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Discontinued Operations | 9 Months Ended
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Jun. 30, 2025
Discontinued Operations |
Discontinued Operations | 3. Discontinued Operations On April 18, 2024, the Company’s Mergers and Acquisitions (“M&A”) committee of the Board of Directors completed its review of strategic alternatives recommended by an outside investment banking firm. This included recommendation of divesture of the Company’s Industrial Segment which was subsequently approved by the Company’s full Board of Directors on May 13, 2024. Management thereafter began the process of identifying and contacting potential buyers. As of March 31, 2025, the Company’s plan to sell its Industrial Segment met all the criteria for the first time to be reported as discontinued operations under U.S. GAAP, the final one being making the determination that the sale or other disposition would be completed within twelve months. On June 2, 2025, the Company entered into an agreement for the sale of certain operating assets of its Industrial Segment, including those of BMCH, Inc., Triad Logistics, Inc., and its Triad Staffing brand. The Company received total cash consideration of $250 from the buyer at closing and is to receive an additional $788 payable during the first 90 days following closing. The Company has received $462 of the additional payments due as of June 30, 2025. The remaining receivable of $326 is included in prepaid expenses and other current assets in the unaudited condensed consolidated balance sheet as of June 30, 2025. A pre-tax net gain of $133, including transaction costs of $97, is included in discontinued operations for the three-month period ended June 30, 2025. The remaining assets of the Industrial Segment not sold were distributed to the Company. Assets and Liabilities of Discontinued Operations The balances of assets and liabilities under the Industrial Segment as of June 30, 2025 and September 30, 2024 consisted of the following:
|  | June 30, 2025 |  |  | September 30, 2024 |
Assets of discontinued operations: |  |  |  |  |  |
Cash |  | $ | - |  |  | $ | 93 |
Accounts receivable, net |  |  | - |  |  |  | 996 |
Prepaid expenses and other current assets |  |  | - |  |  |  | 64 |
Property and equipment, net |  |  | - |  |  |  | 13 |
Right-of-use assets |  |  | - |  |  |  | 138 |
Other long-term assets |  |  | - |  |  |  | 57 |
Total assets of discontinued operations |  | $ | - |  |  | $ | 1,361 |
Liabilities of discontinued operations: |  |  |  |  |  |  |  |
Accounts payable |  | $ | - |  |  | $ | 27 |
Accrued compensation |  |  | - |  |  |  | 197 |
Current operating lease liabilities |  |  | - |  |  |  | 105 |
Other current liabilities |  |  | - |  |  |  | 18 |
Noncurrent operating lease liabilities |  |  | - |  |  |  | 33 |
Total liabilities of discontinued operations |  | $ | - |  |  | $ | 380 |
Net Loss from Discontinued Operations Results of the Industrial Segment for the three and nine-month periods ended June 30, 2025 and 2024, respectively, consisted of the following:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | June 30, |  |  | June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Revenue |  | $ | 1,068 |  |  | $ | 2,408 |  |  | $ | 4,614 |  |  | $ | 7,363 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of contract services |  |  | 744 |  |  |  | 2,042 |  |  |  | 3,663 |  |  |  | 6,223 |
Selling, general and administrative expenses |  |  | 479 |  |  |  | 450 |  |  |  | 1,273 |  |  |  | 1,324 |
Depreciation expense |  |  | - |  |  |  | 11 |  |  |  | 4 |  |  |  | 34 |
Goodwill impairment charge |  |  | - |  |  |  | 1,084 |  |  |  | - |  |  |  | 1,084 |
Interest expense |  |  | - |  |  |  | 2 |  |  |  | - |  |  |  | 6 |
Loss from discontinued operations before gain on sale and income taxes |  |  | (155 | ) |  |  | (1,181 | ) |  |  | (326 | ) |  |  | (1,308 | )
Gain on sale of Industrial Segment |  |  | 133 |  |  |  | - |  |  |  | 133 |  |  |  | - |
Provision for income tax expense attributable to discontinued operations |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Loss from discontinued operations, net of tax |  | $ | (22 | ) |  | $ | (1,181 | ) |  | $ | (193 | ) |  | $ | (1,308 | )
Cash Flows from Discontinued Operations There were no capital expenditures or other significant cash flows under the Industrial Segment during the nine-month period ended June 30, 2024. The net cash flows of the Industrial Segment during the nine-month period ended June 30, 2025 included the cash proceeds of $712 received as consideration on the sale.

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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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