Discontinued Operations |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Discontinued Operations |
On
June 21, 2010, the Company restructured its debt with its
senior debt holder by closing a number of transactions, including
the sale of AMV. In connection with the sale, ValueAct Small Cap
Master Fund, L.P. (“ValueAct”) and Nate MacLeitch
and Jonathan Cresswell (the “AMV Founders”), acting
through a newly formed company, acquired the operating subsidiaries
of AMV in exchange for the release of $23,231 of secured
indebtedness, which included a release of all amounts due and
payable under a secured promissory note in the aggregate
principal amount of $5,375 (the “AMV Note”) and
all of the amounts due and payable under the Senior Secured Note,
issued by Twistbox, due July 31, 2010, as amended on February 12,
2008 (the “ValueAct Note”) except for $3,500 in
principal, which is due in one lump sum principal payment on June
21, 2013. In addition, all intercompany balances at that date were
cancelled, and all shares of common stock and warrants of the
Company held by ValueAct were cancelled. In addition, approximately
3,541 shares of common stock of the Company held by two of the
founders of AMV were acquired by the Company. As of June
30, 2010 the Company accrued $300 to a related party pertaining to
the sale of AMV.
In
accordance with FASB ASC 205-20, Discontinued
Operations, the operating results and net assets and
liabilities related to AMV were reclassified as of June 21, 2010
and reported as discontinued operations in the accompanying
consolidated financial statements.
In
accordance with FASB ASC 360, Property, Plant and Equipment, the
Company recorded a gain of $4,315 on the sale of AMV.
The
following is a summary of assets and liabilities of the
discontinued operations as of March 31, 2010 and as of the disposal
date of June 21, 2010 and the resulting gain on sale:
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