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ORGANIZATION AND BASIS OF PRESENTATION<div style="text-align:justify;margin-top:6pt;margin-bottom:6pt;">Cumberland Pharmaceuticals Inc. (“Cumberland,” the “Company,” or as used in the context of “we,” “us,” or “our”) is a specialty pharmaceutical company focused on the acquisition, development and commercialization of branded prescription products. The Company's primary target markets are hospital acute care and gastroenterology. These medical specialties are characterized by relatively concentrated prescriber bases that the Company believes can be penetrated effectively by small, targeted sales forces. Cumberland is dedicated to providing innovative products that improve quality of care for patients and address unmet or poorly met medical needs.</div><div style="text-align:justify;">Cumberland focuses its resources on maximizing the commercial potential of its products, as well as developing new product candidates, and has both internal development and commercial capabilities. The Company’s products are manufactured by third parties, which are overseen by Cumberland’s quality control and manufacturing professionals. The Company works closely with its third-party distribution partners to make its products available in the United States.</div><div style="text-align:justify;margin-top:6pt;margin-bottom:6pt;">In the opinion of management, the accompanying unaudited condensed consolidated financial statements of the Company have been prepared on a basis consistent with the December 31, 2019 audited consolidated financial statements and include all adjustments, consisting of only normal recurring adjustments, necessary to fairly present the information set forth herein. All significant intercompany accounts and transactions have been eliminated in consolidation. The unaudited condensed consolidated financial statements have been prepared in accordance with the regulations of the Securities and Exchange Commission (the “SEC”), and certain information and disclosures have been condensed or omitted as permitted by the SEC for interim period presentation. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2019 (the “2019 Annual Report on Form 10-K”). The results of operations for the three months ended March 31, 2020 are not necessarily indicative of the results to be expected for the entire fiscal year or any future period.</div><div style="text-align:justify;margin-top:6pt;margin-bottom:6pt;">Total comprehensive income (loss) consisted solely of net income (loss) for the three months ended March 31, 2020 and 2019.</div><div style="text-align:justify;margin-top:6pt;margin-bottom:6pt;">Discontinued Operations</div><div style="text-align:justify;">As discussed further in Note 10, during May 2019, Cumberland entered into a Dissolution Agreement ("Dissolution Agreement") with Clinigen Healthcare Limited ("Clinigen") in which the Company returned the exclusive rights to commercialize Ethyol and Totect in the United States to Clinigen. Under the terms of the Dissolution Agreement, Cumberland is no longer involved directly or indirectly with the distribution, marketing and promotion of either Ethyol or Totect or any competing products following December 31, 2019. The Company's exit from the products meets the accounting criteria to be reported as discontinued operations and the discontinued operating results have been reclassified on the face of the financial statements and footnotes for all periods presented to reflect the discontinued status of these products. Refer to Note 10, for additional information.</div><div style="text-align:justify;margin-top:8pt;margin-bottom:8pt;">COVID-19 Pandemic </div><div style="text-align:justify;margin-top:8pt;">During March 2020, the U.S. declared a health care emergency following the outbreak of the (SARS-CoV-2), a novel strain of coronavirus that causes COVID-19, a respiratory illness. The Company is monitoring this situation both in the U.S. and internationally, so Cumberland can maintain employee safety and well-being, while also keeping the business operating and secure. </div><div style="text-align:justify;margin-top:8pt;">Cumberland has remained open for business, as the Company is considered to be essential by the United States Department of Homeland Security. All of the Company's corporate and Cumberland Emerging Technologies (“CET”) employees have been given the opportunity to work remotely, and those that wish to work from Cumberland's office and laboratories are encouraged to practice the behaviors outlined by the Centers for Disease Control. Cumberland's sales organization has continued to make calls on medical professionals, providing information and product samples as requested. However, their contact has largely shifted from in person to telephonic and electronic communications. Travel across the organization and attendance at medical meetings have largely been discontinued.</div><div style="text-align:justify;margin-top:8pt;">Cumberland relies on third-party organizations around the world to supply components, manufacture and distribute its products. The Company is aware that it may experience revenue loss, supply interruptions, time delays and incur unplanned expenses as a result of the impact of the ongoing COVID-19 pandemic. </div><div style="text-align:justify;margin-top:8pt;">During this national health care and economic crisis, Cumberland understands that the volume of patients seeking health care was negatively impacted by the stay-at-home orders across the country. Declines in hospital admissions, patient visits to physician offices and postponement of elective surgeries have all been reported. As a result, Cumberland is facing the same headwinds that are affecting all companies that rely on these factors to help drive revenue. While the Company expects these dynamics to improve as the country reopens, it cannot be determined at this time when and to what extent that improvement will occur.</div><div style="text-align:justify;margin-top:8pt;">Given the uncertainty, magnitude and impact of such changes, the Company is unable to fully quantify the impact on the future results as of the date of this filing.</div><div style="text-align:justify;"> </div><div>Recent Accounting Guidance</div><div> </div><div style="margin-bottom:5pt;">Recent Adopted Accounting Pronouncement</div><div style="text-align:justify;margin-bottom:6pt;">In November 2018, the FASB issued ASU No. 2018-18, “Collaboration Arrangements: Clarifying the Interaction between Topic 808 and Topic 606” (ASU 2018-18). The issuance of ASU 2014-09 raised questions about the interaction between the guidance on collaborative arrangements and revenue recognition. ASU 2018-18 addresses this uncertainty by (1) clarifying that certain transactions between collaborative arrangement participants should be accounted for as revenue under ASU 2014-09 when the collaboration arrangement participant is a customer, (2) adding unit of account guidance to assess whether the collaboration arrangement or a part of the arrangement is with a customer and (3) precluding a company from presenting transactions with collaboration arrangement participants that are not directly related to sales to third parties together with revenue from contracts with customers. Cumberland adopted the standard effective January 1, 2020 with no impact on the Company's consolidated financial statements.</div><div style="text-align:justify;margin-top:7pt;margin-bottom:6pt;">In January 2017, the FASB issued ASU No. 2017-04, “Simplifying the Test for Goodwill Impairment” (ASU 2017-04). The guidance removes Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. As a result of the revised guidance, a goodwill impairment will be the amount by which a reporting unit's carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. The new standard was adopted by Cumberland effective January 1, 2020 and was applied prospectively with no impact on the Company's consolidated financial statements. </div><div style="text-align:justify;margin-top:7pt;margin-bottom:6pt;">Recent Accounting Pronouncements - Not Yet Adopted</div><div style="text-align:justify;margin-top:7pt;margin-bottom:6pt;">In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments-Credit Losses,” which changes the impairment model for most financial assets and certain other instruments. For trade and other receivables, held-to-maturity debt securities, loans and other instruments, companies will be required to use a new forward-looking “expected loss” model that generally will result in the earlier recognition of allowances for losses. For available-for-sale debt securities with unrealized losses, companies will measure credit losses in a manner similar to what they do today, except that the losses will be recognized as allowances rather than as reductions in the amortized cost of the securities. Companies will have to disclose additional information, including information they use to track credit quality by year of origination for most financing receivables. Companies will apply the ASU’s provisions as a cumulative-effect adjustment, if any, to retained earnings as of the beginning of the first reporting period in which the guidance is adopted.</div><div style="text-align:justify;margin-bottom:6pt;">Related to ASU No. 2016-13 discussed above, in May 2019, the FASB issued ASU 2019-05, "Financial Instruments-Credit Losses (Topic 326): Targeted Transition Relief" which provides transition relief for ASU 2016-13 by providing entities with an alternative to irrevocably electing the fair value option for eligible financial assets measured at amortized cost upon adoption of the new credit losses standard. Certain eligibility requirements must be met and the election must be applied on an instrument-by-instrument basis. The election is not available for either available-for-sale or held-to-maturity debt securities. The Company will adopt both ASU 2016-13 and ASU 2019-05 on January 1, 2023 . The adoption of ASU 2016-13 and ASU 2019-05 are not expected to have a material impact on the Company’s consolidated financial statements.</div><div style="margin-top:6pt;margin-bottom:6pt;">Accounting Policies:</div><div style="margin-top:6pt;margin-bottom:6pt;">Use of Estimates</div><div style="text-align:justify;margin-top:7pt;">The preparation of the condensed consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management of the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates under different assumptions and conditions. The Company's most significant estimates include: (1) its allowances for chargebacks and accruals for rebates and product returns (2) the allowances for obsolescent or unmarketable inventory (3) assumptions used in estimating acquisition date fair value of assets acquired in business combinations and (4) valuation of contingent consideration liability associated with business combinations.</div>Operating SegmentsThe Company has one operating segment which is specialty pharmaceutical products. Management has chosen to organize the Company based on the type of products sold. Operating segments are identified as components of an enterprise about which separate discrete financial information is evaluated by the chief operating decision maker, or decision-making group, in making decisions regarding resource allocation and assessing performance. The Company, which uses consolidated financial information in determining how to allocate resources and assess performance, has concluded that our specialty pharmaceutical products compete in similar economic markets and similar circumstances. Substantially all of the Company’s assets are located in the United States and total revenues are primarily attributable to U.S. customers.

<div>Recent Accounting Guidance</div><div> </div><div style="margin-bottom:5pt;">Recent Adopted Accounting Pronouncement</div><div style="text-align:justify;margin-bottom:6pt;">In November 2018, the FASB issued ASU No. 2018-18, “Collaboration Arrangements: Clarifying the Interaction between Topic 808 and Topic 606” (ASU 2018-18). The issuance of ASU 2014-09 raised questions about the interaction between the guidance on collaborative arrangements and revenue recognition. ASU 2018-18 addresses this uncertainty by (1) clarifying that certain transactions between collaborative arrangement participants should be accounted for as revenue under ASU 2014-09 when the collaboration arrangement participant is a customer, (2) adding unit of account guidance to assess whether the collaboration arrangement or a part of the arrangement is with a customer and (3) precluding a company from presenting transactions with collaboration arrangement participants that are not directly related to sales to third parties together with revenue from contracts with customers. Cumberland adopted the standard effective January 1, 2020 with no impact on the Company's consolidated financial statements.</div><div style="text-align:justify;margin-top:7pt;margin-bottom:6pt;">In January 2017, the FASB issued ASU No. 2017-04, “Simplifying the Test for Goodwill Impairment” (ASU 2017-04). The guidance removes Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. As a result of the revised guidance, a goodwill impairment will be the amount by which a reporting unit's carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. The new standard was adopted by Cumberland effective January 1, 2020 and was applied prospectively with no impact on the Company's consolidated financial statements. </div><div style="text-align:justify;margin-top:7pt;margin-bottom:6pt;">Recent Accounting Pronouncements - Not Yet Adopted</div><div style="text-align:justify;margin-top:7pt;margin-bottom:6pt;">In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments-Credit Losses,” which changes the impairment model for most financial assets and certain other instruments. For trade and other receivables, held-to-maturity debt securities, loans and other instruments, companies will be required to use a new forward-looking “expected loss” model that generally will result in the earlier recognition of allowances for losses. For available-for-sale debt securities with unrealized losses, companies will measure credit losses in a manner similar to what they do today, except that the losses will be recognized as allowances rather than as reductions in the amortized cost of the securities. Companies will have to disclose additional information, including information they use to track credit quality by year of origination for most financing receivables. Companies will apply the ASU’s provisions as a cumulative-effect adjustment, if any, to retained earnings as of the beginning of the first reporting period in which the guidance is adopted.</div><div style="text-align:justify;margin-bottom:6pt;">Related to ASU No. 2016-13 discussed above, in May 2019, the FASB issued ASU 2019-05, "Financial Instruments-Credit Losses (Topic 326): Targeted Transition Relief" which provides transition relief for ASU 2016-13 by providing entities with an alternative to irrevocably electing the fair value option for eligible financial assets measured at amortized cost upon adoption of the new credit losses standard. Certain eligibility requirements must be met and the election must be applied on an instrument-by-instrument basis. The election is not available for either available-for-sale or held-to-maturity debt securities. The Company will adopt both ASU 2016-13 and ASU 2019-05 on January 1, 2023 . The adoption of ASU 2016-13 and ASU 2019-05 are not expected to have a material impact on the Company’s consolidated financial statements.</div>

