DISCONTINUED OPERATION

12 Months Ended

Dec. 31, 2020

Long-term Debt, by Current and Noncurrent [Abstract]

NOTE 16 - DISCONTINUED OPERATION

In June 2020, the company's management decided to discontinue the JT8D engine blades reconditioning activity as part of a strategic change in its business to focus on new capabilities to provide services to newer types of engines. The discontinued operation is related to the JT8D engine blades reconditioning activity in Turbochrome, which constitute a material portion of Turbochrome’s revenues.

		2020		2019
Assets:
Account receivables	$	-	$	821
Inventory		-		580
Fixed assets, net		-		438
Costumers’ relationship		-		388
Total Assets	$	-	$	2,227
Liability:
Account payables	$	179	$	158

Total Liabilities	$	179	$	158

	Year ended December 31,
	2020			2019			2018

Revenue:
Services	$	955		$	4,553		$	5,457

Cost of revenue:
Services		1,062			4,291			5,011

Gross profit (loss)		(107	)		262			446

Operating expenses:
Research and development, net		42			(39	)		95
Selling and marketing		90			330			159
General and administrative		191			598			658

		323			889			912

Operating income (loss)		(430	)		(627	)		(466	)

Financial expenses (income)		-			28			14
Loss on disposal of discontinued operation (1)		1,415			-			-

Net Income (loss)	$	(1,845	)	$	(655	)	$	(480	)

(1)

During 2020, the Company writes off the following assets belonging to the discontinued operation:

Inventory of $464, Accounts receivable of $233, Fixed assets of $363 and Customers' relationships of $355.