XML 21 R10.htm IDEA: XBRL DOCUMENT
v3.23.1

Discontinued Operations | 12 Months Ended
--- | ---
Dec. 31, 2022
Discontinued Operations and Disposal Groups [Abstract] |
Discontinued Operations | Discontinued Operations On March 31, 2022, the Company completed the sale of CES to August Mack in accordance with the Asset Purchase Agreement for approximately $1.4 million of total consideration, composed of $1.0 million in cash and $0.4 million of cash held in escrow that is subject to net working capital and other adjustments. The Company executed this divestiture to enhance its focus and pursue continued growth initiatives for its core asset management business. The following table reconciles major line items constituting pretax income (loss) from discontinued operations to net income (loss) from discontinued operations as presented in the consolidated statements of operations (in thousands):
|  |  | Year Ended December 31,
|  |  |  |  | 2022 |  | 2021
Revenue |  |  |  |  | $ | 1,460 |  |  | $ | 7,400 |
Cost of revenue |  |  |  |  | (1,562) |  |  | (5,571) |
Selling, general, and administrative |  |  |  |  | (403) |  |  | (2,417) |
Depreciation and amortization |  |  |  |  | — |  |  | (60) |
Other income (expense) |  |  |  |  | 87 |  |  | (103) |
Goodwill impairment |  |  |  |  | — |  |  | (1,702) |
Pre-tax income (loss) from discontinued operations |  |  |  |  | (418) |  |  | (2,453) |
Provision for (benefit from) income tax |  |  |  |  | (37) |  |  | (23) |
Net income (loss) from discontinued operations |  |  |  |  | $ | (381) |  |  | $ | (2,430) |
The Company recognized a net loss of $0.2 million on the divestiture of CES, calculated by comparing the final adjusted purchase price to the carrying value of the net assets sold in the transaction as of March 31, 2022. These amounts reflect the finalized transaction costs and net working capital adjustments. The cumulative goodwill impairment charge in 2021 was a result of the Company performing the quantitative two-step impairment test and determining that the carrying value of CES significantly exceeded its fair value at the time of measurement, which was estimated using Level 1 inputs. The following table reconciles the carrying amounts of major classes of assets and liabilities of discontinued operations to total assets and liabilities of discontinued operations that were classified as held for sale in the consolidated balance sheet as of December 31, 2021 (in thousands):
Carrying amounts of major classes of assets held for sale: |
Accounts receivable | $ | 2,075 |
Prepaid expenses and other current assets | 129 |
Total current assets | 2,204 |
Fixed assets, net | 106 |
Intangible assets, net | 3 |
Total assets | $ | 2,313 |
Carrying amounts of major classes of liabilities held for sale: |
Accrued personnel costs | $ | 153 |
Accounts payable and accrued liabilities | 1,015 |
Loans payable | 26 |
Total liabilities | $ | 1,194 |

X
- References No definition available. + Details
Name: | us-gaap_DiscontinuedOperationsAndDisposalGroupsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI https://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=2122178 + Details
Name: | us-gaap_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration