v3.26.1
Disposition of TA&T
 6 Months Ended
Jun. 30, 2026
Discontinued Operations and Disposal Groups [Abstract]  
Disposition of TA&T

2. Disposition of TA&T

 

On February 19, 2025, the Company entered into an Entity Acquisition Agreement (the “Agreement”) with Tethon Corporation (“Tethon”), pursuant to which the Company sold to Tethon all the issued and outstanding shares of TA&T in exchange for the assumption by Tethon of the outstanding liabilities of TA&T. The disposal did not represent a strategic shift that will have a major effect on the Company’s operations and financial position and results of operations, and, therefore, did not qualify for discontinued operations treatment under ASC 205-20.

 

The following table summarizes the carrying amounts of the major classes of assets and liabilities of TA&T at the date of sale that were transferred to Tethon (in thousands):

 

  

February 19,

2025

 
Cash and cash equivalents  $4 
Inventories   8 
Accounts receivable   91 
Right of use asset   376 
Property and equipment, net   248 
Other assets   16 
Total assets sold   743 
Accounts payable   (26)
Accrued expenses   (275)
Operating lease liability   (384)
Other liabilities   (34)
Total liabilities assumed   (719)
Net assets sold  $24 

 

No consideration was paid other than the assumption by Tethon of the above liabilities. No significant transaction costs were incurred. No earnout or other contingent consideration arrangements were included in the Agreement.