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DECONSOLIDATION OF SUBSIDIARIES AND GRESHAM WORLDWIDE, INC. (“GIGA”) DISCONTINUED OPERATIONS (Tables) | 9 Months Ended
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Sep. 30, 2025
Deconsolidation Of Subsidiaries And Gresham Worldwide Inc. Giga Discontinued Operations |
Schedule of statement of cash flows |
Schedule of operations |  |  |  |  |  |  |  |
|  | For the Three Months Ended September 30, 2024 |  |  | For the Nine Months Ended September 30, 2024 |
Revenue, products |  | $ | 10,678,000 |  |  | $ | 30,862,000 |
Cost of revenue, products |  |  | 7,824,000 |  |  |  | 23,339,000 |
Gross profit |  |  | 2,854,000 |  |  |  | 7,523,000 |
Operating expenses |  |  |  |  |  |  |  |
Research and development |  |  | 906,000 |  |  |  | 2,617,000 |
Selling and marketing |  |  | 286,000 |  |  |  | 1,166,000 |
General and administrative |  |  | 2,923,000 |  |  |  | 8,033,000 |
Total operating expenses |  |  | 4,115,000 |  |  |  | 11,816,000 |
Loss from operations |  |  | (1,261,000 | ) |  |  | (4,293,000 | )
Other income (expense): |  |  |  |  |  |  |  |
Interest and other income |  |  | 1,554,000 |  |  |  | 1,594,000 |
Interest expense |  |  | (415,000 | ) |  |  | (1,662,000 | )
Total other expense, net |  |  | 1,139,000 |  |  |  | (68,000 | )
Loss before income taxes |  |  | (122,000 | ) |  |  | (4,361,000 | )
Income tax benefit |  |  | - |  |  |  | (15,000 | )
Net loss |  |  | (122,000 | ) |  |  | (4,346,000 | )
Net loss attributable to non-controlling interest |  |  | 325,000 |  |  |  | 1,554,000 |
Net income (loss) available to common stockholders |  | $ | 203,000 |  |  | $ | (2,792,000 | )
The cash flow activity related to discontinued operations is presented separately on the statement of cash flows as summarized below:
Schedule of statement of cash flows |  |  |  |
|  | For the Nine Months Ended September 30, 2024 |
Cash flows from operating activities: |  |  |  |
Net loss |  | $ | (4,346,000 | )
Adjustments to reconcile net loss to net cash provided by operating activities: |  |  |  |
Depreciation and amortization |  |  | 618,000 |
Amortization of right-of-use assets |  |  | 684,000 |
Amortization of intangibles |  |  | 157,000 |
Gain on extinguishment of debt |  |  | (858,000 | )
Changes in operating assets and liabilities: |  |  |  |
Accounts receivable |  |  | (1,638,000 | )
Inventories |  |  | 1,514,000 |
Prepaid expenses and other current assets |  |  | (1,516,000 | )
Lease liabilities |  |  | (667,000 | )
Accounts payable and accrued expenses |  |  | (314,000 | )
Net cash used in operating activities |  |  | (6,366,000 | )
Cash flows from investing activities: |  |  |  |
Purchase of property and equipment |  |  | (249,000 | )
Cash decrease upon deconsolidation |  |  | (3,550,000 | )
Net cash used in investing activities |  |  | (3,799,000 | )
Cash flows from financing activities: |  |  |  |
Proceeds from notes payable |  |  | 2,552,000 |
Net cash provided by financing activities |  |  | 2,552,000 |
Cash contributions from parent |  |  | 3,383,000 |
Effect of exchange rate changes on cash and cash equivalents |  |  | (71,000 | )
Net decrease in cash and cash equivalents and restricted cash |  |  | (4,301,000 | )
Cash and cash equivalents and restricted cash at beginning of period |  |  | 4,301,000 |
Cash and cash equivalents and restricted cash at end of period |  | $ | - |
Supplemental disclosures of cash flow information: |  |  |  |
Cash paid during the period for interest |  | $ | 946,000 |
Schedule of statement of cash flows |
Schedule of statement of cash flows |  |  |  |
|  | For the Nine Months Ended September 30, 2024 |
Cash flows from operating activities: |  |  |  |
Net loss |  | $ | (4,346,000 | )
Adjustments to reconcile net loss to net cash provided by operating activities: |  |  |  |
Depreciation and amortization |  |  | 618,000 |
Amortization of right-of-use assets |  |  | 684,000 |
Amortization of intangibles |  |  | 157,000 |
Gain on extinguishment of debt |  |  | (858,000 | )
Changes in operating assets and liabilities: |  |  |  |
Accounts receivable |  |  | (1,638,000 | )
Inventories |  |  | 1,514,000 |
Prepaid expenses and other current assets |  |  | (1,516,000 | )
Lease liabilities |  |  | (667,000 | )
Accounts payable and accrued expenses |  |  | (314,000 | )
Net cash used in operating activities |  |  | (6,366,000 | )
Cash flows from investing activities: |  |  |  |
Purchase of property and equipment |  |  | (249,000 | )
Cash decrease upon deconsolidation |  |  | (3,550,000 | )
Net cash used in investing activities |  |  | (3,799,000 | )
Cash flows from financing activities: |  |  |  |
Proceeds from notes payable |  |  | 2,552,000 |
Net cash provided by financing activities |  |  | 2,552,000 |
Cash contributions from parent |  |  | 3,383,000 |
Effect of exchange rate changes on cash and cash equivalents |  |  | (71,000 | )
Net decrease in cash and cash equivalents and restricted cash |  |  | (4,301,000 | )
Cash and cash equivalents and restricted cash at beginning of period |  |  | 4,301,000 |
Cash and cash equivalents and restricted cash at end of period |  | $ | - |
Supplemental disclosures of cash flow information: |  |  |  |
Cash paid during the period for interest |  | $ | 946,000 |

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