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5. Discontinued Operations: Sale of Assets (Tables)
 3 Months Ended
Jun. 30, 2020
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of allocation of sale price
Customer base  $850,000 
Less: Funds remaining in escrow   (60,000)
Less: Services due from buyer   (100,000)
Less: Working capital adjustment   (80,000)
Total proceeds  $610,000 
Assets and liabilities of disposal group

The carrying value of the assets and liabilities of discontinued operations on the condensed consolidated balance sheets as of June 30, 2020 and March 31, 2020 were as follows:

 

    

June 30,

2020

    

March 31,

2020

 
Assets          
Accounts receivable (net)  $–   $89,000 
Inventory   –    11,000 
Operating lease, right of use   –    604,000 
Total current assets of discontinued operations  $–   $704,000 
           
Liabilities          
Accounts payable  $–   $18,000 
Operating lease   –    117,000 
Total current liabilities of discontinued operations  $–   $135,000 
           
Operating lease  $–   $511,000 
Total Long-term liabilities of discontinued operations  $–   $511,000 

 

The operations of its Micromed business included in discontinued operations as restated is summarized as follows:

 

  

Three Months Ended

June 30, 

 
   2020   2019 
Revenues  $212,000   $216,000 
Cost of Revenues   53,000    143,000 
Selling, general and administrative expenses   5,000    32,000 
Income from discontinued operations before tax   154,000    41,000 
Gain on disposal of discontinued operations before income taxes   795,000    – 
Total income from discontinued operations, before tax   949,000    41,000 
Income Tax benefit (expense)   –    – 
Income from discontinued operations, net of tax