Discontinued Operations and Assets Held for Sale

3 Months Ended

Mar. 31, 2012

Discontinued Operations and Disposal Groups [Abstract]

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

5. Discontinued OperationsandAssets Held for Sale

The Company reviews the carrying value of its long-lived assets held and used, and its assets to be disposed of, for possible impairment when events and circumstances warrant such a review. We also follow the applicable guidance in determining when to reclass assets to be disposed of to assets and related liabilities held for sale as well as when an operation disposed of or to be disposed of is classified as a discontinued operation in the statements of operations and the statements of cash flows.

As of March 31, 2012, the assets of the Company’s former Car Wash Segment being held for sale consisted of two car washes.

The results for the car wash operations have been classified as discontinued operations in the accompanying statements of operations and the statements of cash flows. The classifications of the remaining car washes as discontinued operations is based on these operations being marketed and ready for sale or under an agreement of sale. The Company’s Board of Directors is committed to a plan to dispose of the remaining car washes, within the next twelve months. The statement of operations and the statement of cash flows for the prior year have been restated to reflect the discontinued operations in accordance with GAAP.

Revenues from discontinued operations were $596,000 and $856,000 for the three months ended March 31, 2012 and 2011, respectively. Operating loss from discontinued operations was $47,000 and $74,000 for the three months ended March 31, 2012 and 2011, respectively.

Assets and liabilities held for sale were comprised of the following (in thousands):

	As of March 31, 2012
Assets held for sale:	Car Washes
Inventory	$	86
Property, plant and equipment, net		302
Total assets	$	388

	As of December 31, 2011
	Car Washes		Digital Media Marketing		Security Segment		Total
Inventory	$	98	$	-	$	-	$	98
Other current assets		-		28		-		28
Property, plant and equipment, net		2,313		3		22		2,338
Intangible assets		5		-		-		5
Total assets	$	2,416	$	31	$	22	$	2,469
Liabilities related to assets held for sale:
Other current liabilities	$	-	$	24	$	-	$	24
Current portion of long-term debt		463		-		-		463
Long-term debt, net of current portion		79		-		-		79
Total liabilities	$	542	$	24	$	-	$	566