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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