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Discontinued Operations

6 Months Ended

Jun. 30, 2020

Discontinued Operations and Disposal Groups [Abstract]

DISCONTINUED OPERATIONS

Note 2. DISCONTINUED OPERATIONS

As discussed in Note 1, the Company disposed of its EPC and ECC subsidiaries in March 2019. As required, the Company has retrospectively recast its condensed consolidated statements of operations for the 2019 period presented. As such, these businesses are reported as discontinued operations for the three and six months ended June 30, 2019. The Company has not segregated the cash flows of these businesses in the condensed consolidated statements of cash flows. Management was also required to make certain assumptions and apply judgment to determine historical expenses related to the discontinued operations presented in prior periods. Unless noted otherwise, discussion in the Notes to Condensed Consolidated Financial Statements refers to the Company's continuing operations.

The following table presents the results of discontinued operations presented separately in the condensed consolidated statement of operations for the three and six months ended June 30, 2019:

		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2019				2019
		(unaudited)				(unaudited)
Net revenue		$	-			$	132,000
Cost of goods sold			-				105,000
Gross profit			-				27,000
Operating expenses:
Selling, general and administrative			-				96,000
Gain on impairment of assets			-				41,000
Total operating loss			-				(28,000	)
Interest expense			-				(1,000	)
Other income			-				101,000
Income from discontinued operations before income taxes			-				72,000
Provision for income taxes			-				-
Income from discontinued operations, net of income tax		$	-			$	72,000

Non-cash operating amounts for discontinued operations for the three and six months ended June 30, 2019 include depreciation and amortization of $0 and $6,000, respectively. There were no capital expenditures for discontinued operations for both the three and six months ended June 30, 2019. There were no other significant non-cash operating amounts or investing items of the discontinued operations for the period.

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- References

No definition available.

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- Definition

The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-URI http://asc.fasb.org/topic&trid=2155823

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-URI http://asc.fasb.org/subtopic&trid=2122178

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