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Discontinued Operations
 9 Months Ended
Sep. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations

10. Discontinued Operations

 

The Company’s discontinued operations consist of all our subsidiaries included in our Industrial Segment which encompasses subsidiaries divested in 2011 and earlier, as well as three previously closed locations.

 

The Company’s discontinued operations had net loss $173,000 (net of tax expense of $79,000) and net income of $95,000 (net of tax benefits of $234,000) for the three months ended September 30, 2024, and 2023, respectively, and net losses of $441,000 (net of $0 tax expense) and $44,000 (net of tax benefit of $353,000) for the nine months ended September 30, 2024 and 2023, respectively. The income and losses (excluding the tax benefits) were primarily due to costs incurred in the administration and continued monitoring/evaluation of our discontinued operations. The Company’s discontinued operations had no revenue for any of the periods noted above.

 

The following table presents the major class of assets of discontinued operations as of September 30, 2024, and December 31, 2023. No assets and liabilities were held for sale at each of the periods noted.

 

   September 30,   December 31, 
(Amounts in Thousands)  2024   2023 
Current assets          
Other assets  $12   $13 
Total current assets   12    13 
Long-term assets          
Property, plant and equipment, net (1)   130    81 
Total long-term assets   130    81 
Total assets  $142   $94 
Current liabilities          
Accounts payable  $96   $80 
Accrued expenses and other liabilities   154    128 
Environmental liabilities   1    61 
Total current liabilities   251    269 
Long-term liabilities          
Closure liabilities   176    169 
Environmental liabilities   766    784 
Total long-term liabilities   942    953 
Total liabilities  $1,193   $1,222 

 

(1)net of accumulated depreciation of $10,000 for each period presented.

 

 

On June 1, 2024, our Perma-Fix South Georgia, Inc. (“PFSG”) subsidiary entered into a lease agreement with a tenant leasing a portion of the PFSG property. The lease is for a two-years term and requires monthly payment by the lessee of approximately $8,500 for the first year and approximately $8,755 for the second year. The lessee is responsible for all expenses relating to the permitted usage of the property, including all utilities, a portion of the annual real estate taxes and is responsible for maintaining insurance coverage, among other things.