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CVD MATERIALS – TANTALINE AND MESOCRIBE SUBSIDIAIRES | 9 Months Ended
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Sep. 30, 2023
Discontinued Operations and Disposal Groups [Abstract] |
CVD MATERIALS – TANTALINE AND MESOCRIBE SUBSIDIAIRES | NOTE 11: CVD MATERIALS – TANTALINE AND MESOCRIBE SUBSIDIAIRES Tantaline Subsidiary On May 26, 2023, the Company sold its Tantaline subsidiary located in Nordborg, Denmark in exchange for a nominal amount at closing and an earn-out provision based on any net income that Tantaline may earn during the five-year period ending December 31, 2027. The Company recorded a loss of $0.2 million upon the sale. Any earn-out amounts will be recognized when and if any such amounts become probable of receipt. The decision to sell Tantaline was based on the Company’s ongoing strategy to focus on the equipment business consisting of the CVD Equipment and SDC segments and reduce its focus on the non-core CVD Materials business. Including the loss on disposition of $0.2 million, the revenues and net income of Tantaline were $0.5 million and $0.1 million, respectively, for the nine months ended September 30, 2023. The total assets and total liabilities of the Tantaline subsidiary were $1.1 million and $0.1 million as of December 31, 2022. MesoScribe Subsidiary On August 8, 2023, the Company entered into a Purchase and License Agreement (the “Agreement”) with a third-party. Pursuant to the Agreement, the Company will sell certain proprietary assets relating to its plasma spray technology and material deposition system and grant a non-exclusive license to use certain of the Company’s related intellectual property as more fully described in the Agreement, for an aggregate purchase price of $0.9 million. The purchase price is payable in several installments and contingent upon certain performance metrics and other milestones. The Company will continue to fulfill remaining orders for MesoScribe products through the end of 2024 at which time it plans to cease the remaining operations of MesoScribe and dispose of any remaining equipment. During the three and nine months ended September 30, 2023, the Company recorded an impairment charge of none and $0.1 million, respectively, for certain equipment of MesoScribe based on its decision to cease the operations of MesoScribe upon fulfillment of remaining orders. There were no impairment charges recorded in 2022. During the three months ended September 30, 2023, the Company received payments under the Agreement in the amount of $0.6 million which has been reflected as “deposits from purchaser” in the accompanying condensed consolidated balance sheet. The Company expects to be completed during the next three months with the shipment of the equipment to the purchaser. The revenues and net loss of MesoScribe were $90,000 and ($30,000) for the three months ended September 30, 2023. The revenue and net income were $0.6 million and $49,000 respectively, for the nine months ended September 30, 2023, including the impairment charge of $0.1 million. NOTE 11: CVD MATERIALS – TANTALINE AND MESOCRIBE SUBSIDIAIRES (continued) The total assets and total liabilities of the MesoScribe subsidiary were $0.2 million and $0.7 million, respectively, as of September 30, 2023 and $0.9 million and $0.1 million, respectively, as of December 31, 2022.

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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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