| Schedule of discontinued operations |
The following table presents a reconciliation of the major financial lines constituting the results of operations for discontinued operations to the loss from discontinued operations presented separately in the condensed consolidated statements of operations (in thousands):
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Three Months Ended |
|
|
March 31, |
|
March 31, |
|
|
2023 |
|
2022 |
Revenues |
|
$ |
205 |
|
$ |
143 |
Cost of goods sold |
|
|
25 |
|
|
48 |
Gross profit |
|
|
180 |
|
|
95 |
Operating expenses: |
|
|
|
|
|
|
Research and development |
|
|
837 |
|
|
2,278 |
General and administrative |
|
|
929 |
|
|
3,211 |
Gain on sale of fixed assets |
|
|
(732) |
|
|
— |
Total operating expenses |
|
|
1,034 |
|
|
5,489 |
|
|
|
|
|
|
|
Other expenses: |
|
|
|
|
|
|
Interest expense - term note payable |
|
|
(158) |
|
|
(249) |
Other |
|
|
(3) |
|
|
(1) |
Total other expenses |
|
|
(161) |
|
|
(250) |
|
|
|
|
|
|
|
Loss from discontinued operations |
|
$ |
(1,015) |
|
$ |
(5,644) |
|
|
|
|
|
|
|
|
|
Nine Months Ended |
|
Nine Months Ended |
|
|
March 31, |
|
March 31, |
|
|
2023 |
|
2022 |
Revenues |
|
$ |
391 |
|
$ |
438 |
Cost of goods sold |
|
|
52 |
|
|
201 |
Gross profit |
|
|
339 |
|
|
237 |
Operating expenses: |
|
|
|
|
|
|
Research and development |
|
|
6,361 |
|
|
5,128 |
General and administrative |
|
|
6,165 |
|
|
8,659 |
Fixed asset impairments |
|
|
17,600 |
|
|
— |
Gain on sale of fixed assets |
|
|
(732) |
|
|
— |
Inventory reserve |
|
|
4,933 |
|
|
— |
Total operating expenses |
|
|
34,327 |
|
|
13,787 |
|
|
|
|
|
|
|
Other income (expenses): |
|
|
|
|
|
|
Interest expense - term note payable |
|
|
(606) |
|
|
(372) |
Interest expense - related party |
|
|
— |
|
|
(810) |
Forgiveness of note payable and accrued interest - SBA loan |
|
|
— |
|
|
607 |
Other |
|
|
(4) |
|
|
1 |
Total other income (expenses) |
|
|
(610) |
|
|
(574) |
|
|
|
|
|
|
|
Loss from discontinued operations |
|
$ |
(34,598) |
|
$ |
(14,124) |
The following table presents net carrying values related to the major classes of assets that were classified as held for sale at March 31, 2023 and June 30, 2022 (in thousands):
|
|
|
|
|
|
|
|
|
March 31, |
|
June 30, |
|
|
2023 |
|
2022 |
Current assets: |
|
|
|
|
|
|
Inventory |
|
$ |
— |
|
$ |
3,900 |
Operating lease right-of-use assets |
|
|
1,944 |
|
|
— |
Property and equipment, net |
|
|
16,424 |
|
|
— |
Total current assets |
|
$ |
18,368 |
|
$ |
3,900 |
|
|
|
|
|
|
|
Other assets: |
|
|
|
|
|
|
Property and equipment, net |
|
$ |
— |
|
$ |
35,289 |
Finance lease right-of-use assets |
|
|
— |
|
|
74 |
Operating lease right-of-use assets |
|
|
— |
|
|
1,951 |
Total other assets |
|
$ |
— |
|
$ |
37,314 |
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Finance lease obligation |
|
$ |
— |
|
$ |
46 |
Operating lease obligation |
|
|
1,944 |
|
|
10 |
Total current liabilities |
|
$ |
1,944 |
|
$ |
56 |
|
|
|
|
|
|
|
Long-term liabilities: |
|
|
|
|
|
|
Finance lease obligation |
|
$ |
— |
|
$ |
30 |
Operating lease obligation |
|
|
— |
|
|
1,941 |
Total long-term liabilities |
|
$ |
— |
|
$ |
1,971 |
The following table presents the supplemental disclosures related to discontinued operations for the statements of cash flows (in thousands):
|
|
|
|
|
|
|
|
|
Nine Months Ended |
|
Nine Months Ended |
|
|
March 31, |
|
March 31, |
|
|
2023 |
|
2022 |
Depreciation expense |
|
$ |
273 |
|
$ |
1,532 |
Amortization of finance lease right-of-use assets |
|
|
20 |
|
|
587 |
Purchase of fixed assets |
|
|
1,041 |
|
|
28,384 |
Fixed asset impairments |
|
|
17,600 |
|
|
— |
Inventory reserve |
|
|
4,933 |
|
|
— |
Sales proceeds of fixed assets |
|
|
2,100 |
|
|
— |
Investing non-cash transactions: |
|
|
|
|
|
|
Fixed assets included in accounts payable in prior period, paid in current period |
|
|
1,542 |
|
|
791 |
Unpaid fixed assets included in accounts payable |
|
|
— |
|
|
2,193 |
Sales of fixed assets receivable |
|
|
460 |
|
|
— |
|