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Discontinued Operations (Tables)
9 Months Ended
Sep. 28, 2024
Discontinued Operations  
Schedule income from discontinued operations

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 28, 2024

 

 

September 30, 2023

 

 

September 28, 2024

 

 

September 30, 2023

 

 

 

(unaudited)

 

 

(unaudited)

 

 

(unaudited)

 

 

(unaudited)

 

Net sales

 

$3,360,405

 

 

$3,634,333

 

 

$9,647,649

 

 

$11,406,778

 

Cost of products sold

 

 

(2,804,743)

 

 

(2,703,362)

 

 

(8,402,175)

 

 

(9,076,341)

Gross margin

 

 

555,662

 

 

 

930,971

 

 

 

1,245,474

 

 

 

2,330,437

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling and administrative expenses

 

 

(1,145,232)

 

 

(1,248,179)

 

 

(3,483,904)

 

 

(3,875,579)

Restructuring costs

 

 

(23,087,775)

 

 

-

 

 

 

(23,087,775)

 

 

-

 

Operating loss

 

 

(23,677,345)

 

 

(317,208)

 

 

(25,326,205)

 

 

(1,545,142)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other expense

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(1,539,940)

Interest expense

 

 

(177,420)

 

 

(213,556)

 

 

(512,414)

 

 

(514,978)

Loss from discontinued operations before income taxes

 

 

(23,854,765)

 

 

(530,764)

 

 

(25,838,619)

 

 

(3,600,060)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax benefit

 

 

3,888,522

 

 

 

129,298

 

 

 

4,320,904

 

 

 

895,695

 

Loss from discontinued operations, net of tax

 

$(19,966,243)

 

$(401,466)

 

$(21,517,715)

 

$(2,704,365)
Schedule of Assets AndLiabilities from discontinued operations

 

 

September 28, 2024

 

 

December 30, 2023

 

 

 

(unaudited)

 

 

 

 

Cash

 

$446,003

 

 

$251,326

 

Accounts receivable

 

 

2,480,148

 

 

 

2,852,907

 

Inventories

 

 

1,211,011

 

 

 

875,528

 

Prepaid expenses

 

 

828,471

 

 

 

604,036

 

Property, plant and equipment, net

 

 

4,432,723

 

 

 

4,767,723

 

Patents and other intangibles net of accumulated amortization

 

 

-

 

 

 

5,744,312

 

Goodwill

 

 

73,528

 

 

 

12,200,695

 

Right of use assets

 

 

171,650

 

 

 

172,311

 

Total assets of discontinued operations

 

$9,643,534

 

 

$27,468,838

 

 

 

 

 

 

 

 

 

 

Current assets of discontinued operations¹

 

$9,643,534

 

 

$4,583,797

 

Non-current assets of discontinued operations

 

 

-

 

 

 

22,885,041

 

Total assets of discontinued operations

 

$9,643,534

 

 

$27,468,838

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

$1,564,105

 

 

$765,356

 

Accrued compensation and other accrued expenses

 

 

789,875

 

 

 

775,838

 

Current portion of lease liability

 

 

138,642

 

 

 

94,355

 

Other long-term liabilities

 

 

48,567

 

 

 

6,920

 

Total liabilities of discontinued operations

 

$2,541,189

 

 

$1,642,469

 

 

 

 

 

 

 

 

 

 

Current liabilities of discontinued operations¹

 

$2,541,189

 

 

$1,635,549

 

Non-current liabilities of discontinued operations

 

 

-

 

 

 

6,920

 

Total liabilities of discontinued operations

 

$2,541,189

 

 

$1,642,469

 

 

 

 

 

 

 

 

 

 

¹ the total assets and liabilities of discontinued operations are presented as current in the September 28, 2024 consolidated balance sheet as we expect to sell the discontinued operations and collect proceeds within one year.