sales prices of these products range from under $ 100 to over $ 100,000 , although are mostly priced in the range of $ 5,000 to $ 15,000. they are mainly scientific instruments like spectrophotometers and plate readers that analyze light to detect and quantify a wide range of molecular and cellular processes , or apparatus like gel electrophoresis units . our products and services also include wireless monitors , data acquisition and analysis products and software , and ancillary services including post-contract customer support , training and installation . we use distributors for both our catalog products and our higher priced products , as well as for sales in locations where we do not have subsidiaries or where we have existing distributors in place from acquired businesses . for the years ended december 31 , 2019 and 2018 , approximately 30 % and 41 % of our total revenues from continuing operations , respectively , were derived from sales to distributors . for the years ended december 31 , 2019 and 2018 , approximately 84 % and 85 % of our revenues from continuing operations , respectively , were derived from products we manufacture and approximately 16 % and 15 % , respectively , were derived from complementary products we distribute in order to provide the researcher with a single source for all equipment needed to conduct a particular experiment . for the years ended december 31 , 2019 and 2018 , approximately 29 % and 30 % of our revenues from continuing operations , respectively , were derived from sales made by our non-united states operations . cost of revenues . cost of revenues includes material , labor and manufacturing overhead costs , obsolescence charges , packaging costs , warranty costs , shipping costs and royalties . our cost of revenues may vary over time based on the mix of products sold . we sell products that we manufacture and products that we purchase from third parties . the products that we purchase from third parties typically have a higher cost of revenues as a percent of revenues because the profit is effectively shared with the original manufacturer . we anticipate that our manufactured products will continue to have a lower cost of revenues as a percentage of revenues as compared with the cost of non-manufactured products for the foreseeable future . additionally , our cost of revenues as a percent of revenues will vary based on mix of direct to end user sales and distributor sales , mix by product line and mix by geography . 21 sales and marketing expenses . sales and marketing expense consists primarily of salaries and related expenses for personnel in sales , marketing and customer support functions . we also incur costs for travel , trade shows , demonstration equipment , public relations and marketing materials , consisting primarily of the printing and distribution of catalogs , supplements and the maintenance of our websites . we may from time to time expand our marketing efforts by employing additional technical marketing specialists in an effort to increase sales of selected categories of products . we may also from time to time expand our direct sales organizations in an effort to concentrate on key accounts or promote certain product lines . general and administrative expenses . general and administrative expense consists primarily of salaries and other related costs for personnel in executive , finance , accounting , information technology and human resource functions . other costs include professional fees for legal and accounting services , information technology infrastructure , facility costs , investor relations , insurance and provision for doubtful accounts . research and development expenses . research and development expenses consists primarily of salaries and related expenses for personnel and spending to develop and enhance our products . other research and development expenses include fees for consultants and outside service providers , and material costs for prototype and test units . we expense research and development costs as incurred . grants received from governmental entities related to research projects are accounted for as a reduction in research and development expense over the period of the project . we believe that investment in product development is a competitive necessity and plan to continue to make these investments in order to realize the potential of new technologies that we develop , license or acquire for existing markets . selected results of operations year ended december 31 , 2019 compared to year ended december 31 , 2018 unless otherwise described , the amounts and percentages in the table above and those amounts and percentages discussed below exclude the revenues and expenses of denville . revenues revenues for the year ended december 31 , 2019 were $ 116.2 million , a decrease of ( 3.8 ) % , or $ 4.6 million , compared to revenues of $ 120.8 million for the same period in 2018. the decrease in revenue for the year ended december 31 , 2019 is due to lower sales volume in europe as well as lower volume with contract research organizations due to customer consolidation . these reductions were partially offset by growth in sales of cellular and molecular discovery technologies in north america . additionally , revenues for the year ended december 31 , 2019 included twelve months of revenues from dsi as compared to eleven months of revenues from dsi included in the year ended december 31 , 2018. the impact of currency translation negatively impacted revenues in the year ended december 31 , 2019 by approximately $ 1.8 million . story_separator_special_tag factors we consider important which could trigger an impairment review include the following : significant underperformance relative to expected historical or projected future operating results ; significant