|ARRAY BIOPHARMA INC filed this Form 10-K on 08/11/2017|
price of the estimated future services approximated fair value and that we expected to use services in excess of this Minimum Revenue Guarantee amount. As of June 30, 2017, we had made payments related to the Minimum Revenue Guarantee which exceed the value of services received. Consequently, we have recorded a prepaid asset in the amount of $1.8 million as of June 30, 2017. As of June 30, 2017, we have no remaining obligation to make payments in accordance with the Minimum Revenue Guarantee.
We recorded the following amounts in the fourth quarter of fiscal 2015, resulting in a net gain of $1.6 million on the sale of the CMC assets, calculated as the difference between the allocated non-contingent consideration amount for the assets and liabilities and the net carrying amount of the assets and liabilities assumed or extinguished. The following sets forth the calculation of the gain on sale as of the closing (in thousands):
The sale of the CMC assets did not qualify as a discontinued operation as the sale is not a strategic shift that has (or will have) a major effect on our operations and financial results.