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Note 3 - Assets and Liabilities Held for Sale and Discontinued Operations | 6 Months Ended
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Jun. 30, 2025
Notes to Financial Statements |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Note 3. Assets and Liabilities Held for Sale and Discontinued Operations On January 2, 2025, the Company contributed 100% of its interest in SBB, the subsidiary that owned and operated the Company’s former CDS segment, to GWO in exchange for 49% of the issued and outstanding GWO common stock on a fully-diluted basis. Under certain circumstances the Company has the right to redeem the contribution of SBB from GWO at fair market value. In addition, the Company received an option with a 15-year term to purchase the remaining 51% of GWO at an exercise price initially set at $22.0 million, which decreases over time based on certain tax sharing payments to Standard General, LP. The assets and liabilities of the CDS business were classified as held for sale as of December 31, 2024, and its financial results were classified as discontinued operations and reported separately for all periods presented herein. Upon meeting the criteria for held for sale classification in 2024, the Company recorded a non-cash charge of $8.8 million with an equivalent valuation allowance against net assets held for sale to reduce the carrying value of the disposal group to fair value. There was no additional loss upon completion of the sale in the first quarter of 2025. Fair value of the disposal group utilized inputs within Level 3 of the fair value hierarchy, and was determined using both a market and an income approach. The Company incurred no income or loss from discontinued operations for the three and six months ended June 30, 2025. The following table summarizes the loss from discontinued operations included in the Consolidated Statements of Income for the three and six months ended June 30, 2024.
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, 2024 |
Net sales |  | $ | 15,287 |  |  | $ | 29,281 |
Cost of sales |  |  | 11,844 |  |  |  | 22,279 |
Gross profit |  |  | 3,443 |  |  |  | 7,002 |
Selling, general, and administrative expenses |  |  | 3,001 |  |  |  | 5,993 |
Depreciation |  |  | 77 |  |  |  | 173 |
Amortization of other intangible assets |  |  | 475 |  |  |  | 949 |
Operating loss from discontinued operations |  |  | (110 | ) |  |  | (113 | )
Interest income |  |  | (51 | ) |  |  | (51 | )
Loss from discontinued operations before income taxes |  |  | (59 | ) |  |  | (62 | )
Income tax benefit |  |  | (18 | ) |  |  | (19 | )
Loss from discontinued operations |  | $ | (41 | ) |  | $ | (43 | )
A summary of the held for sale assets and liabilities included in the Consolidated Balance Sheets follows:
|  | As of December 31, 2024 |
Current assets: |  |  |  |
Cash |  | $ | 2,783 |
Inventories, net |  |  | 5,813 |
Other current assets |  |  | 2,874 |
Current assets held for sale |  |  | 11,470 |
Noncurrent assets: |  |  |  |
Right of use assets |  |  | 51 |
Other intangible assets, net |  |  | 12,609 |
Allowance to adjust held for sale assets to fair value |  |  | (8,801 | )
Noncurrent assets held for sale |  |  | 3,859 |
Total assets held for sale |  | $ | 15,329 |
Current liabilities: |  |  |  |
Accounts payable |  | $ | 532 |
Accrued liabilities |  |  | 1,517 |
Current liabilities held for sale |  |  | 2,049 |
Total liabilities held for sale |  | $ | 2,049 |

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