Innovaro, Inc. Reports Financial Results For The Three Months Ended June 30, 2012
The Company has determined that these divisions meet the criteria for classification as discontinued operations as of June 30, 2012. Should the sale be completed, the operations and cash flows of these divisions will be eliminated from the Company’s ongoing operations, and the Company will have no significant continuing involvement in these divisions’ operations. Based on an estimate of proceeds from the sale of these divisions, the Company recognized impairment totaling $255,126 in the second quarter of 2012. The Company has reflected the operations of these divisions as discontinued operations in the statements of comprehensive income for all periods presented in this press release and in the Form 10-Q. In addition, the Company has classified the assets and liabilities of the discontinued divisions as current and noncurrent assets and liabilities held for sale in the consolidated balance sheets for all periods presented in this press release and in the Form 10-Q. Substantially all the cash flows from discontinued operations for all periods presented relate to operating activities, and accordingly, the Company has presented cash flows from discontinued operations as a single line item in the consolidated statements of cash flows in this press release and in the Form 10-Q.
The summary of comparative revenue is as follows:
|Revenue for the quarter ended||June 30, 2012||March 31, 2012||June 30, 2011|
|From continuing operations||$1,900,000||$800,000||$4,700,000|
|From discontinued operations||$500,000||$400,000||$600,000|
|From all operations||$2,400,000||$1,200,000||$5,300,000|
Our total assets were $15.0 million and $20.8 million as of June 30, 2012 and December 31, 2011, respectively. As of June 30, 2012, we had $570,000 in cash, $640,000 in accounts receivable, $38,000 in contracts in process, $3.0 million in accounts payable, accrued expenses and accrued bonus, and $5.4 million in total debt outstanding (of which $1.25 million is due in October 2012 and $2.8 million is due in May 2013). As of December 31, 2011, we had $268,000 in cash, $507,000 in accounts receivable, $513,000 in contracts in process, $2.4 million in accounts payable, accrued expenses and accrued bonus, and $5.6 million in total debt outstanding.
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