | '3 years 146 days | ' | ' |
Options vested and exerciseable at end of period | $89,500,000 | $8,600,000 | ' | ' |
Options cancelled and retired | -10,000 | 0 | ' | ' |
Options cancelled and retired | $2.65 | $0 | ' | ' |
Options exercised - Number of shares | 0 | 0 | 0 | ' |
Options exercised - Weighted Average exercise price | $0 | $0 | $0 | ' |
Options granted - Number of shares | 0 | 0 | 1,500,000 | ' |
Options granted - Weighted Average exercise price | $0 | $0 | $0.83 | ' |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Financial Assets: | ' | ' | ' |
Tribute warrant | $701 | $204 | ' |
Available-for-sale securities | 3,119 | 3,119 | ' |
Warrent Liability [Member] | ' | ' | ' |
Financial Liabilities: | ' | ' | ' |
Warrant liability | 316 | 292 | ' |
Tribute Warrant [Member] | ' | ' | ' |
Financial Assets: | ' | ' | ' |
Tribute warrant | ' | 204 | ' |
Fair Value, Inputs, Level 2 [Member] | ' | ' | ' |
Financial Assets: | ' | ' | ' |
Available-for-sale securities | 3,119 | 3,119 | ' |
Fair Value, Inputs, Level 3 [Member] | Warrent Liability [Member] | ' | ' | ' |
Financial Liabilities: | ' | ' | ' |
Warrant liability | 316 | ' | ' |
Fair Value, Inputs, Level 3 [Member] | Tribute Warrant [Member] | ' | ' | ' |
Financial Assets: | ' | ' | ' |
Tribute warrant | $701 | ' | ' |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Details 2) (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Beginning balance | $204 | ' |
Ending balance | 701 | 204 |
Change in fair value | -42 | 60 |
Remeasured Assets or Liabilities at Fair Value on a Non-Recurring Basis | 'No | 'No |
Tribute Warrant [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Beginning balance | 204 | ' |
Issuances | 99 | 334 |
Change in fair value | 398 | -130 |
Ending balance | 701 | 204 |
Warrent Liability [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Beginning balance | 292 | ' |
Change in fair value | 24 | 60 |
Ending balance | $316 | $292 |
Fair_Value_Measurements_Detail2
Fair Value Measurements (Details 3) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Financial Assets | ' | ' | ' | ' | ' |
Cash and cash equivalents | $15,817,000 | $7,664,000 | $17,846,000 | $24,584,000 | $38,203,000 |
Cash and cash equivalents at fair value | 15,817,000 | 7,664,000 | ' | ' | ' |
Finance receivables | 31,575,000 | 29,286,000 | ' | 6,500,000 | ' |
Finance receivables at fair value | 31,615,000 | 29,324,000 | ' | ' | ' |
Marketable investments | 3,119,000 | 3,119,000 | ' | ' | ' |
Marketable investments at fair value | 3,119,000 | 3,119,000 | ' | ' | ' |
Other assets | 701,000 | 204,000 | ' | ' | ' |
Other Assets at fair value | 701,000 | 204,000 | ' | ' | ' |
Financial Liabilities | ' | ' | ' | ' | ' |
Gross liability at fair value | 316,000 | 292,000 | ' | ' | ' |
Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | ' | ' |
Financial Assets | ' | ' | ' | ' | ' |
Cash and cash equivalents at fair value | 15,817,000 | 7,664,000 | ' | ' | ' |
Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | ' | ' |
Financial Assets | ' | ' | ' | ' | ' |
Marketable investments at fair value | 3,119,000 | 3,119,000 | ' | ' | ' |
Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ' | ' |
Financial Assets | ' | ' | ' | ' | ' |
Finance receivables at fair value | 31,615,000 | 29,324,000 | ' | ' | ' |
Other Assets at fair value | 701,000 | 204,000 | ' | ' | ' |
Financial Liabilities | ' | ' | ' | ' | ' |
Gross liability at fair value | $316,000 | $292,000 | ' | ' | ' |
Fair_Value_Measurements_Detail3
Fair Value Measurements (Details 4) (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Beginning balance | $204 | ' |
Ending balance | 701 | 204 |
Change in fair value | -42 | 60 |
Remeasured Assets or Liabilities at Fair Value on a Non-Recurring Basis | 'No | 'No |
Tribute Warrant [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Beginning balance | 204 | ' |
Issuances | 99 | 334 |
Change in fair value | 398 | -130 |
Ending balance | 701 | 204 |
Warrent Liability [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Beginning balance | 292 | ' |
