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APRI > SEC Filings for APRI > Form 8-K on 2-Dec-2013All Recent SEC Filings

Show all filings for APRICUS BIOSCIENCES, INC.

Form 8-K for APRICUS BIOSCIENCES, INC.


2-Dec-2013

Completion of Acquisition or Disposition of Assets, Financial Statement


Item 2.01. Completion of Acquisition or Disposition of Assets.

Apricus Biosciences, Inc. (the "Company") previously held a restricted investment in a privately-held biotechnology company, which completed its initial public offering in November 2013. The shares were acquired in 2011 in exchange for services provided by the Company. The Company's consolidated financial statements reflected the value of the investment at zero as of December 31, 2012 and September 30, 2013. Following this company's completion of its initial public offering and the listing of its common stock, the Company sold its investment in the entity through the public markets and realized net proceeds of approximately $2.6 million. The Company will reflect the gain on investment in the fourth quarter of 2013 as a separate line item within Other Income in the Consolidated Statement of Operations.

Had the Company had the rights to these securities within the third quarter of 2013, or during the twelve months ended December 31, 2012, and had chosen to sell these securities, the Company's cash balance, current assets, total assets and stockholders' equity would have increased by $2.6 million for either of those periods. In addition, other income would have increased by $2.6 million and net loss would have decreased by $2.6 million in the applicable period of sale.



Item 9.01 Financial Statements and Exhibits.

The disclosure within Item 2.01 is incorporated by reference herein.

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