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DISCONTINUED OPERATIONS | 12 Months Ended
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Dec. 31, 2013
Notes to Financial Statements |
12. DISCONTINUED OPERATIONS | As a result of our financial condition and inability to secure additional funding or significantly improve our liquidity position management reevaluated its strategic plan. Management developed and implemented a plan to scale back operations. We cannot continue to support the working capital needs of four pharmacies. As a result, management has decided to close two pharmacies in order to reduce overall fixed pharmacy costs by 50% and concentrate our limited working capital to support the operations of the two remaining pharmacies we believe have the best prospects. Management considered several factors in determining which two pharmacies to close, including historical financial performance, regulatory costs, current sales prospects, geographic and physical location and strength of existing physician relationships. After consideration of these factors, management closed our Gresham and Riverside pharmacies on August 5, 2013 and August 8, 2013, respectively. We recorded approximately $743,317 in expenses related to the closing of the facilities which included lease costs, asset impairment and goodwill impairment in the year ended December 31, 2013. These closures met the discontinued operations criteria, and according is included in discontinued operations for all periods presented. The Company’s Gain or (loss) from operations of discontinued pharmacies, net of tax benefit for the year ended December 31, 2013 and 2012, respectively are detailed as follows:
|  | Year Ended December 31, |
|  | 2013 |  |  | 2012 |
Sales |  | $ | 2,270,536 |  |  | $ | 8,509,338 |
Cost of sales |  |  | 1,740,863 |  |  |  | 6,769,696 |
Gross profit |  |  | 529,673 |  |  |  | 1,739,642 |
Operating expenses |  |  | 755,128 |  |  |  | 1,690,248 |
Impairment of goodwill |  |  | 697,766 |  |  |  | - |
Loss from discontinued operations |  |  | (923,221 | ) |  |  | 49,394 |
Other expenses |  |  |  |  |  |  |  |
Interest expense, net |  |  | 14,151 |  |  |  | 75,455 |
Income tax benefit |  |  | (328,080 | ) |  |  | (9,121 | )
Gain or (loss) from operations of discontinued pharmacies, net of tax benefit |  | $ | (609,292 | ) |  | $ | (16,940) |
The Company’s assets and liabilities for discontinued operations included in the consolidated balance sheet as of December 31, 2013 and 2012 are detailed as follows:
|  | December 31, 2013 |  |  | December 31, 2012 |
ASSETS |  |  |  |  |  |
Current Assets |  |  |  |  |  |
Accounts receivable, net |  | $ | 4,048 |  |  | $ | 343,259 |
Inventories |  |  | - |  |  |  | 211,427 |
Prepaid and other current assets |  |  | - |  |  |  | 12,113 |
Assets of discontinued operations |  | $ | 4,048 |  |  | $ | 566,799 |
Other receivables, net |  |  | 140,563 |  |  |  | 206,736 |
Property and equipment, net |  |  | - |  |  |  | 15,670 |
Goodwill |  |  | - |  |  |  | 697,766 |
Assets of discontinued operations, non-current, net |  | $ | 140,563 |  |  | $ | 920,172 |
LIABILITIES |  |  |  |  |  |  |  |
Current Liabilities |  |  |  |  |  |  |  |
Accounts payable and accrued expenses |  |  | 150,652 |  |  |  | 2,655,303 |
Liabilities of discontinued operations |  | $ | 150,652 |  |  | $ | 2,655,303 |

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