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BTGI $10,796,400 Reduction of Debt, and Gross Income:

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Amended Quarterly Report (10-q/a) "Edgar (US Regulatory)" - 8/25/2017 4:26:39 PM
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Notification That Quarterly Report Will Be Submitted Late (nt 10-q) "Edgar (US Regulatory)" - 8/14/2017 11:24:03 AM
Current Report Filing (8-k) "Edgar (US Regulatory)" - 7/26/2017 5:32:00 PM
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Quarterly Report (10-q) "Edgar (US Regulatory)" - 5/22/2017 5:16:11 PM
Form DEF 14C - Other definitive information statements "Edgar (US Regulatory)" - 5/15/2017 4:30:00 PM
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Statement of Changes in Beneficial Ownership (4) "Edgar (US Regulatory)" - 3/31/2017 3:04:17 PM
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Amended Quarterly Report (10-q/a) "Edgar (US Regulatory)" - 2/24/2017 12:49:06 PM
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Notification That Quarterly Report Will Be Submitted Late (nt 10-q) "Edgar (US Regulatory)" - 2/14/2017 3:44:28 PM
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Annual Report (10-k) "Edgar (US Regulatory)" - 1/13/2017 1:16:49 PM
Notification That Annual Report Will Be Submitted Late (nt 10-k) "Edgar (US Regulatory)" - 1/3/2017 1:29:21 PM
sharky Member Level  Thursday, 06/01/17 09:18:59 PM
Re: None
Post # of 41162 
BTGI $10,796,400 Reduction of Debt, and Gross Income: On March 29, 2017, the Company entered into a Member Purchase Agreement, to sell all of the membership interests of Bulova Technologies Ordnance Systems LLC BTGI wholly-owned subsidiary. The buyer is an independent third party and has no prior relationship to the Company and / or its officers. The Company recognized a gain on the deconsolidation of this subsidiary within the accounting for this discontinued operation as of March 31, 2017.

Summarized operating results for discontinued operations is as follows:


Three Months Ended March 31,

Six Months Ended March 31,


2017

2016

2017

2016


Revenue
$ - $ - $ - $ -
Cost of Sales
- - - -
Gross profit
- - - -
Operating expenses and interest
(4,588 ) (467,135 ) (33,385 ) (470,562 )
Other income (expense)
- - - -
Income (loss) from operations
(4,588 ) (467,135 ) (33,385 ) (470,562 )
Gain on de-consolidation of subsidiary
$10,796,400 - $10,796,400 -
Income tax benefit
- - - -
Income (loss) from discontinued operations, net of tax
$ 10,791,812 $ (467,135 ) $ 10,763,015 $ (470,562 )

The income (loss) from discontinued operations above do not include any income tax effect as the Company was not in a taxable position due its continued losses and a full valuation allowance.


$BTGI


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