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Discontinued Operations

6 Months Ended

Jun. 30, 2023

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Discontinued Operations

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 June 30, 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 and six months ended 2022:

			Three Months Ended						Six Months Ended
			June 30,						June 30,
			2022						2022
Sales:
Product			$	6,959					$	14,766
Service			325						461
Net sales			7,284						15,227
Costs and expenses:
Costs of product sales			5,917						11,228
Costs of service sales			222						288
Research and development			1,135						2,773
Sales, marketing and support			1,299						2,687
Loss from discontinued operations before income tax expense			(1,289)						(1,749)
Other income, net			34						69
Loss from discontinued operations before tax expense			$	(1,255)					$	(1,680)
Income tax expense on discontinued operations			—						—
Net loss from discontinued operations, net of tax			$	(1,255)					$	(1,680)
Net loss from discontinued operations per common share
Basic			$	(0.07)					$	(0.09)
Diluted			$	(0.07)					$	(0.09)
Weighted average number of common shares outstanding:
Basic			18,564						18,507
Diluted			18,564						18,507

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

			Three Months Ended						Six Months Ended
			June 30,						June 30,
			2022						2022
Cash used in operating activities - discontinued operations			$	(3,967)					$	(3,601)
Cash provided by (used in) investing activities - discontinued operations			$	35					$	(87)

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

			Three Months Ended						Six Months Ended
			June 30,						June 30,
			2022						2022
Depreciation			$	223					$	531
Compensation expense related to stock-based awards and employee stock purchase plan			$	91					$	238

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- References

No definition available.

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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

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