The Company’s discontinued operations consist of subsidiaries included in our Industrial Segment: (1) subsidiaries divested in 2011 and prior, (2) two previously closed locations, and (3) our PFSG facility. On August 14, 2013, our PFSG facility incurred fire damage which left it non-operational. In 2014, the Company elected not to rebuild the PFSG facility. The Company carried general liability, pollution, property and business interruption, and workers compensation insurance with a maximum deductible of approximately $300,000. On June 20, 2014, the Company entered into a settlement agreement and release with one of its insurance carriers resulting in receipt of approximately $3,850,000 in insurance settlement proceeds on June 30, 2014, which was used to pay down the Company’s Revolving Credit.

On May 11, 2015, PFSG received a Consent Order (“CO”) from the Georgia Department of Natural Resources Environmental Protection Division (“GAEPD”), which alleged certain violations of Georgia Rules for Hazardous Waste Management and the PFSG Hazardous Waste Permit. The CO also established the process for formerly closing the PFSG hazardous waste management facilities, should PFSG elect to do so. The CO requests payment of $201,200 as penalty for these alleged violations which was paid by the Company and recorded in the three months ended June 30, 2015. Pursuant to the CO, PFSG shall have 60 days from July 1, 2015 to provide notification of final closure of the entire facility or intent to resume hazardous waste management operations; and 90 days from July 1, 2015 to submit a post closure plan in the event PFSG decides to proceed with final closure of the facility. The Company has begun initiating full closure requirements of the facility which will include submittal of a post closure plan to be approved by GAEPD. As a result, PFSG is no longer classified as held for sale.

On June 4, 2015, the Company entered into a letter of intent (“LOI”) to sell the property which our Perma-Fix of Michigan, Inc. (“PFMI”) formerly operated on for a sale price of approximately $450,000. PFMI is a closed location. The sale of the property at PFMI is subject to execution of a purchase agreement and completion of due diligence within 90 days of the LOI. As required by ASC 360, the Company concluded that tangible asset impairment existed for PFMI as of June 30, 2015 and recorded approximately $150,000 in asset impairment charge which was included in “(Loss) income from discontinued operations, net of taxes” in the accompanying Consolidated Condensed Statements of Operations.

The following table summarizes the results of discontinued operations for the three and six months ended June 30, 2015 and 2014. Operating loss for the three and six months ended June 30, 2015 included the penalty recorded for PFSG and the asset impairment charge recorded for PFMI as discussed above. Operating loss for the three and six months ended June 30, 2014 included a tangible asset impairment charge of approximately $685,000 recorded during the second quarter of 2014 for PFSG. Remaining operating losses for the periods reflected below were primarily due to costs incurred in the administration and continued monitoring of our discontinued operations, primarily for the PFSG site.

The following table presents the major class of assets of discontinued operations that are classified as held for sale as of June 30, 2015 and December 31, 2014. The held for sale assets may differ at the closing of a sale transaction from the reported balances as of June 30, 2015. Assets and liabilities previously classified as held for sale for PFSG for as of December 31, 2014 have been reclassified to assets and liabilities not held for sale (see charts below) due to the Company’s decision to initiate final closure of PFSG.

The following table presents the major classes of assets and liabilities of discontinued operations that are not held for sale as of June 30, 2015 and December 31, 2014:

⁽¹⁾ net of accumulated depreciation of $10,000 for each period presented.