<div style="margin-top:6pt;margin-bottom:6pt;">Use of Estimates</div><div style="text-align:justify;margin-top:7pt;">The preparation of the condensed consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management of the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates under different assumptions and conditions. The Company's most significant estimates include: (1) its allowances for chargebacks and accruals for rebates and product returns (2) the allowances for obsolescent or unmarketable inventory (3) assumptions used in estimating acquisition date fair value of assets acquired in business combinations and (4) valuation of contingent consideration liability associated with business combinations.</div>

Operating SegmentsThe Company has one operating segment which is specialty pharmaceutical products. Management has chosen to organize the Company based on the type of products sold. Operating segments are identified as components of an enterprise about which separate discrete financial information is evaluated by the chief operating decision maker, or decision-making group, in making decisions regarding resource allocation and assessing performance. The Company, which uses consolidated financial information in determining how to allocate resources and assess performance, has concluded that our specialty pharmaceutical products compete in similar economic markets and similar circumstances. Substantially all of the Company’s assets are located in the United States and total revenues are primarily attributable to U.S. customers.

INVESTMENTS IN CASH EQUIVALENTS AND MARKETABLE SECURITIES<div style="text-align:justify;margin-top:6pt;margin-bottom:6pt;">The Company invests in marketable securities in order to maximize its return on cash. Marketable securities consist of short-term cash investments, U.S. Treasury notes and bonds, corporate bonds and commercial paper. At the time of purchase, the Company classifies marketable securities as either trading securities or available-for-sale securities, depending on the intent at that time. As of March 31, 2020 and December 31, 2019, marketable securities were comprised solely of trading securities. Trading securities are carried at fair value with unrealized gains and losses recognized as a component of interest income in the consolidated statements of operations. As of March 31, 2020 and December 31, 2019, all trading securities were commercial paper with original maturities of less than ninety days and as a result, were classified as cash equivalents.</div><div style="text-align:justify;margin-top:6pt;margin-bottom:6pt;">The Company's fair value measurements follow the appropriate rules as well as the fair value hierarchy that prioritizes the information used to develop the measurements. It applies whenever other guidance requires (or permits) assets or liabilities to be measured at fair value and gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). </div><div style="text-align:justify;margin-top:6pt;margin-bottom:6pt;">A summary of the fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three broad levels is described below:</div><div style="text-indent:-45pt;padding-left:81pt;margin-top:6pt;margin-bottom:6pt;">Level 1 - Quoted prices for identical instruments in active markets.</div><div style="text-indent:-45pt;padding-left:81pt;text-align:justify;margin-top:6pt;margin-bottom:6pt;">Level 2 - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.</div><div style="text-indent:-45pt;padding-left:81pt;text-align:justify;margin-top:6pt;margin-bottom:6pt;">Level 3 - Significant inputs to the valuation model are unobservable.</div><div style="text-align:justify;margin-top:6pt;margin-bottom:6pt;">The Company's fair values of marketable securities are determined based on valuations provided by a third-party pricing service, as derived from such service's pricing models, and are considered either Level 1 or Level 2 measurements, depending on the nature of the investment. The Company has no marketable securities in which the fair value is determined based on Level 3 measurements. The level of management judgment required in evaluating fair value for Level 1 investments is minimal. Similarly, there is little subjectivity or judgment required for Level 2 investments valued using valuation models that are standard across the industry and whose parameter inputs are quoted in active markets. Inputs to the models may include, but are not limited to, reported trades, executable bid and ask prices, broker/dealer quotations, prices or yields of securities with similar characteristics, benchmark curves or information pertaining to the issuer, as well as industry and economic events. Based on the information available, the Company believes that the valuations provided by the third-party pricing service, as derived from such service's pricing models, are representative of prices that would be received to sell the assets at the measurement date (exit prices). There were no transfers of assets between levels within the fair value hierarchy. </div><div style="text-align:justify;margin-top:6pt;margin-bottom:6pt;">The following table summarizes the fair value of our marketable securities, by level within the fair value hierarchy, as of each period end:</div><div style="margin-top:6pt;"><table style="margin-left:auto;margin-right:auto;border-collapse:collapse;text-align:left;text-indent:0pt;display:inline-table;width:99.561%;"><tr><td style="width:1.0%;"/><td style="width:27.368%;"/><td style="width:1.0%;"/><td style="width:1.0%;"/><td style="width:9.160%;"/><td style="width:1.0%;"/><td style="width:0.1%;"/><td style="width:0.534%;"/><td style="width:0.1%;"/><td style="width:1.0%;"/><td style="width:9.160%;"/><td style="width:1.0%;"/><td style="width:0.1%;"/><td style="width:0.534%;"/><td style="width:0.1%;"/><td style="width:1.0%;"/><td style="width:9.160%;"/><td style="width:1.0%;"/><td style="width:0.1%;"/><td style="width:0.534%;"/><td style="width:0.1%;"/><td style="width:1.0%;"/><td style="width:9.160%;"/><td style="width:1.0%;"/><td style="width:0.1%;"/><td style="width:0.534%;"/><td style="width:0.1%;"/><td style="width:1.0%;"/><td style="width:9.160%;"/><td style="width:1.0%;"/><td style="width:0.1%;"/><td style="width:0.534%;"/><td style="width:0.1%;"/><td style="width:1.0%;"/><td style="width:9.162%;"/><td style="width:1.0%;"/></tr><tr><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="15" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;">March 31, 2020</td><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="15" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;">December 31, 2019</td><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/></tr><tr><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;border-top:1pt solid #000000;padding-left:1pt;padding-right:1pt;">Level 1</td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;border-top:1pt solid #000000;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;border-top:1pt solid #000000;padding-left:1pt;padding-right:1pt;">Level 2</td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;border-top:1pt solid #000000;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;border-top:1pt solid #000000;padding-left:1pt;padding-right:1pt;">Total</td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;border-top:1pt solid #000000;padding-left:1pt;padding-right:1pt;">Level 1</td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;border-top:1pt solid #000000;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;border-top:1pt solid #000000;padding-left:1pt;padding-right:1pt;">Level 2</td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;border-top:1pt solid #000000;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;border-top:1pt solid #000000;padding-left:1pt;padding-right:1pt;">Total</td></tr><tr><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/></tr><tr><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Commercial paper</td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;">$</td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:0%;">— </td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:1pt;"> </td><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;">$</td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:0%;">498,008 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:1pt;"> </td><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;">$</td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:0%;">498,008 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:1pt;"> </td><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;">$</td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:0%;">— </td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:1pt;"> </td><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;">$</td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:0%;">2,119,607 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:1pt;"> </td><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;">$</td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:0%;">2,119,607 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Total fair value of marketable securities</td><td style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:left;vertical-align:bottom;border-top:1pt solid #000000;border-bottom:3pt double #000000;padding-left:1pt;">$</td><td style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;border-top:1pt solid #000000;border-bottom:3pt double #000000;padding-right:0%;">— </td><td style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;border-top:1pt solid #000000;border-bottom:3pt double #000000;padding-right:1pt;"> </td><td colspan="3" style="background-color:#ffffff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:left;vertical-align:bottom;border-top:1pt solid #000;border-bottom:3pt double #000000;padding-left:1pt;">$</td><td style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;border-bottom:3pt double #000000;padding-right:0%;">498,008 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;border-bottom:3pt double #000000;padding-right:1pt;"> </td><td colspan="3" style="background-color:#ffffff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:left;vertical-align:bottom;border-top:1pt solid #000;border-bottom:3pt double #000000;padding-left:1pt;">$</td><td style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;border-bottom:3pt double #000000;padding-right:0%;">498,008 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;border-bottom:3pt double #000000;padding-right:1pt;"> </td><td colspan="3" style="background-color:#ffffff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:left;vertical-align:bottom;border-top:1pt solid #000000;border-bottom:3pt double #000000;padding-left:1pt;">$</td><td style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;border-top:1pt solid #000000;border-bottom:3pt double #000000;padding-right:0%;">— </td><td style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;border-top:1pt solid #000000;border-bottom:3pt double #000000;padding-right:1pt;"> </td><td colspan="3" style="background-color:#ffffff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:left;vertical-align:bottom;border-top:1pt solid #000;border-bottom:3pt double #000000;padding-left:1pt;">$</td><td style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;border-bottom:3pt double #000000;padding-right:0%;">2,119,607 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;border-bottom:3pt double #000000;padding-right:1pt;"> </td><td colspan="3" style="background-color:#ffffff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:left;vertical-align:bottom;border-top:1pt solid #000000;border-bottom:3pt double #000000;padding-left:1pt;">$</td><td style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;border-top:1pt solid #000000;border-bottom:3pt double #000000;padding-right:0%;">2,119,607 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;border-top:1pt solid #000000;border-bottom:3pt double #000000;padding-right:1pt;"> </td></tr></table></div>