changes in the manner of our use of the acquired assets or the strategy for our overall business ; significant negative industry or economic trends ; significant changes in who our competitors are and what they do ; significant changes in our relationship with our distributors ; significant decline in our stock price for a sustained period ; and our market capitalization relative to net book value . if we were to determine that the value of long-lived assets and identifiable intangible assets with finite lives was not recoverable based on the existence of one or more of the aforementioned factors , then the recoverability of those assets to be held and used would be measured by a comparison of the carrying amount of those assets to undiscounted future net cash flows before tax effects expected to be generated by those assets . if such assets are considered to be impaired , the impairment to be recognized would be measured by the amount by which the carrying value of the assets exceeds the fair value of the assets . goodwill and other intangible assets . fasb asc 350 , “ intangibles-goodwill and others ” addresses financial accounting and reporting for acquired goodwill and other intangible assets . among other things , fasb asc 350 requires that goodwill and intangible assets with indefinite useful lives no longer be amortized , but rather tested annually for impairment or more frequently if events or circumstances indicate that there may be impairment . goodwill is also subject to an annual impairment test , or more frequently , if indicators of potential impairment arise . asu 2011-08 intends to simplify goodwill impairment testing by permitting an assessment of qualitative factors to determine when events and circumstances lead to the conclusion that it is necessary to perform the two-step goodwill impairment test required under asc 350. the two-step goodwill impairment test consists of a comparison of the fair value of our reporting units with their carrying amount . if the carrying amount exceeds its fair value , we are required to perform the second step of the impairment test , as this is an indication that goodwill may be impaired . the impairment loss is measured by comparing the implied fair value of the reporting unit 's goodwill with its carrying amount . if the carrying amount exceeds the implied fair value , an impairment loss shall be recognized in an amount equal to the excess . after an impairment loss is recognized , the adjusted carrying amount of the intangible asset shall be its new accounting basis . subsequent reversal of a previously recognized impairment loss is prohibited . for unamortizable intangible assets , if the carrying amount were to exceed the fair value of the asset , we would write down the unamortizable intangible asset to fair value . for the purpose of our goodwill analysis , we have one reporting unit . we conducted our annual impairment analysis using the income approach , the discounted cash flow method , to derive the fair value in preparing its goodwill impairment assessment . we selected this method as being the most meaningful in preparing the goodwill assessment because the use of the income approach typically generates a more precise measurement of fair value than the market approach . in applying the income approach , we made assumptions about the amount and timing of future expected cash flows , terminal value growth rates and appropriate discount rates . the amount and timing of future cash flows within our discounted cash flow analysis is based on our most recent operational budgets , long range strategic plans and other estimates . the terminal value growth rate is used to calculate the value of cash flows beyond the last projected period in the discounted cash flow analysis and reflects our best estimates for stable , perpetual growth . we used an estimate of market-participant risk adjusted weighted average cost of capital as a basis for determining the discount rate to apply to the future expected cash flows . the results of our test for goodwill impairment showed that the estimated fair value of our business substantially exceeded its carrying value . we concluded that none of our goodwill was impaired . during the year ended december 31 , 2019 we recorded impairment charges against our intangible assets of approximately $ 1.5 million . see note 6 in the consolidated financial statements included in part iv , item 15. of this report “ exhibits , financial statement schedules ” for further discussion regarding impairment charges . stock-based compensation . we account for stock-based payment awards in accordance with the provisions of fasb asc 718 , “ compensation—stock compensation ” , which requires us to recognize compensation expense for all stock-based payment awards made to employees and directors including stock options , restricted stock units and restricted stock units with a market condition related to our third amended and restated 2000 stock option and incentive plan , as well as employee stock purchases related to our employee stock purchase plan ( as amended , espp ) . we issue new shares upon stock option exercises , upon the vesting of restricted stock units and restricted stock units with a market condition , and under our espp . fasb asc 718 requires companies to estimate the fair value of stock-based payment awards on the date of grant using an option-pricing model . the value of the award that vests is recognized as expense over the requisite service periods in our consolidated statement of operations . we account for forfeitures for service-based awards as they occur , with no adjustment for estimated forfeitures . 28 we value stock-based payment awards , except restricted stock awards , at the grant date using the black-scholes option-pricing model .

