During the second quarter of fiscal 2021, we sold certain commercial projects including the underlying fixed assets and debt to SunStrong Capital Holdings, LLC ("SunStrong") for total consideration of $8.9 million.

Upon closing, we received net cash consideration of $2.8 million after holdbacks totaling $0.4 million for certain retained obligations, and debt obligations repaid directly by the buyer totaling $5.6 million which were related to our PNC Energy Capital loan. We assessed the recoverability of these holdbacks and included our best estimate of the amount recoverable in the future in our calculation of net loss on sale.

In evaluating the accounting treatment for this sale, the transaction was concluded to be a sale of a business in accordance with the guidance in ASC 805, Business Combinations. We recorded a loss of $5.1 million, inclusive of $0.1 million of transaction expenses, which was recorded and netted against "(gain) loss on business divestitures, net" in our unaudited condensed consolidated statements of operations for the nine months ended October 3, 2021.

The assets and liabilities of the commercial projects that were sold in the transaction are summarized below:


(In thousands)
Accounts receivable, net	$	719
Prepaid expenses, other current assets, and cash	840
Property, plant and equipment, net	12,847
Total assets	14,406

Accrued liabilities	137
Short-term debt	614
Long-term debt	4,779
Other long-term liabilities	804
Total liabilities	6,334
Net assets	$	8,072


(In thousands)
Purchase price	$	8,881
Transaction costs	(105)
Holdback receivables	(369)
Debt repaid directly by buyer	(5,585)
Net proceeds received	$	2,822


(In thousands)
Net proceeds received	$	2,822
Estimated receivable from amount held back for retained obligations	184
Book value of net assets sold	(8,072)
Net loss on sale	$	(5,066)

During the second quarter of fiscal 2021, we sold certain residential lease solar systems to SunStrong for total consideration of $8.5 million.

In evaluating the accounting treatment for this sale, the transaction was concluded to be a sale of a business in accordance with the guidance in ASC 805, Business Combinations. We recorded a gain of $5.3 million, inclusive of $0.4 million of transaction expenses, which was recorded as "(gain) loss on business divestitures, net" in our unaudited condensed consolidated statements of operations for the nine months ended October 3, 2021.

The assets and liabilities related to the residential leases that were sold are summarized below:


(In thousands)
Accounts receivable, net	$	253
Prepaid expenses and other current assets	825
Property, plant, and equipment, net	1,934
Solar power systems leased, net	186
Total assets	3,198

Accrued and other liabilities	106
Contract liabilities	332
Total liabilities	438
Net assets	$	2,760


(In thousands)
Purchase price	$	8,500
Transaction costs	(449)
Net proceeds received	$	8,051


(In thousands)
Net proceeds received	$	8,051
Book value of net assets sold	(2,760)
Net gain on sale	$	5,291