XML 47 R31.htm IDEA: XBRL DOCUMENT

Note 22 - Wound Care Divestiture and Held-for-sale Assets

12 Months Ended

Dec. 31, 2024

Wound Care [Member]

Notes to Financial Statements

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

NOTE 22. WOUND CARE DIVESTITURE AND HELD-FOR-SALE ASSETS

On December 30, 2024, the Board approved a plan to divest our Wound Care Trademarks. In accordance with ASC 205, “Presentation of Financial Statements,” we determined that the planned divestiture of the Wound Care Trademarks did not represent a strategic shift that will have a major effect on our consolidated financial results, and therefore their results were not reported as discontinued operations. We applied the criteria in ASC 360-10-45-9, “Property, Plant and Equipment - Long-Lived Assets Classified as Held for Sale,” to determine whether any of the aforementioned long-lived asset groups should be classified as held-for-sale. Criteria include management commitment to sell the disposal group in its present condition and the sale being deemed probable of being completed within one year. We concluded that the business met all the requisite criteria as of December 30, 2024.

In accordance with ASC 360-10-45-9, the Company has separately reported held-for-sale assets in the consolidated balance sheets. The assets have been reflected as held-for-sale in the consolidated balance sheets as of December 31, 2024 and 2023, and consist of the following (in thousands):

		Balance at December 31,
		2024				2023
ASSETS
Current assets:
Inventory		$	48			$	63
Total current assets, held-for-sale		$	48			$	63

In accordance with ASC 360-10-45-9, the Company has not included results related to the held-for-sale-assets in the results of continuing operation in the consolidated statements of operations. Results related to the held-for-sale assets for the years ended December 31, 2024 and 2023 have been reflected as net income from held-for-sale assets in the consolidated statements of operations and consist of the following (in thousands):

		For the years ended December 31,
		2024				2023
Sales:
Product revenue, net		$	237			$	680
Other revenue, net			21				39
Total sales, net			258				719

Cost of goods sold			147				315
Gross profit			111				404

Net income from held-for-sale assets		$	111			$	404

In accordance with ASC 360-10-45-9, the Company has not included results related to held-for-sale assets in the results of continuing operations in the consolidated statements of cash flows. Results related to held-for-sale assets for the years ended December 31, 2024 and 2023 have been reflected as a net increase in cash and cash equivalent, held-for-sale assets, in the consolidated statements of cash flows and consist of the following (in thousands):

		For the years ended December 31,
		2024				2023

Operating activities:
Net income from held-for-sale assets		$	111			$	404
Adjustments to reconcile net loss to net cash used in operating activities:
Changes in operating assets and liabilities:
Inventory			15				99
Net cash used in operating activities, held-for-sale assets			126				503

Net decrease in cash and cash equivalents, held-for-sale assets		$	126			$	503