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DISCONTINUED OPERATIONS | 6 Months Ended
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Jun. 30, 2024
DISCONTINUED OPERATIONS |
DISCONTINUED OPERATIONS |
3. | DISCONTINUED OPERATIONS
In accordance with ASC 205-20, the results of the Virbela business are presented as discontinued operations in the condensed consolidated statements of comprehensive income and, as such, have been excluded from continuing operations. Further, the Company reclassified the assets and liabilities of the Virbela segment as assets and liabilities of discontinued operations in the condensed balance sheets. The following tables present the information for Virbela’s operations for the three and six months ended June 30, 2024 and 2023, and the balance sheet information as of June 30, 2024 and December 31, 2023 (in thousands). ​
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ASSETS AND LIABILITIES OF DISCONTINUED OPERATIONS
(Unaudited)
​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2024 | ​ | December 31, 2023
ASSETS | ​ | ​ | ​ | ​
CURRENT ASSETS | ​ | ​ | ​ | ​
Cash and cash equivalents | ​ | $ 684 | ​ | $ 991
Accounts receivable, net of allowance for credit losses of $194 and $99, respectively | ​ | 289 | ​ | 626
Prepaids and other assets | ​ | 95 | ​ | 347
TOTAL CURRENT ASSETS OF DISCONTINUED OPERATIONS | ​ | 1,068 | ​ | 1,964
Property, plant, and equipment, net | ​ | 7 | ​ | 11
Intangible assets, net | ​ | 2,753 | ​ | 3,469
Deferred tax assets | ​ | 3,946 | ​ | 2,089
TOTAL ASSETS OF DISCONTINUED OPERATIONS | ​ | $ 7,774 | ​ | $ 7,533
​ | ​ | ​ | ​ | ​
LIABILITIES | ​ | ​ | ​ | ​
CURRENT LIABILITIES | ​ | ​ | ​ | ​
Accounts payable | ​ | $ 7 | ​ | $ 110
Accrued expenses | ​ | 553 | ​ | 1,699
TOTAL CURRENT LIABILITIES OF DISCONTINUED OPERATIONS | ​ | 560 | ​ | 1,809
TOTAL LIABILITIES OF DISCONTINUED OPERATIONS | ​ | $ 560 | ​ | $ 1,809
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INCOME STATEMENT OF DISCONTINUED OPERATIONS
(Unaudited)
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​ | ​ | Three Months Ended June 30, | ​ | Six Months Ended June 30,
​ | ​ | 2024 | ​ | 2023 | ​ | 2024 | ​ | 2023
Revenues | ​ | $ 4 | ​ | $ 1,811 | ​ | $ 653 | ​ | $ 3,974
Operating expenses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cost of revenue | ​ | 910 | ​ | 796 | ​ | 1,589 | ​ | 1,517
General and administrative expenses | ​ | 309 | ​ | 2,578 | ​ | 2,074 | ​ | 5,308
Technology and development expenses | ​ | 99 | ​ | 158 | ​ | 215 | ​ | 509
Sales and marketing expenses | ​ | 1 | ​ | 18 | ​ | (2) | ​ | 54
Total operating expenses | ​ | 1,319 | ​ | 3,550 | ​ | 3,876 | ​ | 7,388
Operating (loss) | ​ | (1,315) | ​ | (1,739) | ​ | (3,223) | ​ | (3,414)
Other income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other income, net | ​ | (6) | ​ | (5) | ​ | (23) | ​ | (11)
Total other income, net | ​ | (6) | ​ | (5) | ​ | (23) | ​ | (11)
(Loss) before income tax expense | ​ | (1,309) | ​ | (1,734) | ​ | (3,200) | ​ | (3,403)
Income tax benefit (expense) | ​ | 1,926 | ​ | (199) | ​ | 2,008 | ​ | 931
Net income (loss) from discontinued operations | ​ | $ 617 | ​ | ($ 1,933) | ​ | ($ 1,192) | ​ | ($ 2,472)
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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent + Details
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