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Discontinued Operations | 3 Months Ended
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Mar. 31, 2022
Discontinued Operations and Disposal Groups [Abstract] |
Discontinued Operations |
| 14. | Discontinued Operations
As described in Note 1, the Company entered into a Stock Purchase Agreement with Purchaser, pursuant to which the Company sold on April 11, 2022 all of the issued and outstanding shares of capital stock of its wholly-owned subsidiary, MTI Instruments for approximately $9.25 million in cash. As of March 31, 2022, our Instrumentation business segment was classified as discontinued operations in our financial statements for all periods presented. Our consolidated balance sheets and consolidated statements of operations report discontinued operations separate from continuing operations. Our consolidated statements of equity and statements of cash flows combine continuing and discontinuing operations. Set forth below are the results of the discontinued operations:
(Dollars in thousands) |  | Three Months Ended March 31, 2022 |  |  | Three Months Ended March 31, 2021(*) |
Product revenue |  | $ | 1,640 |  |  | $ | 1,337 |
Cost of sales |  |  | 561 |  |  |  | 451 |
Research and development |  |  | 369 |  |  |  | 386 |
Selling, general, and administrative |  |  | 484 |  |  |  | 540 |
Net income (loss) from discontinued operations |  | $ | 226 |  |  | $ | (40 | )
(*) |  | Reclassified to conform with the current period presentation
The following table summarizes information about assets and liabilities from discontinued operations held for sale as of March 31, 2022 and December 31, 2021:
(Dollars in thousands) |  |  |  |  |  |
|  | March 31, |  |  | December 31, |
|  | 2022 |  |  | 2021 |
Assets held for sale from discontinued operations: |  |  |  |  |  |  |  |
Accounts receivable |  | $ | 1,001 |  |  | $ | 1,189 |
Inventories |  |  | 1,021 |  |  |  | 964 |
Prepaid expenses and other current assets |  |  | 40 |  |  |  | 54 |
Property, plant and equipment, net |  |  | 77 |  |  |  | 92 |
Deferred tax assets, net |  |  | 101 |  |  |  | 101 |
Operating lease right-of-use assets |  |  | 579 |  |  |  | 628 |
Total Assets held for sale from discontinued operations |  | $ | 2,819 |  |  | $ | 3,028 |
Liabilities held for sale from discontinued operations: |  |  |  |  |  |  |  |
Accounts payable |  | $ | 191 |  |  | $ | 136 |
Accrued liabilities |  |  | 529 |  |  |  | 479 |
Operating lease liability |  |  | 578 |  |  |  | 628 |
Total Liabilities held for sale from discontinued operations |  | $ | 1,298 |  |  | $ | 1,243 |
MTI Instruments sells its products on a worldwide basis with its principal markets listed in the table below where information on product revenue is summarized by geographic area for the Company as a whole for each of the years ended December 31:
(Dollars in thousands) |  | Three Months Ended March 31, 2022 |  |  | Three Months Ended March 31, 2021 |
Product revenue: |  |  |  |  |  |  |  |
United States |  | $ | 836 |  |  | $ | 909 |
Association of South East Asian Nations (ASEAN) |  |  | 743 |  |  |  | 242 |
Europe, the Middle East and Africa (EMEA) |  |  | 57 |  |  |  | 166 |
Americas (Canada, Mexico, South America) |  |  | 4 |  |  |  | 20 |
Total product revenue |  | $ | 1,640 |  |  | $ | 1,337 |
Product revenues are attributed to regions based on the location of customers. For the three months ended as of March 31, 2022 and 2021 approximately 49.0% and 32.0%, respectively, of our product revenues was from customers outside of the United States. At MTI Instruments, the largest commercial customer for the 3 months ended March 31, 2022 and 2021 represented 19.0% and 14.7%, respectively and the largest governmental agency represented 0% and 17.2%, respectively of MTI Instruments product revenue.

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI https://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=2122178 + Details
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