Issuances | ' | 232 |
Change in fair value | 24 | 60 |
Ending balance | $316 | $292 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Dec. 31, 2011 |
Note8IncomeTaxesDetailsLineItems [Line Items] | ' | ' | ' | ' |
Unrecognized Tax Benefits | $0 | $41 | $0 | $63 |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | -20,960 | -5,600 | ' | ' |
Deferred Tax Assets, Operating Loss Carryforwards, Domestic | 433,000 | ' | 433,000 | ' |
Exercise Of Stock Options [Member] | ' | ' | ' | ' |
Note8IncomeTaxesDetailsLineItems [Line Items] | ' | ' | ' | ' |
Operating Loss Carryforwards | $1,800 | ' | ' | ' |
Income_Taxes_Details_2
Income Taxes (Details 2) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Deferred tax assets | ' | ' | ' |
Credit carryforward | $2,660 | $2,660 | $6,091 |
Stock based compensation | 287 | 287 | 241 |
Other | 59 | 59 | 553 |
Net operating losses | 146,039 | 146,637 | 153,914 |
Gross deferred tax assets | 148,345 | 149,643 | 160,799 |
Valuation allowance | -139,840 | -139,840 | -160,799 |
Net deferred tax assets | $8,505 | $9,803 | ' |
Income_Taxes_Detail_3
Income Taxes (Detail 3) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Components of Loss Before Income Tax Benefit [Abstract] | ' | ' | ' | ' | ' | ' |
U.S. | ' | ' | ' | ' | $4,491 | ($1,445) |
Foreign | ' | ' | ' | ' | 0 | 0 |
Total | $2,617 | $601 | $5,581 | $664 | $4,491 | ($1,445) |
Income_Taxes_Detail_4
Income Taxes (Detail 4) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Benefit for Income Taxes [Abstract] | ' | ' | ' | ' | ' | ' |
Current benefit | ' | ' | ' | ' | ($38) | ($24) |
Deferred benefit | ' | ' | 1,298 | ' | -9,803 | ' |
Total | $592 | $7 | $1,298 | $10 | ($9,841) | ($24) |
Income_Taxes_Detail_5
Income Taxes (Detail 5) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Rate Reconciliation [Abstract] | ' | ' | ' | ' | ' | ' |
Federal tax benefit at statutory rate | ' | ' | ' | ' | $1,384 | ($491) |
Change in valuation allowance | ' | ' | ' | ' | -20,960 | -5,600 |
Other | ' | ' | ' | ' | 67 | -2,192 |
State income taxes rate differential | ' | ' | ' | ' | ' | -23 |
Net change in uncertain tax positions | ' | ' | ' | ' | ' | -21 |
Write off of expired deferred tax assets | ' | ' | ' | ' | 10,080 | 8,303 |
Provision related to non-controlling interest | ' | ' | ' | ' | -412 | ' |
Total | $592 | $7 | $1,298 | $10 | ($9,841) | ($24) |
Income_Taxes_Detail_6
Income Taxes (Detail 6) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 |
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits [Abstract] | ' | ' | ' |
Beginning Balance | $41 | $63 | $0 |
Additions for tax positions related to the current year | ' | 2 | ' |
Reductions for tax positions of prior years due to lapse of statute of limitation | -41 | -24 | ' |
Ending balance | $0 | $41 | $0 |
Income_Taxes_Detail_Narrative
Income Taxes (Detail Narrative) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Dec. 31, 2011 |
Deferred Tax Assets, Net | $9,803 | ' | $8,505 | ' |
Valuation Allowance, Deferred Tax Asset, Change in Amount | 9,803 | ' | ' | ' |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | -20,960 | -5,600 | ' | ' |
Deferred Tax Assets, Valuation Allowance | 139,840 | 160,799 | 139,840 | ' |
Deferred Tax Assets, Operating Loss Carryforwards, Domestic | 433,000 | ' | 433,000 | ' |
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | 41 | 24 | ' | ' |
Unrecognized Tax Benefits | 0 | 41 | 0 | 63 |
Exercise Of Stock Options [Member] | ' | ' | ' | ' |
Operating Loss Carryforwards | $1,800 | ' | ' | ' |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Investment Advisory Services [Member] | Affiliateofa Stockholder [Member] | ' | ' |
Revenue from Related Parties | $120,000 | $3,000 |
Proceeds from Contributions from Affiliates | 75,000 | ' |
Investment Advisory Services [Member] | Affiliated Entity [Member] | ' | ' |
Proceeds from Contributions from Affiliates | ' | 3,000 |
Delayed Draw [Member] | Affiliateofa Stockholder [Member] | ' | ' |
