Discontinued Operations

12 Months Ended

Dec. 31, 2023

Discontinued Operations

Discontinued Operations

3. Discontinued Operations

The Company, upon Board approval on September 15, 2022, discontinued (i.e., the “discontinued operations”) the Parade print business (“Parade Print”) that was acquired on April 1, 2022 (as part of the Parade acquisition, as further described below in Note 4), on November 13, 2022 (the last date of any obligation to deliver issues of Parade Print).

The table below sets forth the loss from discontinued operations for the period from April 1, 2022 to December 31, 2022:

Revenue	$	26,817
Cost of revenue		23,015
Gross profit		3,802
Operating expense
Selling and marketing		5,396
General and administrative		1,722
Loss on impairment of assets		209
Total operating expenses		7,327
Loss from discontinued operations		(3,525	)
Income tax benefit		55
Net loss from discontinued operations	$	(3,470	)

The discontinued operations of Parade Print also included Relish and Spry Living print products that were acquired as part of the Parade acquisition. Further information is provided under the heading Supplemental Pro Forma Information in Note 4.

During the year ended December 31, 2022, the Company recorded depreciation and amortization of $0; and operating and investing noncash items of $209 and $0, respectively, as part of the discontinued operations.