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Subsequent Events
9 Months Ended
Sep. 30, 2019
Subsequent Events [Abstract]  
Subsequent Events

14.

SUBSEQUENT EVENTS:

 

On November 8, 2019, the Company acquired all of the outstanding stock of Diversigen, Inc. (“Diversigen”), pursuant to the terms of a merger agreement. Diversigen is a Texas-based microbiome laboratory services provider that provides metagenomics sequencing, bioinformatics and statistical analysis for the study of the microbiome.

 

The initial aggregate purchase price for this transaction was $12,000, adjusted for certain transaction costs, indebtedness, and holdback amounts, and was funded with cash on hand. A portion of the purchase price was deposited into an escrow account for a limited period after closing, pursuant to indemnification obligations under the merger agreement noted above.  The merger agreement also includes a contingent payment to be paid based on Diversigen’s performance during the 2019 calendar year.

 

Through September 30, 2019, we incurred a total of $448 of acquisition related costs, including investment banking fees and accounting, legal and other professional fees, all of which were expensed and reported as a component of general and administrative expenses in the consolidated statement of income for the nine months ended September 30, 2019.