Discontinued Operations

3 Months Ended

Mar. 31, 2014

Discontinued Operations and Disposal Groups [Abstract]

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

Note 4 – Discontinued Operations

The Company has accounted for the Real Estate Division as discontinued operations and, accordingly, has restated all prior period information.

On February 26, 2013, the Company completed a short sale of its real estate rental property located in Santa Fe, New Mexico for a purchase price of $1.6 million since it did not relate to the core business of the Company.  As of December 31, 2012, the assets had a book value of $734,000 and the Company had a $1.7 million mortgage on the property at a variable rate of interest of Prime, with a floor of 6.75%, payable in monthly installments, which matured December 12, 2012.  As a result of the sale, the mortgage was satisfied and a gain on the sale of assets of $1.1 million was recorded in the three months ended March 31, 2013.

The results of operations related to this disposal have been reclassified in the Condensed Consolidated Financial Statements as discontinued operations.  There were no remaining assets or liabilities to be reported as discontinued operations as of March 31, 2014 or December 31, 2013.  There were no discontinued operations for the three months ended March 31, 2014.

The following table presents the financial results of the discontinued operations for the three months ended March 31, 2013:

In thousands, except per share data
Revenues	$	3
Cost of revenues		13
Gross profit (loss)		(10)
General and administrative expenses		(2)
Operating loss		(12)
Interest expense, net		(18)
Gain on sale of assets		1,052
Income from discontinued operations		1,022
Income per share discontinued operations – basic and diluted	$	1.00