XML 25 R13.htm IDEA: XBRL DOCUMENT
v3.23.3

Note 4 - Discontinued Operations | 9 Months Ended
--- | ---
Sep. 30, 2023
Notes to Financial Statements |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] |
Note 4. | Discontinued Operations
As of June 30, 2020, our former Factoring reportable segment was classified as discontinued operations as it: (i) was a component of the entity, (ii) met the criteria as held for sale, and (iii) had a material effect on the Company's operations and financial results. On July 8, 2020, we closed on the disposition of substantially all of the operations and assets of Transport Financial Services ("TFS"), which included substantially all of the assets and operations of our Factoring reportable segment. The sale consisted primarily of $103.3 million of net accounts receivable, which included $108.7 million of gross accounts receivable, less advances and rebates of $5.4 million. We have reflected the former Factoring reportable segment as discontinued operations in the condensed consolidated statements of operations for all periods presented. The following table summarizes the results of our discontinued operations for the three and nine months ended September 30, 2023 and 2022:
(in thousands) |  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Reversal of contingent loss liability |  | $ | (200 | ) |  | $ | - |  |  | $ | (600 | ) |  | $ | - |
Income before income taxes |  |  | 200 |  |  |  | - |  |  |  | 600 |  |  |  | - |
Income tax expense |  |  | 50 |  |  |  | - |  |  |  | 150 |  |  |  | - |
Income from discontinued operations, net of tax |  | $ | 150 |  |  | $ | - |  |  | $ | 450 |  |  | $ | - |
Reversal of contingent liability for the three and nine months ended September 30, 2023 relates to the reduced exposure of future indemnification by the Company to the purchaser of TFS, Triumph Bancorp, Inc. ("Triumph"), as a result of the collection of covered receivables identified in the amended purchase agreement. The following table summarizes the major classes of assets and liabilities included as discontinued operations as of September 30, 2023 and December 31, 2022:
(in thousands) |  | September 30, 2023 |  |  | December 31, 2022 |
Noncurrent deferred tax asset |  | $ | 459 |  |  | $ | 1,025 |
Noncurrent assets from discontinued operations |  |  | 459 |  |  |  | 1,025 |
Total assets from discontinued operations |  | $ | 459 |  |  | $ | 1,025 |
Liabilities: |  |  |  |  |  |  |  |
Long-term contingent loss liability |  | $ | 1,835 |  |  | $ | 4,100 |
Long-term liabilities of discontinued operations |  |  | 1,835 |  |  |  | 4,100 |
Total liabilities from discontinued operations |  | $ | 1,835 |  |  | $ | 4,100 |
There were $1.7 million of operating cash outflows for the nine months ended September 30, 2023, related to the $1.7 million payment on the indemnification obligation to Triumph and no net cash flows related to discontinued operations for the nine months ended September 30, 2022.

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration