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Discontinued Operations
 9 Months Ended
Sep. 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. As of September 30, 2015, the Company has disposed of all assets and liabilities related to its Advertising Business, by the disposal of its equity interests in the Advertising Business to an independent third party.

The following financial information presents the results of operations of the Advertising Business for the three and nine months ended September 30, 2015.

 

     Three months ended
September 30, 2015		      Nine months ended
September 30, 2015		  

Revenue

    $ 47       $ 218   

Pretax income/ (loss) from operations of discontinued operations

    $ 26       $ (1,236 ) 

Pretax gain/ (loss) on disposal of discontinued operations

      376         (41,095 ) 

Income taxes

      —           (127 ) 
  

 

 

     

 

 

  

Net income/(loss) from discontinued operations

      402         (42,458 ) 

Less: Non-controlling interests

      789         (508 ) 
  

 

 

     

 

 

  

Net loss from discontinued operations attributable to IDI, Inc.

    $ (387 )     $ (41,950 ) 
  

 

 

     

 

 

  

 

The Company recorded a gain on disposal of the Advertising Business of $376 for the three months ended September 30, 2015, and a loss on disposal of the Advertising Business of $41,095 for the nine months ended September 30, 2015, the majority of which are non-cash charges, pursuant to the following:

 

     Three months ended
September 30, 2015		      Nine months ended
September 30, 2015		  

Write-off of goodwill

    $ —         $ (35,472 ) 

Write-off of intangible assets

      —           (4,080 ) 

Write-off of long-term deferred assets

      —           (517 ) 

Lease agreements early termination compensation expenses

      —           (1,211 ) 

Employee severance compensation expenses

      —           (191 ) 

Gain on write-off of acquisition consideration payable

      463         463   

Loss on disposal of equity interests

      (87 )       (87 ) 
  

 

 

     

 

 

  

Gain/(loss) on disposal of discontinued operations

    $ 376       $ (41,095 ) 
  

 

 

     

 

 

  

All related assets held for sale and liabilities held for sale in relation to the discontinued operations have been disposed.