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Discontinued Operations

9 Months Ended

12 Months Ended

Sep. 28, 2024

Dec. 30, 2023

Staffing 360 Solutions, Inc. [Member]

Discontinued Operations [Line Items]

DISCONTINUED OPERATIONS

NOTE 14 — DISCONTINUED OPERATIONS

In December 2023, given the recurring losses of Professional Staffing UK, management committed to a plan to sell the assets of Professional Staffing UK. On January 6, 2024 Staffing 360 Solutions Limited, a UK Subsidiary, filed a Notice of Intent with the High Court of Justice in the UK, stating the Company’s intention to appoint administrators to save the business from liquidation. Administrators were appointed on January 18, 2024, and the business was transferred to new owners on February 12, 2024. A gain on the transfer of the UK entity of $901 was recognized in the Statement of Operations for the period ended September 28, 2024.

NOTE 19 — DISCONTINUED OPERATIONS

In December 2023, given the recurring losses of Professional Staffing UK, management committed to a plan to sell the assets of Professional Staffing UK. On January 6,2024 Staffing 360 Solutions Limited, a UK Subsidiary, filed a Notice of Intent with the High Court of Justice in the UK, stating the Company’s intention to appoint administrators to save the business from liquidation. Administrators were appointed on January 18, 2024, and the business was transferred to new owners on February 12, 2024. Following ate the consolidated balance sheets of the discontinued operations:

		December 30, 2023		December 31, 2022
Cash		28		537
Accounts receivable		4,039		2,318
Prepaid expenses		319		218
Deposits		258		254
Fixed assets, net		622		759
Intangible Assets				4,545
Other current assets		3,850		2,058
Current assets held for sale		9,116		10,689
Accounts payable and accrued expenses		6,039		2,604
Other current liabilities		4,038		3,799
(Loss) Gain recognized on held for sale
Current liabilities held for sale		10,077		6,403

The following table summarizes the financial results of our discontinued operations for all periods presented:

		Fiscal Years Ended
		December 30, 2023				December 31, 2022
Revenue		$	57,417			$	60,033
Cost of Revenue, excluding depreciation and amortization stated below			50,089				50,013
Gross Profit			7,328				10,020
Operating Expenses:
Selling, general and administrative expenses			(10,336	)			(11,712	)
Other Expenses Net			(6,006	)			(10,804	)
Operating Loss			(9,014	)			(12,496	)
Benefit (Provision) from Income taxes			(0	)			387
Net Loss from discontinued Operations			(9,014	)			(12,109	)

The following table provides operating and investing cash flow information for our discontinued operations:

		Fiscal Years Ended
		December 30, 2023			December 31, 2022
Operating Activities
Depreciation and amortization		$	1,358		$	1,031
Investing Activities
Purchase of property and equipment			298			581

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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

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