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SEGMENT REPORTING | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
SEGMENT REPORTING | NOTE 16 SEGMENT REPORTING In accordance with ASC 280, “Segment Reporting”, the Company defines an operating segment as a business activity:
| ● | from which we may earn revenue and incur expenses;
| ● | whose operating results are regularly reviewed by the CODM to make decisions about resources to be allocated to the segment and assess its performance; and
| ● | for which discrete financial information is available.
The Company has two reporting segments, consisting of the Treatment and Services Segments, which are primarily based on a service offering approach (see “Note 1- Description of Business and Basis of Presentation” for the type of services from which each of the Company’s reportable segments derives its revenue). The Company’s reporting segments exclude our corporate headquarter which serves to support its two reporting segments through various functions, such as our executives, finance, treasury, human resources, accounting, and legal departments. Financial results for the corporate headquarter are not considered by the CODM in evaluating the performance of the reportable segments. Our reporting segment also excludes our discontinued operations (see “Note 8 – Discontinued Operations”) which do not generate revenues. The Company’s CODM, which is its chief executive officer, evaluates the performance of the Treatment and Services segments and allocates resources (including financial or capital resources) to each reporting segment based on revenue and (loss) income from operations by comparing actual results for these metrics to budgeted and forecasted amounts for these metrics on a monthly, quarterly and year-to-date basis. The Company’s CODM does not evaluate and allocate resources for the reportable segments using assets; therefore, the Company does not disclosure assets for its reporting segments. The table below summarizes (loss) income from operations for the Company’s two reporting segments and its corporate headquarter and provides reconciliation of such financial metric to the Company’s consolidated totals for the years 2024 and 2023 for our continuing operations. Significant segment expenses that are included in the measure of segment profit or losses for each reportable segment, and regularly provided to the CODM include payroll and benefit, material and supplies, disposal and transportation and subcontract expenses and are reflected separately, where applicable (in thousands). SCHEDULE OF SEGMENT REPORTING INFORMATION Segment Reporting as of and for the year ended December 31, 2024
|  | Treatment |  |  | Services |  |  | Segments Total |  |  | Corporate (1) |  |  | Consolidated Total |
Revenue from external customers |  | $ | 34,953 |  |  | $ | 24,164 |  |  | $ | 59,117 | (4)(5) |  | $ | — |  |  | $ | 59,117 |
Cost of Goods Sold: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payroll and benefits expenses |  |  | 16,257 |  |  |  | 9,494 |  |  |  | 25,751 |  |  |  | — |  |  |  | 25,751 |
Material and supplies expenses |  |  | 4,074 |  |  |  | — |  |  |  | 4,074 |  |  |  | — |  |  |  | 4,074 |
Disposal expenses |  |  | 5,317 |  |  |  | — |  |  |  | 5,317 |  |  |  | — |  |  |  | 5,317 |
Transportation expenses |  |  | 1,118 |  |  |  | — |  |  |  | 1,118 |  |  |  | — |  |  |  | 1,118 |
Subcontract expenses |  |  | — |  |  |  | 7,152 |  |  |  | 7,152 |  |  |  | — |  |  |  | 7,152 |
Other cost of goods sold (2) |  |  | 9,297 |  |  |  | 6,406 |  |  |  | 15,703 |  |  |  | — |  |  |  | 15,703 |
Total cost of goods sold |  |  | 36,063 |  |  |  | 23,052 |  |  |  | 59,115 |  |  |  | — |  |  |  | 59,115 |
Gross (loss) profit |  |  | (1,110 | ) |  |  | 1,112 |  |  |  | 2 |  |  |  | — |  |  |  | 2 |
Selling, general and administrative expenses (“SG&A”): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payroll and benefits |  |  | 2,858 |  |  |  | 2,413 |  |  |  | 5,271 |  |  |  | 3,296 |  |  |  | 8,567 |
Other SG&A (3) |  |  | 1,432 |  |  |  | 892 |  |  |  | 2,324 |  |  |  | 3,600 |  |  |  | 5,924 |
Total SG&A |  |  | 4,290 |  |  |  | 3,305 |  |  |  | 7,595 |  |  |  | 6,896 |  |  |  | 14,491 |
Research and development |  |  | 842 |  |  |  | 111 |  |  |  | 953 |  |  |  | 219 |  |  |  | 1,172 |
Loss on disposal of property and equipment |  |  | 18 |  |  |  | 3 |  |  |  | 21 |  |  |  | — |  |  |  | 21 |
Loss from operations |  | $ | (6,260 | ) |  | $ | (2,307 | ) |  | $ | (8,567 | ) |  | $ | (7,115 | ) |  |  | (15,682 | )
Interest income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 921 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (473 | )
Interest expense-financing fees |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (66 | )
Other income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 166 |
Loss from continuing operations before taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (15,134 | )
Income tax expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,435 |
Loss from continuing operations, net of taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (19,569 | )
Segment Reporting as of and for the year ended December 31, 2023
|  | Treatment |  |  | Services |  |  | Segments Total |  |  | Corporate (1) |  |  | Consolidated Total |
