SUBSEQUENT EVENTS |
3 Months Ended | |||
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Mar. 31, 2016 | ||||
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In connection with the common stock repurchase program approved by the Board of Directors on January 25, 2016, the Company purchased an additional 126,270 shares of stock at an aggregate cost of $119,022 subsequent to March 31, 2016 and through May 4, 2016.
On May 2, 2016, (the “Closing Date”), the Company entered into an APA with Renaissance Medical Billing, LLC, a Tennessee limited liability company (“RMB”), pursuant to which the Company purchased substantially all of the assets of RMB. In accordance with the APA, the Company paid $175,000 in initial cash consideration (“Initial Payment”), on the Closing Date. In addition, the Company will pay RMB twenty-seven percent (27%) of the revenue earned and received from RMB accounts for three years, less the Initial Payment which will be deducted in full from the required payments (the “Installment Payments”) before any payment is made to the seller. The Installment Payments will be paid quarterly commencing July, 2016.
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- References No definition available.
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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. No definition available.
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