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Basis of Presentation (Policies)

3 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]

Principles of Consolidation

Principles of Consolidation

The condensed consolidated financial statements include the accounts of the Company and our then wholly-owned subsidiaries, MTI Instruments and SCI, as of March 31, 2022. All intercompany balances and transactions are eliminated in consolidation.

Change in Par Value

Change in Par Value

Unless otherwise noted, all capital values, share and per share amounts in the condensed consolidated financial statements have been retroactively restated for the effects of the Company’s change in par value from $0.01 to $0.001, which became effective after the redomestication to the State of Nevada on March 29, 2021.

Reclassification

Reclassification

 Certain prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on the reported results of operations or net assets. The reclassifications relate to the presentation of discontinued operations and a correction of an error.

Correction of an Error

Correction of an Error

The Company recorded cash preferred dividend distributions of $630 thousand in the our Annual Report presentation as an increase within accumulated deficit. However, in the absence of retained earnings, cash dividends should generally be charged to Additional-Paid-in Capital (“APIC”). This treatment is supported by Accounting Standards Codification (“ASC”) 480-10-S99-2, which requires accretion of redeemable preferred stock to be charged to APIC in the absence of retained earnings. As the Company did not have accumulated profit (i.e.: absence of retained earnings), the preferred cash dividends should have been charged to APIC.

The following tables present the effects of the correction of the prior period error to the Condensed Consolidated Statement of Equity:

		Preferred Stock								Common Stock																Treasury Stock
			Shares				Amount				Shares				Amount				Additional Paid-in Capital				Accumulated Deficit				Shares				Amount				Total Stockholders’ Equity
September 30, 2021			806,585			$	1				13,732,713			$	14			$	172,898			$	(120,419	)			1,015,493			$	(13,764	)		$	38,730
Adjustment for correction of an error-Preferred dividends			—				—				—				—				(176	)			176				—				—				—
Balance Sep tember 30, 2021-as adjusted			806,585			$	1				13,732,713			$	14			$	172,722			$	(120,243	)			1,015,493			$	(13,764	)		$	38,730
December 31, 2021			1,252,299			$	1				14,769,699			$	15			$	228,420			$	(123,684	)			1,015,493			$	(13,764	)		$	90,988
Adjustment for correction of an error-Preferred dividends			—				—				—				—				(630	)			630				—				—				—
December 31, 2021-as adjusted			1,252,299			$	1				14,769,699			$	15			$	227,790			$	(123,054	)			1,015,493			$	(13,764	)		$	90,988

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Disclosure of accounting policy regarding (1) the principles it follows in consolidating or combining the separate financial statements, including the principles followed in determining the inclusion or exclusion of subsidiaries or other entities in the consolidated or combined financial statements and (2) its treatment of interests (for example, common stock, a partnership interest or other means of exerting influence) in other entities, for example consolidation or use of the equity or cost methods of accounting. The accounting policy may also address the accounting treatment for intercompany accounts and transactions, noncontrolling interest, and the income statement treatment in consolidation for issuances of stock by a subsidiary.

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Disclosure of accounting policy for computing basic and diluted earnings or loss per share for each class of common stock and participating security. Addresses all significant policy factors, including any antidilutive items that have been excluded from the computation and takes into account stock dividends, splits and reverse splits that occur after the balance sheet date of the latest reporting period but before the issuance of the financial statements.

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