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Discontinued Operations | 6 Months Ended
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Jun. 30, 2015
Discontinued Operations and Disposal Groups [Abstract] |
Discontinued Operations | NOTE 2 – DISCONTINUED OPERATIONS As mentioned above, on June 30, 2015, the Company’s Board of Directors approved the plan to discontinue the Advertising Business. The Company recognized the transactions in accordance with ASC 205-20 Discontinued Operations. The following financial information presents the results of operations of the Advertising Business for the three and six months ended June 30, 2015.
|  | Three months ended June 30, 2015 |  |  | Six months ended June 30, 2015 |
Revenue from advertising business |  | $ | 162 |  |  | $ | 171 |
Pretax loss from operations of discontinued operations |  | $ | (1,171 | ) |  | $ | (1,262 | )
Pretax loss on disposal of discontinued operations |  |  | (41,471 | ) |  |  | (41,471 | )
Income tax expenses |  |  | (127 | ) |  |  | (127 | )
Less: Non-controlling interests |  |  | (1,280 | ) |  |  | (1,297 | )
Net loss from discontinued operations |  | $ | (41,489 | ) |  | $ | (41,563 | )
The Company recorded a loss on disposal of the Advertising Business of $41,471, the majority of which are non-cash charges, pursuant to the following:
Write-off of goodwill |  | $ | 35,472 |
Write-off of intangible assets |  |  | 4,080 |
Write-off of long-term deferred expenses |  |  | 517 |
Lease agreement early termination expenses |  |  | 1,211 |
Employee severance expenses |  |  | 191 |
Loss on disposal of discontinued operations |  | $ | 41,471 |
As of June 30, 2015, the assets held for sale and liabilities held for sale in relation to the discontinued operations (reported at the lower of carrying value or fair value less costs to sell) were made up of the following items:
Cash and cash equivalents |  | $ | 72 |
Accounts receivable, net |  |  | 159 |
Prepaid expenses and other current assets |  |  | 211 |
Property and equipment |  |  | 150 |
Assets held for sale |  | $ | 592 |
Accounts payable |  | $ | 423 |
Accrued expenses and other payables |  |  | 312 |
Acquisition consideration payable |  |  | 463 |
Liabilities held for sale |  | $ | 1,198 |
The acquisition consideration payable of $463 was payable in stock to the former equity owners of Shanghai Botang Advertising Co., Ltd. (“Shanghai Botang”), one of the Company’s acquired advertising entities.

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=51716988&loc=SL51721533-107759 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721665-107760 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5C -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721675-107760 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=51719941&loc=SL51724579-110230 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4A -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721663-107760 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=51719941&loc=d3e2941-110230 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=51717284&loc=d3e1361-107760 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5B -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721673-107760 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721659-107760 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5A -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721671-107760 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5D -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721677-107760 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=51717284&loc=d3e1474-107760 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721683-107760 + Details
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