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SEGMENT REPORTING (Tables) | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | The Company’s reportable segment information, including Deflecto’s operations from October 18, 2024 through December 31, 2024, is as follows:
|  |  | Year Ended December 31, 2024
|  |  |  |  |  |  |  |  | Intellectual Property Operations |  | Industrial Operations |  | Energy Operations |  | Manufacturing Operations |  | Total |  |  |  |  |  |
|  |  |  |  |  |  |  |  | (In thousands) |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
License fees |  |  |  |  |  |  |  |  | $ | 19,525 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 19,525 |  |  |  |  |  |  |
Revenues - industrial operations |  |  |  |  |  |  |  |  | — |  |  | 30,421 |  |  | — |  |  | — |  |  | 30,421 |  |  |  |  |  |  |
Oil sales |  |  |  |  |  |  |  |  | — |  |  | — |  |  | 26,468 |  |  | — |  |  | 26,468 |  |  |  |  |  |  |
Natural gas sales |  |  |  |  |  |  |  |  | — |  |  | — |  |  | 9,194 |  |  | — |  |  | 9,194 |  |  |  |  |  |  |
Natural gas liquids sales |  |  |  |  |  |  |  |  | — |  |  | — |  |  | 13,014 |  |  | — |  |  | 13,014 |  |  |  |  |  |  |
Other service sales |  |  |  |  |  |  |  |  | — |  |  | — |  |  | 507 |  |  | — |  |  | 507 |  |  |  |  |  |  |
Air distribution |  |  |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | 7,782 |  |  | 7,782 |  |  |  |  |  |  |
Safety products |  |  |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | 7,977 |  |  | 7,977 |  |  |  |  |  |  |
Office products |  |  |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | 7,424 |  |  | 7,424 |  |  |  |  |  |  |
Total revenues |  |  |  |  |  |  |  |  | 19,525 |  |  | 30,421 |  |  | 49,183 |  |  | 23,183 |  |  | 122,312 |  |  |  |  |  |  |
Cost of revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of sales - intellectual property operations |  |  |  |  |  |  |  |  | 24,551 |  |  | — |  |  | — |  |  | — |  |  | 24,551 |  |  |  |  |  |  |
Cost of sales - industrial operations |  |  |  |  |  |  |  |  | — |  |  | 14,912 |  |  | — |  |  | — |  |  | 14,912 |  |  |  |  |  |  |
Cost of sales - manufacturing operations |  |  |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | 16,904 |  |  | 16,904 |  |  |  |  |  |  |
Cost of production |  |  |  |  |  |  |  |  | — |  |  | — |  |  | 36,291 |  |  | — |  |  | 36,291 |  |  |  |  |  |  |
Total cost of revenues |  |  |  |  |  |  |  |  | 24,551 |  |  | 14,912 |  |  | 36,291 |  |  | 16,904 |  |  | 92,658 |  |  |  |  |  |  |
Segment gross (loss) profit |  |  |  |  |  |  |  |  | (5,026) |  |  | 15,509 |  |  | 12,892 |  |  | 6,279 |  |  | 29,654 |  |  |  |  |  |  |
Other operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
General and administrative expenses |  |  |  |  |  |  |  |  | 8,826 |  |  | 13,705 |  |  | 3,427 |  |  | 6,303 |  |  | 32,261 |  |  |  |  |  |  |
Total other operating expenses |  |  |  |  |  |  |  |  | 8,826 |  |  | 13,705 |  |  | 3,427 |  |  | 6,303 |  |  | 32,261 |  |  |  |  |  |  |
Segment operating (loss) income |  |  |  |  |  |  |  |  | $ | (13,852) |  |  | $ | 1,804 |  |  | $ | 9,465 |  |  | $ | (24) |  |  | (2,607) |  |  |  |  |  |  |
Parent general and administrative expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 30,319 |  |  |  |  |  |  |
