Discontinued Operations

6 Months Ended

Jun. 30, 2021

Discontinued Operations And Disposal Groups [Abstract]

Discontinued Operations

Note 17. Discontinued Operations

Assets and Liabilities Classified as Held for Sale

On August 21, 2020, the Company entered into an Asset Purchase Agreement to sell Manitex Sabre, Inc. to an affiliate of Super Steel, LLC for cash proceeds of $1.5 million, subject to certain adjustments based on closing date accounts receivable and inventory. Accordingly, Manitex Sabre, Inc. is reported as a discontinued operation for 2020.

In addition to the proceeds from sale of $1.5 million in cash received, the Company may receive a maximum royalty and earnout payments of approximately $2.9 million for years 2021 thru 2023 if certain revenue criteria are met. The Company will account for the contingent consideration as a gain in accordance with ASC 450. Under this approach, we will recognize the contingent consideration in earnings after the contingency is resolved.  

For the six months ended June 30, 2020, cash flows provided by operating activities was $331, this consisted of depreciation expense of $45, no purchases of fixed assets and no amortization expense.

	For the Three Months Ended June 30,			For the Six Months Ended June 30,
	2020			2020
Net revenues	$	1,386		$	2,885
Cost of sales		1,411			2,966
Selling, general and administrative expenses		280			593
Interest expense		24			48
Other income		6			11
Net loss of discontinued operations before income    tax		(323	)		(711	)
Income tax benefit related to    discontinued operations		(47	)		(3	)
Net loss on discontinued operations	$	(276	)	$	(708	)