XML 24 R11.htm IDEA: XBRL DOCUMENT v3.5.0.2
Discontinued operations
 9 Months Ended
Sep. 30, 2016
Discontinued Operations And Disposal Groups [Abstract]  
Discontinued operations

 

4. Discontinued operations

On June 30, 2015, in connection with the Company’s strategy to focus primarily on the big data and analytics sector via its consolidated subsidiaries, the Company’s Board of Directors approved a plan under which the Company discontinued the operations of its Chinese- and British Virgin Islands-based subsidiaries (collectively, 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 three and nine months ended September 30, 2015.

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

(In thousands)

 

September 30, 2015

 

 

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 tax expenses

 

 

-

 

 

 

127

 

Less: Non-controlling interests

 

 

789

 

 

 

(508

)

Net loss from discontinued operations attributable to cogint

 

$

(387

)

 

$

(41,950

)

 

Loss on disposal of discontinued operations was composed of the following items:

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

(In thousands)

 

September 30, 2015

 

 

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

)