Quarterly report pursuant to Section 13 or 15(d)

L. DISCONTINUED OPERATIONS (Tables)

v3.8.0.1
L. DISCONTINUED OPERATIONS (Tables)
9 Months Ended
Sep. 30, 2017
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of discontinued operations activity

The following table summarizes the balance sheet information for discontinued operations.

 

    September 30,     December 31,  
    2017     2016  
             
Accounts receivable, net   $     $ 456,478  
Inventories           350,506  
Other current assets           12,980  
Other asset – goodwill           5,796,430  
Other  asset – intangible asset, net           533,577  
Current assets of discontinued operations           7,149,971  
                 
                 
Accounts payable           465,346  
Accrued liabilities and expenses           90,187  
Deferred revenues           37,509  
Customer deposits           200,466  
Deferred lease liability           76,096  
Current liabilities of discontinued operations           869,604  
                 
Net assets of discontinued operations   $     $ 6,280,367  

 

The following table summarizes the statements of operations information for discontinued operations.

 

   

Three Months Ended

September 30,

   

Nine Months Ended

September 30,

 
    2017     2016     2017     2016  
Revenues, net:                                
Product   $     $ 995,425     $ 653,839     $ 2,749,001  
Recurring           1,038,585       925,837       2,985,550  
Total Net Revenue           2,034,010       1,579,676       5,734,551  
                                 
Cost of Sales:                                
Product     (11,600 )     565,276       403,004       1,753,994  
Recurring           242,678       209,868       697,541  
Total Cost of Sales     (11,600 )     807,954       612,872       2,451,535  
                                 
Gross Profit     11,600       1,226,056       966,804       3,283,016  
                                 
Operating Expenses:                                
Selling, general and administrative     197       315,437       252,307       896,385  
Depreciation and amortization           60,420       60,420       181,697  
Total Operating Expenses     197       375,857       312,727       1,078,082  
                                 
Income from Discontinued Operations before Provision for Income Taxes     11,403       850,199       654,077       2,204,934  
                                 
Provision for Income Taxes           51,312       52,017       153,936  
Income from Discontinued Operations (net of tax)   $ 11,403     $ 798,887     $ 602,060     $ 2,050,998