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BUSINESS COMBINATIONS
 6 Months Ended
Mar. 31, 2019
Business Combinations [Abstract]  
BUSINESS COMBINATIONS
9.
BUSINESS COMBINATIONS
 
Overview
 
On July 2, 2018, the Company, through its wholly-owned subsidiary Seventh Wave Laboratories, LLC (f/k/a Cardinal Laboratories LLC) (the “Seventh Wave Purchaser”), acquired (the “Seventh Wave Acquisition”) substantially all of the assets of SW Chrysalis, LLC (f/k/a Seventh Wave Laboratories LLC) (the “Seventh Wave Seller”), a consulting-based contract research laboratory located in Maryland Heights, Missouri providing integrated services for discovery and preclinical drug development, under the terms and conditions of an Asset Purchase Agreement, dated July 2, 2018, among the Seventh Wave Purchaser, the Company, the Seventh Wave Seller and certain members of the Seventh Wave Seller. The total consideration for the Seventh Wave Acquisition was approximately $9,234, which consisted of $6,759 in cash, including an indemnity escrow of $750, and 1,500,000 of the Company’s common shares valued at $2,475, using the closing price of the Company’s common shares on June 29, 2018. The Seventh Wave Purchaser is operated as a wholly-owned subsidiary of the Company. The Company funded the cash portion of the purchase price for the Seventh Wave Acquisition with cash on hand and the net proceeds from the refinancing of its credit arrangements with FIB, as described in Note 7.
 
Pro Forma Results
 
The Company’s unaudited pro forma results of operations for the three and six months ended March 31, 2018 assuming the Seventh Wave Acquisition had occurred as of October 1, 2017 are presented for comparative purposes below. These amounts are based on available information of the results of operations of the Seventh Wave Seller’s operations prior to the acquisition date and are not necessarily indicative of what the results of operations would have been had the Seventh Wave Acquisition been completed on October 1, 2017.
 
The unaudited pro forma information is as follows:
 
 
 
Three Months
Ended
 
 
Six Months
Ended
 
 
 
March 31, 2018
 
 
March 31, 2018
 
 
 
 
 
 
 
 
Total revenues
 
$
8,946
 
 
$
18,065
 
Net income
 
 
(174
)
 
 
75
 
 
 
 
 
 
 
 
 
 
Pro forma basic net income (loss) per share
 
$
(0.02
)
 
$
0.01
 
Pro forma diluted net income (loss) per share
 
$
(0.02
)
 
$
0.01