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Discontinued Operations | 12 Months Ended
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Dec. 31, 2024
Discontinued Operations [Abstract] |
Discontinued Operations |
2. | Discontinued Operations
During the fourth quarter of 2023 the Company decided to phase out the product business and as a consequence terminate production at the Pronode Technologies AB facilities in Kungsbacka, Sweden. Subsequently, we commenced the phase out of our TSM product business during the first quarter of 2024 through licensing of the TSM technology to strategic partners or outsourcing. In May 2024, we stopped producing TSMs and started to shut down the factory. The facility lease terminated as of September 30, 2024 and was not renewed. The Company concluded that the termination of TSM manufacturing met the criteria for discontinued operations. As a result, this business has been reclassified to discontinued operations in these consolidated financial statements for all periods presented. Assets and Liabilities of Discontinued Operations Assets and liabilities of discontinued operations are presented separately in the condensed consolidated balance sheets for all periods presented. On December 31, 2024 and December 31, 2023, these balances consisted of assets and liabilities of the Company’s Products business. The following table presents a reconciliation of the carrying amounts of the major classes of these assets and liabilities to the assets and liabilities of discontinued operations as presented on the Company’s consolidated balance sheets:
|  | December 31, |
(in thousands) |  | 2024 |  |  | 2023 |
ASSETS OF DISCONTINUED OPERATIONS |  |  |  |  |  |
Current assets of discontinued operations: |  |  |  |  |  |
Accounts receivable and unbilled revenues, net |  | $ | - |  |  | $ | 265 |
Inventory |  |  | - |  |  |  | 610 |
Prepaid expenses and other current assets |  |  | - |  |  |  | 47 |
Total current assets of discontinued operations |  |  | - |  |  |  | 922 |
Non-current assets of discontinued operations: |  |  |  |  |  |  |  |
Property and equipment, net |  |  | - |  |  |  | 230 |
Operating lease right-of-use assets, net |  |  | - |  |  |  | 54 |
Total non-current assets of discontinued operations |  |  | - |  |  |  | 284 |
Total assets of discontinued operations |  | $ | - |  |  | $ | 1,206 |
LIABILITIES OF DISCONTINUED OPERATIONS |  |  |  |  |  |  |  |
Current liabilities of discontinued operations: |  |  |  |  |  |  |  |
Accounts payable |  | $ | - |  |  | $ | 40 |
Accrued payroll and employee benefits |  |  | - |  |  |  | 87 |
Accrued expenses |  |  | - |  |  |  | 45 |
Contract liabilities |  |  | - |  |  |  | 8 |
Current portion of finance lease obligations |  |  | - |  |  |  | 25 |
Current portion of operating lease obligations |  |  | - |  |  |  | 54 |
Total current liabilities of discontinued operations |  |  | - |  |  |  | 259 |
Non-current liabilities of discontinued operations: |  |  |  |  |  |  |  |
Finance lease obligations, net of current portion |  |  | - |  |  |  | 17 |
Total non-current liabilities of discontinued operations |  |  | - |  |  |  | 17 |
Total liabilities of discontinued operations |  | $ | - |  |  | $ | 276 |
Loss from Discontinued Operations Discontinued operations for the years ended December 31, 2024 and 2023, respectively, consists of results from the Company’s products business. The following table provides details about the major classes of line items constituting “Loss from discontinued operations” as presented on the Company’s condensed consolidated statements of operations:
|  | Years ended December 31, |
(in thousands) |  | 2024 |  |  | 2023 |
Revenues: |  |  |  |  |  |
Products |  | $ | 1,171 |  |  | $ | 620 |
Total revenues |  |  | 1,171 |  |  |  | 620 |
Cost of revenues: |  |  |  |  |  |  |  |
Products |  |  | 989 |  |  |  | 4,168 |
Loss on purchase commitment |  |  | - |  |  |  | 362 |
Total cost of revenues |  |  | 989 |  |  |  | 4,530 |
Gross (loss) margin |  |  | 182 |  |  |  | (3,910 | )
Operating expenses: |  |  |  |  |  |  |  |
Sales and marketing |  |  | 165 |  |  |  | - |
General and administrative |  |  | 590 |  |  |  | 1,097 |
Total operating expenses |  |  | 755 |  |  |  | 1,097 |
Operating loss |  |  | (573 | ) |  |  | (5,007 | )
Other income (expense), net |  |  | (18 | ) |  |  | - |
Loss from discontinued operations |  | $ | (591 | ) |  | $ | (5,007 | )
Cash Flows Information The following table presents cash flow information for discontinued operations:
|  | Year ended December 31, |
(in thousands) |  | 2024 |  |  | 2023 |
Depreciation and amortization |  | $ | 19 |  |  | $ | 47 |
Amortization of operating lease ROU assets |  |  | 52 |  |  |  | 65 |
Inventory impairment loss |  |  | 357 |  |  |  | 3,572 |
Bad debt expense |  |  | 172 |  |  |  | - |
Purchase of property and equipment |  |  | - |  |  |  | (123 | )
Proceeds from sale of property and equipment |  |  | 190 |  |  |  | - |

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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 + Details
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