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DISCONTINUED OPERATIONS

12 Months Ended

Dec. 31, 2024

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS

4. DISCONTINUED OPERATIONS

In accordance with ASC 205-20, the results of the Virbela business are presented as discontinued operations in the 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 consolidated balance sheets. In the fourth quarter of 2024, the Company completed the disposition of Virbela. The following tables present the information for Virbela’s operations for the year ended December 31, 2024 and 2023, and the balance sheet information as of December 31, 2024 and December 31, 2023 (in thousands).

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ASSETS AND LIABILITIES OF DISCONTINUED OPERATIONS
​	​	​	​	​
​	​	December 31, 2024	​	December 31, 2023
ASSETS	​	​	​	​
CURRENT ASSETS	​	​	​	​
Cash and cash equivalents	​	$ -	​	$ 991
Accounts receivable, net of allowance for credit losses of $189 and $99, respectively	​	-	​	626
Prepaids and other assets	​	-	​	347
TOTAL CURRENT ASSETS OF DISCONTINUED OPERATIONS	​	-	​	1,964
Property, plant, and equipment, net	​	-	​	11
Intangible assets, net	​	-	​	3,469
Deferred tax assets	​	-	​	2,089
TOTAL ASSETS OF DISCONTINUED OPERATIONS	​	$ -	​	$ 7,533
​	​	​	​	​
LIABILITIES	​	​	​	​
CURRENT LIABILITIES	​	​	​	​
Accounts payable	​	$ -	​	$ 110
Accrued expenses	​	-	​	1,699
TOTAL CURRENT LIABILITIES OF DISCONTINUED OPERATIONS	​	-	​	1,809
TOTAL LIABILITIES OF DISCONTINUED OPERATIONS	​	$ -	​	$ 1,809

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INCOME STATEMENT OF DISCONTINUED OPERATIONS
​	​	​	​	​	​	​
​	​	Year Ended December 31,
​	​	2024	​	2023	​	2022
Revenues	​	$ 652	​	$ 7,284	​	$ 8,485
Operating expenses	​	​	​	​	​	​
Cost of revenue	​	3,083	​	3,156	​	2,759
General and administrative expenses	​	3,139	​	10,804	​	15,101
Technology and development expenses	​	322	​	1,003	​	1,408
Sales and marketing expenses	​	(2)	​	100	​	166
Impairment expense	​	-	​	9,203	​	-
Total operating expenses	​	6,542	​	24,266	​	19,434
Operating (loss)	​	(5,890)	​	(16,982)	​	(10,949)
Other income	​	​	​	​	​	​
Other income, net	​	(278)	​	(31)	​	(1)
Total other income, net	​	(278)	​	(31)	​	(1)
(Loss) before income tax expense	​	(5,612)	​	(16,951)	​	(10,948)
Income tax benefit (expense)	​	1,133	​	4,445	​	2,637
Net (loss) income from discontinued operations	​	($ 4,479)	​	($ 12,506)	​	($ 8,311)

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- References

No definition available.

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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

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