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DECONSOLIDATION OF SUBSIDIARY AND DISCONTINUED OPERATIONS (Tables) | 12 Months Ended
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Dec. 31, 2024
Deconsolidation Of Subsidiary And Discontinued Operations |
Schedule of presents the assets and liabilities |
Schedule of presents the assets and liabilities |  |  |  |  |  |  |  |
|  | December 31, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
Cash and cash equivalents |  | $ | - |  |  | $ | 3,601,000 |
Restricted cash |  |  | - |  |  |  | 700,000 |
Accounts receivable |  |  | - |  |  |  | 4,350,000 |
Inventories |  |  | - |  |  |  | 6,643,000 |
Prepaid expenses and other current assets |  |  | - |  |  |  | 4,859,000 |
Intangible assets, net |  |  | - |  |  |  | 1,707,000 |
Goodwill |  |  | - |  |  |  | 5,794,000 |
Property and equipment, net - current |  |  | - |  |  |  | 1,690,000 |
Right-of-use assets |  |  | - |  |  |  | 3,023,000 |
Total assets discontinued operations |  |  | - |  |  |  | 32,367,000 |
Accounts payable and accrued expenses |  |  | - |  |  |  | 14,005,000 |
Operating lease liability |  |  | - |  |  |  | 3,098,000 |
Notes payable |  |  | - |  |  |  | 1,174,000 |
Convertible notes payable |  |  | - |  |  |  | 4,388,000 |
Liabilities discontinued operations |  |  | - |  |  |  | 22,664,000 |
Net assets of discontinued operations |  | $ | - |  |  | $ | 9,703,000 |
Schedule of operations |
Schedule of operations |  |  |  |  |  |  |  |
|  | For the Year Ended |
|  | December 31, |
|  | 2024 |  |  | 2023 |
Revenue, products |  | $ | 30,862,000 |  |  | $ | 37,759,000 |
Cost of revenue, products |  |  | 23,339,000 |  |  |  | 27,623,000 |
Gross profit |  |  | 7,523,000 |  |  |  | 10,136,000 |
Operating expenses |  |  |  |  |  |  |  |
Research and development |  |  | 2,617,000 |  |  |  | 2,816,000 |
Selling and marketing |  |  | 1,166,000 |  |  |  | 1,876,000 |
General and administrative |  |  | 8,033,000 |  |  |  | 12,989,000 |
Impairment of goodwill and intangible assets |  |  | - |  |  |  | 4,681,000 |
Total operating expenses |  |  | 11,816,000 |  |  |  | 22,362,000 |
Loss from operations |  |  | (4,293,000 | ) |  |  | (12,226,000 | )
Other income (expense): |  |  |  |  |  |  |  |
Interest and other income |  |  | 1,594,000 |  |  |  | 849,000 |
Interest expense |  |  | (1,662,000 | ) |  |  | (843,000 | )
Loss on extinguishment of debt |  |  | - |  |  |  | (1,397,000 | )
Change in fair value of warrant liability |  |  | - |  |  |  | (1,775,000 | )
Total other expense, net |  |  | (68,000 | ) |  |  | (3,166,000 | )
Loss before income taxes |  |  | (4,361,000 | ) |  |  | (15,392,000 | )
Income tax benefit |  |  | (15,000 | ) |  |  | (11,000 | )
Net loss |  |  | (4,346,000 | ) |  |  | (15,381,000 | )
Net loss attributable to non-controlling interest |  |  | 1,554,000 |  |  |  | 3,026,000 |
Net loss available to common stockholders |  | $ | (2,792,000 | ) |  | $ | (12,355,000 | )
Schedule of gain on deconsolidation |
Schedule of gain on deconsolidation |  |  |  |
|  | For the Year Ended December 31, 2024 |
GIGA net loss |  | $ | (2,792,000 | )
Gain on deconsolidation |  |  | 2,013,000 |
Net loss from discontinued operations |  | $ | (779,000 | )
Schedule of statement of cash flows |
Schedule of statement of cash flows |  |  |  |  |  |  |  |
|  | For the Year Ended December 31, |
|  | 2024 |  |  | 2023 |
Cash flows from operating activities: |  |  |  |  |  |
Net loss |  | $ | (4,346,000 | ) |  | $ | (15,381,000 | )
Adjustments to reconcile net loss to net cash provided by operating activities: |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 618,000 |  |  |  | 823,000 |
Amortization of right-of-use assets |  |  | 684,000 |  |  |  | 1,004,000 |
Amortization of intangibles |  |  | 157,000 |  |  |  | 273,000 |
Impairment of goodwill and intangible assets |  |  | - |  |  |  | 4,681,000 |
Stock-based compensation |  |  | (858,000 | ) |  |  | 1,799,000 |
Changes in operating assets and liabilities: |  |  |  |  |  |  |  |
Accounts receivable |  |  | (1,638,000 | ) |  |  | 1,157,000 |
Inventories |  |  | 1,514,000 |  |  |  | 1,789,000 |
Prepaid expenses and other current assets |  |  | (1,516,000 | ) |  |  | (1,185,000 | )
Lease liabilities |  |  | (667,000 | ) |  |  | (1,112,000 | )
Accounts payable and accrued expenses |  |  | (314,000 | ) |  |  | 564,000 |
Net cash used in operating activities |  |  | (6,366,000 | ) |  |  | (5,588,000 | )
Cash flows from investing activities: |  |  |  |  |  |  |  |
Purchase of property and equipment |  |  | (249,000 | ) |  |  | (271,000 | )
Cash decrease upon deconsolidation |  |  | (3,550,000 | ) |  |  | - |
Net cash used in investing activities |  |  | (3,799,000 | ) |  |  | (271,000 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |
Proceeds from notes payable |  |  | 2,552,000 |  |  |  | 3,858,000 |
Cash contributions from parent |  |  | 3,383,000 |  |  |  | 3,934,000 |
Net cash provided by financing activities |  |  | 5,935,000 |  |  |  | 7,792,000 |
Effect of exchange rate changes on cash and cash equivalents |  |  | (71,000 | ) |  |  | 173,000 |
Net (decrease) increase in cash and cash equivalents and restricted cash |  |  | (4,301,000 | ) |  |  | 2,106,000 |
Cash and cash equivalents and restricted cash at beginning of period |  |  | 4,301,000 |  |  |  | 2,195,000 |
Cash and cash equivalents and restricted cash at end of period |  | $ | - |  |  | $ | 4,301,000 |
Supplemental disclosures of cash flow information: |  |  |  |  |  |  |  |
Cash paid during the period for interest |  | $ | 946,000 |  |  | $ | 778,000 |

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