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DISCONTINUED OPERATIONS (Tables) | 9 Months Ended
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Sep. 30, 2022
Discontinued Operations and Disposal Groups [Abstract] |
Schedule of Discontinued Operations of the MST Franchise | The following table presents the combined results of discontinued operations of the MST Franchise:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(in thousands) |  | 2022 |  | 2021 |  | 2022 |  | 2021
Product sales |  | $ | — |  |  | $ | 3,953 |  |  | $ | 106 |  |  | $ | 11,805 |
Cost of goods sold |  | — |  |  | 1,049 |  |  | 80 |  |  | 2,445 |
Operating expenses: |  |  |  |  |  |  |  |
Research and development |  | — |  |  | 1,064 |  |  | — |  |  | 4,503 |
Selling, general and administrative |  | 117 |  |  | 8,849 |  |  | 25 |  |  | 30,780 |
Total operating expenses |  | 117 |  |  | 9,913 |  |  | 25 |  |  | 35,283 |
Income (loss) from discontinued operations |  | (117) |  |  | (7,009) |  |  | 1 |  |  | (25,923) |
(Loss) gain on the sale of the MST Franchise |  | (87) |  |  | — |  |  | 12,918 |  |  | — |
Income (loss) from discontinued operations, before income taxes |  | (204) |  |  | (7,009) |  |  | 12,919 |  |  | (25,923) |
Income tax expense |  | — |  |  | — |  |  | — |  |  | — |
Net income (loss) from discontinued operations |  | $ | (204) |  |  | $ | (7,009) |  |  | $ | 12,919 |  |  | $ | (25,923) |
The following table presents the carrying amounts of the classes of assets and liabilities related to the discontinued operations of the MST Franchise as of September 30, 2022 and December 31, 2021:
(in thousands) | September 30, 2022 |  | December 31, 2021
Current assets: |  |  |
Inventory | $ | — |  |  | $ | 7,291 |
Prepaid expenses and other assets | — |  |  | 554 |
Total current assets of discontinued operations | $ | — |  |  | $ | 7,845 |
The following table presents non-cash items related to discontinued operations, which are included in the Company's unaudited condensed consolidated statement of cash flows for the nine months ended September 30, 2022 and 2021:
(in thousands) | Nine months ended September 30, 2022 |  | Nine months ended September 30, 2021
Cash Flows From Operating Activities: |  |  |
Stock-based compensation (income) expense* | $ | (352) |  |  | $ | 1,079 |
Gain on the sale of the MST Franchise | (12,918) |  |  | — |
Total non-cash items of discontinued operations | $ | (13,270) |  |  | $ | 1,079 |
Supplemental disclosure of cash flow information: |  |  |
Amount due from sale of MST Franchise | $ | 5,000 |  |  | $ | — |
*Income from stock-based compensation is related to forfeitures. The following table presents the gain on the sale of the MST Franchise:
(in thousands) |  | Nine months ended September 30, 2022
Cash proceeds |  | $ | 20,000 |
Proceeds to be paid in January 2023 |  | 5,000
|  | 25,000 |
Less transaction costs |  | (4,334)
Less book value of sold assets |  | (7,748)
Gain on sale, before income taxes |  | 12,918
Income tax expense |  | — |
Gain on sale net of tax |  | $ | 12,918 |

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