Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v3.23.1
Segment Information
 9 Months Ended
Oct. 01, 2022
Segment Reporting [Abstract]  
Segment Information

Note 22: Segment Information (Restated)

The Company operates within targeted markets through three reportable segments for continuing operations: biotechnology, recycling, and technology. The biotechnology segment commenced operations in September 2019 and is focused on development of new and innovative solutions for ending the opioid epidemic ranging from digital technologies to educational advocacy. The recycling segment includes all fees charged and costs incurred for collecting, recycling and installing appliances for utilities and other customers. The recycling segment also includes byproduct revenue, which is primarily generated through the recycling of appliances. The technology segment designed wireless modules to connect devices to the Mobile Internet of Things (“IoT”) which contain location-based service (“LBS”) capabilities and can interface to external sensors to allow them to communicate both sensor status and position information. Further, the gain associated with the GeoTraq disposition (Technology segment) has been restated and presented as discontinued operations for the periods ending October 1, 2022. As such, the results of the Technology segment have been reclassified and presented as discontinued operations for the periods ending October 2, 2021. The nature of products, services and customers for each segment varies significantly. As such, the segments are managed separately. Our Chief Executive Officer has been identified as the Chief Operating Decision Maker (“CODM”). The CODM evaluates performance and allocates resources based on sales and income from operations of each segment. Operating loss represents revenues less cost of revenues and operating expenses, including certain allocated selling, general and administrative costs. There are no intersegment sales or transfers.

The following tables present our segment information for the 13 weeks and 39 weeks ended October 1, 2022 and October 2, 2021 (in $000's):

 

 

 

Thirteen Weeks Ended

 

 

Thirty-Nine Weeks Ended

 

 

 

October 1, 2022

 

 

October 2, 2021

 

 

October 1, 2022

 

 

October 2, 2021

 

 

 

(As restated)

 

 

 

 

 

(As restated)

 

 

 

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

Biotechnology

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Recycling

 

 

8,587

 

 

 

12,113

 

 

 

28,449

 

 

 

29,391

 

Discontinued operations

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total Revenues

 

$

8,587

 

 

$

12,113

 

 

$

28,449

 

 

$

29,391

 

Gross profit

 

 

 

 

 

 

 

 

 

 

 

 

Biotechnology

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Recycling

 

 

1,034

 

 

 

3,081

 

 

 

4,536

 

 

 

6,245

 

Discontinued operations

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total Gross profit

 

$

1,034

 

 

$

3,081

 

 

$

4,536

 

 

$

6,245

 

Operating Income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

Biotechnology

 

$

21

 

 

$

(182

)

 

$

(331

)

 

$

(1,232

)

Recycling

 

 

(1,845

)

 

 

274

 

 

 

(3,838

)

 

 

(1,753

)

Operating loss from continuing operations

 

 

(1,824

)

 

 

92

 

 

 

(4,169

)

 

 

(2,985

)

Discontinued operations

 

 

(1

)

 

 

(936

)

 

 

10,234

 

 

 

(2,820

)

Total Operating income (loss)

 

$

(1,825

)

 

$

(844

)

 

$

6,065

 

 

$

(5,805

)

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

 

Biotechnology

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Recycling

 

 

77

 

 

 

109

 

 

 

345

 

 

 

327

 

Discontinued operations

 

 

—

 

 

 

937

 

 

 

2

 

 

 

2,809

 

Total Depreciation and amortization

 

$

77

 

 

$

1,046

 

 

$

347

 

 

$

3,136

 

Interest (income) expense, net

 

 

 

 

 

 

 

 

 

 

 

 

Biotechnology

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Recycling

 

 

(130

)

 

 

125

 

 

 

123

 

 

 

323

 

Discontinued operations

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total Interest (income) expense, net

 

$

(130

)

 

$

125

 

 

$

123

 

 

$

323

 

Net income (loss) before benefit from income taxes

 

 

 

 

 

 

 

 

 

 

 

 

Biotechnology

 

$

21

 

 

$

(182

)

 

$

(331

)

 

$

(1,232

)

Recycling

 

 

(1,985

)

 

 

208

 

 

 

(1,776

)

 

 

(1,145

)

Net loss before benefit from income taxes

 

 

(1,964

)

 

 

26

 

 

 

(2,107

)

 

 

(2,377

)

Discontinued operations

 

 

(1

)

 

 

(961

)

 

 

10,234

 

 

 

(2,832

)

Total Net income (loss) before benefit from income taxes

 

$

(1,965

)

 

$

(935

)

 

$

8,127

 

 

$

(5,209

)

 

 

 

 

As of
October 1,
2022

 

 

As of
January 1,
2022

 

Assets

 

 

 

 

 

 

Biotechnology

 

$

—

 

 

$

—

 

Recycling

 

 

29,584

 

 

 

15,058

 

Discontinued operations

 

 

—

 

 

 

107

 

Total Assets

 

$

29,584

 

 

$

15,165

 

 

 

 

 

 

 

 

Intangible assets

 

 

 

 

 

 

Biotechnology

 

$

—

 

 

$

—

 

Recycling

 

 

328

 

 

 

268

 

Discontinued operations

 

 

—

 

 

 

—

 

Total Intangible assets

 

$

328

 

 

$

268