Revenue from external customers |  | $ | 43,477 |  |  | $ | 46,258 |  |  |  | $89,735 | (4)(5) |  | $ | — |  |  | $ | 89,735 |
Cost of goods sold: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payroll and benefit expenses |  |  | 14,655 |  |  |  | 11,800 |  |  |  | 26,455 |  |  |  | — |  |  |  | 26,455 |
Material and supplies expenses |  |  | 3,747 |  |  |  | — |  |  |  | 3,747 |  |  |  | — |  |  |  | 3,747 |
Disposal expenses |  |  | 6,576 |  |  |  | — |  |  |  | 6,576 |  |  |  | — |  |  |  | 6,576 |
Transportation expenses |  |  | 1,457 |  |  |  | — |  |  |  | 1,457 |  |  |  | — |  |  |  | 1,457 |
Subcontract expenses |  |  | — |  |  |  | 15,555 |  |  |  | 15,555 |  |  |  | — |  |  |  | 15,555 |
Other cost of goods sold (2) |  |  | 10,166 |  |  |  | 9,410 |  |  |  | 19,576 |  |  |  | — |  |  |  | 19,576 |
Total cost of goods sold |  |  | 36,601 |  |  |  | 36,765 |  |  |  | 73,366 |  |  |  | — |  |  |  | 73,366 |
Gross profit |  |  | 6,876 |  |  |  | 9,493 |  |  |  | 16,369 |  |  |  | — |  |  |  | 16,369 |
Selling, general and administrative expenses (“SG&A”): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payroll and benefits |  |  | 2,438 |  |  |  | 2,662 |  |  |  | 5,100 |  |  |  | 3,812 |  |  |  | 8,912 |
Other SG&A (3) |  |  | 1,811 |  |  |  | 834 |  |  |  | 2,645 |  |  |  | 3,418 |  |  |  | 6,063 |
Total SG&A |  |  | 4,249 |  |  |  | 3,496 |  |  |  | 7,745 |  |  |  | 7,230 |  |  |  | 14,975 |
Research and development |  |  | 418 |  |  |  | 38 |  |  |  | 456 |  |  |  | 105 |  |  |  | 561 |
Loss on disposal of property and equipment |  |  | — |  |  |  | 77 |  |  |  | 77 |  |  |  | — |  |  |  | 77 |
Income (loss) from operations |  | $ | 2,209 |  |  | $ | 5,882 |  |  | $ | 8,091 |  |  | $ | (7,335 | ) |  |  | 756 |
Interest income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 606 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (323 | )
Interest expense-financing fees |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (93 | )
Other expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (11 | )
Income from continuing operations before taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 935 |
Income tax expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 17 |
Income from continuing operations, net of taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 918 |
(1) | Amounts reflect the activity for corporate headquarters not included in the segment reporting information.
(2) | Other cost of goods sold for each reportable segment includes:
| Treatment - lab, regulatory, maintenance, depreciation and amortization, travel, outside services and general expenses.
| Services - material and supplies, disposal and transportation, lab, regulatory, maintenance, depreciation and amortization, travel, outside services and general expenses.
(3) | Other SG&A for each reportable segment and Corporate includes:
| Treatment-depreciation and amortization, travel, outside services, maintenance and general expenses.
| Services- travel, outside services, maintenance and general expenses.
| Corporate-maintenance, depreciation and amortization, travel, public company, outside services and general expenses.
(4) | The Company performed services relating to waste generated by federal government clients, either directly as a prime contractor or indirectly for others as a subcontractor to federal government entities, representing approximately $40,550,000 or 68.6% of total revenue for 2024 and $68,595,000 or 76.4% of total revenue for 2023.
(5) | The following table reflects revenue based on customer location:
SCHEDULE OF REVENUE BASED ON CUSTOMER LOCATION
|  | 2024 |  |  | 2023 |
United States |  | $ | 56,665 |  |  | $ | 87,669 |
Canada |  |  | 513 |  |  |  | 1,685 |
Germany |  |  | 734 |  |  |  | 206 |
Italy |  |  | 77 |  |  |  | — |
Mexico |  |  | 394 |  |  |  | — |
Slovenia |  |  | 181 |  |  |  | 87 |
United Kingdom |  |  | 553 |  |  |  | 88 |
Total |  | $ | 59,117 |  |  | $ | 89,735 |
The following table presents depreciation and amortization for the years ended December 31, (in thousand): SCHEDULE OF DEPRECIATION AND AMORTIZATION
|  | 2024 |  |  | 2023 |
Treatment |  | $ | 1,484 |  |  | $ | 2,112 |
Services |  |  | 177 |  |  |  | 397 |
Total segment |  |  | 1,661 |  |  |  | 2,509 |
Corporate |  |  | 102 |  |  |  | 59 |
Total |  | $ | 1,763 |  |  | $ | 2,568 |
The following table presents capital expenditures for the years ended December 31, (net of financed amount of $406 and $784 for 2024 and 2023, respectively (in thousand): SCHEDULE OF CAPITAL EXPENDITURES
|  | 2024 |  |  | 2023 |
Treatment |  | $ | 3,002 |  |  | $ | 1,696 |
Services |  |  | 403 |  |  |  | 10 |
Total segment |  |  | 3,405 |  |  |  | 1,706 |
Corporate |  |  | — |  |  |  | 8 |
Total |  | $ | 3,405 |  |  | $ | 1,714 |
The following table presents long-lived assets for the Company’s continuing operations for the years ended December 31, (in thousand): SCHEDULE OF LONG-LIVED ASSETS FOR CONTINUED OPERATIONS
|  | 2024 |  |  | 2023 |
United States |  | $ | 21,133 |  |  | $ | 19,009 |
Foreign Subsidiaries |  |  | — |  |  |  | — |
Total |  | $ | 21,133 |  |  | $ | 19,009 |

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- Definition The entire disclosure for reporting segments including data and tables. 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