Discontinued Operations

3 Months Ended

Mar. 31, 2015

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

8. Discontinued Operations

Discontinued operations represents the net sales and expenses related to the Company’s retail operations. The Company will continue to operate e-commerce, which was previously reported as a component of retail operations, as a component of its licensing business.

A summary of the Company’s results of discontinued operations of its retail business for the Current Quarter and Prior Year Quarter and the Company’s assets and liabilities from discontinued operations of its retail business as of March 31, 2015 and December 31, 2014 are as follows:

Results of discontinued operations:

	March 31,
	2015		2014
Net sales	$	106,000	$	26,000
Cost of sales		(120,000)		(33,000)
Operating expenses		(175,000)		(191,000)
Depreciation and amortization		-		(11,000)
Loss from disposal of discontinued operations		(164,000)		-
Income tax benefit		140,000		78,000
Loss from discontinued operations, net	$	(213,000)	$	(131,000)
Loss per share from discontinued operations, net:
Basic and Diluted	$	(0.01)	$	(0.01)
Weighted average shares outstanding:
Basic and Diluted		14,069,419		10,830,312

Assets and liabilities of discontinued operations:

	March 31,		December 31,
	2015		2014
Inventory	$	141,000	$	214,000
Prepaid expenses and other current assets		58,000		63,000
Deferred tax asset		226,000		226,000
Total current assets	$	425,000	$	503,000
Property and equipment, net	$	-	$	112,000
Other long-term assets		-		11,000
Total long-term assets	$	-	$	123,000
Accounts payable and accrued expenses	$	180,000	$	157,000
Other current liabilities		81,000		61,000
Total liabilities	$	261,000	$	218,000