v3.21.1

Sale of Latin American Subsidiaries | 12 Months Ended
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Jan. 30, 2021
Discontinued Operations | NOTE 4—DISCONTINUED OPERATIONS During the fourth quarter of 2018, the Company completed the closure of the verykool business segment that had been an old legacy business. Also, as discussed in Note 15, in early 2020, the Company sold OneClick Argentino, its business unit in Argentina, and Verablue Caribbean Group, its business unit in the Dominican Republic, which resulted in losses on sale of $13,000 and $136,000 in the transition period from January 1, 2020 to February 1, 2020 and in the fiscal year ended January 30, 2021, respectively. Consequently, these business units, plus OneClick International, the wholly owned parent of the two business units, are reported as discontinued operations in our consolidated financial statements for all periods presented. The results of discontinued operations for the year ended December 31, 2019 are as follows (in thousands):
| Verykool |  |  | OneClick International |  |  | OneClick Argentino |  |  | Verablue Caribbean |  |  | TOTAL |
Net sales | $ | 47 |  |  | $ | 1 |  |  | $ | 8,029 |  |  | $ | 3,849 |  |  | $ | 11,926 |
Cost of sales |  | 118 |  |  |  | 13 |  |  |  | 5,374 |  |  |  | 2,783 |  |  |  | 8,288 |
Gross profit (loss) |  | (71 | ) |  |  | (12 | ) |  |  | 2,655 |  |  |  | 1,066 |  |  |  | 3,638 |
Selling, general and administrative expenses |  | (16 | ) |  |  | 501 |  |  |  | 2,703 |  |  |  | 1,057 |  |  |  | 4,245 |
Goodwill and intangible impairments |  | — |  |  |  | 630 |  |  |  | — |  |  |  | — |  |  |  | 630 |
Operating income (loss) |  | (55 | ) |  |  | (1,143 | ) |  |  | (48 | ) |  |  | 9 |  |  |  | (1,237 | )
Loss on assets held for sale |  | — |  |  |  | — |  |  |  | (1,932 | ) |  |  | (698 | ) |  |  | (2,630 | )
Other income (expense), net |  | 25 |  |  |  | (14 | ) |  |  | (678 | ) |  |  | (8 | ) |  |  | (675 | )
Loss from discontinued operations before income taxes |  | (30 | ) |  |  | (1,157 | ) |  |  | (2,658 | ) |  |  | (697 | ) |  |  | (4,542 | )
Provision (benefit) for income taxes |  | (2 | ) |  |  | — |  |  |  | — |  |  |  | 78 |  |  |  | 76 |
Net loss from discontinued operations | $ | (32 | ) |  | $ | (1,157 | ) |  | $ | (2,658 | ) |  | $ | (619 | ) |  | $ | (4,466 | )
The results of discontinued operations for the transition period from January 1, 2020 to February 1, 2020 are as follows (in thousands):
| Verykool |  |  | OneClick International |  |  | OneClick Argentino |  |  | Verablue Caribbean |  |  | TOTAL |
Net sales | $ | — |  |  | $ | — |  |  | $ | 821 |  |  | $ | 334 |  |  | $ | 1,155 |
Cost of sales |  | 8 |  |  |  | — |  |  |  | 544 |  |  |  | 223 |  |  |  | 775 |
Gross profit (loss) |  | (8 | ) |  |  | — |  |  |  | 277 |  |  |  | 111 |  |  |  | 380 |
Selling, general and administrative expenses |  | 2 |  |  |  | 1 |  |  |  | 203 |  |  |  | 81 |  |  |  | 287 |
Operating income (loss) |  | (10 | ) |  |  | (1 | ) |  |  | 74 |  |  |  | 30 |  |  |  | 93 |
Other income (expense), net |  | — |  |  |  | — |  |  |  | (21 | ) |  |  | (6 | ) |  |  | (27 | )
Income (loss) from discontinued operations before income taxes |  | (10 | ) |  |  | (1 | ) |  |  | 53 |  |  |  | 24 |  |  |  | 66 |
Provision for income taxes |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Net income (loss) from discontinued operations | $ | (10 | ) |  | $ | (1 | ) |  | $ | 53 |  |  | $ | 24 |  |  | $ | 66 |
The results of discontinued operations for the year ended January 30, 2021 are as follows (in thousands):
| Verykool |  |  | OneClick International |  |  | Verablue Caribbean |  |  | TOTAL |
Net sales | $ | — |  |  | $ | — |  |  | $ | 408 |  |  | $ | 408 |
Cost of sales |  | — |  |  |  | — |  |  |  | 319 |  |  |  | 319 |
Gross profit |  | — |  |  |  | — |  |  |  | 89 |  |  |  | 89 |
Selling, general and administrative expenses |  | 19 |  |  |  | (41 | ) |  |  | 165 |  |  |  | 143 |
Operating income (loss) |  | (19 | ) |  |  | 41 |  |  |  | (76 | ) |  |  | (54 | )
Other income (expense), net |  | 59 |  |  |  | — |  |  |  | (129 | ) |  |  | (70 | )
Income (loss) from discontinued operations before income taxes |  | 40 |  |  |  | 41 |  |  |  | (205 | ) |  |  | (124 | )
Provision for income taxes |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Net income (loss) from discontinued operations | $ | 40 |  |  | $ | 41 |  |  | $ | (205 | ) |  | $ | (124 | )
Latin American Subsidiaries [Member] |
Discontinued Operations | NOTE 15—SALE OF LATIN AMERICAN SUBSIDIARIES On January 31, 2020, the Company entered into a definitive agreement with two employees of the Company to sell all of its ownership interest in OneClick Argentino S.R.L., the Company’s subsidiary that operated 6 retail electronics stores in Argentina. The purchase price to the buyers was the assumption of all liabilities of the Argentina subsidiary, including $321,000 of debt owed to two major distribution suppliers. OneClick Argentino S.R.L. has been classified as a discontinued operation in our consolidated financial statements for all periods presented. On April 6, 2020, the Company entered into a definitive agreement with an employee of the Company to sell all of its ownership interest in Verablue Caribbean Group, S.R.L. (“Verablue”), the Company’s subsidiary that operated 7 retail electronics stores in in the Dominican Republic. The buyers assumed all liabilities of Verablue, and agreed to pay the Company $100,000 in additional consideration, evidenced by a 6-month installment promissory note. Verablue has been classified as a discontinued operation in our consolidated financial statements for all periods presented.

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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 http://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 http://asc.fasb.org/subtopic&trid=2122178 + Details
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