DISCONTINUED OPERATIONS AND DIVESTITURES

3 Months Ended

Mar. 31, 2025

DISCONTINUED OPERATIONS AND DIVESTITURES

DISCONTINUED OPERATIONS AND DIVESTITURES

NOTE 2. DISCONTINUED OPERATIONS AND DIVESTITURES

As of March 31, 2025 and December 31, 2024, all assets and liabilities of the former hemp/cannabis business are presented as current in the Condensed Consolidated Balance Sheets. The carrying amounts of the former hemp/cannabis assets and liabilities that were classified as assets and liabilities of discontinued operations held for sale were as follows:


	March 31,			December 31,
	2025			2024
Property, plant and equipment, net	$	758		$	1,051
Current assets of discontinued operations held for sale	$	758		$	1,051

Accounts payable	$	840		$	1,210
Accrued expenses		18			71
Current liabilities of discontinued operations held for sale	$	858		$	1,281

Net liabilities	$	(100)		$	(230)

Net loss from discontinued operations for the three months ended March 31, 2025 and 2024 was as follows:


	Three Months Ended
	March 31,
	2025			2024
Revenues, net	$	—		$	—
Cost of goods sold		—			—
Gross loss		—			—
Operating expenses:
Sales, general and administrative		8			67
Research and development		(337)			48
Other operating expense, net		1,172			99
Total operating expenses		843			214
Operating loss from discontinued operations		(843)			(214)
Other income (expense):
Interest expense		(211)			(75)
Total other expense		(211)			(75)
Loss from discontinued operations before income taxes		(1,054)			(289)
Provision (benefit) for income taxes		—			—
Loss from discontinued operations	$	(1,054)		$	(289)

During the three month periods ended March 31, 2025 and 2024, the Company settled outstanding obligations which resulted in reversals of previously accrued liabilities of $337 and $152, respectively. Additionally, for the three month period ended March 31, 2024, Other operating expense, net was comprised of $500 provision for credit loss for the GVB promissory note (see Note 6 “Debt”) and $293 of impairment charges related to the expected sale of Needle Rock Farms land property (see Note 14 “Subsequent Events”).

Cash flow information from discontinued operations for the three months ended March 31, 2025 and 2024 was as follows:


	Three Months Ended
	March 31,
	2025			2024
Cash used in operating activities	$	1,185		$	255
Cash provided by investing activities	$	-		$	22

Depreciation and amortization	$	-		$	-
Capital expenditures	$	-		$	-