Discontinued Operations

9 Months Ended

Sep. 30, 2023

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Note 4 – Discontinued Operations

In accordance with ASC 205-20, “Presentation of Financial Statements: Discontinued Operations”, a disposal of a component of an entity or a group of components of an entity (disposal group) is required to be reported as discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results when the disposal group meets the criteria to be classified as held-for-sale. The consolidated statements of operations reported for current and prior periods report the results of operations of the discontinued operations, including the impairment loss recognized as a component of net income (loss) separate from the net income (loss) from continuing operations.

All discontinued operations relate to the Company’s previously reported PDS segment, for the three and nine months ended September 30, 2022.

	Three Months Ended			Nine Months Ended
	September 30, 2022			September 30, 2022
		(in thousands)			(in thousands)
Total net revenues	$	79		$	141
Gross loss		(149	)		(211	)
Research and development expenses		192			556
Depreciation and amortization expense		7			21
Selling, general and administrative expenses		161			517
Total operating expenses		360			1,094
Operating loss from discontinued operations		(509	)		(1,305	)
Impairment of assets held for sale		(1,395	)		(1,395	)
Loss from discontinued operations	$	(1,904	)	$	(2,700	)

The following items related to discontinued operations were included in the condensed consolidated statement of cash flows:

	For the nine months ended,
	September 30, 2022
		(in thousands)
Depreciation	$	42
Amortization		82
Stock compensation		66
Impairment of assets held-for-sale		1,395
Operating lease right-of-use assets		33
Purchases of property and equipment		(34	)