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Note 6 - Assets Held for Sale
9 Months Ended
Sep. 30, 2019
Notes to Financial Statements  
Long-lived Assets Held for Sale Disclosure [Text Block]
NOTE
6—ASSETS
HELD FOR SALE
 
In
July 2015,
the Company announced a restructuring plan, effective
August 2, 2015,
that included the closure of its Johor, Malaysia facility. Subsequent to the announcement, the Company engaged advisors and was actively trying to sell its land-use right, building and other fixed assets located at the facility.
 
On
November 1, 2018,
the Company received a non-binding letter of intent from a potential buyer for its Johor, Malaysia facility for
RM22,500
(approximately
$5,266,
after realtor fees, as of
September 30, 2019)
and subsequently entered into a Purchase and Sale Agreement with this buyer effective
January 10, 2019.
The agreement provides that the closing of the sale is subject to various customary and regulatory approvals and conditions, including the approval of the Johor Port Authority. As of
October 9, 2019,
the Company was advised that it had obtained all of the approvals required for the sale to proceed and expects the transaction to close during the
fourth
quarter of
2019,
following the completion of certain formalities required to satisfy local tax and other legal requirements. The sale of the property is part of the Company’s focus to reduce its footprint and operating costs. The Company cannot assure that the sale will take place on a timely basis, if at all.
 
In accordance with ASC
360
-Property, Plant and Equipment, the Company assessed the asset group attributed to the sale for impairment. Based upon the Company’s assessment of the status of the Malaysia property, plant and equipment, all of the requirements (including the held for sale requirements) set forth in ASC
360
-
10
-
45
-
9
were met and the assets were classified on the Condensed Consolidated Balance Sheet as of
September 30, 2019
and
December 
31,
2018
as assets held for sale. An impairment loss of
$885
was recorded in the Company’s Condensed Consolidated Statement of Comprehensive (Loss) Income in other expense, net during the
first
nine
months of
2018.