<div style="text-align:justify;margin-top:6pt;margin-bottom:6pt;">The following table summarizes the fair value of our marketable securities, by level within the fair value hierarchy, as of each period end:</div><div style="margin-top:6pt;"><table style="margin-left:auto;margin-right:auto;border-collapse:collapse;text-align:left;text-indent:0pt;display:inline-table;width:99.561%;"><tr><td style="width:1.0%;"/><td style="width:27.368%;"/><td style="width:1.0%;"/><td style="width:1.0%;"/><td style="width:9.160%;"/><td style="width:1.0%;"/><td style="width:0.1%;"/><td style="width:0.534%;"/><td style="width:0.1%;"/><td style="width:1.0%;"/><td style="width:9.160%;"/><td style="width:1.0%;"/><td style="width:0.1%;"/><td style="width:0.534%;"/><td style="width:0.1%;"/><td style="width:1.0%;"/><td style="width:9.160%;"/><td style="width:1.0%;"/><td style="width:0.1%;"/><td style="width:0.534%;"/><td style="width:0.1%;"/><td style="width:1.0%;"/><td style="width:9.160%;"/><td style="width:1.0%;"/><td style="width:0.1%;"/><td style="width:0.534%;"/><td style="width:0.1%;"/><td style="width:1.0%;"/><td style="width:9.160%;"/><td style="width:1.0%;"/><td style="width:0.1%;"/><td style="width:0.534%;"/><td style="width:0.1%;"/><td style="width:1.0%;"/><td style="width:9.162%;"/><td style="width:1.0%;"/></tr><tr><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="15" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;">March 31, 2020</td><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="15" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;">December 31, 2019</td><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/></tr><tr><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;border-top:1pt solid #000000;padding-left:1pt;padding-right:1pt;">Level 1</td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;border-top:1pt solid #000000;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;border-top:1pt solid #000000;padding-left:1pt;padding-right:1pt;">Level 2</td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;border-top:1pt solid #000000;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;border-top:1pt solid #000000;padding-left:1pt;padding-right:1pt;">Total</td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;border-top:1pt solid #000000;padding-left:1pt;padding-right:1pt;">Level 1</td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;border-top:1pt solid #000000;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;border-top:1pt solid #000000;padding-left:1pt;padding-right:1pt;">Level 2</td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;border-top:1pt solid #000000;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;border-top:1pt solid #000000;padding-left:1pt;padding-right:1pt;">Total</td></tr><tr><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/></tr><tr><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Commercial paper</td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;">$</td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:0%;">— </td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:1pt;"> </td><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;">$</td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:0%;">498,008 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:1pt;"> </td><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;">$</td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:0%;">498,008 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:1pt;"> </td><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;">$</td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:0%;">— </td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:1pt;"> </td><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;">$</td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:0%;">2,119,607 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:1pt;"> </td><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;">$</td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:0%;">2,119,607 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Total fair value of marketable securities</td><td style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:left;vertical-align:bottom;border-top:1pt solid #000000;border-bottom:3pt double #000000;padding-left:1pt;">$</td><td style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;border-top:1pt solid #000000;border-bottom:3pt double #000000;padding-right:0%;">— </td><td style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;border-top:1pt solid #000000;border-bottom:3pt double #000000;padding-right:1pt;"> </td><td colspan="3" style="background-color:#ffffff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:left;vertical-align:bottom;border-top:1pt solid #000;border-bottom:3pt double #000000;padding-left:1pt;">$</td><td style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;border-bottom:3pt double #000000;padding-right:0%;">498,008 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;border-bottom:3pt double #000000;padding-right:1pt;"> </td><td colspan="3" style="background-color:#ffffff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:left;vertical-align:bottom;border-top:1pt solid #000;border-bottom:3pt double #000000;padding-left:1pt;">$</td><td style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;border-bottom:3pt double #000000;padding-right:0%;">498,008 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;border-bottom:3pt double #000000;padding-right:1pt;"> </td><td colspan="3" style="background-color:#ffffff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:left;vertical-align:bottom;border-top:1pt solid #000000;border-bottom:3pt double #000000;padding-left:1pt;">$</td><td style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;border-top:1pt solid #000000;border-bottom:3pt double #000000;padding-right:0%;">— </td><td style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;border-top:1pt solid #000000;border-bottom:3pt double #000000;padding-right:1pt;"> </td><td colspan="3" style="background-color:#ffffff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:left;vertical-align:bottom;border-top:1pt solid #000;border-bottom:3pt double #000000;padding-left:1pt;">$</td><td style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;border-bottom:3pt double #000000;padding-right:0%;">2,119,607 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;border-bottom:3pt double #000000;padding-right:1pt;"> </td><td colspan="3" style="background-color:#ffffff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:left;vertical-align:bottom;border-top:1pt solid #000000;border-bottom:3pt double #000000;padding-left:1pt;">$</td><td style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;border-top:1pt solid #000000;border-bottom:3pt double #000000;padding-right:0%;">2,119,607 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;border-top:1pt solid #000000;border-bottom:3pt double #000000;padding-right:1pt;"> </td></tr></table></div>

498008

2119607

498008

2119607

EARNINGS (LOSS) PER SHARE<div style="text-align:justify;">The following table reconciles the numerator and denominator used to calculate diluted earnings (loss) per share for the three months ended March 31, 2020 and 2019:</div><div style="margin-top:6pt;margin-bottom:6pt;"><table style="margin-left:auto;margin-right:auto;border-collapse:collapse;text-align:left;text-indent:0pt;display:inline-table;width:99.122%;"><tr><td style="width:1.0%;"/><td style="width:58.029%;"/><td style="width:1.0%;"/><td style="width:1.0%;"/><td style="width:17.616%;"/><td style="width:1.0%;"/><td style="width:0.1%;"/><td style="width:0.537%;"/><td style="width:0.1%;"/><td style="width:1.0%;"/><td style="width:17.618%;"/><td style="width:1.0%;"/></tr><tr><td colspan="3" style="height:3pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="height:3pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="height:3pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="height:3pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/></tr><tr><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/></tr><tr><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/></tr><tr><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/></tr><tr><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/></tr><tr><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/></tr><tr><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/></tr><tr><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/></tr><tr><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/></tr><tr><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/></tr><tr><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/></tr><tr><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/></tr><tr><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/></tr><tr><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/></tr><tr><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/></tr><tr><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/></tr><tr><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/></tr><tr><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/></tr></table></div><div style="text-align:justify;"> </div><div style="text-align:justify;"><table style="margin-left:auto;margin-right:auto;border-collapse:collapse;text-align:left;text-indent:0pt;display:inline-table;width:100.000%;"><tr><td style="width:1.0%;"/><td style="width:57.210%;"/><td style="width:1.0%;"/><td style="width:1.0%;"/><td style="width:17.883%;"/><td style="width:1.0%;"/><td style="width:0.1%;"/><td style="width:0.823%;"/><td style="width:0.1%;"/><td style="width:1.0%;"/><td style="width:17.884%;"/><td style="width:1.0%;"/></tr><tr><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="9" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;">Three months ended March 31,</td><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/></tr><tr><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;border-top:1pt solid #000000;padding-left:1pt;padding-right:1pt;">2020</td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;border-top:1pt solid #000000;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;border-top:1pt solid #000000;padding-left:1pt;padding-right:1pt;">2019</td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Numerator:</td><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;border-top:1pt solid #000000;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;border-top:1pt solid #000000;padding-left:1pt;padding-right:1pt;"/></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Net income (loss) from continuing operations</td><td style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;">$</td><td style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;padding-right:0%;">(1,883,418)</td><td style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;padding-right:1pt;"> </td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;">$</td><td style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;padding-right:0%;">(1,187,554)</td><td style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Discontinued operations</td><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;">818,273 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:1pt;"> </td><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;">1,147,136 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Net income (loss) at subsidiary attributable to noncontrolling interest</td><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;">9,525 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;padding-right:1pt;"> </td><td colspan="3" style="background-color:#ffffff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;">(33,460)</td><td style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Net income (loss) attributable to common shareholders</td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:bottom;border-top:1pt solid #000;padding-left:1pt;">$</td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;padding-right:0%;">(1,055,620)</td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;padding-right:1pt;"> </td><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:bottom;border-top:1pt solid #000;padding-left:1pt;">$</td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;padding-right:0%;">(73,878)</td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Denominator:</td><td colspan="3" style="background-color:#ffffff;text-align:left;vertical-align:bottom;border-top:1pt solid #000000;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="background-color:#ffffff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="background-color:#ffffff;text-align:left;vertical-align:bottom;border-top:1pt solid #000000;padding-left:1pt;padding-right:1pt;"/></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Weighted-average shares outstanding – basic</td><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;">15,240,614 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:1pt;"> </td><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;">15,472,952 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Dilutive effect of other securities</td><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:top;padding-left:1pt;padding-right:0%;">337,695 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:top;padding-right:1pt;"> </td><td colspan="3" style="background-color:#ffffff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:top;padding-left:1pt;padding-right:0%;">418,618 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:top;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Weighted-average shares outstanding – diluted</td><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;border-top:1pt solid #000000;padding-left:1pt;padding-right:0%;">15,578,309 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;border-top:1pt solid #000000;padding-right:1pt;"> </td><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;border-top:1pt solid #000000;padding-left:1pt;padding-right:0%;">15,891,570 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;border-top:1pt solid #000000;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="height:15pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="height:15pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;border-top:3pt double #000000;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="height:15pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="height:15pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;border-top:3pt double #000000;padding-left:1pt;padding-right:1pt;"/></tr></table></div><div style="text-align:justify;margin-top:6pt;margin-bottom:6pt;">As of March 31, 2020 and 2019, restricted stock awards and options to purchase 431,226 and 263,919 shares of common stock, respectively, were outstanding but were not included in the computation of diluted earnings per share because the effect would be antidilutive.</div>

<div style="text-align:justify;">The following table reconciles the numerator and denominator used to calculate diluted earnings (loss) per share for the three months ended March 31, 2020 and 2019:</div><div style="margin-top:6pt;margin-bottom:6pt;"><table style="margin-left:auto;margin-right:auto;border-collapse:collapse;text-align:left;text-indent:0pt;display:inline-table;width:99.122%;"><tr><td style="width:1.0%;"/><td style="width:58.029%;"/><td style="width:1.0%;"/><td style="width:1.0%;"/><td style="width:17.616%;"/><td style="width:1.0%;"/><td style="width:0.1%;"/><td style="width:0.537%;"/><td style="width:0.1%;"/><td style="width:1.0%;"/><td style="width:17.618%;"/><td style="width:1.0%;"/></tr><tr><td colspan="3" style="height:3pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="height:3pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="height:3pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="height:3pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/></tr><tr><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/></tr><tr><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/></tr><tr><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/></tr><tr><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/></tr><tr><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/></tr><tr><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/></tr><tr><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/></tr><tr><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/></tr><tr><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/></tr><tr><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/></tr><tr><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/></tr><tr><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/></tr><tr><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/></tr><tr><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/></tr><tr><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/></tr><tr><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/></tr><tr><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/></tr></table></div><div style="text-align:justify;"> </div><div style="text-align:justify;"><table style="margin-left:auto;margin-right:auto;border-collapse:collapse;text-align:left;text-indent:0pt;display:inline-table;width:100.000%;"><tr><td style="width:1.0%;"/><td style="width:57.210%;"/><td style="width:1.0%;"/><td style="width:1.0%;"/><td style="width:17.883%;"/><td style="width:1.0%;"/><td style="width:0.1%;"/><td style="width:0.823%;"/><td style="width:0.1%;"/><td style="width:1.0%;"/><td style="width:17.884%;"/><td style="width:1.0%;"/></tr><tr><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="9" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;">Three months ended March 31,</td><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/></tr><tr><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;border-top:1pt solid #000000;padding-left:1pt;padding-right:1pt;">2020</td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;border-top:1pt solid #000000;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;border-top:1pt solid #000000;padding-left:1pt;padding-right:1pt;">2019</td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Numerator:</td><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;border-top:1pt solid #000000;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;border-top:1pt solid #000000;padding-left:1pt;padding-right:1pt;"/></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Net income (loss) from continuing operations</td><td style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;">$</td><td style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;padding-right:0%;">(1,883,418)</td><td style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;padding-right:1pt;"> </td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;">$</td><td style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;padding-right:0%;">(1,187,554)</td><td style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Discontinued operations</td><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;">818,273 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:1pt;"> </td><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;">1,147,136 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Net income (loss) at subsidiary attributable to noncontrolling interest</td><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;">9,525 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;padding-right:1pt;"> </td><td colspan="3" style="background-color:#ffffff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;">(33,460)</td><td style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Net income (loss) attributable to common shareholders</td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:bottom;border-top:1pt solid #000;padding-left:1pt;">$</td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;padding-right:0%;">(1,055,620)</td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;padding-right:1pt;"> </td><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:bottom;border-top:1pt solid #000;padding-left:1pt;">$</td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;padding-right:0%;">(73,878)</td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Denominator:</td><td colspan="3" style="background-color:#ffffff;text-align:left;vertical-align:bottom;border-top:1pt solid #000000;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="background-color:#ffffff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="background-color:#ffffff;text-align:left;vertical-align:bottom;border-top:1pt solid #000000;padding-left:1pt;padding-right:1pt;"/></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Weighted-average shares outstanding – basic</td><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;">15,240,614 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:1pt;"> </td><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;">15,472,952 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Dilutive effect of other securities</td><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:top;padding-left:1pt;padding-right:0%;">337,695 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:top;padding-right:1pt;"> </td><td colspan="3" style="background-color:#ffffff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:top;padding-left:1pt;padding-right:0%;">418,618 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:top;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Weighted-average shares outstanding – diluted</td><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;border-top:1pt solid #000000;padding-left:1pt;padding-right:0%;">15,578,309 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;border-top:1pt solid #000000;padding-right:1pt;"> </td><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;border-top:1pt solid #000000;padding-left:1pt;padding-right:0%;">15,891,570 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;border-top:1pt solid #000000;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="height:15pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="height:15pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;border-top:3pt double #000000;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="height:15pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="height:15pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;border-top:3pt double #000000;padding-left:1pt;padding-right:1pt;"/></tr></table></div>