liquidity and capital resources historically , we have financed our business through cash provided by operating activities , bank borrowings , and the issuance of common stock . our liquidity requirements arise primarily from investing activities , including funding of acquisitions , and other capital expenditures . on january 22 , 2018 , we sold the operations of denville , and received approximately $ 15.8 million , net of cash on hand . simultaneously , we retired the existing debt balances of approximately $ 11.9 million . on january 31 , 2018 , we entered into the financing agreement , which comprised of a $ 64.0 million term loan and up to a $ 25.0 million line of credit . finally , on january 31 , 2018 , we acquired dsi for approximately $ 68.0 million , net of cash acquired . as of december 31 , 2019 , we held cash and cash equivalents of $ 8.3 million , compared with $ 8.2 million at december 31 , 2018. as of december 31 , 2019 and december 31 , 2018 , we had $ 55.0 million and $ 62.4 million of borrowings outstanding under our credit facility , respectively . total debt , net of cash and cash equivalents was $ 46.7 million at december 31 , 2019 , compared to $ 54.2 million at december 31 , 2018. in addition , we have a united kingdom pension obligation that was overfunded ( underfunded ) by approximately $ 1.1 million and $ ( 0.9 ) million as of december 31 , 2019 and december 31 , 2018 , respectively . as of december 31 , 2019 and december 31 , 2018 , cash and cash equivalents held by our foreign subsidiaries was $ 3.5 million and $ 3.2 million , respectively .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```liquidity and capital resources historically , we have financed our business through cash provided by operating activities , bank borrowings , and the issuance of common stock . our liquidity requirements arise primarily from investing activities , including funding of acquisitions , and other capital expenditures . on january 22 , 2018 , we sold the operations of denville , and received approximately $ 15.8 million , net of cash on hand . simultaneously , we retired the existing debt balances of approximately $ 11.9 million . on january 31 , 2018 , we entered into the financing agreement , which comprised of a $ 64.0 million term loan and up to a $ 25.0 million line of credit . finally , on january 31 , 2018 , we acquired dsi for approximately $ 68.0 million , net of cash acquired . as of december 31 , 2019 , we held cash and cash equivalents of $ 8.3 million , compared with $ 8.2 million at december 31 , 2018. as of december 31 , 2019 and december 31 , 2018 , we had $ 55.0 million and $ 62.4 million of borrowings outstanding under our credit facility , respectively . total debt , net of cash and cash equivalents was $ 46.7 million at december 31 , 2019 , compared to $ 54.2 million at december 31 , 2018. in addition , we have a united kingdom pension obligation that was overfunded ( underfunded ) by approximately $ 1.1 million and $ ( 0.9 ) million as of december 31 , 2019 and december 31 , 2018 , respectively . as of december 31 , 2019 and december 31 , 2018 , cash and cash equivalents held by our foreign subsidiaries was $ 3.5 million and $ 3.2 million , respectively .
