Annual report pursuant to Section 13 and 15(d)

P. DISCONTINUED OPERATIONS (Tables)

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P. DISCONTINUED OPERATIONS (Tables)
 12 Months Ended
Dec. 31, 2016
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of discontinued operations activity

    December 31,  
    2016     2015  
             
Cash and cash equivalents   $ 106,743     $ 271,446  
Accounts receivable, net     456,478       315,278  
Inventories     350,506       159,559  
Other current assets     12,980       11,281  
Other asset - goodwill     5,796,430       –  
Other asset – intangible asset, net     533,577       –  
Current assets held for sale     7,256,714       757,564  
                 
Property and equipment, net     –       437  
Goodwill     –       5,796,430  
Intangible asset, net     –       775,257  
Deposits     –       10,130  
Long-term assets held for sale     –       6,582,254  
                 
Accounts payable     465,346       339,918  
Accrued liabilities and expenses     241,123       187,015  
Deferred revenues     37,509       48,161  
Customer deposits     200,466       263,384  
Deferred lease liability     76,096       12,795  
Current liabilities held for sale     1,020,540       851,273  
                 
Deferred lease liability     –       76,096  
Long-term liabilities held for sale     –       76,096  
                 
Net assets of discontinued operations   $ 6,236,174     $ 6,412,449  
                 

  

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

 

    Years Ended December 31,  
    2016     2015  
Revenues, net:                
Product   $ 3,529,012     $ 3,666,201  
Recurring     3,894,998       3,890,108  
Total Net Revenues     7,424,010       7,556,309  
                 
Cost of Sales:                
Product     2,235,641       2,134,547  
Recurring     925,212       858,704  
Total Cost of Sales     3,160,853       2,993,251  
                 
Gross Profit     4,263,157       4,563,058  
                 
Operating Expenses:                
Research and development     2,511       –  
Selling, general and administrative     1,191,385       1,258,700  
Depreciation and amortization     242,117       244,284  
Total Operating Expenses     1,436,013       1,502,984  
                 
Income from Discontinued Operations before Provision for Income Taxes     2,827,144       3,060,074  
                 
Provision for Income Taxes     199,386       200,286  
Income from Discontinued Operations (net of tax)   $ 2,627,758     $ 2,859,788