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 | ) |
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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. | | | | | | | | |
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