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DISCONTINUED OPERATIONS | 6 Months Ended
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Jun. 30, 2022
Discontinued Operations and Disposal Groups [Abstract] |
DISCONTINUED OPERATIONS | 3. DISCONTINUED OPERATIONS On January 25, 2021, we entered into an agreement with Medici Ventures, Pelion MV GP, L.L.C. ("Pelion"), and Pelion, Inc., pursuant to which Medici Ventures converted to a Delaware limited partnership (the "Partnership") and Pelion became the sole general partner of the Partnership, and we became the limited partner of the Partnership. The term of the Partnership is eight years. A tZERO debt conversion was completed during the quarter ended March 31, 2021, following which Medici Ventures and Overstock held approximately 42% and 41%, respectively, of tZERO's outstanding common stock. On April 23, 2021, we entered into the Limited Partnership Agreement with Pelion, pursuant to which Pelion became the sole general partner, holding a 1% equity interest in the Partnership, and Overstock became a limited partner, holding a 99% equity interest in the Partnership. Our retained equity interest in these entities are classified as equity method securities as we are deemed to have significant influence, but not control, over these entities through holding more than a 20% interest in the entity. See Note 6—Equity Securities for further information. The operating results for the periods prior to the April 23, 2021 deconsolidation of Medici Ventures and tZERO have been reflected in our consolidated statements of income as discontinued operations for all periods presented. Results of discontinued operations through the transaction date were as follows (in thousands):
| Three months ended June 30, |  | Six months ended June 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Net revenue | $ | — |  |  | $ | 1,802 |  |  | $ | — |  |  | $ | 17,394 |
Cost of goods sold | — |  |  | 1,325 |  |  | — |  |  | 13,716 |
Gross profit | — |  |  | 477 |  |  | — |  |  | 3,678 |
Operating expenses |  |  |  |  |  |  |
Technology | — |  |  | 577 |  |  | — |  |  | 7,133 |
Selling, general, and administrative | — |  |  | 2,084 |  |  | — |  |  | 13,509 |
Total operating expenses | — |  |  | 2,661 |  |  | — |  |  | 20,642 |
Operating loss from discontinued operations | — |  |  | (2,184) |  |  | — |  |  | (16,964) |
Interest income, net | — |  |  | 5 |  |  | — |  |  | 192 |
Other income (loss), net | — |  |  | (398) |  |  | — |  |  | 4,081 |
Gain on deconsolidation | — |  |  | 243,541 |  |  | — |  |  | 243,541 |
Income from discontinued operations before income taxes | — |  |  | 240,964 |  |  | — |  |  | 230,850 |
Provision for income taxes | — |  |  | 13,592 |  |  | — |  |  | 13,604 |
Net income from discontinued operations | $ | — |  |  | $ | 227,372 |  |  | $ | — |  |  | $ | 217,246 |
Less: Net loss attributable to noncontrolling interests from discontinued operations | — |  |  | (134) |  |  | — |  |  | (335) |
Net income from discontinued operations attributable to stockholders of Overstock.com, Inc. | $ | — |  |  | $ | 227,506 |  |  | $ | — |  |  | $ | 217,581 |

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- References No definition available. + Details
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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 -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI https://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=2122178 + Details
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