Annual report pursuant to Section 13 and 15(d)

Sale of Power Conversion Systems Division (Tables)

v3.20.1
Sale of Power Conversion Systems Division (Tables)
 12 Months Ended
Dec. 31, 2019
Sale of Power Conversion Systems Division  
Schedule of Discontinued Operations and Assets Held for Sale

 

 

 

 

 

 

December 31, 

 

    

2018

Accounts receivable, net

 

$

270,768

Inventories, net

 

 

131,342

Prepayments and other current assets

 

 

22,322

Property and equipment, net

 

 

329,738

Intangible assets, net

 

 

342,153

Current assets held for sale (1)

 

$

1,096,323

 

 

 

  

Accounts payable

 

$

356,113

Accrued expenses

 

 

521,642

Current liabilities held for sale

 

$

877,755

(1)

The assets of the discontinued operations classified as held for sale are classified as current on the December 31, 2018 balance sheet as it was deemed probable that the sale would occur and proceeds would 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:

 

 

 

 

 

 

 

 

 

 

December 31, 

 

    

2019

    

2018

Product revenue

 

$

115,000

 

$

1,624,773

Cost of product revenue

 

 

141,647

 

 

1,968,648

Research and development

 

 

228,641

 

 

2,095,138

General and administrative

 

 

79,306

 

 

59,873

Sales and marketing

 

 

59,431

 

 

774,500

Impairment (1)

 

 

405,000

 

 

360,000

Loss on discontinued operations

 

$

(799,025)

 

$

(3,633,386)

(1)Impairment charge was calculated as the net book value of assets held for sale prior to the impairment less the expected net proceeds from the planned sale. The expected net proceeds were 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. For the year ended December 31, 2019, the Company recorded a loss on the sale of discontinued operations of $9,107.