-1883418

-1187554

818273

1147136

-9525

33460

-1055620

-73878

15240614

15472952

337695

418618

15578309

15891570

431226

263919

REVENUES<div style="margin-top:6pt;margin-bottom:6pt;">Product Revenues</div><div style="text-align:justify;margin-top:8pt;">The Company accounts for revenues from contracts with customers under ASC 606, which became effective January 1, 2018. As part of the adoption of ASC 606, the Company applied the new standard on a modified retrospective basis analyzing open contracts as of January 1, 2018. </div><div style="text-align:justify;margin-top:8pt;">The Company’s net revenues consisted of the following for the three months ended March 31, 2020 and 2019:</div><div style="margin-top:6pt;margin-bottom:6pt;"><table style="margin-left:auto;margin-right:auto;border-collapse:collapse;text-align:left;text-indent:0pt;display:inline-table;width:100.000%;"><tr><td style="width:1.0%;"/><td style="width:68.321%;"/><td style="width:1.0%;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td style="width:1.0%;"/><td style="width:13.058%;"/><td style="width:1.0%;"/><td style="width:0.1%;"/><td style="width:0.530%;"/><td style="width:0.1%;"/><td style="width:1.0%;"/><td style="width:11.891%;"/><td style="width:1.0%;"/></tr><tr><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="9" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;">Three months ended March 31,</td><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/></tr><tr><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;border-top:1pt solid #000000;padding-left:1pt;padding-right:1pt;">2020</td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;border-top:1pt solid #000000;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;border-top:1pt solid #000000;padding-left:1pt;padding-right:1pt;">2019</td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Products:</td><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;border-top:1pt solid #000000;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;border-top:1pt solid #000000;padding-left:1pt;padding-right:1pt;"/></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Acetadote</td><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;">$</td><td style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;padding-right:0%;">713,899 </td><td style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;padding-right:1pt;"> </td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;">$</td><td style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;padding-right:0%;">849,502 </td><td style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Omeclamox-Pak</td><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;">114,770 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:1pt;"> </td><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;">199,537 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Kristalose</td><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;">3,311,696 </td><td style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;padding-right:1pt;"> </td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;">3,307,658 </td><td style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Vaprisol</td><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;">208,763 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:1pt;"> </td><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;">286,676 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Caldolor</td><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;">1,096,291 </td><td style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;padding-right:1pt;"> </td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;">1,317,074 </td><td style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Vibativ</td><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;">2,425,755 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:1pt;"> </td><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;">2,060,195 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:12pt;padding-right:1pt;">Other revenue</td><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;">459,560 </td><td style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;padding-right:1pt;"> </td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;">709,218 </td><td style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Total net revenues</td><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:bottom;border-top:1pt solid #000000;border-bottom:3pt double #000000;padding-left:1pt;">$</td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;border-top:1pt solid #000000;border-bottom:3pt double #000000;padding-right:0%;">8,330,734 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;border-top:1pt solid #000000;border-bottom:3pt double #000000;padding-right:1pt;"> </td><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:bottom;border-top:1pt solid #000000;border-bottom:3pt double #000000;padding-left:1pt;">$</td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;border-top:1pt solid #000000;border-bottom:3pt double #000000;padding-right:0%;">8,729,860 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;border-top:1pt solid #000000;border-bottom:3pt double #000000;padding-right:1pt;"> </td></tr></table></div><div style="text-align:justify;"> </div><div style="text-align:justify;">Other Revenues</div><div style="text-align:justify;margin-top:6pt;margin-bottom:6pt;">The Company has agreements with international partners for commercialization of the Company's products. The international agreements provide that each of the partners are responsible for seeking regulatory approvals for the products, and following approvals, each partner will handle ongoing distribution and sales in the respective international territories. The Company maintains responsibility for the intellectual property and product formulations. Under the international agreements, the Company is typically entitled to receive a non-refundable, up-front payment at the time each agreement is entered into as a result of providing the distinct intellectual property rights for the respective international territory. These agreements also provide for additional payments upon the partners' achievement of defined regulatory approvals, sales milestones or both. The Company may also be entitled to receive royalties on future sales of the products under the agreements and a transfer price on </div><div style="text-align:justify;margin-top:6pt;margin-bottom:6pt;">supplies. The contractual payments associated with the partners achievement of regulatory approvals, sales milestones and royalties on future sales are recognized as revenue upon occurrence, or at such time that the Company has a high degree of confidence that the revenue would not be reversed in a subsequent period.</div><div style="text-align:justify;margin-top:6pt;margin-bottom:6pt;">Other revenues also include revenue generated by CET through grant funding from federal Small Business grant programs, and lease income generated by CET’s Life Sciences Center and contract services. The Life Sciences Center is a research center that provides scientists with access to flexible lab space and other resources to develop biomedical products. Grant revenue from these programs totaled approximately $0.2 million and $0.6 million for the three months ended March 31, 2020 and 2019, respectively.</div>

<div style="text-align:justify;margin-top:8pt;">The Company’s net revenues consisted of the following for the three months ended March 31, 2020 and 2019:</div><div style="margin-top:6pt;margin-bottom:6pt;"><table style="margin-left:auto;margin-right:auto;border-collapse:collapse;text-align:left;text-indent:0pt;display:inline-table;width:100.000%;"><tr><td style="width:1.0%;"/><td style="width:68.321%;"/><td style="width:1.0%;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td style="width:1.0%;"/><td style="width:13.058%;"/><td style="width:1.0%;"/><td style="width:0.1%;"/><td style="width:0.530%;"/><td style="width:0.1%;"/><td style="width:1.0%;"/><td style="width:11.891%;"/><td style="width:1.0%;"/></tr><tr><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="9" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;">Three months ended March 31,</td><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/></tr><tr><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;border-top:1pt solid #000000;padding-left:1pt;padding-right:1pt;">2020</td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;border-top:1pt solid #000000;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;border-top:1pt solid #000000;padding-left:1pt;padding-right:1pt;">2019</td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Products:</td><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;border-top:1pt solid #000000;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;border-top:1pt solid #000000;padding-left:1pt;padding-right:1pt;"/></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Acetadote</td><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;">$</td><td style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;padding-right:0%;">713,899 </td><td style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;padding-right:1pt;"> </td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;">$</td><td style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;padding-right:0%;">849,502 </td><td style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Omeclamox-Pak</td><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;">114,770 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:1pt;"> </td><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;">199,537 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Kristalose</td><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;">3,311,696 </td><td style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;padding-right:1pt;"> </td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;">3,307,658 </td><td style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Vaprisol</td><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;">208,763 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:1pt;"> </td><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;">286,676 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Caldolor</td><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;">1,096,291 </td><td style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;padding-right:1pt;"> </td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;">1,317,074 </td><td style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Vibativ</td><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;">2,425,755 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:1pt;"> </td><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;">2,060,195 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:12pt;padding-right:1pt;">Other revenue</td><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;">459,560 </td><td style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;padding-right:1pt;"> </td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;">709,218 </td><td style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Total net revenues</td><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td colspan="3" style="display:none;"/><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:bottom;border-top:1pt solid #000000;border-bottom:3pt double #000000;padding-left:1pt;">$</td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;border-top:1pt solid #000000;border-bottom:3pt double #000000;padding-right:0%;">8,330,734 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;border-top:1pt solid #000000;border-bottom:3pt double #000000;padding-right:1pt;"> </td><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:bottom;border-top:1pt solid #000000;border-bottom:3pt double #000000;padding-left:1pt;">$</td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;border-top:1pt solid #000000;border-bottom:3pt double #000000;padding-right:0%;">8,729,860 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;border-top:1pt solid #000000;border-bottom:3pt double #000000;padding-right:1pt;"> </td></tr></table></div>

