Sancuso added a total of $19 million in new assets, including approximately $4 million in inventory and $14 million of intangibles. The estimated value of these assets was $13.6 million at the end of the third quarter. We provided $13.5 million at closing for the Sancuso acquisition. There are also royalties that we pay based on the brand sales. Since we started shipping Sancuso in early 2022, the product has already provided a total cash contribution of approximately $12.2 million, and we believe it will soon begin to generate a return on our $14.5 million investment. Turning to our balance sheet. As of September 30, 2023, we had $88 million in total assets, including $18.5 million in cash and cash equivalents. Liabilities totaled $52 million and total shareholders’ equity was $36 million.
On September 5, 2023, we entered into a new revolving credit loan agreement with Pinnacle Bank for a three-year term. The agreement provides for an aggregate principal funding amount of up to $25 million. It provides an initial revolving credit line with $20 million of availability and the ability of Cumberland to increase the amount to $25 million under certain conditions. The interest rate is based on benchmark term so far and is subject to one financial covenant to determine on a quarterly basis. Also, during the third quarter of 2023, we continued our share repurchase program, buying a total of 117,000 shares. These repurchases included those on the open market as well as those needed to fund the taxes associated with employee vested restricted shares.
We are also continuing the process of implementing new trading plans for our Board members who will purchase Cumberland shares over the remainder of 2023 to increase their holdings in the company. Cumberland continues to hold over $53 million in tax net operating loss carryforwards, primarily resulting from the prior exercise of stock options. And that completes our financial report for the third quarter of 2023. Back to you, A.J.
A. J. Kazimi: Thank you, John. Overall, Cumberland has had a successful year-to-date, and we are encouraged by our progress. It’s been particularly good to see the recent growth in our Kristalose and Caldolor business along with the rebound in Vibativ sales. And we’re pleased to share the recent pediatric studies involving favorable results with both Vibativ and Caldolor in children. We’re also optimistic about the opportunity with our new manufacturing partner to provide initial supplies of compounded Vaprisol to help critically ill patients, and we’re excited about the expansion of our oncology sales division and opportunity to further help cancer patients. It’s good to be on the New York State Medicaid formulary for Kristalose, and we believe that the special reimbursement associated with the No Pain Act can have a meaningful impact on Caldolor’s future growth.
As we move into the remainder of the year, we remain committed to our strategy, seeking to maximize the potential of our commercial brands, progressing our pipeline and also pursuing select acquisitions. As always, I’d like to extend a special thanks to the entire Cumberland team for their dedication and many fine contributions as we continue in our mission of working together to provide unique products that improve the quality of patient care. So with that, let’s open the call to any questions. Operator, please proceed.
Operator: Ladies and gentlemen, that concludes the company’s presentation. [Operator Instructions]
A. J. Kazimi: Well, thank you, everyone, for joining today’s call. We do understand that many of you prefer a private discussion with management. And if so, please just reach out, and we’ll be happy to get such a call scheduled with you and hold such a discussion. As always, we appreciate your time and your interest in Cumberland, and we look forward to providing another update in the coming months.
Operator: Thank you, sir. Ladies and gentlemen, that concludes today’s call. If you would like to listen to a replay of the discussion, please visit the Investor Relations section on Cumberland’s website. I would like to thank you for your participation. You may now disconnect.
