Fortress Biotech, Inc. Quarterly report pursuant to Section 13 or 15(d)

Discontinued Operations (Tables)

3 Months Ended

Mar. 31, 2019

The following is a summary of revenue and expenses of National for the three months ended March 31, 2019 and 2018:

	Three months ended March 31,
($ in thousands)	2019		2018
Revenue	$	–	$	49,522

Operating expenses
Commissions, compensation and fees		–		43,561
Clearing fees		–		743
Communications		–		760
Occupancy		–		955
Licenses and registration		–		637
Professional fees		–		1,393
Underwriting costs		–		145
Interest		–		2
Depreciation and amortization		–		859
Other administrative expenses		–		1,781
Total operating expenses		–		50,836
Gain (loss) from operations		–		(1,314	)

Other income (expenses)
Change in fair value of derivative liabilities		–		(1,088	)
Interest expense and financing fees		–		320
Interest income		–		6
Total other expenses		–		(762	)
Total loss from discontinued operations	$	–	$	(2,076	)

In connection with this sale, the Company classified the assets and liabilities related to National, included on its

condensed consolidated balance sheet as of March 31, 2019 and December 31, 2018, as held for sale as presented in the table below:

	March 31,		December 31,
($ in thousands)	2019		2018
ASSETS
Current assets
Current assets held for sale	$	–	$	13,089
Total current assets held for sale		–		13,089

Total assets held for sale	$	–	$	13,089

The table below depicts the cash flows from the transaction for the three months ended March 31, 2019 and 2018, respectively:

	Three months ended March 31,
($ in thousands)	2019		2018
Operating activities
Effect of elimination entry on discontinued operations presentation	$	–	$	(305	)
Net loss on discontinued operations		–		(2,076	)
Total cash used in discontinued operating activities	$	–	$	(2,381	)

Investing activities
Proceeds from sale of National	$	13,089	$	–
Total cash provided by discontinued investing activities	$	13,089	$	–