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DISCONTINUED OPERATIONS (Tables) | 12 Months Ended
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Jan. 01, 2022
DISCONTINUED OPERATIONS |
Schedule income from discontinued operations |
|  | Year Ended |
|  | January 1, 2022 |  |  | January 2, 2021 |
Net sales |  | $ | 44,289,411 |  |  | $ | 42,788,524 |
Cost of products sold |  |  | (24,873,717 | ) |  |  | (40,701,607 | )
Gross margin |  |  | 19,415,694 |  |  |  | 2,086,917 |
Selling and administrative expenses |  |  | (15,962,532 | ) |  |  | (8,591,915 | )
Restructuring costs |  |  | (11,807,512 | ) |  |  | - |
Operating loss |  |  | (8,354,350 | ) |  |  | (6,504,998 | )
Interest expense |  |  | (582,574 | ) |  |  | (686,200 | )
Loss from discontinued operations before income taxes |  |  | (8,936,924 | ) |  |  | (7,191,198 | )
Income tax benefit |  |  | 2,103,752 |  |  |  | 1,561,801 |
Loss from discontinued operations |  | $ | (6,833,172 | ) |  | $ | (5,629,397 | )
Schedule of assets and liabilities from discontinued operations |
|  | January 1, 2022 |  |  | January 2, 2021 |
Cash |  | $ | 434,126 |  |  | $ | 809,809 |
Accounts receivable |  |  | 1,153,274 |  |  |  | 5,944,923 |
Inventory |  |  | 1,258,032 |  |  |  | 9,990,656 |
Prepaid expenses |  |  | 59,850 |  |  |  | 1,192,530 |
Property, plant and equipment, net |  |  | 591,920 |  |  |  | 10,927,791 |
Patents and other intangibles net of accumulated amortization |  |  | - |  |  |  | 6,935 |
Goodwill |  |  | - |  |  |  | 4,675,611 |
Right of use assets |  |  | 24,697 |  |  |  | 173,364 |
Total assets of discontinued operations |  | $ | 3,521,899 |  |  | $ | 33,721,619 |
Current assets of discontinued operations¹ |  | $ | 3,521,899 |  |  | $ | 17,937,918 |
Non-current assets of discontinued operations |  |  | - |  |  |  | 15,783,701 |
Total assets of discontinued operations |  | $ | 3,521,899 |  |  | $ | 33,721,619 |
Accounts payable |  | $ | 167,794 |  |  | $ | 2,196,101 |
Accrued compensation and other accrued expenses |  |  | 388,499 |  |  |  | 937,911 |
Note payable, current |  |  | - |  |  |  | 22,164 |
Current portion of lease liability |  |  | 24,697 |  |  |  | 96,369 |
Other long-term liabilities |  |  | - |  |  |  | 76,995 |
Total liabilities of discontinued operations |  | $ | 580,990 |  |  | $ | 3,329,540 |
Current liabilities of discontinued operations¹ |  | $ | 580,990 |  |  | $ | 3,252,545 |
Non-current liabilities of discontinued operations |  |  | - |  |  |  | 76,995 |
Total liabilities of discontinued operations |  | $ | 580,990 |  |  | $ | 3,329,540 |
¹ The total assets and liabilities of discontinued operations are presented as current in the January 1, 2022 balance sheet as we expect to sell the discontinued operations and collect proceeds within one year.

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