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Discontinued Operations - Sale of E-Core | 9 Months Ended
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Mar. 31, 2025
Discontinued Operations - Sale of E-Core |
Discontinued Operations - Sale of E-Core | Note 18. Discontinued Operations – Sale of E-Core E-Core, Technology Inc. and its subsidiaries On August 1, 2024, the Company closed a sale transaction in which, effective as of June 30, 2024, it sold 100% of the outstanding stock of its wholly owned subsidiary E-Core Technology, Inc., a Florida corporation (d/b/a New England Technology, Inc.) (“E-core”), to E-Core Holdings, LLC, a Florida limited liability company (the “Buyer”) pursuant to the terms of an Agreement to Unwind Securities Purchase Agreement dated July 31, 2024 (the “Agreement”). The principals of the Buyer are the three individuals from whom the Company acquired E-core in October 2022. The purchase price in the transaction was $2,000,000 paid by the Buyer to the Company at closing. In addition, in connection with the closing of the transaction (i) the Company was released as a guarantor from E-core’s commercial loan facility, and (ii) all subordinated promissory notes issued by the Company in connection with the Company’s initial acquisition of E-core were cancelled and any outstanding principal and interest thereunder was deemed paid in full. The Agreement contains standard representations and warranties, conditions to closing, and covenants, for a transaction of this nature. Accordingly, the results of the business were classified as discontinued operations in our statements of operations and excluded from both continuing operations and segment results for all periods presented. Discontinued operations of E-core excluded in the condensed consolidated financial statements for the three and nine months ended March 31, 2024 are as follows: Summary of discontinued operations:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | March 31, 2024 |  |  | March 31, 2024 |
Discontinued Operations |  |  |  |  |  |
Revenue |  | $ | 9,221,715 |  |  | $ | 38,625,335 |
Cost of sales |  | $ | 7,606,275 |  |  | $ | 33,168,260 |
Sales, general and administrative expenses |  | $ | 1,100,054 |  |  | $ | 3,371,876 |
Depreciation and amortization |  | $ | 403,875 |  |  | $ | 1,211,625 |
Other expenses |  | $ | 74,666 |  |  | $ | 2,476 |
Income from discontinued operations |  | $ | 186,177 |  |  | $ | 871,098 |
Accounts receivable net of allowance for doubtful accounts |  | $ | 4,219,460 |  |  | $ | 4,219,460 |
Fixed assets, net of accumulated depreciation |  | $ | - |  |  | $ | - |
Total assets |  | $ | 25,184,866 |  |  | $ | 25,184,866 |
Total liabilities |  | $ | 5,471,259 |  |  | $ | 5,471,259 |

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