Quarterly report pursuant to Section 13 or 15(d)

Note 9 - Discontinued Operations

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Note 9 - Discontinued Operations
 6 Months Ended
Jun. 30, 2016
Notes to Financial Statements  
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]
9
.
Discontinued Operations
 
The Company’s discontinued operations consist of all our subsidiaries included in our Industrial Segment: (1) subsidiaries divested in 2011 and prior, (2) two previously closed locations, and (3) our PFSG facility which suffered a fire and explosion on August 14, 2013 and is currently undergoing closure, subject to regulatory approval.
 
The following table presents the major class of assets of discontinued operations as of June 30, 2016 and December 31, 2015. On May 2, 2016, Perma-Fix of Michigan, Inc. (“PFMI” – a closed location) entered into an Agreement for the sale of the property (which was held for sale as of December 31, 2015) which it formerly operated on for a price of $450,000. The Agreement provides for a down payment of approximately $75,000 which after certain closing and settlement costs, PFMI received approximately $46,000. The Agreement also provides for, among other things, the balance of the purchase price of $375,000 to be paid by the buyer in 60 equal monthly installments of approximately $7,250, with the first payment due June 15, 2016. PFMI retains legal title to the property until the buyer fulfills the obligations under the Contract except under limited conditions. No assets and liabilities are held for sale as of June 30, 2016.
 
 
(Amounts in Thousands)
  
June 30,
2016
    
December 31,
2015
  
Current assets
 
 
 
 
 
 
 
 
Other assets
   $ 85       34  
Total current assets
     85       34  
Long-term assets
 
 
 
 
 
 
 
 
Property, plant and equipment, net
(1)
     81       531  
Other assets
     303       —  
Total long-term assets
     384       531  
Total assets
  $ 469     $ 565  
Current liabilities
 
 
 
 
 
 
 
 
Accounts payable
   $ 67     $ 85  
Accrued expenses and other liabilities
     430       437  
Environmental liabilities
     24       9  
Total current liabilities
     521       531  
Long-term liabilities
 
 
 
 
 
 
 
 
Closure liabilities
     126       173  
Environmental liabilities
     876       891  
Total long-term liabilities
     1,002       1,064  
Total liabilities
  $ 1,523     $ 1,595  
 
(1)
net of accumulated depreciation of $10,000 for each period presented.
 
The Company’s discontinued operations had losses of $264,000 and $713,000 for the three months ended June 30, 2016 and 2015, respectively (net of taxes of $0 for each period) and losses of $431,000 and $936,000 for the six months ended June 30, 2016 and 2015, respectively (net of taxes of $0 for each period). Losses for the three and six months ended June 30, 2015 included a penalty in the amount of approximately $201,200 recorded for PFSG in connection with a certain Consent Order from the Georgia Department of Natural Resources Environmental Protection Division and an asset impairment charge of $150,000 recorded for PFMI in connection with the sale of property as discussed above. Remaining losses for the periods discussed above were primarily due to costs incurred in the administration and continued monitoring of our discontinued operations. The Company’s discontinued operations had no revenues for each of the periods noted above.