XML 26 R11.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Note 2 - Discontinued Operations | 12 Months Ended
--- | ---
Dec. 31, 2023
Notes to Financial Statements |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] |
2. | DISCONTINUED OPERATIONS
As of June 30, 2020, our previously identified 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 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 consolidated statements of operations for all periods presented. Prior periods have been adjusted to confirm to the current presentation. The following table summarizes the results of our discontinued operations for the twelve months ended December 31, 2023, 2022, and 2021:
(in thousands) |  | Twelve months ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Operating expenses |  | $ | - |  |  | $ | - |  |  | $ | 25 |
(Reversal of) loss contingency |  |  | (800 | ) |  |  | (1,000 | ) |  |  | (3,412 | )
Operating income |  |  | 800 |  |  |  | 1,000 |  |  |  | 3,387 |
Income before income taxes |  |  | 800 |  |  |  | 1,000 |  |  |  | 3,387 |
Income tax expense |  |  | 200 |  |  |  | 250 |  |  |  | 847 |
Net income from discontinued operations, net of tax |  | $ | 600 |  |  | $ | 750 |  |  | $ | 2,540 |
Operating income for the years ended December 31, 2023, 2022, and 2021, relates to the gain on the reversal of our contingent loss liability in the amount of $0.8 million, $1.0 million, and $3.4 million, respectively. Reversal of contingent loss liability relates to the reduced exposure of future indemnification by the Company to 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 December 31, 2023 and 2022:
(in thousands) |  | December 31, 2023 |  |  | December 31, 2022 |
Noncurrent deferred tax asset |  |  | 409 |  |  |  | 1,025 |
Noncurrent assets from discontinued operations |  |  | 409 |  |  |  | 1,025 |
Total assets from discontinued operations |  | $ | 409 |  |  | $ | 1,025 |
Current liabilities: |  |  |  |  |  |  |  |
Accounts payable |  | $ | - |  |  | $ | - |
Current liabilities of discontinued operations |  |  | - |  |  |  | - |
Contingent liabilities |  |  | 1,635 |  |  |  | 4,100 |
Total liabilities from discontinued operations |  | $ | 1,635 |  |  | $ | 4,100 |
There was $1.7 million of operating cash outflows related to the $1.7 million payment on the indemnification obligation to Triumph for the year ended December 31, 2023 and no net cash flows related to discontinued operations for the years ended December 31, 2022 or 2021.

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