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Assets Held for Sale and Liabilities Directly Associated | 9 Months Ended
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Sep. 30, 2018
Assets Held For Sale And Liabilites Direclty Associated |
ASSETS HELD FOR SALE AND LIABILITES DIRECTLY ASSOCIATED | Note 5. ASSETS HELD FOR SALE AND LIABILITES DIRECTLY ASSOCIATED WMI Group As discussed in Note 1, on March 21, 2018, the Company signed a SPA to sell all of the outstanding shares of WMI Group 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 September 30, 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
|  | September 30, 2018 |  |  | December 31, 2017 |
Assets Held for Sale |  |  |  |  |  |
Accounts Receivable, net of allowance for doubtful accounts |  | $ | 1,945,000 |  |  | $ | 2,217,000 |
Inventory, net of reserves |  |  | 9,093,000 |  |  |  | 8,065,000 |
Prepaid and other assets |  |  | 1,479,000 |  |  |  | 485,000 |
Property and equipment, net of accumulated depreciation |  |  | 754,000 |  |  |  | 878,000 |
Impairment of Assets Held for Sale |  |  | (930,000 | ) |  |  | (1,563,000 | )
Assets Held for Sale, net |  | $ | 12,341,000 |  |  | $ | 10,082,000 |
Accounts payable and accrued expenses |  |  | 1,074,000 |  |  |  | 2,138,000 |
Deferred Revenue |  |  | 2,100,000 |  |  |  | 521,000 |
Notes Payable & Capital lease obligations |  |  | - |  |  |  | 11,000 |
Deferred rent |  |  | 153,000 |  |  |  | 125,000 |
Liabilities directly associated to Assets Held for Sale |  | $ | 3,327,000 |  |  | $ | 2,795,000 |
Additionally, WMI Group’s operations were previously reported in the Company’s Aerostructures & Electronics segment. The amounts below represent WMI Group’s operations that have been excluded from this segment for the three month and nine month periods ended September 30, 2018 and 2017, respectively:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |
|  | (Unaudited) |  |  | (Unaudited) |  |  | (Unaudited) |  |  | (Unaudited) |
Segment Data |  |  |  |  |  |  |  |  |  |  |  |
Aerostructures and Electronics |  |  |  |  |  |  |  |  |  |  |  |
Net Sales |  | $ | 4,951,000 |  |  | $ | 3,588,000 |  |  | $ | 11,396,000 |  |  | $ | 10,280,000 |
Gross Profit |  |  | 1,016,000 |  |  |  | 600,000 |  |  |  | 2,127,000 |  |  |  | 2,247,000 |
Pre Tax (Loss) Income |  |  | (1,770,000 | ) |  |  | 62,000 |  |  |  | 172,000 |  |  |  | 280,000 |
Assets |  |  | 12,341,000 |  |  |  | 16,959,000 |  |  |  | 12,341,000 |  |  |  | 16,959,000 |

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