6. Discontinued Operations (Tables)

9 Months Ended

Sep. 30, 2015

	Nine Months Ended September 30,
	2015

Sales	$	1,875,670
Cost of goods sold		2,276,007
Gross margin		(400,337	)
Operating expenses:
Depreciation and amortization		374,543
Selling and marketing		13,444
General and administrative		1,055,554
Professional fees		57,911
Impairment of goodwill and other intangible assets		9,156,190
Total operating expenses		10,657,642
Loss from operations before other income (expense) and income taxes		(11,057,979	)
Other income (expense)
Interest income (expense), net		(859	)
Other gains (losses)		2,685,000
Total other income (expense)		2,684,141
Loss from continuing operations before income taxes		(8,373,838	)
Provision for income taxes (benefit)		(409,200	)
Loss from discontinued operations, net of income taxes as presented in the Consolidated Statements of Operations	$	(7,964,638	)

Schedule of liabilities and assets of ESCO

	Successor
	December 31,
	2014
Carrying amounts of major classes of assets included as part of discontinued operations
Current assets:
Cash and cash equivalents	$	172,925
Accounts receivable, net		2,593,743
Costs and earnings in excess of billings		525,432
Inventory, net		48,552
Prepaid expenses and other current assets		37,790
Total current assets included in the disposal group classified as held for sale		3,378,442
Property and equipment, net		137,628
Goodwill		8,658,492
Intangible assets, net		4,465,427
Other assets		5,181
Total noncurrent assets included in the disposal group classified as held for sale		13,266,728
Total assets of the disposal group classified as held for sale in the Consolidated Balance Sheets	$	16,645,170

Carrying amounts of major classes of liabilities included as part of discontinued operations
Current liabilities:
Accounts payable	$	1,164,889
Accrued liabilities		602,342
Billings in excess of costs and earnings		836,975
Loans payable -- current		12,644
Senior secured promissory notes, net — current		255,355
Related party payables		507,500
Income taxes payable		2,999
Total current liabilities included in the disposal group classified as held for sale		3,382,704
Loans payable		10,384
Senior secured promissory notes, net of loan discounts		1,998,479
Deferred tax liabilities, net -- noncurrent		1,143,600
Contingent purchase consideration		2,685,000
Other noncurrent liabilities		425,000
Total noncurrent liabilities included in the disposal group classified as held for sale		6,262,463
Total liabilities of the disposal group classified as held for sale in the Consolidated Balance Sheets		9,645,167

Net assets held for sale	$	7,000,003

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

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+ Details

ForceField Energy Inc. 10-Q