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 Suspicious Activity Report : sales prices of these products range from under $ 100 to over $ 100,000 , although are mostly priced in the range of $ 5,000 to $ 15,000. they are mainly scientific instruments like spectrophotometers and plate readers that analyze light to detect and quantify a wide range of molecular and cellular processes , or apparatus like gel electrophoresis units . our products and services also include wireless monitors , data acquisition and analysis products and software , and ancillary services including post-contract customer support , training and installation . we use distributors for both our catalog products and our higher priced products , as well as for sales in locations where we do not have subsidiaries or where we have existing distributors in place from acquired businesses . for the years ended december 31 , 2019 and 2018 , approximately 30 % and 41 % of our total revenues from continuing operations , respectively , were derived from sales to distributors . for the years ended december 31 , 2019 and 2018 , approximately 84 % and 85 % of our revenues from continuing operations , respectively , were derived from products we manufacture and approximately 16 % and 15 % , respectively , were derived from complementary products we distribute in order to provide the researcher with a single source for all equipment needed to conduct a particular experiment . for the years ended december 31 , 2019 and 2018 , approximately 29 % and 30 % of our revenues from continuing operations , respectively , were derived from sales made by our non-united states operations . cost of revenues . cost of revenues includes material , labor and manufacturing overhead costs , obsolescence charges , packaging costs , warranty costs , shipping costs and royalties . our cost of revenues may vary over time based on the mix of products sold . we sell products that we manufacture and products that we purchase from third parties . the products that we purchase from third parties typically have a higher cost of revenues as a percent of revenues because the profit is effectively shared with the original manufacturer . we anticipate that our manufactured products will continue to have a lower cost of revenues as a percentage of revenues as compared with the cost of non-manufactured products for the foreseeable future . additionally , our cost of revenues as a percent of revenues will vary based on mix of direct to end user sales and distributor sales , mix by product line and mix by geography . 21 sales and marketing expenses . sales and marketing expense consists primarily of salaries and related expenses for personnel in sales , marketing and customer support functions . we also incur costs for travel , trade shows , demonstration equipment , public relations and marketing materials , consisting primarily of the printing and distribution of catalogs , supplements and the maintenance of our websites . we may from time to time expand our marketing efforts by employing additional technical marketing specialists in an effort to increase sales of selected categories of products . we may also from time to time expand our direct sales organizations in an effort to concentrate on key accounts or promote certain product lines . general and administrative expenses . general and administrative expense consists primarily of salaries and other related costs for personnel in executive , finance , accounting , information technology and human resource functions . other costs include professional fees for legal and accounting services , information technology infrastructure , facility costs , investor relations , insurance and provision for doubtful accounts . research and development expenses . research and development expenses consists primarily of salaries and related expenses for personnel and spending to develop and enhance our products . other research and development expenses include fees for consultants and outside service providers , and material costs for prototype and test units . we expense research and development costs as incurred . grants received from governmental entities related to research projects are accounted for as a reduction in research and development expense over the period of the project . we believe that investment in product development is a competitive necessity and plan to continue to make these investments in order to realize the potential of new technologies that we develop , license or acquire for existing markets . selected results of operations year ended december 31 , 2019 compared to year ended december 31 , 2018 unless otherwise described , the amounts and percentages in the table above and those amounts and percentages discussed below exclude the revenues and expenses of denville . revenues revenues for the year ended december 31 , 2019 were $ 116.2 million , a decrease of ( 3.8 ) % , or $ 4.6 million , compared to revenues of $ 120.8 million for the same period in 2018. the decrease in revenue for the year ended december 31 , 2019 is due to lower sales volume in europe as well as lower volume with contract research organizations due to customer consolidation . these reductions were partially offset by growth in sales of cellular and molecular discovery technologies in north america . additionally , revenues for the year ended december 31 , 2019 included twelve months of revenues from dsi as compared to eleven months of revenues from dsi included in the year ended december 31 , 2018. the impact of currency translation negatively impacted revenues in the year ended december 31 , 2019 by approximately $ 1.8 million . story_separator_special_tag factors we consider important which could trigger an impairment review include the following : significant underperformance relative to expected historical or