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Discontinued Operations Reporting
 9 Months Ended
Jun. 30, 2011
Discontinued Operations Reporting  
Discontinued Operations Reporting

16. DISCONTINUED OPERATIONS REPORTING

The Company spun-off its wholly-owned subsidiary Parametric Sound Corporation ("Parametric") effective September 27, 2010. The historical results of operations relating to the HSS business have been presented as discontinued operations in the Condensed Consolidated Statement of Operations. The current and prior year Condensed Consolidated Balance Sheets also identify historical assets and liabilities as well as assets and liabilities retained by the Company to fulfill remaining obligations per the terms of the Separation and Distribution Agreement. Based on the terms of the Separation and Distribution Agreement between Parametric and the Company, the Company has some limited continuing activity with regard to the HSS business after the distribution date which will give rise to continuing cash flows. The Company is continuing to fulfill some transitional sales of the legacy HSS model H450 product for a short period of time and then cash flows associated with the sales and production of this product are expected to cease. The components of the Condensed Consolidated Statements of Operations which are presented as discontinued operations are as follows:

 

    

Three months ended

June 30,

    

Nine months ended

June 30,

  
     2011     2010     2011     2010  

Total Revenues

    $ 31,620      $ 169,912      $ 174,104      $ 520,079   

Cost of Revenues

      (30,014 )      (124,524 )      (90,873 )      (394,646 ) 

Operating expenses

      —          (61,017 )      —          (172,738 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Total income (loss) from discontinued operations

    $ 1,606      $ (15,629 )    $ 83,231      $ (47,305 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

The components of the Condensed Consolidated Balance Sheets, which are presented as discontinued operations are as follows:

 

     June 30,
2011		      September 30,
2010		  

Assets:

      

Accounts receivable

    $ 9,988       $ 41,663   

Inventories, net

      38,196         70,854   
  

 

 

     

 

 

  

Total current assets

    $ 48,184       $ 112,517   
  

 

 

     

 

 

  

Liabilities:

      

Accounts payable

    $ —         $ 16,994   

Customer deposits

      —           2,913   

Payroll and related

      —           3,465   

Warranty reserve

      20,174         29,918   
  

 

 

     

 

 

  

Total current liabilities

    $ 20,174       $ 53,290   
  

 

 

     

 

 

  

Net assets

    $ 28,010       $ 59,227