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Note 8 - Asset and Liabilities Held for Sale
3 Months Ended
Mar. 31, 2021
Notes to Financial Statements  
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]
NOTE
8:
ASSET AND LIABILITIES HELD FOR SALE
 
In order to increase the Company's liquidity and to provide necessary working capital to support its on-going business and operations, the Company is selling the
555
Building. Management has determined the
555
Building is
not
needed for present and future business operations, and any remaining elements of the Materials Business can be consolidated into the
355
Building, which management believes can accommodate any needs for the Company's growth for the foreseeable future.
 
On
March 29, 2021,
the Company entered into an agreement with Steel K, LLC for the sale of the
555
Building. The purchase price is
$24,360,000,
and the closing of the sale is subject to the satisfaction or waiver of certain conditions to closing or contingencies. A portion of the sale proceeds would be used to satisfy the existing mortgage debt on the
555
Building in the approximate amount of
$9.2
million at
March 31, 2021,
and for various costs related to the sale closing in an amount to be determined. The excess proceeds will be used for general working capital purposes. As a result, the Company has classified the carrying value of the building of
$16.2
million as Assets held for sale (which was utilized by CVD Materials) as part of current assets at
March 31, 2021,
which were previously recorded at
December 31, 2020
and prior as part of property, plant and equipment on the Company's consolidated balance sheet.
 
In addition, the Note related to the
555
Building was classified as part of current liabilities at
March 31, 2021,
Liabilities Held For Sale in the amount of
$9.2
million, which were previously recorded at
December 31, 2020
and prior as part of both current and long term debt on the Company's consolidated balance sheet.