DISCONTINUED OPERATIONS

6 Months Ended

Jun. 30, 2015

DISCONTINUED OPERATIONS [Abstract]

DISCONTINUED OPERATIONS

NOTE 3 - DISCONTINUED OPERATIONS

During the year ended December 31, 2013 the Company ceased the operations of its subsidiaries in the United Kingdom (I-SEC UK), and Denmark (I-SEC Denmark). In addition, the Company committed to a plan to cease operations of its subsidiary in Belgium (I-SEC Belgium). All of the subsidiaries provided aviation security services in the respective countries.

During the year ended December 31, 2014, the Company committed to a plan to cease the operations of its subsidiary in Switzerland (I-SEC Switzerland), which provided aviation security services.

A summary of the Company's assets and liabilities from discontinued operations as of June 30, 2015 and December 31, 2014 are as follows:

	June 30,		December 31,
	2015		2014
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	39	$	30
Accounts receivable, net		-		104
Total current assets from discontinued operations	$	39	$	134
LIABILITIES
CURRENT LIABILITIES:
Accounts payable	$	-	$	97
Accrued expenses and other current liabilities		5		5
Total current liabilities from discontinued operations	$	5	$	102

A summary of the Company's results from discontinued operations for the periods ended June 30, 2015 and 2014 is as follows:

	Period ended, June 30,
	2015			2014
Revenue	$	97		$	567
Cost of revenue		95			569
Gross profit (Excess of cost of revenue over revenue)		2			(2	)
Selling, general and administrative expenses		5			101
Operating loss		(3	)		(103	)
Other income, net		3			-
Income tax benefit		-			-
Loss from discontinued operations	$	-		$	(103	)