Assets Held for Sale

12 Months Ended

Dec. 31, 2016

Discontinued Operations and Disposal Groups [Abstract]

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

3. Assets Held for Sale

 

In November 2016, the Company evaluated plans to either expand its current Lewis Center, Ohio (“Lewis Center Facility”) or relocate to a larger facility that could accommodate the Company’s growth and operational requirements. In December 2016, the Company’s management decided to put the Lewis Center Facility up for sale and identify a larger facility to lease. The Company expects to continue to fully utilize the Lewis Center Facility until the sale is closed. As of December 31, 2016, the Lewis Center Facility held for sale consisted of land and buildings with a historical cost of $139,656 and $537,398, respectively, and accumulated depreciation of $82,678. The Lewis Center facility has an outstanding mortgage obligation of $432,368 at December 31, 2016, of which $20,187 is included in current portion of long term debt on the consolidated balance sheets. The net book value and mortgage obligation related to the Lewis Center Facility is separately classified as held for sale on the consolidated balance sheets.

The Company expects to close the sale of its Lewis Center Facility during the second quarter of 2017. The Company intends to use the net sales proceeds received to repay the mortgage obligation in full and use the balance to pay for leasehold improvements, computer hardware and any other costs to pay for lease improvement costs at a new facility. See Note 17 for additional information regarding a new facility lease.