Key Components of Discontinued Operations |
s. The following table presents a summary of the transactions related to the sale. | | | | | | December 31, 2017 | Sale price | $ | 33,500,000 |
| Less: transition services payments | (1,500,000 | ) | Adjusted purchase price | 32,000,000 |
| | | Assets held for sale | (16,851,540 | ) | Liabilities held for sale | 2,330,052 |
| Transaction costs | (895,186 | ) | Income tax expense | (912,298 | ) | Gain on sale of discontinued operations | $ | 15,671,028 |
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Assets and liabilities held for sale as of December 31, 2016 were as follows: | | | | | | | | December 31, 2016 | | | | Assets | | | Current assets: | | | Accounts receivable, net | | $ | 4,028,713 |
| Inventory | | 1,521,400 |
| Prepaid expenses and other current assets | | 251,516 |
| Total current assets | | 5,801,629 |
| Property and equipment, net | | 3,298,151 |
| Intangible assets, net | | 5,314,046 |
| Goodwill | | 1,846,331 |
| Other assets | | 50,754 |
| Total non-current assets | | 10,509,282 |
| Total assets held for sale | | $ | 16,310,911 |
| Liabilities | | | Current liabilities: | | | Accounts payable | | $ | 1,511,450 |
| Accrued liabilities | | 753,556 |
| Deferred revenue | | 111,697 |
| Total current liabilities | | 2,376,703 |
| Long-term deferred rent | | 84,555 |
| Total non-current liabilities | | 84,555 |
| Total liabilities held for sale | | $ | 2,461,258 |
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The key components of income from discontinued operations were as follows:
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