MERGER AGREEMENT AND DIVESTITURE (Tables)

6 Months Ended

Sep. 30, 2020

MERGER AGREEMENT AND DIVESTITURE (Tables)

Schedule of net consideration received for the divestiture

Return of Series E Preferred Shares	$	14,666,000
Return of Series F Preferred Shares		2,434,000
Total net consideration	$	17,100,000

Schedule of current values of the assets and liabilities of Lineal as of the Merger

Cash	$	2,101,879
Accounts receivable		1,673,538
Deferred tax assets		34,000
Cost in excess of billings		497,340
Property and equipment		1,996,229
Right of use asset – operating leases		710,898
Other current assets and deposits		49,275
Goodwill		18,314,222
Accounts payable – trade		(260,882	)
Accrued and other liabilities		(369,448	)
Billings in excess of costs		(445,759	)
Operating lease liabilities		(710,898	)
Finance lease liabilities		(237,925	)
Notes payable		(3,545,841	)
Net assets divested	$	19,806,628

Schedule of consolidated statements of operations related to discontinued operations

	Three Months Ended			Six Months Ended
	September 30, 2019			September 30, 2019
Contract revenue	$	6,285,535		$	6,285,535
Contract costs		(4,897,196	)		(4,897,196	)
Depreciation and amortization		(64,868	)		(64,868	)
Selling, general and administrative		(791,312	)		(791,312	)
Operating income		532,159			532,159
Other income		263,113			263,113
Interest expense		(33,504	)		(33,504	)
Net income from discontinued operations	$	761,768		$	761,768