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Discontinued operations (Tables) | 9 Months Ended
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Sep. 30, 2024
Discontinued Operations and Disposal Groups [Abstract] |
Schedule of Disposal Groups, Including Discontinued Operations | The Company recognized a loss on disposal of Global Cooling, calculated as follows:
(In thousands) |
Selling price: $1 | $ | — |
Cash to Global Cooling funded by Company | (6,652) |
Costs to sell Global Cooling(1) | (582) |
Negative selling price | (7,234) |
Global Cooling carrying basis as of April 17, 2024, inclusive of assumed liabilities | (3,589) |
Assumed liabilities: Accounts payable(2) | 2,643 |
Assumed liabilities: Debt(3) | 2,596 |
Global Cooling carrying basis as of April 17, 2024 | 1,650 |
Release of Global Cooling currency translation adjustment | (13) |
Net loss on disposal | $ | (8,897) |
(1) Represents the costs incurred in connection with the divestiture of Global Cooling, including fees to be paid to the broker, attorneys, and other external parties. (2) As a closing condition, the Company assumed certain accounts payable and accrued expenses from Global Cooling, totaling $0.5 million and $2.1 million, respectively. (3) As a closing condition, the Company repaid the balance of the Global Cooling Amended Term Notes. For additional information on the terms of the Global Cooling Term Notes, see Note 13: Long-term debt. The Company recognized the following charges in connection with the RIF and stock compensation expense acceleration:
(In thousands) | Severance |  | Stock Compensation |  | Total
RIF employee costs | $ | 291 |  |  | $ | 1,255 |  |  | $ | 1,546 |
Former Global Cooling employees | — |  |  | 1,925 |  |  | 1,925 |
Total employment related divestiture expenditures | $ | 291 |  |  | $ | 3,180 |  |  | $ | 3,471 |
The following table summarizes the major classes of assets and liabilities of discontinued operations, which are summarized separately in the condensed consolidated balance sheets:
| April 17, |  | December 31,
(In thousands) | 2024 |  | 2023
Cash and cash equivalents | $ | 275 |  |  | $ | 2,090 |
Accounts receivable, net | 2,430 |  |  | 1,728 |
Inventories | 9,152 |  |  | 11,248 |
Prepaid expenses and other current assets | 379 |  |  | 303 |
Total current assets, discontinued operations | 12,236 |  |  | 15,369 |
Property and equipment, net | 153 |  |  | 146 |
Long-term deposits and other assets | 4 |  |  | 4 |
Total assets, discontinued operations | 12,393 |  |  | 15,519 |
Accounts payable | 1,425 |  |  | 3,367 |
Accrued expenses and other current liabilities | 911 |  |  | 1,637 |
Warranty liability | 7,193 |  |  | 7,507 |
Lease liabilities, operating, current portion | 242 |  |  | 263 |
Lease liabilities, financing, current portion | 16 |  |  | 22 |
Total current liabilities, discontinued operations | 9,787 |  |  | 12,796 |
Lease liabilities, operating, long-term | 948 |  |  | 1,016 |
Lease liabilities, financing, long-term | 8 |  |  | 11 |
Total liabilities, discontinued operations | $ | 10,743 |  |  | $ | 13,823 |
Global Cooling had no remaining balances as of September 30, 2024. The key components of loss from discontinued operations were as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(In thousands) | 2024 |  | 2023 |  | 2024 |  | 2023
Revenue | $ | — |  |  | $ | 9,755 |  |  | $ | 7,157 |  |  | $ | 28,546 |
Cost of revenue | — |  |  | 10,100 |  |  | 8,389 |  |  | 28,048 |
Gross profit | — |  |  | (345) |  |  | (1,232) |  |  | 498 |
Operating expenses | — |  |  | (5,789) |  |  | (9,418) |  |  | (16,259) |
Asset impairment charges | — |  |  | (7,175) |  |  | — |  |  | (7,175) |
Other income (expense), net | — |  |  | (19) |  |  | (25) |  |  | (63) |
Loss on disposal | — |  |  | — |  |  | (8,897) |  |  | — |
Loss before income taxes | — |  |  | (13,328) |  |  | (19,572) |  |  | (22,999) |
Income tax expense | — |  |  | — |  |  | (10) |  |  | (3) |
Loss from discontinued operations, net of income taxes | $ | — |  |  | $ | (13,328) |  |  | $ | (19,582) |  |  | $ | (23,002) |

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