projected future operating results ; significant changes in the manner of our use of the acquired assets or the strategy for our overall business ; significant negative industry or economic trends ; significant changes in who our competitors are and what they do ; significant changes in our relationship with our distributors ; significant decline in our stock price for a sustained period ; and our market capitalization relative to net book value . if we were to determine that the value of long-lived assets and identifiable intangible assets with finite lives was not recoverable based on the existence of one or more of the aforementioned factors , then the recoverability of those assets to be held and used would be measured by a comparison of the carrying amount of those assets to undiscounted future net cash flows before tax effects expected to be generated by those assets . if such assets are considered to be impaired , the impairment to be recognized would be measured by the amount by which the carrying value of the assets exceeds the fair value of the assets . goodwill and other intangible assets . fasb asc 350 , “ intangibles-goodwill and others ” addresses financial accounting and reporting for acquired goodwill and other intangible assets . among other things , fasb asc 350 requires that goodwill and intangible assets with indefinite useful lives no longer be amortized , but rather tested annually for impairment or more frequently if events or circumstances indicate that there may be impairment . goodwill is also subject to an annual impairment test , or more frequently , if indicators of potential impairment arise . asu 2011-08 intends to simplify goodwill impairment testing by permitting an assessment of qualitative factors to determine when events and circumstances lead to the conclusion that it is necessary to perform the two-step goodwill impairment test required under asc 350. the two-step goodwill impairment test consists of a comparison of the fair value of our reporting units with their carrying amount . if the carrying amount exceeds its fair value , we are required to perform the second step of the impairment test , as this is an indication that goodwill may be impaired . the impairment loss is measured by comparing the implied fair value of the reporting unit 's goodwill with its carrying amount . if the carrying amount exceeds the implied fair value , an impairment loss shall be recognized in an amount equal to the excess . after an impairment loss is recognized , the adjusted carrying amount of the intangible asset shall be its new accounting basis . subsequent reversal of a previously recognized impairment loss is prohibited . for unamortizable intangible assets , if the carrying amount were to exceed the fair value of the asset , we would write down the unamortizable intangible asset to fair value . for the purpose of our goodwill analysis , we have one reporting unit . we conducted our annual impairment analysis using the income approach , the discounted cash flow method , to derive the fair value in preparing its goodwill impairment assessment . we selected this method as being the most meaningful in preparing the goodwill assessment because the use of the income approach typically generates a more precise measurement of fair value than the market approach . in applying the income approach , we made assumptions about the amount and timing of future expected cash flows , terminal value growth rates and appropriate discount rates . the amount and timing of future cash flows within our discounted cash flow analysis is based on our most recent operational budgets , long range strategic plans and other estimates . the terminal value growth rate is used to calculate the value of cash flows beyond the last projected period in the discounted cash flow analysis and reflects our best estimates for stable , perpetual growth . we used an estimate of market-participant risk adjusted weighted average cost of capital as a basis for determining the discount rate to apply to the future expected cash flows . the results of our test for goodwill impairment showed that the estimated fair value of our business substantially exceeded its carrying value . we concluded that none of our goodwill was impaired . during the year ended december 31 , 2019 we recorded impairment charges against our intangible assets of approximately $ 1.5 million . see note 6 in the consolidated financial statements included in part iv , item 15. of this report “ exhibits , financial statement schedules ” for further discussion regarding impairment charges . stock-based compensation . we account for stock-based payment awards in accordance with the provisions of fasb asc 718 , “ compensation—stock compensation ” , which requires us to recognize compensation expense for all stock-based payment awards made to employees and directors including stock options , restricted stock units and restricted stock units with a market condition related to our third amended and restated 2000 stock option and incentive plan , as well as employee stock purchases related to our employee stock purchase plan ( as amended , espp ) . we issue new shares upon stock option exercises , upon the vesting of restricted stock units and restricted stock units with a market condition , and under our espp . fasb asc 718 requires companies to estimate the fair value of stock-based payment awards on the date of grant using an option-pricing model . the value of the award that vests is recognized as expense over the requisite service periods in our consolidated statement of operations . we account for forfeitures for service-based awards as they occur , with no adjustment for estimated forfeitures . 28 we value stock-based payment awards , except restricted stock awards , at the grant date using the black-scholes option-pricing model .

