Discontinued Operations

3 Months Ended

Mar. 31, 2023

Discontinued Operations and Disposal Groups [Abstract]

During the third quarter of 2022, the Company sold its inertial navigation business. The Company determined that the sale met the requirements for reporting as discontinued operations in accordance with Accounting Standards Codification (ASC) 205-20. There were no assets or liabilities of the inertial navigation business as of December 31, 2022 or March 31, 2023. Please see Note 1 for further discussion.

The following table presents a reconciliation of the major financial line items constituting the results for discontinued operations to the net income from discontinued operations, net of tax, presented separately in the Company's consolidated statement of operations for the three months ended March 31, 2022:


	Three months ended
	March 31,
	2022
Sales:
Product	$	7,807
Service	136
Net sales	7,943
Costs and expenses:
Costs of product sales	5,311
Costs of service sales	66
Research and development	1,638
Sales, marketing and support	1,388


Loss from discontinued operations before income tax expense	(460)
Other income, net	35
Loss from discontinued operations before tax expense	$	(425)
Income tax expense on discontinued operations	—
Net loss from discontinued operations, net of tax	$	(425)

Net loss from discontinued operations per common share
Basic	$	(0.02)
Diluted	$	(0.02)

Weighted average number of common shares outstanding:
Basic	18,449
Diluted	18,449

The following table presents supplemental cash flow information of the discontinued operations:


	Three months ended
	March 31,
	2022

Cash provided by operating activities - discontinued operations	$	366
Cash used in investing activities - discontinued operations	$	(122)

The following table presents non-cash expenses from discontinued operations:


	Three months ended
	March 31,
	2022
Depreciation	$	308
Compensation expense related to stock-based awards and employee stock purchase plan	$	100