XML 45 R19.htm IDEA: XBRL DOCUMENT v2.4.0.8
Discontinued Operations
 9 Months Ended
Sep. 30, 2014
Discontinued Operations And Disposal Groups [Abstract]  
Discontinued Operations

12. Discontinued Operations

During the first quarter of 2014, the management and the Board of Directors of AETI initiated a process to evaluate the possible sale of the AAT segment as well as other alternatives. The segment is comprised entirely of the American Access Technologies, Inc. operations in Florida. During the second quarter, the decision was made to sell the AAT business. Based on the expected value of the assets and liabilities for sale and the costs associated with the sale, an impairment loss of approximately $2.3 million after tax was recorded in the second quarter in discontinued operations results along with the $84 operating loss for the second quarter and $268 operating loss in the first quarter for AAT. Prior to the completion of the sale AAT lost $20 from operations in the third quarter. AAT results are considered discontinued operations and its assets and associated liabilities are carried as assets and liabilities held for sale. Therefore, their results are presented below continuing operating results as discontinued operations. Future periods will continue to report AAT results as discontinued in all comparative periods.  The sale of all non-cash assets excluding the real property closed effective August 14, 2014. The real estate was leased to the buyer for a minimum of one year with an option to purchase and remains in assets held for sale.

The following tables summarize the AAT assets and liabilities held for sale, the operating results for AAT and its impairment charge, and AAT’s summary cash flow components:


American Access Technologies, Inc.

Assets and Liabilities held for sale

(in thousands)  

 

 

September 30, 2014

 

 

December 31, 2013

 

 

(unaudited)

 

 

 

 

 

Current assets held for sale

$

-

 

 

$

3,113

 

Long term assets held for sale

 

650

 

 

 

2,005

 

Total assets held for sale

$

650

 

 

$

5,118

 

Current liabilities held for sale

 

-

 

 

 

536

 

Total Liabilities held for sale

 

-

 

 

 

536

 

Net assets and liabilities held for sale

$

650

 

 

$

4,582

 

 

 

American Access Technologies, Inc.

Condensed Statements of Operations

Unaudited

(in thousands)

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

2014

 

 

2013

 

 

2014

 

 

2013

 

Operating income (loss) from discontinued operations

$

(21

)

 

$

(215

)

 

$

(373

)

 

$

(350

)

Provision for income taxes

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Valuation provision ("impairment") on assets for sale

 

-

 

 

 

-

 

 

 

(2,300

)

 

 

-

 

Income taxes on discontinued operations

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Net loss after tax

$

(21

)

 

$

(215

)

 

$

(2,673

)

 

$

(350

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

American Access Technologies, Inc.

Condensed Statements of Cash Flow Components

Unaudited

(in thousands)

 

 

 

Nine Months Ended                  September 30,

 

 

 

2014

 

 

2013

 

Net cash (used in) operating activities

 

$

(1,691

)

 

$

(264

)

Net cash provided by (used in) investing activities*

 

 

2,769

 

 

 

(160

)

Net cash (used in) financing activities

 

 

-

 

 

 

(31

)

Advances (to) from parent

 

 

(1,078

)

 

 

455

 

Net increase (decrease) in cash and cash equivalents

 

$

-

 

 

$

-

 

* Includes sale proceeds of $2.3 million.

Cash is not included in assets held for sale and included in the condensed consolidated statements in cash.