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, 2017
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of discontinued operations activity

The following table summarizes the balance sheet information from discontinued operations:

  

    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 held for sale     –       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 held for sale     –       869,604  
                 
Net assets of discontinued operations   $ –     $ 6,280,367  

  

The following table summarizes the statements of operations information for discontinued operations for the years ended December 31, 2017 and 2016.

  

    2017     2016  
Revenues, net:                
Product   $ 653,839     $ 3,529,012  
Recurring     925,837       3,894,998  
Total Net Revenues     1,579,676       7,424,010  
                 
Cost of Sales:                
Product     393,804       2,235,641  
Recurring     209,868       925,212  
Total Cost of Sales     603,672       3,160,853  
                 
Gross Profit     976,004       4,263,157  
                 
Operating Expenses:                
Research and development     –       2,511  
Selling, general and administrative     252,378       1,191,385  
Depreciation and amortization     60,420       242,117  
Total Operating Expenses     312,798       1,436,013  
                 
Income from Discontinued Operations before Provision for Income Taxes     663,206       2,827,144  
                 
Provision  for Income Taxes     50,331       199,386  
Income from Discontinued Operations (net of tax)   $ 612,875     $ 2,627,758