Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($)
 3 Months Ended 6 Months Ended
Jul. 02, 2022
Jul. 03, 2021
Jul. 02, 2022
Jul. 03, 2021
Revenues $ 10,538,000 $ 8,606,000 $ 19,862,000 $ 17,278,000
Gross profit 1,649,000 1,743,000 3,502,000 3,164,000
Operating expenses:        
Operating income (loss) 8,982,000 (2,852,000) 7,890,000 (4,961,000)
Other income (expense):        
Interest expense, net (61,000) (125,000) (253,000) (198,000)
Gain on Payroll Protection Program loan forgiveness       1,872,000
Gain on settlement of vendor advance payments       941,000
Unrealized loss on marketable securites (376,000)   (376,000) 0
Income (loss) from operations before provision for income taxes 8,878,000 (4,774,000) 10,092,000 (4,274,000)
Provision (benefit) for income tax     6,500 203,000
Net loss from continuing operations   (4,034,000)   (2,593,000)
Net income from discontinued operations, net of tax   945,000   1,884,000
Net income (loss) 8,900,000 $ (4,979,000)   $ (4,477,000)
Net income (loss) per share:        
Basic and diluted income (loss) per share from continuing operations   $ (1.68)   $ (1.12)
Basic and diluted income per share from continuing operations   (1.68)   (1.12)
Basic income (loss) per share from discontinued operations   0.39   0.81
Diluted income (loss) per share from discontinued operations   0.39   0.81
Basic income (loss) per share   (2.07)   (1.94)
Diluted income (loss) per share   $ (2.07)   $ (1.94)
Weighted average common shares outstanding:        
Weighted average common shares outstanding from Continued Operations   2,405,410   2,312,024
Diluted   2,405,410   2,312,024
Net income (loss) 8,900,000 $ (4,979,000)   $ (4,477,000)
As Restated        
Revenues 10,538,000 8,606,000 19,862,000 17,278,000
Cost of revenues 8,889,000 6,863,000 16,360,000 14,114,000
Gross profit 1,649,000 1,743,000 3,502,000 3,164,000
Operating expenses:        
Selling, general and administrative expenses 2,906,000 3,650,000 5,847,000 6,241,000
Operating income (loss) (1,257,000) (1,907,000) (2,345,000) (3,077,000)
Other income (expense):        
Interest expense, net (61,000) (125,000) (253,000) (198,000)
Gain on Payroll Protection Program loan forgiveness 0 0 0 1,872,000
Gain (loss) on litigation settlement, net 0 (1,950,000) 1,835,000 (1,950,000)
Gain on settlement of vendor advance payments 0 131,000 0 941,000
Gain on reversal of contingency loss 0 0 637,000 0
Unrealized loss on marketable securites (376,000) 0 (376,000) 0
Other income, net 333,000 22,000 359,000 22,000
Total other income (expense), net (104,000) (1,922,000) 2,202,000 687,000
Income (loss) from operations before provision for income taxes (1,361,000) (3,829,000) (143,000) (2,390,000)
Provision (benefit) for income tax 4,000 205,000 7,000 203,000
Net loss from continuing operations (1,365,000) (4,034,000) (150,000) (2,593,000)
Net income from discontinued operations, net of tax 10,239,000 (945,000) 10,235,000 (1,884,000)
Net income (loss) $ 8,874,000 $ (4,979,000) $ 10,085,000 $ (4,477,000)
Net income (loss) per share:        
Basic and diluted income (loss) per share from continuing operations $ (0.43) $ (1.68) $ (0.05) $ (1.12)
Basic and diluted income per share from continuing operations (0.43) (1.68) (0.05) (1.12)
Basic income (loss) per share from discontinued operations 3.25 0.39 3.25 0.81
Diluted income (loss) per share from discontinued operations 2.93 0.39 2.93 0.81
Basic income (loss) per share 2.82 (2.07) 3.20 (1.94)
Diluted income (loss) per share $ 2.54 $ (2.07) $ 2.88 $ (1.94)
Weighted average common shares outstanding:        
Weighted average common shares outstanding from Continued Operations 3,150,230 2,405,410 3,150,230 2,312,024
Diluted 3,496,250 2,405,410 3,496,250 2,312,024
Net income (loss) $ 8,874,000 $ (4,979,000) $ 10,085,000 $ (4,477,000)
Other comprehensive income (loss), net of tax:        
Effect of foreign currency translation adjustments 0 0 0 (42,000)
Total other comprehensive income (loss), net of tax 0 0 0 (42,000)
Comprehensive income (loss) $ 8,874,000 $ (4,979,000) $ 10,085,000 $ (4,519,000)