XML 30 R20.htm IDEA: XBRL DOCUMENT
v3.23.3

Discontinued Operations | 9 Months Ended
--- | ---
Sep. 30, 2023
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 $9.0 million in cash, net of transaction costs. For fiscal year 2022 and 2023, our Instrumentation business segment was classified as discontinued operations in our financial statements for all periods presented. The Company incurred approximately a $7.5 million pretax gain on sale of MTI Instruments for the year ended December 31, 2022, in which they did not receive until the second quarter of fiscal year 2022. The Company’s condensed consolidated balance sheets and condensed consolidated statements of operations report discontinued operations separate from continuing operations. The Company’s condensed consolidated statements of equity and statements of cash flows combine continuing and discontinued operations. Set forth below are the results of the discontinued operations: Schedule of Discontinued Operations
(Dollars in thousands) |  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Product revenue |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 1,799 |
Cost of sales |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 728 |
Research and development |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 398 |
General and administrative expenses |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 573 |
Other income |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
(Loss) income from discontinued operations before gain on disposal and income taxes |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 100 |
Pretax gain on sale of MTI Instruments |  |  | - |  |  |  | (21 | ) |  |  | - |  |  |  | 7,581 |
Deferred tax benefit |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 70 |
Net income from discontinued operations |  | $ | - |  |  | $ | (21 | ) |  | $ | - |  |  | $ | 7,751 |
MTI Instruments Sale 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 our wholly-owned subsidiary, MTI Instruments for an all-cash purchase price of $10.75 million, subject to working capital and certain other adjustments as set forth in the Stock Purchase Agreement. The purchase price did not include specified debt of MTI Instruments, which is the responsibility of the Company. This debt was transferred to the Purchaser at the date of Sale and is included in the closing balance sheet as shown below, which resulted in a reduction in the consideration payable to the Company. The following table presents the gain associated with the Sale that was reported within the 2022 Annual Report. (Dollars in thousands) Schedule of Gain on Sale
|  | As of April 11, |
|  | 2022 |
Consideration received |  | $ | 10,750 |
Plus: closing cash |  |  | 1 |
Less: transaction costs |  |  | (908 | )
Less: closing indebtedness |  |  | (483 | )
Plus: new working capital adjustments |  |  | 19 |
Adjusted consideration received |  |  | 9,379 |
Cash |  |  | 1 |
Accounts receivable, net |  |  | 1,119 |
Inventories |  |  | 888 |
Prepaid expense and other current assets |  |  | 42 |
Operating lease right-of-use assets |  |  | 579 |
Deferred tax assets |  |  | 171 |
Property, plant and equipment, net |  |  | 76 |
Total assets |  |  | 2,876 |
Accounts payable |  |  | 122 |
Accrued liabilities |  |  | 547 |
Operating lease liability |  |  | 579 |
Total liabilities |  |  | 1,248 |
Net assets transferred |  |  | 1,628 |
Gain on sale |  | $ | 7,751 |

X
- References No definition available. + Details
Name: | us-gaap_DiscontinuedOperationsAndDisposalGroupsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 + Details
Name: | us-gaap_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration