AutoMD |
12 Months Ended |
|---|---|
Dec. 31, 2016 | |
| Noncontrolling Interest [Abstract] | |
| AutoMD |
AutoMD
On October 8, 2014, AutoMD entered into a Common Stock Purchase Agreement ("Purchase Agreement") to sell an aggregate of seven million shares of AutoMD common stock at a purchase price of $1.00 per share to third-party investors and investors that are affiliated with two of our board members. On October 19, 2016, the Company purchased two million shares of AutoMD common stock at a purchase price of $1.00 per share pursuant to its funding milestone obligation under the Purchase Agreement. On January 26, 2017, AutoMD entered into a redemption agreement with third-party investors to redeem an aggregate of five million shares of AutoMD common stock for a purchase price of $1,292. On March 6, 2017, following a review of various business and strategic options, AutoMD entered into a dissolution agreement with its two remaining minority stockholders pursuant to which the Company repurchased the remaining shares of common stock from minority stockholders for a purchase price of $1,194 in consideration for terminating the prior investor agreements. Following the redemptions, AutoMD filed for dissolution and all of the remaining assets of AutoMD will be distributed to the Company, except for certain cash reserved for creditors of AutoMD. These actions will likely result in the Company presenting AutoMD as discontinued operations.
The Company estimates that we will incur charges related to severance, other contractual obligations and premium charges related to repurchasing shares from minority stockholders that will impact cash during the first quarter of fiscal 2017. AutoMD intends to continue to operate its media business, and accordingly, the Company anticipates continued revenue associated with the media business.
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- Definition The entire disclosure for noncontrolling interest in consolidated subsidiaries, which could include the name of the subsidiary, the ownership percentage held by the parent, the ownership percentage held by the noncontrolling owners, the amount of the noncontrolling interest, the location of this amount on the balance sheet (when not reported separately), an explanation of the increase or decrease in the amount of the noncontrolling interest, the noncontrolling interest share of the net Income or Loss of the subsidiary, the location of this amount on the income statement (when not reported separately), the nature of the noncontrolling interest such as background information and terms, the amount of the noncontrolling interest represented by preferred stock, a description of the preferred stock, and the dividend requirements of the preferred stock. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References No definition available.
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