Operating loss |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (32,926) |  |  |  |  |  |  |
Total other expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (5,221) |  |  |  |  |  |  |
Loss before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (38,147) |  |  |  |  |  |  |
he Company’s three reportable segments for the year ended December 31, 2023 is as follows:
|  |  | Year Ended December 31, 2023
|  |  |  |  |  |  |  |  | Intellectual Property Operations |  | Industrial Operations |  | Energy Operations |  | Total
|  |  |  |  |  |  |  |  | (In thousands)
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
License fees |  |  |  |  |  |  |  |  | $ | 89,156 |  |  | $ | — |  |  | $ | — |  |  | $ | 89,156 |
Revenues - industrial operations |  |  |  |  |  |  |  |  | — |  |  | 35,098 |  |  | — |  |  | 35,098 |
Oil sales |  |  |  |  |  |  |  |  | — |  |  | — |  |  | 256 |  |  | 256 |
Natural gas sales |  |  |  |  |  |  |  |  | — |  |  | — |  |  | 372 |  |  | 372 |
Natural gas liquids sales |  |  |  |  |  |  |  |  | — |  |  | — |  |  | 220 |  |  | 220 |
Total revenues |  |  |  |  |  |  |  |  | 89,156 |  |  | 35,098 |  |  | 848 |  |  | 125,102 |
Cost of revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of sales - intellectual property operations |  |  |  |  |  |  |  |  | 34,164 |  |  | — |  |  | — |  |  | 34,164 |
Cost of sales - industrial operations |  |  |  |  |  |  |  |  | — |  |  | 18,009 |  |  | — |  |  | 18,009 |
Cost of production |  |  |  |  |  |  |  |  | — |  |  | — |  |  | 656 |  |  | 656 |
Total cost of revenues |  |  |  |  |  |  |  |  | 34,164 |  |  | 18,009 |  |  | 656 |  |  | 52,829 |
Segment gross profit |  |  |  |  |  |  |  |  | 54,992 |  |  | 17,089 |  |  | 192 |  |  | 72,273 |
Other operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
General and administrative expenses |  |  |  |  |  |  |  |  | 7,402 |  |  | 16,365 |  |  | 264 |  |  | 24,031 |
Total other operating expenses |  |  |  |  |  |  |  |  | 7,402 |  |  | 16,365 |  |  | 264 |  |  | 24,031 |
Segment operating income (loss) |  |  |  |  |  |  |  |  | $ | 47,590 |  |  | $ | 724 |  |  | $ | (72) |  |  | 48,242 |
Parent general and administrative expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 27,306 |
Operating income |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 20,936 |
Total other income |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 46,490 |
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 67,426 |
Schedule of Segment Reporting Information, by Segment |
| December 31,
| 2024 |  | 2023
| (In thousands)
Total parent assets | 150,033 |  |  | 318,727 |
Segment total assets: |  |  |
Intellectual property operations | 213,854 |  |  | 234,254 |
Industrial operations | 48,438 |  |  | 47,854 |
Energy operations | 209,355 |  |  | 32,710 |
Manufacturing operations | 134,714 |  |  | — |
Total assets | $ | 756,394 |  |  | $ | 633,545 |
Revenue from External Customers by Geographic Areas |
|  |  | Year Ended December 31, 2024
|  |  |  |  |  |  |  |  | Intellectual Property Operations |  | Industrial Operations |  | Energy Operations |  | Manufacturing Operations |  | Total
|  |  |  |  |  |  |  |  | (In thousands)
