| Schedule of Discontinued Segments |
The carrying amounts of the major classes
of these assets and liabilities as of July 31, 2017 are summarized as follows:
| |
|
July 31, 2017 |
|
| Assets: |
|
|
|
|
| Cash |
|
$ |
46,107 |
|
| Accounts receivable, net |
|
|
2,439,541 |
|
| Inventories, net |
|
|
1,011,722 |
|
| Other current assets |
|
|
53,186 |
|
| Property and equipment, net |
|
|
3,833 |
|
| Other assets |
|
|
34,151 |
|
| |
|
|
|
|
| Assets of held for sale operations |
|
$ |
3,588,540 |
|
| |
|
|
|
|
| Liabilities: |
|
|
|
|
| Accounts payables and accrued liabilities |
|
$ |
2,014,075 |
|
| Note payable – credit line |
|
|
1,089,596 |
|
| Distribution payable |
|
|
500,000 |
|
| Other liabilities |
|
|
23,891 |
|
| |
|
|
|
|
| Liabilities of held for sale operations |
|
$ |
3,627,562 |
|
The following
table sets forth for the three months ended July 31, 2017, indicated selected financial data of the Company’s held for sale
operations of its memory product business from the date of merger to July 31, 2017.
| |
|
July 31, 2017 |
|
| Revenues |
|
$ |
4,363,052 |
|
| Cost of sales |
|
|
3,413,448 |
|
| Gross profit |
|
|
949,604 |
|
| Operating and other non-operating expenses (including impairment charge of 6,094,760) |
|
|
(7,021,052 |
) |
| |
|
|
|
|
| Loss from held for sale operations (including impairment charge of 6,094,760) |
|
$ |
(6,071,448 |
) |
|