713899

849502

114770

199537

3311696

3307658

208763

286676

1096291

1317074

2425755

2060195

459560

709218

8330734

8729860

200000

600000

INVENTORIES<div style="text-align:justify;margin-top:6pt;margin-bottom:6pt;">The Company works closely with third parties to manufacture and package finished goods for sale. Based on the relationship with the manufacturer or packager, the Company will either take title to the finished goods at the time of shipment or at the time of arrival from the manufacturer. The Company then warehouses such goods until distribution and sale. Inventories are stated at the lower of cost or net realizable value with cost determined using the first-in, first-out method.</div><div style="text-align:justify;margin-top:6pt;margin-bottom:6pt;">The Company continually evaluates inventory for potential losses due to excess, obsolete or slow-moving inventory by comparing sales history and sales projections to the inventory on hand. When evidence indicates that the carrying value may not be recoverable, a charge is taken to reduce the inventory to its current net realizable value. At March 31, 2020 and December 31, 2019, there were no cumulative obsolescence and discontinuance losses necessary.</div><div style="text-align:justify;margin-top:6pt;margin-bottom:6pt;">In connection with the acquisition of certain product rights related to the Kristalose brand, the Company is responsible for the purchase of the active pharmaceutical ingredient (“API”) for Kristalose and maintains the inventory at the third-party manufacturer. As the API is consumed in production, the value of the API is transferred from raw materials to finished goods. API for the Company's Vaprisol brand is also included in the raw materials inventory total. Consigned inventory represents Authorized Generic inventory stored until shipment. </div><div style="text-align:justify;margin-top:6pt;margin-bottom:6pt;">As part of the Vibativ acquisition, Cumberland acquired API and work in process inventories that are classified as non-current inventories. During 2019, Cumberland also obtained $0.3 million in non-current inventory for API related to its ifetroban clinical initiatives. At March 31, 2020 and December 31, 2019, total non-current inventory, including Vibativ and ifetroban, was $15.6 million. The Company did not have any finished goods included in the non-current inventories at March 31, 2020 or December 31, 2019, respectively. </div><div>The Company's net inventories consisted of the following:</div><div style="text-align:center;margin-top:7pt;"><table style="margin-left:auto;margin-right:auto;border-collapse:collapse;text-align:left;text-indent:0pt;display:inline-table;width:99.561%;"><tr><td style="width:1.0%;"/><td style="width:56.737%;"/><td style="width:1.0%;"/><td style="width:0.1%;"/><td style="width:1.121%;"/><td style="width:0.1%;"/><td style="width:1.0%;"/><td style="width:17.530%;"/><td style="width:1.0%;"/><td style="width:0.1%;"/><td style="width:0.681%;"/><td style="width:0.1%;"/><td style="width:1.0%;"/><td style="width:17.531%;"/><td style="width:1.0%;"/></tr><tr><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;">March 31, 2020</td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;">December 31, 2019</td></tr><tr><td colspan="3" style="height:9pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="height:9pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="height:9pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;border-top:1pt solid #000000;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="height:9pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="height:9pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;border-top:1pt solid #000000;padding-left:1pt;padding-right:1pt;"/></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Raw materials and work in process</td><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;">$</td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:0%;">19,456,867 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:1pt;"> </td><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;">$</td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:0%;">19,345,723 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Consigned inventory</td><td colspan="3" style="background-color:#ffffff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;">245,354 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;padding-right:1pt;"> </td><td colspan="3" style="background-color:#ffffff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;">416,468 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Finished goods</td><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;">4,017,923 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:1pt;"> </td><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;">4,664,055 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:left;vertical-align:top;padding-left:12pt;padding-right:1pt;">Total inventories</td><td colspan="3" style="background-color:#ffffff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;border-top:1pt solid #000000;padding-left:1pt;padding-right:0%;">23,720,144 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;border-top:1pt solid #000000;padding-right:1pt;"> </td><td colspan="3" style="background-color:#ffffff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;border-top:1pt solid #000000;padding-left:1pt;padding-right:0%;">24,426,246 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;border-top:1pt solid #000000;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:top;padding-left:12pt;padding-right:1pt;">less non-current inventories</td><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;">(15,569,992)</td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:1pt;"> </td><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;">(15,554,992)</td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Total inventories classified as current</td><td colspan="3" style="background-color:#ffffff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:left;vertical-align:bottom;border-top:1pt solid #000;border-bottom:3pt double #000;padding-left:1pt;">$</td><td style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;border-bottom:3pt double #000;padding-right:0%;">8,150,152 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;border-bottom:3pt double #000;padding-right:1pt;"> </td><td colspan="3" style="background-color:#ffffff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:left;vertical-align:bottom;border-top:1pt solid #000;border-bottom:3pt double #000;padding-left:1pt;">$</td><td style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;border-bottom:3pt double #000;padding-right:0%;">8,871,254 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;border-bottom:3pt double #000;padding-right:1pt;"> </td></tr></table></div>

300000

15600000

<div>The Company's net inventories consisted of the following:</div><div style="text-align:center;margin-top:7pt;"><table style="margin-left:auto;margin-right:auto;border-collapse:collapse;text-align:left;text-indent:0pt;display:inline-table;width:99.561%;"><tr><td style="width:1.0%;"/><td style="width:56.737%;"/><td style="width:1.0%;"/><td style="width:0.1%;"/><td style="width:1.121%;"/><td style="width:0.1%;"/><td style="width:1.0%;"/><td style="width:17.530%;"/><td style="width:1.0%;"/><td style="width:0.1%;"/><td style="width:0.681%;"/><td style="width:0.1%;"/><td style="width:1.0%;"/><td style="width:17.531%;"/><td style="width:1.0%;"/></tr><tr><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;">March 31, 2020</td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;">December 31, 2019</td></tr><tr><td colspan="3" style="height:9pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="height:9pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="height:9pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;border-top:1pt solid #000000;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="height:9pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="height:9pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;border-top:1pt solid #000000;padding-left:1pt;padding-right:1pt;"/></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Raw materials and work in process</td><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;">$</td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:0%;">19,456,867 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:1pt;"> </td><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;">$</td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:0%;">19,345,723 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Consigned inventory</td><td colspan="3" style="background-color:#ffffff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;">245,354 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;padding-right:1pt;"> </td><td colspan="3" style="background-color:#ffffff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;">416,468 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Finished goods</td><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;">4,017,923 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:1pt;"> </td><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;">4,664,055 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:left;vertical-align:top;padding-left:12pt;padding-right:1pt;">Total inventories</td><td colspan="3" style="background-color:#ffffff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;border-top:1pt solid #000000;padding-left:1pt;padding-right:0%;">23,720,144 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;border-top:1pt solid #000000;padding-right:1pt;"> </td><td colspan="3" style="background-color:#ffffff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;border-top:1pt solid #000000;padding-left:1pt;padding-right:0%;">24,426,246 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;border-top:1pt solid #000000;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:top;padding-left:12pt;padding-right:1pt;">less non-current inventories</td><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;">(15,569,992)</td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:1pt;"> </td><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;">(15,554,992)</td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Total inventories classified as current</td><td colspan="3" style="background-color:#ffffff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:left;vertical-align:bottom;border-top:1pt solid #000;border-bottom:3pt double #000;padding-left:1pt;">$</td><td style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;border-bottom:3pt double #000;padding-right:0%;">8,150,152 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;border-bottom:3pt double #000;padding-right:1pt;"> </td><td colspan="3" style="background-color:#ffffff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:left;vertical-align:bottom;border-top:1pt solid #000;border-bottom:3pt double #000;padding-left:1pt;">$</td><td style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;border-bottom:3pt double #000;padding-right:0%;">8,871,254 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;border-bottom:3pt double #000;padding-right:1pt;"> </td></tr></table></div>

19456867

19345723

245354

416468

4017923

4664055

23720144

24426246

15569992

15554992

8150152

8871254

LEASES<div style="text-align:justify;">In March 2016, the FASB issued ASU 2016-02. ASU 2016-02’s core principle is to increase transparency and comparability among organizations by recognizing lease assets and liabilities on the balance sheet and disclosing key information. The primary effect of adopting ASU 2016-02 to the Company was to record right-of-use assets and obligations for the leases classified as operating leases. </div><div style="text-align:justify;"> </div><div style="text-align:justify;">The Company’s significant operating leases include the lease of approximately 25,500 square feet of office space in Nashville, Tennessee for its corporate headquarters. This lease currently expires in October 2022. The operating leases also include the lease of approximately 14,200 square feet of wet laboratory and office space in Nashville, Tennessee by CET, our majority-owned subsidiary, where it operates the CET Life Sciences Center. This lease currently expires in April 2023. </div><div style="text-align:justify;margin-top:6pt;margin-bottom:6pt;">Operating lease liabilities are recorded as the present value of remaining lease payments not yet paid for the lease term discounted using the incremental borrowing rate associated with each lease. Operating lease right-of-use assets represent operating lease liabilities adjusted for lease incentives and initial direct costs. As the Company’s leases do not contain implicit borrowing rates, the incremental borrowing rates were calculated based on information available at January 1, 2019. Incremental borrowing rates reflect the Company’s estimated interest rates for collateralized borrowings over similar lease terms. The weighted-average incremental borrowing rate used to discount the present value of the remaining lease payments is 7.42%. The weighted-average remaining lease term at March 31, 2020 is 2.7 years.</div><div style="margin-top:6pt;margin-bottom:6pt;">Lease Position</div><div style="margin-top:6pt;margin-bottom:6pt;">At March 31, 2020 and December 31, 2019 , the Company's lease assets and liabilities were as follows:</div><div> </div><div><table style="margin-left:auto;margin-right:auto;border-collapse:collapse;text-align:left;text-indent:0pt;display:inline-table;width:96.637%;"><tr><td style="width:1.0%;"/><td style="width:29.316%;"/><td style="width:1.0%;"/><td style="width:0.1%;"/><td style="width:1.464%;"/><td style="width:0.1%;"/><td style="width:1.0%;"/><td style="width:27.500%;"/><td style="width:1.0%;"/><td style="width:0.1%;"/><td style="width:1.464%;"/><td style="width:0.1%;"/><td style="width:1.0%;"/><td style="width:14.187%;"/><td style="width:1.0%;"/><td style="width:0.1%;"/><td style="width:1.464%;"/><td style="width:0.1%;"/><td style="width:1.0%;"/><td style="width:16.005%;"/><td style="width:1.0%;"/></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;">Right-of-Use Assets</td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;">Balance Sheet Classification</td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;">March 31, 2020</td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;">December 31, 2019</td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:top;border-top:1pt solid #000;padding-left:1pt;padding-right:1pt;">Operating lease right-of-use assets</td><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:bottom;border-top:1pt solid #000;padding-left:1pt;padding-right:0%;">Other non-current assets </td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;padding-right:1pt;"> </td><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:bottom;border-top:1pt solid #000;border-bottom:1pt solid #000;padding-left:1pt;">$</td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;border-bottom:1pt solid #000;padding-right:0%;">2,733,782 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;border-bottom:1pt solid #000;padding-right:1pt;"> </td><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:bottom;border-top:1pt solid #000;border-bottom:1pt solid #000;padding-left:1pt;">$</td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;border-bottom:1pt solid #000;padding-right:0%;">2,960,569 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;border-bottom:1pt solid #000;padding-right:1pt;"> </td></tr></table></div><div style="margin-top:6pt;margin-bottom:6pt;"> </div><div><table style="margin-left:auto;margin-right:auto;border-collapse:collapse;text-align:left;text-indent:0pt;display:inline-table;width:96.637%;"><tr><td style="width:1.0%;"/><td style="width:29.316%;"/><td style="width:1.0%;"/><td style="width:0.1%;"/><td style="width:1.464%;"/><td style="width:0.1%;"/><td style="width:1.0%;"/><td style="width:27.500%;"/><td style="width:1.0%;"/><td style="width:0.1%;"/><td style="width:1.464%;"/><td style="width:0.1%;"/><td style="width:1.0%;"/><td style="width:14.187%;"/><td style="width:1.0%;"/><td style="width:0.1%;"/><td style="width:1.464%;"/><td style="width:0.1%;"/><td style="width:1.0%;"/><td style="width:16.005%;"/><td style="width:1.0%;"/></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;">Lease Liabilities</td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;">Balance Sheet Classification</td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;">March 31, 2020</td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;">December 31, 2019</td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:top;border-top:1pt solid #000;padding-left:1pt;padding-right:1pt;">Current:</td><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;border-top:1pt solid #000;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;border-top:1pt solid #000;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="2" style="background-color:#cceeff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;padding-left:1pt;padding-right:0%;"></td><td style="background-color:#cceeff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;padding-right:1pt;"></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:6pt;padding-right:1pt;">Operating lease liabilities</td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:0%;">Other current liabilities </td><td style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;padding-right:1pt;"> </td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;">$</td><td style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;padding-right:0%;">943,807 </td><td style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;padding-right:1pt;"> </td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;">$</td><td style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;padding-right:0%;">920,431 </td><td style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Noncurrent:</td><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="2" style="background-color:#cceeff;text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;"></td><td style="background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:1pt;"></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:6pt;padding-right:1pt;">Operating lease liabilities</td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:0%;">Other long-term liabilities </td><td style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;padding-right:1pt;"> </td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;">1,831,274 </td><td style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;padding-right:1pt;"> </td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;">2,076,472 </td><td style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Total</td><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:bottom;border-top:1pt solid #000;border-bottom:3pt double #000;padding-left:1pt;">$</td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;border-bottom:3pt double #000;padding-right:0%;">2,775,081 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;border-bottom:3pt double #000;padding-right:1pt;"> </td><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:bottom;border-top:1pt solid #000;border-bottom:3pt double #000;padding-left:1pt;">$</td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;border-bottom:3pt double #000;padding-right:0%;">2,996,903 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;border-bottom:3pt double #000;padding-right:1pt;"> </td></tr></table></div><div> </div><div> </div><div><table style="margin-left:auto;margin-right:auto;border-collapse:collapse;text-align:left;text-indent:0pt;display:inline-table;width:97.368%;"><tr><td style="width:1.0%;"/><td style="width:76.078%;"/><td style="width:1.0%;"/><td style="width:0.1%;"/><td style="width:1.751%;"/><td style="width:0.1%;"/><td style="width:1.0%;"/><td style="width:17.971%;"/><td style="width:1.0%;"/></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:top;padding-left:1pt;padding-right:1pt;">Maturity of Leases Liabilities at March 31, 2020</td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:top;padding-left:1pt;padding-right:1pt;">Operating Leases</td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;border-top:1pt solid #000;padding-left:1pt;padding-right:1pt;">2020</td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;border-top:1pt solid #000;padding-left:1pt;">$</td><td style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;border-top:1pt solid #000;padding-right:0%;">844,017 </td><td style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;border-top:1pt solid #000;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">2021</td><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;">1,144,889 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">2022</td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;">1,019,313 </td><td style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">2023</td><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;">92,478 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">After 2023</td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;">— </td><td style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Total lease payments</td><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;padding-left:1pt;padding-right:0%;">3,100,697 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Less: Interest</td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;">(325,616)</td><td style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Present value of lease liabilities</td><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:bottom;border-top:1pt solid #000;border-bottom:3pt double #000;padding-left:1pt;">$</td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;border-bottom:3pt double #000;padding-right:0%;">2,775,081 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;border-bottom:3pt double #000;padding-right:1pt;"> </td></tr></table></div>

