Quarterly report pursuant to Section 13 or 15(d)

L. DISCONTINUED OPERATIONS (Tables)

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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