Annual report pursuant to Section 13 and 15(d)

ASSETS AND LIABILITIES HELD FOR SALE AND DISCONTINUED OPERATIONS (Tables)

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ASSETS AND LIABILITIES HELD FOR SALE AND DISCONTINUED OPERATIONS (Tables)
12 Months Ended
Dec. 31, 2017
Assets And Liabilities Held For Sale And Discontinued Operations  
Schedule of assets and liabilities held for sale

Assets and liabilities held for sale were comprised of the following:

 

    December 31, 
2017
    December 31,
2016
 
             
Accounts receivable, net   $     $ 841,800  
Property and equipment, net           156,200  
Other           26,600  
Total Assets held for sale   $     $ 1,024,600  

 

Accounts payable   $     $ 513,500  
Accrued expenses and other           89,600  
 Total Liabilities held for sale   $     $ 603,100  
Schedule of major classes of line items constituting pretax loss on discontinued operations

Major classes of line items constituting pretax loss on discontinued operations:

 

    For the year ending 
December 31,
 
    2017     2016  
             
Services revenue   $ 4,082,200     $ 4,029,700  
                 
Services costs     3,070,200       3,146,500  
General and administrative expenses     117,800       203,200  
Salaries and related expenses     208,900       253,300  
Other (income) expense     (9,000 )     3,400  
Total expenses     3,387,900       3,606,400  
                 
Operating income     694,300       423,300  
Income tax benefit            
                 
Total income from discontinued operations   $ 694,300     $ 423,300  
Schedule of gain on disposal

Total gain on disposal of rail operations:

 

    July 31, 2017  
       
Consideration from sale   $ 2,641,000  
Net present value of future consideration     824,000  
Carrying value of net assets*     (653,600 )
Gross gain on disposal     2,811,400  
Closing costs     (116,100 )
Total gain on sale of rail operations   $ 2,695,300  
         
*Carrying value of net assets        
         
Accounts receivable, net   $ 1,130,500  
Property and equipment, net     177,200  
Other     60,200  
Total Assets   $ 1,367,900  
         
Accounts payable   $ 678,600  
Accrued expenses and other     35,700  
Total Liabilities   $ 642,900  
Carrying value of net assets   $ 653,600