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Discontinued operations
 12 Months Ended
Dec. 31, 2015
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued operations

5. Discontinued operations

As mentioned in Note 2 - Organization, 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 Topic 205-20, “Discontinued Operations”. 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 in 2015 for $0.

The following financial information presents the results of operations of the Advertising Business for the year ended December 31, 2015.

 

(In thousands)    Year Ended
December 31, 2015		  

Revenue

    $ 218   

Pretax loss from operations of discontinued operations

    $ (1,236 ) 

Pretax loss on disposal of discontinued operations

      (41,095 ) 

Income tax expenses

      127  

Less: Non-controlling interests

      (508 ) 
  

 

 

  

Net loss from discontinued operations

    $ (41,950 ) 
  

 

 

  

 

Included in the net loss from discontinued operations, the Company recorded a loss on disposal of the Advertising Business of $41,095 for the year ended December 31, 2015, the majority of which are non-cash charges, pursuant to the following:

 

(In thousands)    Year Ended
December 31, 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   

Loss on disposal of equity interests

      (87 ) 
  

 

 

  

Loss on disposal of discontinued operations

    $ (41,095 )