Line of Credit Facility, Amount Outstanding | $5,000,000 | ' |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2012 | Jun. 30, 2014 | Dec. 31, 2013 | Jan. 23, 2014 | Dec. 31, 2012 | Dec. 05, 2012 | Aug. 18, 2014 | Jul. 31, 2014 | Jul. 30, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Jul. 30, 2014 | Jul. 31, 2014 | Jul. 30, 2014 |
Carlson Capital, L.P. [Member] | Cambia [Member] | Response Genetics, Inc. | Winston Black [Member] | J Brett Pope [Member] | Drawdown Through December 15 2015 [Member] | Business Acquisition Contingent Consideration Potential Cash Payment [Member] | Principal Amount [Member] | |||||||
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Response Genetics, Inc. | Cambia [Member] | Response Genetics, Inc. | |||||||
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | ||||||||||||
Acquisation percentage | ' | ' | ' | ' | ' | ' | 69.00% | 25.00% | ' | ' | ' | ' | ' | ' |
Payments to acquire business gross | $150 | ' | ' | ' | ' | ' | ' | $4,000 | ' | ' | ' | ' | $500 | ' |
Additional contingent consideration | ' | ' | ' | ' | ' | ' | 900 | ' | ' | ' | ' | ' | ' | ' |
Loan Maturity Date | ' | ' | ' | ' | ' | ' | ' | ' | 30-Jul-20 | ' | ' | ' | ' | ' |
Loan amount provided | ' | ' | 29,286 | 25,000 | ' | 22,500 | ' | ' | 8,500 | ' | ' | 3,500 | ' | 12,000 |
Loan Interest Rates | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
The loan shall accrue interest at the LIBOR rate, plus an applicable margin, subject to a 13.5% minimum. | ||||||||||||||
Warrants to purchase common share | ' | ' | ' | ' | ' | ' | ' | ' | 681,090 | 1,000,000 | 1,000,000 | ' | ' | ' |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per Share) | ' | $0.43 | ' | ' | ' | ' | ' | ' | $0.94 | $1.37 | $1.37 | ' | ' | ' |
Change in fair value of warrants | ' | -42 | 60 | ' | ' | ' | ' | ' | 378,747 | ' | ' | ' | ' | ' |
Common Shares Acquired | ' | ' | ' | ' | ' | ' | 55,908,000 | ' | ' | ' | ' | ' | ' | ' |
Common Shares par Value | ' | $0.00 | $0.00 | ' | $0.00 | ' | $0.00 | ' | ' | ' | ' | ' | ' | ' |
Common Shares purchase price | ' | ' | ' | ' | ' | ' | $1.37 | ' | ' | ' | ' | ' | ' | ' |
Common Shares aggregate purchase value | ' | ' | ' | ' | ' | ' | 76,593,960 | ' | ' | ' | ' | ' | ' | ' |
Basic Salary | ' | ' | ' | ' | ' | ' | ' | ' | ' | $240,000 | $240,000 | ' | ' | ' |
Subsequent_Events_Details_Narr
Subsequent Events (Details Narrative) (USD $) | 6 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 13, 2014 | Jan. 23, 2014 | Feb. 04, 2014 | Jan. 23, 2014 |
Subsequent Event [Member] | Parnell Pharmaceuticals Holdings Pty Ltd [Member] | Tribute [Member] | Clients Of SWK Holdings [Member] | |||||
Subsequent Event [Member] | Subsequent Event [Member] | Parnell Pharmaceuticals Holdings Pty Ltd [Member] | ||||||
Subsequent Event [Member] | ||||||||
Financing Receivable, Gross | ' | ' | ' | ' | ' | $25,000 | ' | ' |
Payments to Acquire Finance Receivables | 1,880 | 7,878 | 29,630 | 6,500 | ' | 10,000 | 2,000 | 15,000 |
Loans and Leases Receivable, Fees Earned but Excluded from Yield | ' | ' | ' | ' | ' | 375 | ' | ' |
Proceeds from Issuance or Sale of Equity | ' | ' | ' | ' | $12,500 | ' | ' | ' |
Nature_of_Operations_Holmdel_P1
Nature of Operations (Holmdel Pharmaceuticals, LP) (Details Narrative) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 20, 2012 | |
Sublicense and Distribution Agreement (Bthe Mist AgreementB) [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Description of royalty payment received | ' | ' |
Based on a percentage of net sales of the Product, starting at 56% of net sales and growing to 97% of net sales in 2017. | ||
Administrative fees,per year | 240,000 | ' |
Royalty revenue | 15,000,000 | ' |
Description of royalty agreement terms | ' | ' |
The initial term of this agreement is two years and shall be automatically renewed for successive periods of one year. The agreement may be terminated (i) by either party if the other party shall commit a material breach if not cured within 60 days written notice; (ii) by Mist if the trailing twelve months net sales are less than $16 million through the fiscal quarter ended June 30, 2014, upon 90 days’ written notice; or (iii) after the expiration of the initial term, by either party upon 180 days’ written notice. | ||
