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4. FACILITY ACQUISITIONS, ASSETS HELD FOR SALE
 3 Months Ended
Mar. 31, 2018
Business Combinations [Abstract]  
FACILITY ACQUISITIONS AND ASSETS HELD FOR SALE

NOTE 4 – FACILITY ACQUISITIONS AND ASSETS HELD FOR SALE

 

Acquisitions

 

On January 1, 2018 the Company formed Beach Imaging Group, LLC (“Beach Imaging”) and contributed the operations of 24 imaging facilities spread across southern Los Angeles and Orange Counties. On the same day, MemorialCare Medical Foundation contributed $22.3 million in cash and $16.8 million in net assets. As a result of the transaction, the Company will retain a 60% controlling interest in Beach Imaging and MemorialCare Medical Foundation will retain a 40% noncontrolling interest in Beach Imaging.

 

On February 22, 2018 we completed our acquisition of certain assets of Imaging Services Company of New York, LLC, consisting of a single multi-modality center located in New York, New York, for purchase consideration of $5.8 million. We have made a fair value determination of the acquired assets and approximately $874,000 in fixed assets, $2.1 million in equipment, a $100,000 covenant not to compete, and $2.7 million in goodwill were recorded.

 

Assets held for sale:

 

Effective January 1, 2018 the Company agreed to sell certain assets of four women’s imaging centers to MemorialCare Medical Foundation. The sale is anticipated within the next 12 months. The following table summarizes the major categories of assets classified as held for sale in the accompanying condensed consolidated balance sheets at March 31, 2018 (in thousands):

 

Property and equipment, net  $1,440 
Goodwill   1,059 
Total assets held for sale  $2,499