Annual report pursuant to Section 13 and 15(d)

Discontinued Operations, Sale of the Cold-EEZE?? Business (Tables)

v3.19.1
Discontinued Operations, Sale of the Cold-EEZE® Business (Tables)
 12 Months Ended
Dec. 31, 2018
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Proceeds from Sale of Business

The net proceeds received from the sale of the Cold-EEZE® Business were as follows (in thousands):

 

    Amount  
Gross consideration from the sale of the Cold-EEZE® Business   $ 50,000  
Closing and transaction costs     (4,175 )
Net proceeds from sale of the Cold-EEZE® Business     45,825  
Book value of assets sold     (13 )
Gain on sale of the Cold-EEZE® Business before income taxes     45,812  
Income tax expense     (3,511 )
Gain on sale of the Cold-EEZE® Business after income taxes   $ 42,301  
         
Net proceeds:        
Cash paid at closing, net of closing and transaction costs   $ 43,145  
Proceeds due on sale of assets, cash held in escrow     5,000  
    $ 48,145  

Schedule of Operating Results of Discontinued Operations

The following table sets forth the operating results of our discontinued operations for Fiscal 2018 and 2017, respectively, (in thousands):

 

    For the Years ended  
    December 31, 2018     December 31, 2017  
Net sales   $         -     $ 4,687  
Cost of sales     -       2,037  
Sales and marketing     -       1,720  
Administration     -       348  
Research and development     -       52  
Income from discontinued operations   $ -     $ 530