SWK Holdings Corporation [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Percentage of ownership | 84.10% | ' |
Holmdel Therapeutics, LLC [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Percentage of ownership | 15.90% | ' |
InnoPran XL [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Description of acquired entity | ' | ' |
Holmdel entered in to an Asset Purchase Agreement (“APA”) with GlaxoSmithKline LLC (“GSK”) and acquired the U.S. marketing authorization rights to InnoPran XL ®, a beta blocker pharmaceutical product indicated for the treatment of hypertension. | ||
Purchase price | ' | $12,975,549 |
Acquisition_Holmdel_Pharmaceut2
Acquisition (Holmdel Pharmaceuticals, LP) (Details Narrative) (InnoPran XL [Member], USD $) | 0 Months Ended | |
Dec. 31, 2012 | Dec. 20, 2012 | |
InnoPran XL [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Purchase price | ' | $12,975,549 |
Acquisition expenses | $1,352,158 | ' |
Acquisition_Holmdel_Pharmaceut3
Acquisition (Holmdel Pharmaceuticals, LP) (Details) (InnoPran XL [Member], USD $) | Dec. 20, 2012 |
InnoPran XL [Member] | ' |
Cash | $12,755,000 |
Payable to GSK | 220,549 |
Total Fair Value of Consideration transferred | 12,975,549 |
Recognized amounts of identifiable assets acquired: | ' |
Inventory (included in other current assets) | 335,549 |
InnoPran XL license | 12,640,000 |
Total identifiable net assets | 12,975,549 |
Net assets acquired | $12,975,549 |
Intangible_asset_Holmdel_Pharm2
Intangible asset (Holmdel Pharmaceuticals, LP) (Details) (InnoPran XL [Member], InnoPran XL license [Member], USD $) | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2012 | Dec. 31, 2013 | Dec. 11, 2012 | |
InnoPran XL [Member] | InnoPran XL license [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
InnoPran XL license | $12,640,000 | ' | ' |
Less accumulated amortization | ' | 1,442,201 | ' |
Intangible asset, net | $12,640,000 | $11,197,799 | ' |
Estimated useful life | ' | '9 years | ' |
Intangible_asset_Holmdel_Pharm3
Intangible asset (Holmdel Pharmaceuticals, LP) (Details 2) (InnoPran XL [Member], InnoPran XL license [Member], USD $) | 1 Months Ended | |
Dec. 31, 2012 | Dec. 31, 2013 | |
InnoPran XL [Member] | InnoPran XL license [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Balance at December 12, 2012 (inception) | ' | $11,197,799 |
Acquisitions | 12,640,000 | ' |
Balance at December 31, 2012 and 2013 | $12,640,000 | $11,197,799 |
Intangible_asset_Holmdel_Pharm4
Intangible asset (Holmdel Pharmaceuticals, LP) (Details 3) (InnoPran XL [Member], InnoPran XL license [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 11, 2012 |
InnoPran XL [Member] | InnoPran XL license [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
2014 | $1,442,201 | ' | ' |
2015 | 1,442,201 | ' | ' |
2016 | 1,446,150 | ' | ' |
2017 | 1,442,201 | ' | ' |
2018 | 1,442,201 | ' | ' |
Thereafter | 3,982,845 | ' | ' |
Total | $11,197,799 | $12,640,000 | ' |
Related_Party_Transactions_Hol2
Related Party Transactions (Holmdel Pharmaceuticals, LP) (Details) (Holmdel Pharmaceuticals, LP, USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Holmdel Pharmaceuticals, LP | ' |
InnoPrann XL royalty based on a percentage of net sales as defined under the Mist Agreement | $8,971,162 |
Primlev royalty as defined under the Mist Agreement | 860,203 |
Royalties based on a percentage of net sales as defined under the Mist Agreement | 9,831,365 |
Cost of product | -632,998 |
Administrative fee, including insurance premium | -240,000 |
Aptalis royalty | -962,183 |
Net revenue | $7,996,184 |
Related_Party_Transactions_Hol3
Related Party Transactions (Holmdel Pharmaceuticals, LP) (Details Narrative) (USD $) | 1 Months Ended |
Dec. 31, 2012 | |
Related Party Transactions Holmdel Pharmaceuticals Lp Details Narrative | ' |
Royalties receivable | $2,473,063 |
Finder's fee | $740,000 |