• Filing Date: 2019-11-15
  • Form Type: 10-Q/A
  • Description: Quarterly report (Amendment)
v3.19.3
HELD FOR SALE OPERATIONS (Tables)
9 Months Ended
Sep. 30, 2019
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued operations

The assets and liabilities classified as held for sale operations in the Company's condensed consolidated financial statements as of September 30, 2019 and December 31, 2018 are shown below (dollars in thousands). 

 

   

September 30,

2019

   

December 31,

2018

 
ASSETS            
Cash and cash equivalents   $ 226     $ 90  
Accounts receivable, net     2,981       2,289  
Other current assets, net     322       257  
  Total current assets     3,529       2,636  
Property and equipment, net     138       176  
Right-of-use lease assets, net     154       -  
Goodwill     1,691       1,691  
Intangible assets, net     1,994       2,208  
Deposits and other long-term assets     9       79  
Total assets held for sale   $ 7,515     $ 6,790  
LIABILITIES                
Accounts payable and accrued expenses   $ 942     $ 800  
Short-term borrowings     1,623       1,095  
Lease liability, short term     110       -  
Other liabilities, current portion     5       -  
Total current liabilities held for sale     2,680       1,895  
Other long-term liabilities     120       90  
Lease liability, long term     59       -  
Total liabilities held for sale   $ 2,859     $ 1,985  

    

The major components of the operations held for sale, net of tax, are presented in the condensed consolidated statements of operations below (dollars in thousands).

 

    For the Three Months ended September 30,     For the Nine Months ended September 30,  
    2019     2018     2019     2018  
             
Revenue   $ 6,205     $ 7,242     $ 20,260     $ 21,435  
Cost of revenue     5,378       6,263       17,551       18,694  
Gross profit     827       979       2,709       2,741  
Operating expenses:                                
General and administrative expenses     755       809       2,744       2,352  
Selling and marketing expenses     93       93       142       241  
Operating expenses     848       902       2,886       2,593  
Income (loss) from operations     (21 )     77       (177 )     148  
Other income (expense):                                
Loss on extinguishment of debt     (31 )     -       (31 )     -  
Interest expense     (108 )     (30 )     (209 )     (96 )
Other income     -     -       2     -  
Total other expense     (139 )     (30 )     (238 )     (96 )
Income (loss) from operations held for sale   (160 )   47     (415 )   52  
Income tax provision from operations held for sale       (12      (22      (35      (22
Net income (loss) from operations held for sale     (172    25      (450    30