Revenues by geographic area: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States |  |  |  |  |  |  |  |  | $ | 7,957 |  |  | $ | 12,855 |  |  | $ | 49,183 |  |  | $ | 13,400 |  |  | $ | 83,395 |
Canada and Latin America |  |  |  |  |  |  |  |  | 6 |  |  | 857 |  |  | — |  |  | 3,569 |  |  | 4,432 |
Total Americas |  |  |  |  |  |  |  |  | 7,963 |  |  | 13,712 |  |  | 49,183 |  |  | 16,969 |  |  | 87,827 |
Europe, Middle East and Africa |  |  |  |  |  |  |  |  | — |  |  | 7,974 |  |  | — |  |  | 1,575 |  |  | 9,549 |
China |  |  |  |  |  |  |  |  | 4,650 |  |  | 1,482 |  |  | — |  |  | 3,923 |  |  | 10,055 |
India |  |  |  |  |  |  |  |  | — |  |  | 2,700 |  |  | — |  |  | 26 |  |  | 2,726 |
Asia-Pacific, excluding China and India |  |  |  |  |  |  |  |  | 6,912 |  |  | 4,553 |  |  | — |  |  | 690 |  |  | 12,155 |
Total Asia-Pacific |  |  |  |  |  |  |  |  | 11,562 |  |  | 8,735 |  |  | — |  |  | 4,639 |  |  | 24,936 |
Total revenues |  |  |  |  |  |  |  |  | $ | 19,525 |  |  | $ | 30,421 |  |  | $ | 49,183 |  |  | $ | 23,183 |  |  | $ | 122,312 |
|  |  | Year Ended December 31, 2023
|  |  |  |  |  |  | Intellectual Property Operations |  | Industrial Operations |  | Energy Operations |  | Total
|  |  |  |  |  |  | (In thousands)
Revenues by geographic area: |  |  |  |  |  |  |  |  |  |  |  |  |
United States |  |  |  |  |  |  | $ | 80,407 |  |  | $ | 14,128 |  |  | $ | 848 |  |  | $ | 95,383 |
Canada and Latin America |  |  |  |  |  |  | 514 |  |  | 1,100 |  |  | — |  |  | 1,614 |
Total Americas |  |  |  |  |  |  | 80,921 |  |  | 15,228 |  |  | 848 |  |  | 96,997 |
Europe, Middle East and Africa |  |  |  |  |  |  | — |  |  | 8,935 |  |  | — |  |  | 8,935 |
China |  |  |  |  |  |  | 8,200 |  |  | 3,512 |  |  | — |  |  | 11,712 |
India |  |  |  |  |  |  | — |  |  | 2,849 |  |  | — |  |  | 2,849 |
Asia-Pacific, excluding China and India |  |  |  |  |  |  | 35 |  |  | 4,574 |  |  | — |  |  | 4,609 |
Total Asia-Pacific |  |  |  |  |  |  | 8,235 |  |  | 10,935 |  |  | — |  |  | 19,170 |
Total revenues |  |  |  |  |  |  | $ | 89,156 |  |  | $ | 35,098 |  |  | $ | 848 |  |  | $ | 125,102 |
Long-lived Assets by Geographic Areas |
| December 31, 2024
| Intellectual Property Operations |  | Industrial Operations |  | Energy Operations |  | Manufacturing Operations |  | Total
| (In thousands)
Long-lived tangible assets by geographic area: |  |  |  |  |  |  |  |  |
United States | $ | 126 |  |  | $ | 220 |  |  | $ | 192,435 |  |  | $ | 7,685 |  |  | $ | 200,466 |
Canada | — |  |  | — |  |  | — |  |  | 7,225 |  |  | 7,225 |
Europe | — |  |  | 99 |  |  | — |  |  | 4,257 |  |  | 4,356 |
Asia-Pacific | — |  |  | 925 |  |  | — |  |  | 2,573 |  |  | 3,498 |
Total | $ | 126 |  |  | $ | 1,244 |  |  | $ | 192,435 |  |  | $ | 21,740 |  |  | $ | 215,545 |
| December 31, 2023
| Intellectual Property Operations |  | Industrial Operations |  | Energy Operations |  | Total
| (In thousands)
Long-lived tangible assets by geographic area: |  |  |  |  |  |  |
United States | $ | 201 |  |  | $ | 92 |  |  | $ | 25,117 |  |  | $ | 25,410 |
Asia-Pacific | — |  |  | 2,063 |  |  | — |  |  | 2,063 |
Total | $ | 201 |  |  | $ | 2,155 |  |  | $ | 25,117 |  |  | $ | 27,473 |

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