Quarterly report pursuant to Section 13 or 15(d)

Discontinued Operations

v3.19.2
Discontinued Operations
6 Months Ended
Jun. 30, 2019
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations

Note 11. Discontinued Operations:

 

During the quarter ended March 31, 2017, the Company made the decision to discontinue the operations of its wholly-owned subsidiary BDI. BDI had developed a proprietary Enhanced Surface Plasmon Resonance technology platform for the detection of molecular interactions. The decision to adopt this plan was made following an evaluation by the Company's Board of Directors in January 2017 of the estimated results of operations projected during the near to mid-term period for BDI, including consideration of product development required and updated sales forecasts, and estimated additional cash resources required. The Company substantially disposed of the assets and operations during 2017 by selling the assets and licensing the intellectual property rights.  The Company has recognized the exit of BDI in accordance with ASC 205-20, Discontinued Operations. As such, the historical results of BDI, following its 2016 acquisition, have been classified as discontinued operations.

 

The Company's historical financial statements have been revised to present the operating results of the BDI business as a discontinued operation. Liabilities related to the discontinued operations of BDI totaled approximately $16,000 in accounts payable as of June 30, 2019 and December 31, 2018, respectively.

 

There were no results of discontinued operations for the three and six months ended June 30, 2019. Summarized results of the discontinued operation are as follows for the three and six months ended June 30, 2018:

 

Revenue   $ 137,000  
Cost of revenue     41,000  
Gross margin     96,000  
Operating expenses     —    
Operating income     96,000  
Income from discontinued operations, net of tax   $ 96,000