CUMBERLAND PHARMACEUTICALS INC
For the period ended Dec 31, 2023. Filed Mar 13, 2024.
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FY2023 · Filed Mar 13, 2024
CPIX$5.30-1.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
| 2023 | 2022 | |
|---|---|---|
| Cash flows from operating activities: | ||
| Net loss | $(6,330,766) | $(5,650,039) |
| Adjustments to reconcile net loss to net cash flows provided by operating activities: | ||
| Depreciation and amortization expense | 4,935,954 | 5,328,113 |
| Impairment loss on intangible assets | 3,343,842 | — |
| Amortization of operating lease right-of-use asset | 834,500 | — |
| Disposal of assets | 20,256 | — |
| Stock-based compensation | 365,040 | 447,503 |
| Decrease in non-cash contingent consideration | (1,253,840) | (2,088,296) |
| Decrease (increase) in cash surrender value of life insurance policies over premiums paid | (124,736) | 613,657 |
| Noncash interest expense | 15,523 | 11,237 |
| Noncash gain on RediTrex transaction | — | (37,882) |
| Gain on receipt of life insurance policies | (346,800) | (611,330) |
| Net changes in assets and liabilities affecting operating activities: | ||
| Accounts receivable | 3,404,949 | (6,115,640) |
| Inventories, net | (23,143) | 911,078 |
| Other current assets and other assets | 65,684 | 689,260 |
| Operating lease liabilities | (1,405,363) | — |
| Accounts payable and other current liabilities | 3,724,174 | 14,536,076 |
| Other long-term liabilities | (1,131,453) | 419,659 |
| Net cash provided by operating activities | 6,093,821 | 8,453,396 |
| Cash flows from investing activities: | ||
| Additions to property and equipment | (281,268) | (102,148) |
| Additions to intangible assets | (171,783) | (1,971,662) |
| Return of RediTrex | — | 1,000,000 |
| Life insurance policy proceeds received | 347,356 | 877,597 |
| Settlement of patent litigation | — | 21,757 |
| Cash paid for acquisition | — | (13,500,000) |
| Net cash used in investing activities | (105,695) | (13,674,456) |
Consolidated Statements of Cash Flows
| 2023 | 2022 | |
|---|---|---|
| Cash flows from financing activities: | ||
| Borrowings on line of credit | 31,475,000 | 52,900,000 |
| Payments on line of credit | (34,890,856) | (51,700,000) |
| Payments made in connection with repurchase of common shares | (740,533) | (1,053,042) |
| Cash settlement of contingent consideration | (3,268,083) | (2,208,744) |
| Net cash used in financing activities | (7,424,472) | (2,061,786) |
| Net decrease in cash and cash equivalents | (1,436,346) | (7,282,846) |
| Cash and cash equivalents, beginning of year | 19,757,970 | 27,040,816 |
| Cash and cash equivalents, end of year | $18,321,624 | $19,757,970 |
| Supplemental disclosure of cash flow information: | ||
| Net cash paid during the year for: | ||
| Interest | $647,137 | $523,161 |
| Income taxes | 108,823 | 3,300 |
| Total cash paid included in measurement of lease liability | 804,818 | 1,011,313 |
| Noncash investing and financing activities: | ||
| Change in unpaid invoices for intangible asset additions | $(51,895) | $(1,803,403) |
| Change in unpaid invoices for offering costs | 69,001 | (94,689) |
| Lease liability obtained from right-of-use assets | 1,158,367 | 4,590,978 |
| RediTrex forgiveness of milestone payable | — | (1,000,000) |
| Return of shares related to RediTrex | — | 399,600 |
See accompanying notes to consolidated financial statements
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