| 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 consolidated statements of operations (in thousands):
|
|
|
|
|
|
|
|
|
Years Ended June 30, |
|
|
2023 |
|
2022 |
Revenues |
|
$ |
391 |
|
$ |
499 |
Cost of goods sold |
|
|
52 |
|
|
216 |
Gross profit |
|
|
339 |
|
|
283 |
Operating expenses: |
|
|
|
|
|
|
Research and development |
|
|
6,344 |
|
|
7,902 |
General and administrative |
|
|
6,751 |
|
|
12,373 |
Fixed asset impairments |
|
|
17,900 |
|
|
— |
Gain on sale of fixed assets |
|
|
(773) |
|
|
— |
Inventory reserve |
|
|
4,915 |
|
|
— |
Total operating expenses |
|
|
35,137 |
|
|
20,275 |
|
|
|
|
|
|
|
Other income (expenses): |
|
|
|
|
|
|
Interest expense - term note payable |
|
|
(900) |
|
|
(602) |
Interest expense - related party |
|
|
— |
|
|
(810) |
Forgiveness of note payable and accrued interest - SBA loan |
|
|
— |
|
|
607 |
Other |
|
|
(1) |
|
|
6 |
Total other expenses |
|
|
(901) |
|
|
(799) |
|
|
|
|
|
|
|
Loss from discontinued operations |
|
$ |
(35,699) |
|
$ |
(20,791) |
The following table presents net carrying values related to the major classes of assets that were classified as held for sale at June 30, 2023 and 2022 (in thousands):
|
|
|
|
|
|
|
|
|
June 30, |
|
June 30, |
|
|
2023 |
|
2022 |
Current assets: |
|
|
|
|
|
|
Inventory |
|
$ |
— |
|
$ |
3,900 |
Operating lease right-of-use assets |
|
|
1,941 |
|
|
— |
Property and equipment, net |
|
|
16,124 |
|
|
— |
Total current assets |
|
$ |
18,065 |
|
$ |
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 |
|
|
1,941 |
|
|
10 |
Total current liabilities |
|
$ |
1,941 |
|
$ |
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 cash flows (in thousands):
|
|
|
|
|
|
|
|
|
Years Ended June 30, |
|
|
2023 |
|
2022 |
Depreciation expense |
|
$ |
273 |
|
$ |
2,275 |
Amortization of finance lease right-of-use assets |
|
|
20 |
|
|
599 |
Purchase of fixed assets |
|
|
1,542 |
|
|
5,809 |
Fixed asset impairments |
|
|
17,900 |
|
|
— |
Inventory reserve |
|
|
4,915 |
|
|
— |
Sales proceeds of fixed assets |
|
|
2,600 |
|
|
— |
Investing non-cash transactions: |
|
|
|
|
|
|
Increase in ROU operating assets and liabilities for new leases |
|
|
— |
|
|
1,952 |
Fixed assets included in accounts payable in prior period, paid in current period |
|
|
1,542 |
|
|
791 |
Unpaid fixed assets included in accounts payable |
|
|
— |
|
|
1,542 |
Termination of finance ROU assets including issuance of warrant |
|
|
— |
|
|
25,386 |
Note payable to acquire Facility |
|
|
— |
|
|
22,375 |
Issuance of warrant for final lease obligation payment |
|
|
— |
|
|
217 |
|
|
|
|
|
|
|
Supplemental cash flow information: |
|
|
|
|
|
|
Cash paid during the period for interest |
|
|
603 |
|
|
1,045 |
|