Assets and Liabilities Held for Sale |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Assets and Liabilities Held for Sale |
Assets and Liabilities Held for Sale
On March 22, 2018, our Board of Directors unanimously approved a plan to sell our India subsidiary, BioServe Biotechnologies (India) Private Limited to Reprocell, Inc., for cash consideration of $1.5 million to $2.0 million in the next 30 to 45 days. On April 26, 2018, the sale closed for an all cash purchase price of $1.9 million, subject to downward adjustment of up to $300,000, based on a formula set forth in the purchase agreement, if the India subsidiary does not meet the specified revenue target.
At March 31, 2018, the assets and liabilities of the India subsidiary have been presented as being held for sale in our Consolidated Balance Sheets. The carrying value of the assets and liabilities held for sale of our India subsidiary approximates the fair value on March 31, 2018.
Assets and liabilities held for sale consist of the following at March 31, 2018:
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