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REVERSE MERGER (Tables) | 12 Months Ended
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Dec. 31, 2018
REVERSE MERGER [Abstract] |
Schedule of Business Acquisitions | The estimated purchase consideration based on the value of the equity of Transgenomic, the accounting acquiree, is as follows:
(dollars in thousands) |  |  |
Legacy Transgenomic common stock |  | $ | 6,088
Fair value of preferred stock converted to common stock |  |  | 49
Fair value of debt converted to common stock |  |  | 2,398
Fair value of debt converted to preferred stock |  |  | 9,796
Fair value of existing bridge notes |  |  | 1,275
Fair value of warrants |  |  | 1,996
Purchase consideration |  | $ | 21,602
Identifiable Tangible and Intangible Assets Acquired | The following table sets forth an allocation of the purchase consideration to the identifiable tangible and intangible assets of Transgenomic, the accounting acquiree, based on fair values as of the Closing Date with the excess recorded as goodwill:
(dollars in thousands) |  |  |
Current and other assets |  | $ | 419
Property and equipment |  |  | 29
Goodwill |  |  | 14,000
Other intangible assets(1) |  |  | 21,100
Total assets |  |  | 35,548
Current liabilities |  |  | 13,423
Other liabilities |  |  | 523
Total liabilities |  |  | 13,946
Net assets acquired |  | $ | 21,602
| (1) |  | Other intangible assets consist of:
(dollars in thousands) |  |  |
Acquired technology |  | $ | 18,990
Customer relationships |  |  | 250
Non-compete agreements |  |  | 30
Trademark and trade name |  |  | 40
Backlog |  |  | 200
In-process research and development |  |  | 1,590
Total intangibles |  | $ | 21,100
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] |
(dollars in thousands) |  |  |
Acquired technology |  | $ | 18,990
Customer relationships |  |  | 250
Non-compete agreements |  |  | 30
Trademark and trade name |  |  | 40
Backlog |  |  | 200
In-process research and development |  |  | 1,590
Total intangibles |  | $ | 21,100
Business Acquisition, Pro Forma Information | The following unaudited pro forma information presents the Company’s financial results as if the acquisition of Transgenomic had occurred on January 1, 2017 and combines Transgenomic’s unaudited consolidated statement of operations for the period from January 1, 2017 through June 29, 2017 with Precipio’s statement of operations for the year ended December 31, 2017:
|  | For the Year Ended December 31,
Dollars in thousands, except per share amounts |  | 2017
Net sales |  | $ | 2,687
Net loss available to common stockholders |  |  | (37,389)
Loss per common share |  | $ | (4.95)

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- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1486-128463 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=84161108&loc=d3e4845-128472 + Details
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