Quarterly report pursuant to Section 13 or 15(d)

L. DISCONTINUED OPERATIONS (Tables)

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L. DISCONTINUED OPERATIONS (Tables)
 3 Months Ended
Mar. 31, 2017
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of discontinued operations activity

    March 31,     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.

 

   

For the Three Months Ended

March 31,

  
    2017     2016  
Revenues, net:                
Product   $ 653,839     $ 716,643  
Recurring     925,837       967,403  
Total Net Revenues     1,579,676       1,684,046  
                 
Cost of Sales:                
Product     424,829       481,207  
Recurring     209,179       247,003  
Total Cost of Sales     634,008       728,210  
                 
Gross Profit     945,668       955,836  
                 
Operating Expenses:                
Selling, general and administrative     262,034       232,895  
Depreciation and amortization     60,420       60,857  
Total Operating Expenses     322,454       293,752  
                 
Income from Discontinued Operations before Provision for Income Taxes     623,214       662,084  
                 
Provision for Income Taxes     51,412       51,312  
Income from Discontinued Operations (net of tax)   $ 571,802     $ 610,772