| Summary of Major Categories of Income from Discontinued Operations |
The following table presents the major categories of income from discontinued operations for the three months ended March 31, 2026 (in thousands):
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
March 31, 2026 |
|
Gross profit |
|
$ |
444 |
|
Selling, general and administrative expenses |
|
|
(2,935 |
) |
Change in fair value of investments |
|
|
6,162 |
|
Other expenses, net |
|
|
(124 |
) |
Income from discontinued operations before income taxes |
|
|
3,547 |
|
Income tax expense |
|
|
(17 |
) |
Net loss before allocation to noncontrolling interests |
|
|
3,530 |
|
Less: Net income attributable to noncontrolling interests |
|
|
3,281 |
|
Income from discontinued operations |
|
$ |
249 |
|
The following table presents the major classes of assets and liabilities of discontinued operations as of December 31, 2025 (in thousands):
|
|
|
|
|
|
|
December 31,
2025 |
|
Cash and cash equivalents |
|
$ |
5,991 |
|
Accounts receivable |
|
|
16,804 |
|
Prepaid and other current assets |
|
|
8,895 |
|
Total current assets of discontinued operations |
|
$ |
31,690 |
|
Property, plant and equipment, net |
|
|
161 |
|
Operating lease right-of-use lease assets |
|
|
48 |
|
Intangibles |
|
|
1,069 |
|
Goodwill |
|
|
3,393 |
|
Equity investments |
|
|
1,327 |
|
Other investments |
|
|
40,399 |
|
Other noncurrent assets |
|
|
4,491 |
|
Total non-current assets of discontinued operations |
|
|
50,888 |
|
Total assets of discontinued operations |
|
$ |
82,578 |
|
Accounts payable |
|
|
1,941 |
|
Accrued expenses |
|
|
1,809 |
|
Notes payable -current |
|
|
12,301 |
|
Operating lease liabilities - current |
|
|
40 |
|
Due to related parties |
|
|
4,162 |
|
Other current liabilities |
|
|
1,537 |
|
Total current liabilities of discontinued operations |
|
|
21,790 |
|
Deferred Tax Liabilities |
|
|
102 |
|
Total non-current liabilities of discontinued operations |
|
|
102 |
|
Total liabilities of discontinued operations |
|
$ |
21,892 |
|
The following table presents selected financial information related to cash flows from discontinued operations for the three months ended March 31, 2026 (in thousands):
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
March 31, 2026 |
|
Net cash used in operating activities |
|
$ |
(1,121 |
) |
Net cash provided by financing activities |
|
$ |
45,886 |
|
|