| 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 |
|
|
December 31, |
|
December 31, |
|
|
2022 |
|
2021 |
Revenues |
|
$ |
130 |
|
$ |
168 |
Cost of goods sold |
|
|
22 |
|
|
113 |
Gross profit |
|
|
108 |
|
|
55 |
Operating expenses: |
|
|
|
|
|
|
Research and development |
|
|
2,462 |
|
|
1,472 |
General and administrative |
|
|
1,980 |
|
|
2,990 |
Fixed asset impairments |
|
|
17,600 |
|
|
— |
Inventory reserve |
|
|
833 |
|
|
— |
Total operating expenses |
|
|
22,875 |
|
|
4,462 |
|
|
|
|
|
|
|
Other income (expenses): |
|
|
|
|
|
|
Interest expense - term note payable |
|
|
(223) |
|
|
(123) |
Interest expense - related party |
|
|
— |
|
|
(206) |
Other |
|
|
— |
|
|
7 |
Total other income (expenses) |
|
|
(223) |
|
|
(322) |
|
|
|
|
|
|
|
Loss from discontinued operations |
|
$ |
(22,990) |
|
$ |
(4,729) |
|
|
|
|
|
|
|
|
|
Six Months Ended |
|
Six Months Ended |
|
|
December 31, |
|
December 31, |
|
|
2022 |
|
2021 |
Revenues |
|
$ |
186 |
|
$ |
295 |
Cost of goods sold |
|
|
27 |
|
|
153 |
Gross profit |
|
|
159 |
|
|
142 |
Operating expenses: |
|
|
|
|
|
|
Research and development |
|
|
5,524 |
|
|
2,850 |
General and administrative |
|
|
5,236 |
|
|
5,448 |
Fixed asset impairments |
|
|
17,600 |
|
|
— |
Inventory reserve |
|
|
4,933 |
|
|
— |
Total operating expenses |
|
|
33,293 |
|
|
8,298 |
|
|
|
|
|
|
|
Other income (expenses): |
|
|
|
|
|
|
Interest expense - term note payable |
|
|
(448) |
|
|
(123) |
Interest expense - related party |
|
|
— |
|
|
(814) |
Forgiveness of note payable and accrued interest - SBA loan |
|
|
— |
|
|
607 |
Other |
|
|
(1) |
|
|
6 |
Total other income (expenses) |
|
|
(449) |
|
|
(324) |
|
|
|
|
|
|
|
Loss from discontinued operations |
|
$ |
(33,583) |
|
$ |
(8,480) |
The following table presents net carrying values related to the major classes of assets that were classified as held for sale at December 31, 2022 and June 30, 2022 (in thousands):
|
|
|
|
|
|
|
|
|
December 31, |
|
June 30 |
|
|
2022 |
|
2022 |
Current assets: |
|
|
|
|
|
|
Inventory |
|
$ |
25 |
|
$ |
3,900 |
Operating lease right-of-use assets |
|
|
1,947 |
|
|
— |
Property and equipment, net |
|
|
18,485 |
|
|
— |
Total current assets |
|
$ |
20,457 |
|
$ |
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 |
|
|
1,947 |
|
|
10 |
Total current liabilities |
|
$ |
1,947 |
|
$ |
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):
|
|
|
|
|
|
|
|
|
Six Months Ended |
|
Six Months Ended |
|
|
December 31, |
|
December 31, |
|
|
2022 |
|
2021 |
Depreciation expense |
|
$ |
271 |
|
$ |
823 |
Amortization of finance lease ROU assets |
|
|
20 |
|
|
563 |
Purchase of fixed assets |
|
|
1,070 |
|
|
25,843 |
Fixed asset impairments |
|
|
17,600 |
|
|
— |
Inventory reserve |
|
|
4,933 |
|
|
— |
Investing noncash transactions: |
|
|
|
|
|
|
Fixed assets included in accounts payable in prior period, paid in current period |
|
|
1,542 |
|
|
791 |
Unpaid fixed assets included in accounts payable |
|
|
— |
|
|
404 |
|