Discontinued Operations

12 Months Ended

Dec. 31, 2023

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Discontinued Operations

During the third quarter of 2022, the Company sold its inertial navigation business. The Company determined that the sale met the requirements for reporting as discontinued operations in accordance with Accounting Standards Codification (ASC) 205-20. There were no assets or liabilities of the inertial navigation business as of December 31, 2023 or 2022. Please see Note 1 for further discussion.

The following table presents a reconciliation of the major financial line items constituting the results for discontinued operations to the net income from discontinued operations, net of tax, presented separately in the Company's consolidated statement of operations for the year ended December 31, 2022:

	Year Ended
	December 31, 2022
Sales:
Product	$	16,042
Service	679
Net sales	16,721
Costs, expenses and other income, net:
Costs of product sales	12,732
Costs of service sales	457
Research & development	3,147
Sales, marketing and support	3,035
Other income, net	81
Loss from discontinued operations before income tax expense	(2,569)
Gain on sale of discontinued operations before tax expense	30,763
Total income from discontinued operations before tax expense	$	28,194
Income tax expense on discontinued operations	169
Net income from discontinued operations, net of taxes	$	28,025
Net income from discontinued operations per common share
Basic and diluted	$	1.50
Weighted average number of common shares outstanding:
Basic and diluted	$	18,632

The following table presents supplemental cash flow information of the discontinued operations:

	Year Ended
	December 31, 2022
Cash used in operating activities—discontinued operations	$	(3,853)
Cash used in investing activities—discontinued operations	$	(307)

The following table presents non-cash expenses from discontinued operations:

	Year Ended
	December 31,
	2022
Depreciation	$	622
Compensation expense related to stock-based awards and employee stock purchase plan	$	475
Provision for doubtful accounts	$	47