Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2019

Discontinued Operations and Disposal Groups [Abstract]

Key Components of Discontinued Operations

The key components of net income from discontinued operations were as follows:

	Year Ended December 31,
	2018
Net revenues	$	8,363,606
Cost of revenues	5,294,268
Operating expenses	1,728,113
Other (income)/expenses	(13,330		)
Income before income taxes	1,354,555
Allocated tax expense	183,921
Operating income from discontinued operations	1,170,634
Gain on sale, net of related income taxes	8,595,797
Net income from discontinued operations	$	9,766,431

The following table presents a summary of the transactions related to the sales of Opto in the year ended December 31, 2018:

	Year Ended December 31,
	2018
Sale price	$	17,500,000
Adjusted purchase price	17,500,000
Assets held for sale	(8,193,184		)
Liabilities held for sale	989,453
Transaction costs	(858,227		)
Return of working capital	730,000
Income tax expense	(1,572,245		)
Gain on sale of discontinued operations	$	8,595,797