Quarterly report pursuant to Section 13 or 15(d)

Discontinuing Operations (Tables)

v3.22.1
Discontinuing Operations (Tables)
3 Months Ended
Mar. 31, 2022
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Discontinuing Operations from Income Statement and Balance Sheet

Results of discontinuing operations were as follows for the three months ended March 31, 2022:

 

         
Revenue   $ 1,353  
Cost of goods sold     775  
General and administrative     1,045  
Impairment of goodwill and intangible assets     4,290  
Total operating costs and expenses     6,110  
Loss from discontinuing operations     (4,757 )
Total other income     -  
Loss from discontinuing operations before income taxes     (4,757 )
Income tax benefit     -  
Net loss from discontinuing operations   $ (4,757 )

 

 

Asset and liabilities of discontinuing operations were as follows as of March 31, 2022 and December 31, 2021:

 

    March 31,
2022
    December 31, 2021  
Accounts receivable   $ 542     $ 457  
Other current assets     459       345  
Assets of discontinuing operations - current     1,001       802  
                 
Fixed assets, net of accumulated depreciation     191       163  
Operating lease right-of-use assets     941       30  
Intangible assets, net     6,634       8,787  
Goodwill     -       2,164  
Other assets     362       364  
Assets of discontinuing operations - non-current     8,128       11,508  
                 
Accounts payable   $ 442     $ 358  
Accrued expense     417       418  
Obligation under operating lease, current     151       29  
Obligation under finance lease, current     34       32  
Deferred revenue     1,942       1,911  
Taxes payable     365       365  
Other current liabilities     409       409  
Liabilities of discontinued operations - current     3,760       3,522  
                 
Obligations under operating leases, less current     794       2  
Obligations under finance leases, less current     40       47  
Liabilities of discontinued operations - non-current     834       49  
Schedule of Intangible Assets

Intangible assets consisted of the following as of March 31, 2022 and December 31, 2021:

 

   

March 31,

2022

    December 31, 2021  
Customer relationships   $ 6,187     $ 8,000  
Trade name     1,160       1,500  
Intangible assets, net     7,347       9,500  
Less accumulated amortization     (713 )     (713 )
Intangible assets, net   $ 6,634     $ 8,787  
Schedule of Goodwill Rollforward

Goodwill arising from the Merger was solely attributed to the vivoPharm business. The following is a roll forward of goodwill as of and for the three months ended March 31, 2022:

    2022  
       
Beginning balance, January 1   $ 2,164  
Purchase price adjustments     -  
Impairment charge     (2,164 )
Ending balance, March 31   $ -