iBio Inc. General form of registration statement for all companies including face-amount certificate companies

General form of registration statement for all companies including face-amount certificate companies

Segment Reporting

Segment Reporting

9 Months Ended

12 Months Ended

Mar. 31, 2017

Jun. 30, 2016

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

15.

Segment Reporting

In accordance with FASB ASC 280, “Segment Reporting,” the Company discloses financial and descriptive information about its reportable segments. The Company operates in two segments, iBio, Inc. and iBio CMO. Commencing July 1, 2016, management determined that the activity of iBio CMO should be segregated as a separate segment. In addition, management determined that the activity of iBio Brazil was no longer material and will be included in the activity of iBio, Inc. As such, the segment information for the three and nine months ended March 31, 2017 was conformed to the current presentation. These segments are components of the Company about which separate financial information is available and regularly evaluated by the chief operating decision maker in deciding how to allocate resources and in assessing performance.

Three Months Ended March 31, 2017 (in thousands)	iBio, Inc.		iBio CMO		Eliminations		Total

Revenues - external customers	$	-	$	37	$	-	$	37
Revenues – intersegment		283		361		(644)		-
Research and development		1,033		472		(369)		1,136
General and administrative		1,276		1,836		(275)		2,837
Operating loss		(2,026)		(1,910)		-		(3,936)
Interest expense		-		(481)		-		(481)
Interest and other income		8		4		-		12
Consolidated net loss		(2,018)		(2,387)		-		(4,405)
Total assets		20,573		32,680		(12,555)		40,698
Fixed assets, net		8		25,786		-		25,794
Intangible assets, net		1,895		-		-		1,895
Depreciation expense		1		336		-		337
Amortization of intangible assets		88		-		-		88

Three Months Ended March 31, 2016 (in thousands)	iBio, Inc.		iBio CMO *		Eliminations		Total

Revenues - external customers	$	371	$	8	$	-	$	379
Revenues – intersegment		-		129		(129)		-
Research and development		951		226		(129)		1,048
General and administrative		1,532		871		-		2,403
Operating loss		(2,112)		(960)		-		(3,072)
Interest expense		-		(323)		-		(323)
Interest and other income		8		2		-		10
Consolidated net loss		(2,104)		(1,281)		-		(3,385)
Total assets		11,015		39,690		(40)		50,665
Fixed assets, net		13		25,762		-		25,775
Intangible assets, net		2,139		-		-		2,139
Depreciation expense		2		259		-		261
Amortization of intangible assets		92		-		-		92

Nine Months Ended March 31, 2017 (in thousands)	iBio, Inc.		iBio CMO		Eliminations		Total

Revenues - external customers	$	161	$	86	$	-	$	247
Revenues – intersegment		695		950		(1,645)		-
Research and development		2,733		1,240		(968)		3,005
General and administrative		3,864		4,470		(677)		7,657
Operating loss		(5,741)		(4,674)		-		(10,415)
Interest expense		-		(1,447)		-		(1,447)
Interest and other income		35		18		-		53
Consolidated net loss		(5,706)		(6,103)		-		(11,809)
Total assets		20,573		32,680		(12,555)		40,698
Fixed assets, net		8		25,786		-		25,794
Intangible assets, net		1,895		-		-		1,895
Depreciation expense		3		984		-		987
Amortization of intangible assets		264		-		-		264

Nine Months Ended March 31, 2016 (in thousands)	iBio, Inc.		iBio CMO *		Eliminations		Total

Revenues - external customers	$	665	$	8	$	-	$	673
Revenues – intersegment		-		129		(129)		-
Research and development		2,192		240		(129)		2,303
General and administrative		4,550		959		-		5,509
Operating loss		(6,077)		(1,062)		-		(7,139)
Interest expense		-		(323)		-		(323)
Interest and other income		24		2		-		26
Consolidated net loss		(6,053)		(1,383)		-		(7,436)
Total assets		11,015		39,690		(40)		50,665
Fixed assets, net		13		25,762		-		25,775
Intangible assets, net		2,139		-		-		2,139
Depreciation expense		4		259		-		263
Amortization of intangible assets		274		-		-		274

iBio CMO commenced operations in December 2015

17.

Segment Reporting

As discussed above, iBio Brazil began operations in the first quarter of fiscal 2015. In accordance with FASB ASC 280, “Segment Reporting,” the Company discloses financial and descriptive information about its reportable geographic segments. Geographic segments are components of an enterprise about which separate financial information is available and regularly evaluated by the chief operating decision maker in deciding how to allocate resources and in assessing performance.

Year ended June 30, 2016	United States		Brazil		Total

Net revenues	$	948	$	-	$	948
Research and development expenses		3,156		-		3,156
General and administrative expenses		7,663		22		7,685
Operating loss		(9,871)		(22)		(9,893)
Interest expense		(807)		-		(807)
Interest and other income		43		-		43
Consolidated net loss		(10,635)		(22)		(10,657)
Total assets		51,580		20		51,600
Fixed assets, net		25,574		-		25,574
Intangible assets, net		2,092		-		2,092
Depreciation expense		575		2		577
Amortization of intangible assets		363		-		363

Year ended June 30, 2015	United States		Brazil		Total

Net revenues	$	1,851	$	-	$	1,851
Research and development expenses		3,495		-		3,495
General and administrative expenses		4,929		93		5,022
Operating loss		(6,573)		(93)		(6,666)
Interest expense		-		-		-
Interest and other income		41		-		41
Consolidated net loss		(6,532)		(93)		(6,625)
Total assets		12,448		46		12,494
Fixed assets, net		3		10		13
Intangible assets, net		2,360		-		2,360
Depreciation expense		3		2		5
Amortization of intangible assets		358		-		358