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Discontinued Operations

3 Months Ended

Mar. 29, 2025

Note B – Discontinued Operations

In the third quarter of 2024, we determined that the business of Big 3 Mold Services, Inc. (“Big 3 Mold”) meets 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 unaudited condensed consolidated statements of operations as discontinued operations for all periods presented. Additionally, current and non-current assets and liabilities of discontinued operations are reflected in the unaudited condensed consolidated balance sheets for both periods presented.

On April 30, 2025, the Company sold the equipment, workforce and customer list of the ISBM division of Big 3 Precision Mold Service, Inc. ISBM, which is located in Centralia, Illinois, is an injection stretch blow mold toolmaker.

Summarized Financial Information of Discontinued Operations

The following table represents income (loss) from discontinued operations, net of tax:

	Three Months Ended
	March 29, 2025			March 30, 2024
	(unaudited)			(unaudited)
Net sales	$	3,935,599		$	3,304,849
Cost of products sold		(2,947,478	)		(2,562,277	)
Gross margin		988,121			742,572

Selling and administrative expenses		(787,067	)		(815,305	)
Operating Income (Loss)		201,054			(72,733	)

Other income		-			358
Interest expense		(154,367	)		(169,007	)
Income (Loss) from discontinued operations before income taxes		46,687			(241,382	)

Income tax (expense) benefit		(9,809	)		53,537
Income (Loss) from discontinued operations, net of tax	$	36,878		$	(187,845	)

The following table represents the assets and liabilities from discontinued operations:

	March 29, 2025		December 28, 2024
	(unaudited)
Cash	$	1,176,488	$	833,141
Accounts receivable		3,706,345		2,533,357
Inventory		768,968		784,485
Prepaid expenses		592,044		789,438
Right of use assets		102,487		131,407
Total assets of discontinued operations	$	6,346,332	$	5,071,828

Current assets of discontinued operations¹	$	6,346,332	$	5,071,828
Non-current assets of discontinued operations		-		-
Total assets of discontinued operations	$	6,346,332	$	5,071,828

Accounts payable	$	711,952	$	756,842
Accrued compensation and other accrued expenses		1,541,199		1,242,812
Current portion of lease liability		107,849		128,670
Other long-term liabilities		7,166		16,249
Total liabilities of discontinued operations	$	2,368,166	$	2,144,573

Current liabilities of discontinued operations¹	$	2,368,166	$	2,144,573
Non-current liabilities of discontinued operations		-		-
Total liabilities of discontinued operations	$	2,368,166	$	2,144,573

¹The total assets and liabilities of discontinued operations are presented as current in the March 29, 2025 and December 28, 2024 balance sheet as we expect to sell the discontinued operations and collect proceeds within one year of such dates.