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Discontinued Operations
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3 Months Ended |
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Mar. 31, 2014
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| Discontinued Operations [Abstract] | |
| Discontinued Operations |
(9) Discontinued Operations
During 2013 we abandoned the operations of our wholly owned subsidiary Integrated Concepts and Research Corporation ("ICRC"). Prior to our decision to divest operations in December 2012, ICRC participated in an arrangement to provide performance and payment bonding services for certain small business prime contractors associated with ICRC's construction management business. Under the arrangement, ICRC received subcontractor work from the small business prime contractors in exchange for indemnifying the surety company in respect of the performance and payment bonds it provided for the small business prime contractors. In October 2012, the surety company, at ICRC's request, ceased issuing bonds for the small business prime contractors, and in December 2012 ICRC ceased performing all work on construction projects when it discontinued its construction management operations. Bonds issued prior to December 2012 for construction projects that were not yet completed by the small business prime contractors remained in effect until the projects are completed by the small business prime contractors.
As of March 31, 2014, three of the projects that were bonded with ICRC as the indemnitor had not yet been completed and the aggregate bonded amount on these three projects was approximately $4.9 million. These bonded projects are the subject of claims and disputes involving the subcontractors associated with the projects. We have recorded a reserve related to these claims and disputes of approximately $615 thousand, net of tax, which is included in loss from discontinued operations for the three-months ended March 31, 2014. We expect all remaining bonded projects to be completed in 2014.
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