NOTE 13. Equity Method Investment

On August 30, 2019, the Company sold 100% of its equity investment in Cerebellum for $10.6 million in cash and recognized $2.9 million on the gain on sale, which was recorded in interest income and other income (expense) in the Consolidated Statements of Operations.

For the years ended December 31, 2019 and 2018, losses from equity method investments recorded in interest income and other income (expense) in the Consolidated Statements of Operations were not material to our consolidated results of operations.

Equity method investments were recorded in other assets in the Consolidated Balance Sheets. At December 31, 2019, the Company no longer held an equity investment in Cerebellum, compared to $7.9 million, net of cumulative losses of $1.1 million, as of December 31, 2018.