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Assets Held for Sale and Liabilities Directly Associated
 9 Months Ended
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