|6 Months Ended|
Jun. 30, 2017
|Notes to Financial Statements|
|NOTE 4. DISCONTINUED OPERATIONS||
On June 2, 2015, the Company acquired 82.25% of the ownership in Memcine for $30,000.
The following table summarizes the allocation of the purchase price to the net assets acquired:
The Company recorded the 17.75% non-controlling interest in Memcine at a fair value of $6,364.
On October 12, 2016, the Company terminated its interests in Memcine pursuant to a Termination Agreement with Memcine, the University of Iowa Research Foundation, and Dr. Tony Vanden Bush. The Company has reclassified the results from operations of Memcine to discontinued operations.
The following table summarizes the results of the Memcine business included in the consolidated statement of income as discontinued operations:
Non-transferable balance sheet positions, such as intercompany payables of $299,574 as of October 12, 2016 were considered forgiven and netted against the gain on the disposal.
The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.
Reference 1: http://www.xbrl.org/2003/role/presentationRef