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Discontinued Operations | 3 Months Ended
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Aug. 27, 2023
Discontinued Operations and Disposal Groups [Abstract] |
Discontinued Operations | Discontinued Operations As discussed in Note 1 – Organization, Basis of Presentation, and Summary of Significant Accounting Policies – Discontinued Operations, the Company completed the disposition of Yucatan and O Olive on February 7, 2023 and April 6, 2023, respectively. Yucatan and O Olive represented components of the company’s previously operated food business and their sale represents a strategic shift in the Company going forward. Accordingly, concurrent with the execution of their respective purchase agreements, Yucatan and O Olive both met the accounting requirements for reporting as discontinued operations for all periods presented. There were no assets or liabilities of Yucatan and O Olive as of August 27, 2023. The key components of income from discontinued operations for the three months ended August 27, 2023 and August 28, 2022, were as follows (in thousands):
|  | Three Months Ended |  |
|  | August 27, 2023 |  | August 28, 2022 |  |  |  |
Revenues |  | $ | — |  |  | $ | 19,652 |  |  |  |  |
Cost of goods sold |  | — |  |  | 19,436 |  |  |  |  |
Gross profit |  | — |  |  | 216 |  |  |  |  |
Operating costs and expenses: |  |  |  |  |  |  |  |
Research and development |  | — |  |  | 79 |  |  |  |  |
Selling, general and administrative |  | — |  |  | 4,369 |  |  |  |  |
Restructuring costs |  |  |  | 27 |  |  |  |  |
Total operating costs and expenses |  | — |  |  | 4,475 |  |  |  |  |
Operating loss |  | — |  |  | (4,259) |  |  |  |  |
Other income (expense), net |  | 1,850 |  |  | — |  |  |  |  |
Income (loss) from discontinued operations |  | 1,850 |  |  | (4,259) |  |  |  |  |
Income tax (expense) benefit |  | 6 |  |  | — |  |  |  |  |
Income (loss) from discontinued operations, net of tax |  | $ | 1,856 |  |  | $ | (4,259) |  |  |  |  |
Cash provided by operating activities by discontinued operations totaled $1.9 million and $1.1 million for the three months ended August 27, 2023 and August 28, 2022, respectively. Cash used in investing activities of discontinued operations for the three months ended August 28, 2022 was $43.0 thousand.

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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 -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
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