0.0742

P2Y8M12D

<div style="margin-top:6pt;margin-bottom:6pt;">At March 31, 2020 and December 31, 2019 , the Company's lease assets and liabilities were as follows:</div><div> </div><div><table style="margin-left:auto;margin-right:auto;border-collapse:collapse;text-align:left;text-indent:0pt;display:inline-table;width:96.637%;"><tr><td style="width:1.0%;"/><td style="width:29.316%;"/><td style="width:1.0%;"/><td style="width:0.1%;"/><td style="width:1.464%;"/><td style="width:0.1%;"/><td style="width:1.0%;"/><td style="width:27.500%;"/><td style="width:1.0%;"/><td style="width:0.1%;"/><td style="width:1.464%;"/><td style="width:0.1%;"/><td style="width:1.0%;"/><td style="width:14.187%;"/><td style="width:1.0%;"/><td style="width:0.1%;"/><td style="width:1.464%;"/><td style="width:0.1%;"/><td style="width:1.0%;"/><td style="width:16.005%;"/><td style="width:1.0%;"/></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;">Right-of-Use Assets</td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;">Balance Sheet Classification</td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;">March 31, 2020</td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;">December 31, 2019</td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:top;border-top:1pt solid #000;padding-left:1pt;padding-right:1pt;">Operating lease right-of-use assets</td><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:bottom;border-top:1pt solid #000;padding-left:1pt;padding-right:0%;">Other non-current assets </td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;padding-right:1pt;"> </td><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:bottom;border-top:1pt solid #000;border-bottom:1pt solid #000;padding-left:1pt;">$</td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;border-bottom:1pt solid #000;padding-right:0%;">2,733,782 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;border-bottom:1pt solid #000;padding-right:1pt;"> </td><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:bottom;border-top:1pt solid #000;border-bottom:1pt solid #000;padding-left:1pt;">$</td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;border-bottom:1pt solid #000;padding-right:0%;">2,960,569 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;border-bottom:1pt solid #000;padding-right:1pt;"> </td></tr></table></div><div style="margin-top:6pt;margin-bottom:6pt;"> </div><div><table style="margin-left:auto;margin-right:auto;border-collapse:collapse;text-align:left;text-indent:0pt;display:inline-table;width:96.637%;"><tr><td style="width:1.0%;"/><td style="width:29.316%;"/><td style="width:1.0%;"/><td style="width:0.1%;"/><td style="width:1.464%;"/><td style="width:0.1%;"/><td style="width:1.0%;"/><td style="width:27.500%;"/><td style="width:1.0%;"/><td style="width:0.1%;"/><td style="width:1.464%;"/><td style="width:0.1%;"/><td style="width:1.0%;"/><td style="width:14.187%;"/><td style="width:1.0%;"/><td style="width:0.1%;"/><td style="width:1.464%;"/><td style="width:0.1%;"/><td style="width:1.0%;"/><td style="width:16.005%;"/><td style="width:1.0%;"/></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;">Lease Liabilities</td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;">Balance Sheet Classification</td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;">March 31, 2020</td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;">December 31, 2019</td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:top;border-top:1pt solid #000;padding-left:1pt;padding-right:1pt;">Current:</td><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;border-top:1pt solid #000;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;border-top:1pt solid #000;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="2" style="background-color:#cceeff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;padding-left:1pt;padding-right:0%;"></td><td style="background-color:#cceeff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;padding-right:1pt;"></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:6pt;padding-right:1pt;">Operating lease liabilities</td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:0%;">Other current liabilities </td><td style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;padding-right:1pt;"> </td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;">$</td><td style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;padding-right:0%;">943,807 </td><td style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;padding-right:1pt;"> </td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;">$</td><td style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;padding-right:0%;">920,431 </td><td style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Noncurrent:</td><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="2" style="background-color:#cceeff;text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;"></td><td style="background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:1pt;"></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:6pt;padding-right:1pt;">Operating lease liabilities</td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:0%;">Other long-term liabilities </td><td style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;padding-right:1pt;"> </td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;">1,831,274 </td><td style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;padding-right:1pt;"> </td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;">2,076,472 </td><td style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Total</td><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:bottom;border-top:1pt solid #000;border-bottom:3pt double #000;padding-left:1pt;">$</td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;border-bottom:3pt double #000;padding-right:0%;">2,775,081 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;border-bottom:3pt double #000;padding-right:1pt;"> </td><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:bottom;border-top:1pt solid #000;border-bottom:3pt double #000;padding-left:1pt;">$</td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;border-bottom:3pt double #000;padding-right:0%;">2,996,903 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;border-bottom:3pt double #000;padding-right:1pt;"> </td></tr></table></div>

2733782

2960569

943807

920431

1831274

2076472

2775081 2996903

<table style="margin-left:auto;margin-right:auto;border-collapse:collapse;text-align:left;text-indent:0pt;display:inline-table;width:97.368%;"><tr><td style="width:1.0%;"/><td style="width:76.078%;"/><td style="width:1.0%;"/><td style="width:0.1%;"/><td style="width:1.751%;"/><td style="width:0.1%;"/><td style="width:1.0%;"/><td style="width:17.971%;"/><td style="width:1.0%;"/></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:top;padding-left:1pt;padding-right:1pt;">Maturity of Leases Liabilities at March 31, 2020</td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:top;padding-left:1pt;padding-right:1pt;">Operating Leases</td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;border-top:1pt solid #000;padding-left:1pt;padding-right:1pt;">2020</td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;border-top:1pt solid #000;padding-left:1pt;">$</td><td style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;border-top:1pt solid #000;padding-right:0%;">844,017 </td><td style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;border-top:1pt solid #000;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">2021</td><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;">1,144,889 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">2022</td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;">1,019,313 </td><td style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">2023</td><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;">92,478 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">After 2023</td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;">— </td><td style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Total lease payments</td><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;padding-left:1pt;padding-right:0%;">3,100,697 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Less: Interest</td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;">(325,616)</td><td style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Present value of lease liabilities</td><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:bottom;border-top:1pt solid #000;border-bottom:3pt double #000;padding-left:1pt;">$</td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;border-bottom:3pt double #000;padding-right:0%;">2,775,081 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;border-bottom:3pt double #000;padding-right:1pt;"> </td></tr></table>

