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v2.4.0.6
Discontinued Operations
12 Months Ended
Sep. 30, 2011
Discontinued Operations  
Discontinued Operations

2.         Discontinued Operations

 

In March 2011, we announced our intention to divest our Green Tech Product’s molded rubber products business and to devote all of our corporate resources to American Power Group’s dual fuel conversion business.  Based on Green Tech Products’ significant historical annual operating losses, a 31% decline in revenue during fiscal year 2010, the current U.S. economic situation and the prolonged tightening of capital availability, management believed that a potential buyer of Green Tech Products would look to their net asset value as a starting point, and then discount it significantly in arriving at a potential valuation.  As of March 31, 2011, management determined, based on several fair value determination scenarios, the estimated fair value of Green Tech Products to be below its net asset value and therefore an impairment existed. Accordingly, we recorded a non-cash impairment loss of $273,650 and a $175,229 inventory valuation allowance which is included the loss from discontinued operations for the fiscal year ended September 30, 2011.

 

On June 14, 2011 we entered into a definitive Asset Purchase Agreement with Irish Knight Holdings, L.L.C. a company co-owned by two of Green Tech Product’s senior managers to sell, subject to shareholder approval, substantially all of the assets of Green Tech Products. On July 29, 2011 our shareholders approved the sale and on August 1, 2011 we completed the sale and recorded a loss on disposal of approximately $59,000. The consideration for the purchase of the assets was (i) the assumption of substantially all of Green Tech Products  liabilities, which were approximately $1.2 million (ii) a $50,000 stock inventory credit toward the purchase of products and services from the buyer, which credit may be applied during the first nine months after completion of the sale; and (iii) a promissory note in the principal amount of $100,000 which is payable in increasing monthly installments over a period of 60 months.

 

The major classes of assets and liabilities associated with discontinued molded rubber products business were:

 

 

 

September 30,
 2011

 

September 30,
2010

 

Assets related to discontinued operations:

 

 

 

 

 

Cash

 

$

 

$

107,446

 

Accounts receivable, net

 

 

703,236

 

Inventory

 

 

931,899

 

Other current assets

 

 

38,328

 

Total current assets related to discontinued operations

 

 

1,780,909

 

Property, plant and equipment (net)

 

 

497,326

 

Other

 

 

260,900

 

Total other assets related to discontinued operations

 

 

758,226

 

Total assets related to discontinued operations

 

$

 

$

2,539,135

 

 

 

 

 

 

 

Liabilities related to discontinued operations:

 

 

 

 

 

Accounts payable

 

$

 

$

345,793

 

Notes payable, current

 

 

245,065

 

Accrued expenses, other

 

 

401,293

 

Total current liabilities related to discontinued operations

 

 

992,151

 

Notes payable, non-current

 

 

214,919

 

Total liabilities related to discontinued operations

 

$

 

$

1,207,070

 

 

Net sales and loss from our discontinued molded rubber products operations for the fiscal years ended were as follows:

 

 

 

September 30, 2011

 

September 30, 2010

 

Net sales from discontinued operations

 

$

2,150,806

 

$

2,241,981

 

Loss on disposal of discontinued operations

 

59,526

 

 

Loss from discontinued operations, net of taxes

 

1,116,413

 

708,321

 

 

During the year ended September 30, 2010 we recorded income from our discontinued scrap tire operations of $148,569 associated with a net refund of income taxes previously paid.