Quarterly report pursuant to Section 13 or 15(d)

Description of Business and Basis of Presentation (Tables)

v3.8.0.1
Description of Business and Basis of Presentation (Tables)
9 Months Ended
Sep. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Disposal Groups, Including Discontinued Operations [Table Text Block]
Summarized operating results of discontinued operations for the three and nine months ended September 30, 2017 and 2016 are presented in the following table (in thousands):
 
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
 
2017
 
2016
 
2017
 
2016
 
 
 
 
 
 
 
 
 
 
 
Revenue, net of returns, allowances and discounts
 
$
346
 
$
499
 
$
1,255
 
$
3,155
 
Cost of revenues
 
 
113
 
 
157
 
 
397
 
 
999
 
Gross profit
 
 
233
 
 
342
 
 
858
 
 
2,156
 
Selling, general and administrative
 
 
100
 
 
175
 
 
392
 
 
863
 
Income from discontinued operations, net of tax
 
$
133
 
$
167
 
$
466
 
$
1,293
 
 
Summarized assets and liabilities of discontinued operations are presented in the following table (in thousands):
 
 
 
September 30,
 
December 31,
 
 
 
2017
 
2016
 
Accounts receivable, net
 
$
164
 
$
307
 
Escrow
 
 
300
 
 
-
 
Inventory, net
 
 
-
 
 
550
 
Total current assets
 
 
464
 
 
857
 
Intangible assets, net
 
 
-
 
 
1,893
 
Total assets
 
 
464
 
 
2,750
 
 
 
 
 
 
 
 
 
Accounts payable
 
 
19
 
 
19
 
Accrued expenses and other current liabilities
 
 
18
 
 
41
 
Total current liabilities
 
$
37
 
$
60
 
Schedule of Gain Loss on Disposal of Discontinued Operations [Table Text Block]
During the three and nine months ended September 30, 2017, the Company recorded a gain of approximately $1.7 million (net of tax of $0) on the sale of the assets related to the purchase agreement with Argentum, pursuant to the following (in thousands):
 
Proceeds from sale
 
 
 
 
 
 
 
Consideration for inventory
 
$
112
 
 
 
 
Consideration for intangible assets
 
 
3,600
 
 
 
 
Total Consideration
 
 
 
 
 
3,712
 
Less: Net book value of assets sold to Argentum
 
 
 
 
 
 
 
Inventory, net
 
 
(303)
 
 
 
 
Intangibles, net
 
 
(1,709)
 
 
 
 
Total net book value of assets
 
 
 
 
 
(2,012)
 
Gain on sale of assets
 
 
 
 
$
1,700
 
 
During the nine months ended September 30, 2016, the Company recorded a gain of approximately $3.3 million (net of tax of $0) on the sale of the assets related to the purchase agreement with BSN, pursuant to the following (in thousands):
 
Proceeds from sale
 
 
 
 
 
 
 
Consideration for inventory
 
$
603
 
 
 
 
Consideration for intangible assets
 
 
3,500
 
 
 
 
Total Consideration
 
 
 
 
 
4,103
 
Less: Net book value of assets sold to BSN
 
 
 
 
 
 
 
Inventory, net
 
 
(603)
 
 
 
 
Intangibles, net
 
 
(189)
 
 
 
 
Total net book value of assets
 
 
 
 
 
(792)
 
Gain on sale of assets
 
 
 
 
$
3,311