XML 31 R14.htm IDEA: XBRL DOCUMENT v3.19.1
Assets Held for Sale and Liabilities Directly Associated
 12 Months Ended
Dec. 31, 2018
Assets Held for Sale and Liabilites Direclty Associated [Abstract]  
ASSETS HELD FOR SALE AND LIABILITES DIRECTLY ASSOCIATED

Note 8. ASSETS HELD FOR SALE AND LIABILITES DIRECTLY ASSOCIATED

 

WMI

 

As discussed in Note 1, on December 20, 2018, the Company sold all of its outstanding shares of WMI and its subsidiaries to CPI for a purchase price of $9,000,000, reduced by a working capital adjustment of ($1,093,000). At 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

 

   December 31,
2017		 
Assets Held for Sale    
Accounts Receivable, net of allowance for doubtful accounts  $2,217,000 
Inventory, net of reserves   8,065,000 
Prepaid and other assets   485,000 
Property and equipment, net of accumulated depreciation   878,000 
Impairment of Assets Held for Sale   (1,563,000)
      
Assets Held for Sale  $10,082,000 
      
Accounts payable and accrued expenses   2,138,000 
Deferred Revenue   521,000 
Notes Payable & Capital lease obligations   11,000 
Deferred rent   125,000 
      
Liabilities directly associated to Assets Held for Sale  $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 years ended December 31, 2018 and 2017, respectively:

 

Segment Data   2018     2017  
Aerostructures & Electronics             
Net Sales   $ 13,853,000     $ 13,129,000  
Gross Profit     256,000       1,884,000  
Pre Tax (Loss) Income     (1,042,000)       (6,678,000 )
Assets     -       10,082,000