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ASSETS HELD FOR SALE AND LIABILITES DIRECLTY ASSOCIATED

3 Months Ended

Mar. 31, 2018

Assets Held For Sale And Liabilites Direclty Associated

ASSETS HELD FOR SALE AND LIABILITES DIRECLTY ASSOCIATED

WMI

As discussed in Note 1, on March 21, 2018, the Company signed a Stock Purchase Agreement to sell all of the outstanding shares of WMI to CPI for a purchase price of $9,000,000, subject to a working capital adjustment, and a contingent payment of $1,000,000. At March 31, 2018 and December 31, 2017, the Company reclassified its assets held for sale and the liabilities directly associated to these assets. The components of these assets and liabilities are as follows:

Components of Assets Held for Sale and Liabilities Directly Associated

Assets Held for Sale	March 31, 2018			December 31, 2017
Accounts Receivable, net of allowance for doubtful accounts	$	1,687,000		$	2,217,000
Inventory, net of reserves		9,052,000			8,065,000
Prepaid and other assets		436,000			485,000
Property and equipment, net of accumulated depreciation		837,000			878,000
Impairment of Assets Held for Sale		(1,600,000	)		(1,563,000	)

Assets Held for Sale	$	10,412,000		$	10,082,000

Accounts payable and accrued expenses		1,966,000			2,138,000
Deferred Revenue		689,000			521,000
Notes Payable & Capital lease obligations		8,000			11,000
Deferred rent		134,000			125,000

Liabilities directly associated to Assets Held for Sale	$	2,797,000		$	2,795,000

Additionally, WMI's operations were previously reported in the Company's Aerostructures & Electronics segment. The amounts below represent WMI's operations that have been excluded from this segment for the three months ended March 31, 2018 and 2017, respectively:

Segment Data
Aerostructures & Electronics		2018			2017
Net Sales	$	2,543,000		$	3,479,000
Gross Profit (Loss)		392,000			(10,000	)
Pre Tax (Loss) Income		(92,000	)		(700,000	)
Assets		10,412,000			15,409,000