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DISCONTINUED OPERATIONS | 6 Months Ended
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Jun. 30, 2014
Notes to Financial Statements |
Note 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 could not support the working capital needs of four pharmacies, so management decided to close two pharmacies to reduce overall fixed pharmacy costs by 50% and concentrate our limited working capital to support the operations of the two remaining pharmacies that, 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, Oregon and Riverside, California pharmacies on August 5, 2013 and August 8, 2013, respectively. We recorded approximately $743,317 in expenses related to the closing of the facilities, including lease costs, asset impairment and goodwill impairment during the year ended December 31, 2013. These closures met the discontinued operations criteria and, accordingly, are included in discontinued operations for all periods presented. The Company’s loss from operations of discontinued pharmacies, net of tax benefit for the three and six months ended June 30, 2014 and 2013, respectively are detailed as follows:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013 |
Sales |  | $ | - |  |  | $ | 906,980 |  |  | $ | - |  |  | $ | 2,107,730 |
Cost of sales |  |  | - |  |  |  | 703,682 |  |  |  | - |  |  |  | 1,606,794 |
Gross profit |  |  | - |  |  |  | 203,298 |  |  |  | - |  |  |  | 500,936 |
Operating expenses |  |  | 13,613 |  |  |  | 272,337 |  |  |  | 27,894 |  |  |  | 573,307 |
Impairment of goodwill |  |  | - |  |  |  | 697,766 |  |  |  | - |  |  |  | 697,766 |
Loss from discontinued operations |  |  | (13,613 | ) |  |  | (766,805 | ) |  |  | (27,894 | ) |  |  | (770,137 | )
Other expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense, net |  |  | 1,031 |  |  |  | 1,537 |  |  |  | 2,051 |  |  |  | 10,197 |
Tax benefit |  |  | (5,125 | ) |  |  | (268,920 | ) |  |  | (10,481 | ) |  |  | (273,117 | )
Loss from operations of discontinued pharmacies, net of tax benefit |  | $ | (9,519 | ) |  | $ | (499,422 | ) |  | $ | (19,464 | ) |  | $ | (507,217 | )
The Company’s assets and liabilities for discontinued operations included in the consolidated balance sheet as of June 30, 2014 and December 31, 2013 are detailed as follows:
|  | June 30, |  |  | December 31, |
|  | 2014 |  |  | 2013 |
ASSETS |  |  |  |  |  |
Current Assets |  |  |  |  |  |
Accounts receivable, net |  | $ | 468 |  |  | $ | 4,048 |
Prepaid and other current assets |  |  | - |  |  |  | - |
Assets of discontinued operations |  | $ | 468 |  |  | $ | 4,048 |
Other receivables, net |  |  | 136,440 |  |  |  | 140,563 |
Assets of discontinued operations, non-current, net |  | $ | 136,440 |  |  | $ | 140,563 |
LIABILITIES |  |  |  |  |  |  |  |
Current Liabilities |  |  |  |  |  |  |  |
Accounts payable and accrued expenses |  |  | 95,649 |  |  |  | 150,652 |
Liabilities of discontinued operations |  | $ | 95,649 |  |  | $ | 150,652 |

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- Definition The entire disclosure for the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2941-110230 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e957-107759 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1012-107759 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1510-107760 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1020-107759 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=8077374&loc=d3e2443-110228 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1474-107760 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1436-107760 + Details
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