844017

1144889

1019313

92478

3100697

325616

2775081

SHAREHOLDERS’ EQUITY AND DEBT<div style="margin-bottom:6pt;">Share repurchases</div><div style="text-align:justify;margin-top:6pt;margin-bottom:6pt;">The Company currently has a share repurchase program to repurchase up to $10 million of its common stock pursuant to Rule 10b-18 of the Securities Exchange Act of 1934. In January 2019, the Company's Board of Directors established the current $10 million repurchase program to replace the prior authorizations. During the three months ended March 31, 2020 and March 31, 2019, the Company repurchased 164,876 shares and 121,466, respectively, of common stock for approximately $0.7 million and $0.7 million, respectively. </div><div style="margin-top:6pt;margin-bottom:6pt;">Share purchases and sales</div><div style="text-align:justify;margin-top:6pt;margin-bottom:6pt;">During the Company's March 2020 trading window, several members of Cumberland's Board of Directors entered into share purchase agreements of the Company's stock pursuant to Rule 10b-18 of the Securities Exchange Act of 1934. These purchases are designed to increase ownership in the Company by the members of the Board. </div><div style="text-align:justify;margin-top:6pt;margin-bottom:6pt;">Share Sale</div><div style="text-align:justify;margin-top:6pt;margin-bottom:6pt;">In November 2017, the Company filed a Shelf Registration on Form S-3 with the SEC associated with the sale of up to $100 million in corporate securities. The Shelf Registration was declared effective in January 2018 including an At-The-Market ("ATM") feature enabling the Company to sell shares at market prices. The Company did not issue any shares under the ATM during the three months ended March 31, 2020 or March 31, 2019.</div><div style="text-align:justify;margin-top:6pt;margin-bottom:6pt;">Restricted Share Grants </div><div style="text-align:justify;margin-top:6pt;margin-bottom:6pt;">During the three months ended March 31, 2020, and March 31, 2019, the Company issued 229,141 shares and 222,269 shares of restricted stock to employees and directors, respectively. Restricted stock issued to employees generally cliff-vests on the fourth anniversary of the date of grant and for directors on the <span style="-sec-ix-hidden:id3VybDovL2RvY3MudjEvZG9jOjQ4MzVlZDhhMzI2MTQ0NWNiMGVmZjAyM2EyZTJjYTFhL3NlYzo0ODM1ZWQ4YTMyNjE0NDVjYjBlZmYwMjNhMmUyY2ExYV80OS9mcmFnOmVlYTcxZmI2NTUwOTQ0OTQ5NTRjOGQxY2M0YjA0YWY4L3RleHRyZWdpb246ZWVhNzFmYjY1NTA5NDQ5NDk1NGM4ZDFjYzRiMDRhZjhfMjA0MA_be8c0114-58e3-40ca-8fab-05faba05647c">one-year anniversary of the date of grant. Stock compensation expense is presented as a component of general and administrative expense in the condensed consolidated statements of operations and comprehensive income (loss).</div><div style="text-align:justify;margin-top:6pt;margin-bottom:6pt;">Cumberland Emerging Technologies</div><div style="text-align:justify;margin-top:6pt;margin-bottom:6pt;">In April 2019, Cumberland Emerging Technologies ("CET"), our majority-owned subsidiary, entered into an agreement with WinHealth whereby WinHealth made a $1 million investment through the purchase of shares of CET stock. As part of the agreement, WinHealth obtained a Board position at CET and the first opportunity to license CET products for the Chinese market. In connection with WinHealth's investment in CET, Cumberland also made an additional $1 million investment in CET. Cumberland purchased additional CET shares through contribution of $0.3 million in cash and a conversion of $0.7 million in intercompany loans payable. Upon completion of the additional investment by WinHealth and Cumberland, Gloria Pharmaceuticals agreed to return it's shares in CET in exchange for consideration of $0.8 million. </div><div style="text-align:justify;margin-top:6pt;margin-bottom:6pt;">Debt Agreement</div><div style="text-align:justify;margin-top:6pt;margin-bottom:6pt;">On May 10, 2019, the Company entered into a third amendment ("Third Amendment") to the Revolving Credit Loan Agreement, dated July 28, 2017, with Pinnacle Bank (“Pinnacle Agreement”). The Third Amendment extended the term of the Pinnacle Agreement through July 31, 2021 as well as modified certain definitions and terms of the existing financial covenants, including the definition of the Funded Debt Ratio and the compliance target of the Tangible Capital Ratio. Both Third Amendment modifications were related to the Vibativ transaction. Under the Pinnacle Agreement, Cumberland was initially subject to one financial covenant, the maintenance of a Funded Debt Ratio, as such term is defined in the agreement and determined on a quarterly basis. On August 14, 2018, the Company amended the Pinnacle Agreement ("First Amendment") to replace the single financial covenant with the maintenance of either the Funded Debt Ratio or a Tangible Capital Ratio, as defined in the First Amendment. The Company was in compliance with the Tangible Capital Ratio financial covenant as of March 31, 2020.</div><div style="text-align:justify;margin-top:8pt;">The initial revolving line of credit under the Pinnacle Agreement was for up to an aggregate principal amount of $12.0 million with the ability to increase the principal amount available for borrowing up to $20.0 million, upon the satisfaction of certain conditions. On October 17, 2018, the Company entered into a second amendment (“Second Amendment”) which increased the maximum aggregate principal available for borrowing under the Pinnacle Agreement to $20.0 million. </div>The interest rate on the Pinnacle Agreement is based on LIBOR plus an interest rate spread. There is no LIBOR minimum and the LIBOR pricing provides for an interest rate spread of 1.75% to 2.75% (representing an interest rate of 3.73% at March 31, 2020). In addition, a fee of 0.25% per year is charged on the unused line of credit. Interest and the unused line fee are payable quarterly. Borrowings under the line of credit are collateralized by substantially all of our assets. As of March 31, 2020 and December 31, 2019, the Company had $18.5 million in borrowings outstanding under our revolving credit facility.

10000000

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18500000

INCOME TAXES<div style="text-align:justify;margin-top:6pt;margin-bottom:6pt;">On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (“the Tax Act”). The Tax Act makes broad and complex changes to the U.S. tax code, including, but not limited to, (1) reducing the U.S. federal corporate tax rate to 21%; (2) eliminating the corporate alternative minimum tax (“AMT”) and changing how AMT credits can be realized; (3) capital expensing; and (4) creating new limitations on deductible interest expense and executive compensation.</div><div style="text-align:justify;margin-top:6pt;margin-bottom:6pt;">The SEC staff issued Staff Accounting Bulletin (“SAB”) 118, providing guidance on applying the Tax Act. SAB 118 provides a measurement period that should not extend beyond one year from the Tax Act enactment date for companies to complete the accounting under ASC 740. In accordance with SAB 118, a company reflects the income tax effects of the Tax Act for which the accounting under ASC 740 is complete. To the extent that a company’s accounting for certain income tax effects of the Tax Act is incomplete but a reasonable estimate is available, it must record the estimate in the financial statements. If a company cannot determine an estimate, it should continue to apply ASC 740 on the basis of the tax laws that were in effect immediately prior to enactment of the Tax Act. </div>As of March 31, 2020, the Company has approximately $44.1 million of net operating loss carryforwards resulting from the exercise of nonqualified stock options that have historically been used to significantly offset income tax obligations. The Company expects it will continue to pay minimal income taxes during 2020 and beyond, through the continued utilization of these net operating loss carryforwards, on any taxable income generated from our operations.

44100000

COLLABORATIVE AGREEMENTSCumberland is a party to several collaborative arrangements with research institutions to identify and pursue promising pharmaceutical product candidates. The Company has determined that these collaborative agreements do not meet the criteria for accounting under ASC Topic 808, Collaborative Agreements. The agreements do not specifically designate each party’s rights and obligations to each other under the collaborative arrangements. Except for patent defense costs, expenses incurred by one party are not required to be reimbursed by the other party. The funding for these programs is primarily provided through Federal Small Business Administration (SBIR/STTR) and other grant awards. Expenses incurred under these collaborative agreements are included in research and development expenses and funding received from grants are recorded as net revenues in the condensed consolidated statements of operations and comprehensive income (loss).

