Annual report pursuant to Section 13 and 15(d)

DISCONTINUED OPERATIONS (Tables)

v3.19.1
DISCONTINUED OPERATIONS (Tables)
 12 Months Ended
Dec. 31, 2018
Discontinued Operations and Disposal Groups [Abstract]  
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,		  
    2018     2017  
             
Services revenue   $ —     $ 4,082,200  
                 
Services costs     —       3,070,200  
General and administrative expenses     —       117,800  
Salaries and related expenses     —       208,900  
Other (income) expense     (41,000 )     (9,000 )
Total expenses     (41,000 )     3,387,900  
                 
Operating income     (41,000 )     694,300  
Income tax benefit     —       —  
                 
Total income from discontinued operations   $ (41,000 )   $ 694,300  
Schedule of gain on disposal of rail operations

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   $ 714,300  
Carrying value of net assets   $ 653,600