v3.25.2
Discontinued Operations (Tables)
 12 Months Ended
Dec. 31, 2024
Discontinued Operations [Abstract]  
Schedule of Discontinued Operations

The assets and liabilities associated with the Discontinued Operations consisted of the following as of December 31, 2024 and 2023, respectively:

 

(In thousands)  December 31,
2024		   December 31,
2023		 
Assets        
Current assets:        
Accounts receivable, net  $318   $1,149 
Inventory, net   1,079    18,170 
Prepaid expenses and other current assets   1,199    3,749 
Current assets of discontinued operations   2,596    23,068 
Loan receivable, net   
—
    11,583 
Property and equipment, net   186    7,734 
Operating lease right-of-use assets   504    1,803 
Other non-current assets   25    141 
Non-current assets of discontinued operations   715    21,261 
Total assets of discontinued operations  $3,311   $44,329 
           
Current liabilities:          
Accounts payable  $1,249   $18,699 
Accrued expenses and other current liabilities   5,207    9,986 
Operating lease liabilities, current   261    599 
Related party debt, current   
—
    
—
 
Customer deposits   2,525    4,019 
Current liabilities of discontinued operations   9,242    33,303 
Operating lease liabilities, net of current   257    1,394 
Long-term debt, net of current   
—
    
—
 
Non-current liabilities of discontinued operations   257    1,394 
Total liabilities  $9,499   $34,697 

The following table summarizes the Company’s loss from the Discontinued Operations for the years ended December 31, 2024 and 2023, respectively:

 

   For the year ended
December 31,		 
(In thousands)  2024   2023 
Revenue  $10,212   $16,868 
Cost of goods sold   13,487    11,590 
Gross (loss) profit   (3,275)   5,278 
           
Selling, general and administrative   8,748    11,655 
Research and development   743    2,295 
Gain on settlement of contingent liabilities   (5,935)   
—
 
(Gain) loss on disposal on property and equipment   (38)   144 
Total operating expenses   3,518    14,094 
           
Operating loss from discontinued operations   (6,793)   (8,816)
           
Other Income (Expense)          
Interest expense, net   
—
    295 
Loss on disposal of Cultivation business   (11,893)   
—
 
Other income, net   169    1,802 
Total other expense   (11,724)   2,097 
           
Net loss from discontinued operations   (18,517)   (6,719)
Income tax effect on discontinued operations   
—
    
—
 
Loss from discontinued operations, net of income taxes   (18,517)   (6,719)
The following table summarizes the depreciation and amortization of long-lived assets, provisions for credit losses, adjustments to the net realizable value of inventories, and capital expenditures and disposals related to the Discontinued Operations for the years ended December 31:
   2024   2023 
Depreciation and amortization  $1,421   $1,896 
Recovery of credit losses   (336)   (15,261)
Recovery of slow-moving inventory   (747)   (14,823)
Purchases of property and equipment   (4)   (59)
Proceeds from disposal of property and equipment   20    311