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DISCONTINUED OPERATIONS | 12 Months Ended
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Dec. 28, 2024
DISCONTINUED OPERATIONS |
DISCONTINUED OPERATIONS | 2. DISCONTINUED OPERATIONS In the third quarter of 2024, the Company decided to sell Big 3 Mold and determined that the Big 3 Mold business met the criteria to be held for sale and that the assets held for sale qualify for discontinued operations. As such, the financial results of the Big 3 Mold business are reflected in our consolidated statements of income as discontinued operations for all periods presented. Additionally, current and non-current assets and liabilities of discontinued operations are reflected in the consolidated balance sheets for all periods presented. Summarized Financial Information of Discontinued Operations The following table represents income from discontinued operations, net of tax:
|  | Year Ended |
|  | December 28, 2024 |  |  | December 30, 2023 |
Net sales |  | $ | 13,728,762 |  |  | $ | 14,597,477 |
Cost of products sold |  |  | (11,573,847 | ) |  |  | (11,416,639 | )
Gross margin |  |  | 2,154,915 |  |  |  | 3,180,838 |
Selling and administrative expenses |  |  | (4,296,484 | ) |  |  | (5,030,732 | )
Operating loss |  |  | (2,141,569 | ) |  |  | (1,849,894 | )
Other expense |  |  | (23,087,775 | ) |  |  | (1,539,941 | )
Interest expense |  |  | (680,329 | ) |  |  | (701,320 | )
Loss from discontinued operations before income taxes |  |  | (25,909,673 | ) |  |  | (4,091,155 | )
Income tax benefit |  |  | 4,164,932 |  |  |  | 895,806 |
Loss from discontinued operations, net of tax |  | $ | (21,744,741 | ) |  | $ | (3,195,349 | )
The following table represents the assets and liabilities from discontinued operations:
|  | December 28, 2024 |  |  | December 30, 2023 |
Cash |  | $ | 833,141 |  |  | $ | 251,326 |
Accounts receivable |  |  | 2,533,357 |  |  |  | 2,852,907 |
Inventory |  |  | 784,485 |  |  |  | 875,528 |
Prepaid expenses |  |  | 789,438 |  |  |  | 604,036 |
Property, plant and equipment, net |  |  | - |  |  |  | 4,767,724 |
Patents and other intangibles net of accumulated amortization |  |  | - |  |  |  | 5,744,312 |
Goodwill |  |  | - |  |  |  | 12,200,695 |
Right of use assets |  |  | 131,407 |  |  |  | 172,310 |
Total assets of discontinued operations |  | $ | 5,071,828 |  |  | $ | 27,468,838 |
Current assets of discontinued operations¹ |  | $ | 5,071,828 |  |  | $ | 4,583,797 |
Non-current assets of discontinued operations |  |  | - |  |  |  | 22,885,041 |
Total assets of discontinued operations |  | $ | 5,071,828 |  |  | $ | 27,468,838 |
Accounts payable |  | $ | 756,842 |  |  | $ | 765,356 |
Accrued compensation and other accrued expenses |  |  | 1,242,812 |  |  |  | 775,838 |
Note payable, current |  |  | - |  |  |  | - |
Current portion of operating lease liability |  |  | 121,299 |  |  |  | 94,355 |
Current portion of financing lease liability |  |  | 7,371 |  |  |  |  |
Other long-term liabilities |  |  | 16,249 |  |  |  | 6,920 |
Total liabilities of discontinued operations |  | $ | 2,144,573 |  |  | $ | 1,642,469 |
Current liabilities of discontinued operations¹ |  | $ | 2,144,573 |  |  | $ | 1,635,549 |
Non-current liabilities of discontinued operations |  |  | - |  |  |  | 6,920 |
Total liabilities of discontinued operations |  | $ | 2,144,573 |  |  | $ | 1,642,469 |
¹ the total assets and liabilities of discontinued operations are presented as current in the December 28, 2024 consolidated balance sheet as we expect to sell the discontinued operations and collect proceeds within one year.

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- 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 -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 + Details
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