ADDITIONS AND RETURN OF PRODUCT RIGHTS<div style="text-align:justify;margin-top:7pt;">Vibativ</div><div style="text-align:justify;margin-top:8pt;">During November 2018, the Company closed on an agreement with Theravance Biopharma ("Theravance") to acquire the global responsibility for Vibativ including the marketing, distribution, manufacturing and regulatory activities associated with the brand. Vibativ is a patented, Food and Drug Administration ("FDA") approved injectable anti-infective for the treatment of certain serious bacterial infections including hospital-acquired and ventilator-associated bacterial pneumonia and complicated skin and skin structure infections. It addresses a range of Gram-positive bacterial pathogens, including those that are considered difficult-to-treat and multidrug-resistant. Cumberland acquired Vibativ to further add to its product offerings, increase its net revenue and positively contribute to the Company's operating results. Cumberland expects to deduct the goodwill acquired in the acquisition for tax purposes. </div><div style="text-align:justify;margin-top:8pt;">Cumberland has accounted for the transaction as a business combination in accordance with ASC 805 and the product sales are included in the results of operations subsequent to the acquisition date. The Company made an upfront payment of $20.0 million at the closing of the transaction and a $5.0 million milestone payment in early April 2019. In addition, Cumberland has agreed to pay a royalty of up to 20% on future net sales of the product. The future royalty payments are required to be recognized at their acquisition-date fair value as part of the contingent consideration transferred in the business combination. </div><div style="margin-top:8pt;">The following table summarizes the initial payments and consideration for the business combination:</div><div><table style="margin-left:auto;margin-right:auto;border-collapse:collapse;text-align:left;text-indent:0pt;display:inline-table;width:100.000%;"><tr><td style="width:1.0%;"/><td style="width:75.631%;"/><td style="width:1.0%;"/><td style="width:1.0%;"/><td style="width:20.369%;"/><td style="width:1.0%;"/></tr><tr><td colspan="3" style="height:15pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="height:15pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Consideration:</td><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Cash paid at closing</td><td style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;">$</td><td style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;padding-right:0%;">20,000,000 </td><td style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Cash payment during early 2019</td><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;">5,000,000 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Fair value of contingent consideration - net sales royalty</td><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;">9,182,000 </td><td style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Total consideration </td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:bottom;border-top:1pt solid #000;border-bottom:3pt double #000;padding-left:1pt;">$</td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;border-bottom:3pt double #000;padding-right:0%;">34,182,000 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;border-bottom:3pt double #000;padding-right:1pt;"> </td></tr></table></div><div style="text-align:justify;">The contingent consideration liability represents the future net sales royalty payments discussed above. Cumberland prepared the valuations of the contingent consideration liability and the intangible assets utilizing significant unobservable inputs. As a result, the valuations are classified as Level 3 fair value measurements. </div><div style="text-align:justify;margin-top:8pt;">The following table presents the changes in the fair value of the contingent consideration liability that is remeasured on a recurring basis. The contingent consideration earned and accrued in operating expenses is paid to the seller quarterly.</div><div><table style="margin-left:auto;margin-right:auto;border-collapse:collapse;text-align:left;text-indent:0pt;display:inline-table;width:100.000%;"><tr><td style="width:1.0%;"/><td style="width:75.923%;"/><td style="width:1.0%;"/><td style="width:1.0%;"/><td style="width:20.077%;"/><td style="width:1.0%;"/></tr><tr><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;">Contingent consideration liability</td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Balance at November 12, 2018</td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:top;padding-left:1pt;">$</td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:top;padding-right:0%;">9,034,000 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:top;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Change in fair value of contingent consideration included in operating expenses</td><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;">(40,000)</td><td style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Contingent consideration earned and accrued in operating expenses</td><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;">508,000 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Balance at December 31, 2018</td><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;border-top:1pt solid #000;padding-left:1pt;padding-right:0%;">9,502,000 </td><td style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;border-top:1pt solid #000;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Adjustment to initial fair value of the contingent consideration liability</td><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;padding-left:1pt;padding-right:0%;">148,000 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Cash payment of royalty during the period</td><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;">(1,033,108)</td><td style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Change in fair value of contingent consideration included in operating expenses</td><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;">(804,167)</td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Contingent consideration earned and accrued in operating expenses</td><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;">820,864 </td><td style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Balance at December 31, 2019</td><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;padding-left:1pt;padding-right:0%;">8,633,589 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Cash payment of royalty during the period</td><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;padding-left:1pt;padding-right:0%;">(260,735)</td><td style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Change in fair value of contingent consideration included in operating expenses</td><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;">(543,006)</td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Contingent consideration earned and accrued in operating expenses</td><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;">— </td><td style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Balance at March 31, 2020</td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:bottom;border-top:1pt solid #000;padding-left:1pt;">$</td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;padding-right:0%;">7,829,848 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="height:15pt;background-color:#ffffff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="height:15pt;background-color:#ffffff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/></tr></table></div><div style="margin-top:8pt;">The following table summarizes the final allocation of the fair values of the assets acquired as part of the acquisition of Vibativ:</div><div style="text-align:justify;margin-top:8pt;"><table style="margin-left:auto;margin-right:auto;border-collapse:collapse;text-align:left;text-indent:0pt;display:inline-table;width:100.000%;"><tr><td style="width:1.0%;"/><td style="width:75.923%;"/><td style="width:1.0%;"/><td style="width:1.0%;"/><td style="width:20.077%;"/><td style="width:1.0%;"/></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Finished goods inventory</td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;">$</td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:0%;">6,624,000 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Work in process - unlabeled vials</td><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;">3,970,000 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Work in process - validation vials</td><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;">1,827,000 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Raw materials</td><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;">9,129,000 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:top;padding-left:12pt;padding-right:1pt;">Total inventory</td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:bottom;border-top:1pt solid #000;padding-left:1pt;">$</td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;padding-right:0%;">21,550,000 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="height:15pt;background-color:#ffffff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="height:15pt;background-color:#ffffff;text-align:left;vertical-align:bottom;border-top:3pt double #000;padding-left:1pt;padding-right:1pt;"/></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Intellectual property amortizable intangible assets</td><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;">11,750,000 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Goodwill</td><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;">882,000 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:top;padding-left:12pt;padding-right:1pt;">Total intangibles and goodwill</td><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;padding-left:1pt;padding-right:0%;">12,632,000 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:left;vertical-align:top;padding-left:24pt;padding-right:1pt;">Total assets acquired</td><td style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:left;vertical-align:bottom;border-top:1pt solid #000;border-bottom:3pt double #000;padding-left:1pt;">$</td><td style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;border-bottom:3pt double #000;padding-right:0%;">34,182,000 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;border-bottom:3pt double #000;padding-right:1pt;"> </td></tr></table></div><div style="text-align:justify;margin-top:8pt;">RediTrex</div><div style="text-align:justify;margin-top:6pt;">In November 2016, the Company announced an Agreement to acquire the exclusive U.S. rights to Nordic Group B.V.’s ("Nordic") injectable methotrexate product line as an asset purchase. The products are designed for the treatment of active rheumatoid arthritis, juvenile idiopathic arthritis, severe psoriatic arthritis, and severe disabling psoriasis. </div><div style="text-align:justify;margin-top:6pt;">Under the terms of the Agreement, Cumberland is responsible for the products’ FDA submission and registration. As consideration for the license, at closing, Cumberland paid a deposit of $100,000. The Company also recorded a liability of $0.9 million that was settled through 180,000 unvested restricted shares of Cumberland common stock. These shares vested upon the FDA approval of the first Nordic product. Cumberland also agreed to provide Nordic a series of payments tied to the products’ FDA approval, launch and achievement of certain sales milestones. Nordic is responsible for manufacturing and supply of the products. </div><div style="text-align:justify;margin-top:6pt;">On November 27, 2019, Cumberland received FDA approval for the RediTrex product line and brand name. The 180,000 shares of restricted Cumberland common stock vested and were valued at $0.9 million on the vesting date. In addition, the FDA approval resulted in Cumberland recording an additional $1.0 million other current liability due to Nordic that will be paid during 2020. </div><div style="text-align:justify;margin-top:8pt;">Ethyol and Totect </div><div style="text-align:justify;margin-top:6pt;margin-bottom:6pt;">During May 2019, Cumberland entered into the Dissolution Agreement with Clinigen in which the Company returned the exclusive rights to commercialize Ethyol and Totect in the United States to Clinigen. The Dissolution Agreement originally resulted in a transition from the Company's current arrangement with Clinigen effective September 30, 2019. In early September 2019, Clinigen and Cumberland completed an Amendment to the Dissolution Agreement whereby the transition date was changed to late December 2019. Under the terms of the Dissolution Agreement, Cumberland is no longer involved directly or indirectly with the distribution, marketing and promotion of either Ethyol or Totect or any competing products after December 31, 2019. In exchange for the return of these product license rights and not competing with either product, Cumberland will receive $5 million in financial consideration paid in quarterly installments over the two-years following the transition date. Cumberland recorded the first installment of $0.8 million during the quarter ended March 31, 2020 as discontinued operations and will record each future quarterly installment over the two year period. There are no expenses associated with the installment payments under the Dissolution Agreement, resulting in $0.8 million in discontinued operations income during the quarter ended March 31, 2020. </div><div style="text-align:justify;margin-top:6pt;margin-bottom:6pt;">The Ethyol and Totect products provided $3.2 million in revenue, $2.0 million in direct expenses and $1.1 million in discontinued operations income during the three months ended March 31, 2019. These direct expenses do not reflect the selling and marketing costs attributable to the individuals at Cumberland responsible for direct selling and promotion of the Products. Those selling and marketing individuals who supported the Products continue to support Cumberland's other products.</div>The December 31, 2019 current assets of discontinued operations included $0.5 million in inventory for the products sold back to Clinigen as part of the transaction. As of March 31, 2020 and December 31, 2019 the remaining balance of the current assets of discontinued operations were accounts receivable and the current liabilities of discontinued operations were accounts payable associated with Ethyol and Totect. The accounts receivable and accounts payable balances were not sold or disposed of as part of the Dissolution Agreement.

20000000.0

5000000.0

0.20

20000000

5000000

9182000

34182000

<div style="text-align:justify;margin-top:8pt;">The following table presents the changes in the fair value of the contingent consideration liability that is remeasured on a recurring basis. The contingent consideration earned and accrued in operating expenses is paid to the seller quarterly.</div><div><table style="margin-left:auto;margin-right:auto;border-collapse:collapse;text-align:left;text-indent:0pt;display:inline-table;width:100.000%;"><tr><td style="width:1.0%;"/><td style="width:75.923%;"/><td style="width:1.0%;"/><td style="width:1.0%;"/><td style="width:20.077%;"/><td style="width:1.0%;"/></tr><tr><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;">Contingent consideration liability</td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Balance at November 12, 2018</td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:top;padding-left:1pt;">$</td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:top;padding-right:0%;">9,034,000 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:top;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Change in fair value of contingent consideration included in operating expenses</td><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;">(40,000)</td><td style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Contingent consideration earned and accrued in operating expenses</td><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;">508,000 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Balance at December 31, 2018</td><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;border-top:1pt solid #000;padding-left:1pt;padding-right:0%;">9,502,000 </td><td style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;border-top:1pt solid #000;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Adjustment to initial fair value of the contingent consideration liability</td><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;padding-left:1pt;padding-right:0%;">148,000 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Cash payment of royalty during the period</td><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;">(1,033,108)</td><td style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Change in fair value of contingent consideration included in operating expenses</td><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;">(804,167)</td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Contingent consideration earned and accrued in operating expenses</td><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;">820,864 </td><td style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:bottom;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Balance at December 31, 2019</td><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;padding-left:1pt;padding-right:0%;">8,633,589 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Cash payment of royalty during the period</td><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;padding-left:1pt;padding-right:0%;">(260,735)</td><td style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Change in fair value of contingent consideration included in operating expenses</td><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;">(543,006)</td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Contingent consideration earned and accrued in operating expenses</td><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;">— </td><td style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Balance at March 31, 2020</td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:bottom;border-top:1pt solid #000;padding-left:1pt;">$</td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;padding-right:0%;">7,829,848 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="height:15pt;background-color:#ffffff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="height:15pt;background-color:#ffffff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/></tr></table></div>

9034000

-40000

508000

9502000

148000

1033108

-804167

820864

8633589

260735

-543006

7829848

<div style="margin-top:8pt;">The following table summarizes the final allocation of the fair values of the assets acquired as part of the acquisition of Vibativ:</div><div style="text-align:justify;margin-top:8pt;"><table style="margin-left:auto;margin-right:auto;border-collapse:collapse;text-align:left;text-indent:0pt;display:inline-table;width:100.000%;"><tr><td style="width:1.0%;"/><td style="width:75.923%;"/><td style="width:1.0%;"/><td style="width:1.0%;"/><td style="width:20.077%;"/><td style="width:1.0%;"/></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Finished goods inventory</td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;">$</td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:0%;">6,624,000 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Work in process - unlabeled vials</td><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;">3,970,000 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Work in process - validation vials</td><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;">1,827,000 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Raw materials</td><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;">9,129,000 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:top;padding-left:12pt;padding-right:1pt;">Total inventory</td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:bottom;border-top:1pt solid #000;padding-left:1pt;">$</td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;padding-right:0%;">21,550,000 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="height:15pt;background-color:#ffffff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="height:15pt;background-color:#ffffff;text-align:left;vertical-align:bottom;border-top:3pt double #000;padding-left:1pt;padding-right:1pt;"/></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Intellectual property amortizable intangible assets</td><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;">11,750,000 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;">Goodwill</td><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;">882,000 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:top;padding-left:12pt;padding-right:1pt;">Total intangibles and goodwill</td><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;padding-left:1pt;padding-right:0%;">12,632,000 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;padding-right:1pt;"> </td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:left;vertical-align:top;padding-left:24pt;padding-right:1pt;">Total assets acquired</td><td style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:left;vertical-align:bottom;border-top:1pt solid #000;border-bottom:3pt double #000;padding-left:1pt;">$</td><td style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;border-bottom:3pt double #000;padding-right:0%;">34,182,000 </td><td style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;border-bottom:3pt double #000;padding-right:1pt;"> </td></tr></table></div>

6624000 3970000 1827000 9129000

21550000

11750000

882000

12632000

34182000

100000

900000

180000

900000

1000000.0

5000000

800000

3200000

2000000.0

1100000

500000

SUBSEQUENT EVENTS<div style="text-align:justify;margin-top:8pt;">On April 20, 2020, Cumberland received the funding of a loan from Pinnacle Bank in the aggregate amount of $2,187,140 pursuant to the Paycheck Protection Program (the “PPP”) under the Federal Coronavirus Aid, Relief, and Economic Security Act ("CARES Act"), which was enacted March 27, 2020. </div><div style="text-align:justify;margin-top:8pt;">The PPP is administered by the U.S. Small Business Administration. The loan matures April 14, 2022, and bears interest at a rate of 1.0% per year, payable monthly commencing during November 2020. The note may be prepaid at any time prior to maturity with no prepayment penalties. Funds from the loan are to be used to maintain payroll, continue group health care benefits and pay for rent and utilities. </div><div style="text-align:justify;margin-top:8pt;">Under the terms of the PPP, certain amounts of the loan may be forgiven if they are used for qualifying expenses as described in the CARES Act. The Company intends to use the majority of the loan amount for such qualifying expenses.</div><div style="text-align:justify;margin-top:8pt;">Cumberland applied for this loan after carefully considering, with its bank, the eligibility criteria to participate in this program, and determining that Cumberland met these criteria. The Company evaluated and provided information on our payroll and other qualifying expenses to determine the amount of PPP funds to apply for. </div><div style="text-align:justify;margin-top:8pt;">Cumberland has not laid off or furloughed any employees as a result of the COVID-19 pandemic and, thanks to assistance from the PPP loan, the Company currently does not foresee doing so. Cumberland will continue to monitor and evaluate changes to this program as they emerge and will take appropriate action, if necessary.</div>

2187140 0.010