Quarterly report pursuant to Section 13 or 15(d)

Discontinued Operations (Tables)

v3.19.1
Discontinued Operations (Tables)
 3 Months Ended
Mar. 31, 2019
Discontinued Operations and Disposal Groups [Abstract]  
Disposal Groups, Including Discontinued Operations
The following is a reconciliation of the carrying amounts of major classes of assets and liabilities of the discontinued operations to assets and liabilities held for sale:
 
 
 
March 31,
 
 
December 31,
 
 
 
2019
 
 
2018
 
Accounts receivable, net
 
$
47,250
 
 
$
270,768
 
Inventories, net
 
 
134,082
 
 
 
131,342
 
Prepayments and other current assets
 
 
17,336
 
 
 
22,322
 
Property and equipment, net
 
 
327,122
 
 
 
329,738
 
Intangible assets, net (1)
 
 
202,153
 
 
 
342,153
 
Current assets held for sale (2)
 
$
727,943
 
 
$
1,096,323
 
 
 
 
 
 
 
 
 
 
Accounts payable
 
$
41,773
 
 
$
356,113
 
Accrued expenses
 
 
459,663
 
 
 
521,642
 
Current liabilities held for sale
 
$
501,436
 
 
$
877,755
 
 
 
(1)
Includes an impairment charge of $500,000 of which $140,000 was recognized in the three months ended March 31, 2019, calculated as the net book value of assets held for sale prior to the impairment less the expected proceeds from the planned sale. The expected proceeds are based on the estimated fair value of the net assets held for sale less the estimated cost to sell the net assets held for sale.
 
(2)
The assets of the discontinued operations classified as held for sale are classified as current on the March 31, 2019 and December 31, 2018 balance sheets because it is probable that the sale will occur and proceeds will be collected within one year.
 
The following is a reconciliation of the major classes of line items constituting loss on discontinued operations to loss on discontinued operations shown in the Statement of Operations:
 
 
 
March 31,
 
 
 
2019
 
 
2018
 
Product revenue
 
$
113,500
 
 
$
181,500
 
Cost of product revenue
 
 
98,768
 
 
 
334,963
 
Research and development
 
 
160,284
 
 
 
663,239
 
General and administrative
 
 
25,506
 
 
 
9,889
 
Sales and marketing
 
 
36,117
 
 
 
254,243
 
Impairment (1)
 
 
140,000
 
 
 
—
 
Loss on discontinued operations
 
$
(347,175
)
 
$
(1,080,834
)