2. Assets Held for Sale and Note Receivable for Sale of Subsidiaries

For the year ended April 30, 2019, the Company’s wholly-owned subsidiary, FEI-Asia, which is reported under the FEI-NY segment, was classified as held-for-sale. The table below represents FEI-Asia’s assets and liabilities as of April 30, 2019 (in thousands):

Cash and cash equivalents	$	35
Accounts receivable, net		348
Inventories, net		876
Other current assets		88
Property, plant and equipment, net		202
Total assets held for sale	$	1,549

Accounts payable – trade	$	707
Accrued liabilities		315
Other current liabilities		56
Other liabilities		2,253
Total liabilities held for sale	$	3,331

On May 21, 2019 the Company completed the sale of its wholly-owned subsidiary FEI-Asia to an Asian corporation. FEI-Asia was sold for $130,000 in addition to all rights, benefits and obligations attached thereto, free and clear from any encumbrance. The results of this transaction, including approximately $85,000 of income for the twenty-one days in May 2019, are included in the consolidated financial statements for the fiscal year ended April 30, 2019. The above transaction resulted in a consolidated loss of approximately $1 million recorded in SG&A on the consolidated statement of operations in fiscal year 2019.

On April 26, 2018, the Company sold its Gillam-FEI s.a. (“Gillam”) Belgium subsidiary to a European entity, in a stock purchase agreement, for $1 million in cash received on April 27, 2018, and a note receivable payable in three years for $1 million, included in other assets in the accompanying consolidated balance sheets. In fiscal 2020 it was determined that the note receivable would not likely be collected and thus a reserve was recorded for $1 million, recorded in other expense on the consolidated statement of operations for the year ended April 30, 2020.