Note 2 - Discontinued Operations

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

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

2.

        

Discontinued Operations

On 

March 2, 2018, 

we sold substantially all of our assets (the “Asset Sale”) to Churchill Downs LLC (“Buyer”), pursuant to the terms of the Asset Purchase Agreement, dated as of

November 20, 2017, 

as amended by the First Amendment thereto dated 

January 22, 2018 (

the “Asset Purchase Agreement”). Operations of the furniture business from

January 1, 2018

through

March 2, 2018

are reflected as discontinued operation pursuant to the provisions of Accounting Standards Codification

2015

-

20,

Presentation of Financial Statements – Discontinued Operations

for all periods presented.

Loss from discontinued operations, net of taxes, comprised the following for the

twelve

months ended

December 31, 2019

and

2018

(in thousands):

	Twelve Months
	Ended
	Dec. 3 1 ,		Dec. 3 1 ,
	201 9		2018
Net sales	$	-	$	6,787
Cost of sales		-		(6,485	)
Selling, general and administrative expenses		-		(2,448	)
Loss on sale of assets		-		(865	)
Loss from discontinued operations before income taxes		-		(3,011	)
Income tax benefit		-		-
Loss from discontinued operations, net of taxes	$	-	$	(3,011	)

Included in selling, general and administrative expenses incurred for the

twelve

months ended

December 31, 2018

were certain transaction costs including investment banking fees, legal fees, and other transaction costs directly attributable to the Asset Sale.