Quarterly report pursuant to Section 13 or 15(d)

Segment Information (Restated)

v3.23.1
Segment Information (Restated)
 3 Months Ended
Jul. 02, 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 July 2, 2022. As such, the results of the Technology segment have been reclassified and presented as discontinued operations for the periods ending July 3, 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 26 weeks ended July 2, 2022 and July 3, 2021 (in $000's):

 

 

 

Thirteen Weeks Ended

 

 

Twenty Six Weeks Ended

 

 

 

July 2, 2022

 

 

July 3, 2021

 

 

July 2, 2022

 

 

July 3, 2021

 

 

 

(as restated)

 

 

 

 

 

(as restated)

 

 

 

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

Biotechnology

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Recycling

 

 

10,538

 

 

 

8,606

 

 

 

19,862

 

 

 

17,278

 

Discontinued operations

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total Revenues

 

$

10,538

 

 

$

8,606

 

 

$

19,862

 

 

$

17,278

 

Gross profit

 

 

 

 

 

 

 

 

 

 

 

 

Biotechnology

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Recycling

 

 

1,649

 

 

 

1,743

 

 

 

3,502

 

 

 

3,164

 

Discontinued operations

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total Gross profit

 

$

1,649

 

 

$

1,743

 

 

$

3,502

 

 

$

3,164

 

Operating Income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

Biotechnology

 

$

(110

)

 

$

(808

)

 

$

(352

)

 

$

(1,050

)

Recycling

 

 

(1,147

)

 

 

(1,099

)

 

 

(1,993

)

 

 

(2,027

)

Operating loss from continuing operations

 

 

(1,257

)

 

 

(1,907

)

 

 

(2,345

)

 

 

(3,077

)

Discontinued operations

 

 

10,239

 

 

 

(945

)

 

 

10,235

 

 

 

(1,884

)

Total Operating income (loss)

 

$

8,982

 

 

$

(2,852

)

 

$

7,890

 

 

$

(4,961

)

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

 

Biotechnology

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Recycling

 

 

137

 

 

 

110

 

 

 

268

 

 

 

218

 

Depreciation and amortization from continuing operations

 

 

137

 

 

 

110

 

 

 

268

 

 

 

218

 

Discontinued operations

 

 

—

 

 

 

935

 

 

 

2

 

 

 

1,872

 

Total Depreciation and amortization

 

$

137

 

 

$

1,045

 

 

$

270

 

 

$

2,090

 

Interest expense, net

 

 

 

 

 

 

 

 

 

 

 

 

Biotechnology

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Recycling

 

 

61

 

 

 

125

 

 

 

253

 

 

 

198

 

Discontinued operations

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total Interest expense, net

 

$

61

 

 

$

125

 

 

$

253

 

 

$

198

 

Net income (loss) before benefit from income taxes

 

 

 

 

 

 

 

 

 

 

 

 

Biotechnology

 

$

(110

)

 

$

(808

)

 

$

(352

)

 

$

(1,050

)

Recycling

 

 

(1,363

)

 

 

(2,992

)

 

 

127

 

 

 

(1,353

)

Net loss before benefit from income taxes

 

 

(1,473

)

 

 

(3,800

)

 

 

(225

)

 

 

(2,403

)

Discontinued operations

 

 

10,351

 

 

 

(974

)

 

 

10,317

 

 

 

(1,871

)

Total Net income (loss) before benefit from income taxes

 

$

8,878

 

 

$

(4,774

)

 

$

10,092

 

 

$

(4,274

)

 

 

 

 

As of
July 2,
2022

 

 

As of
January 1,
2022

 

Assets

 

 

 

 

 

 

Biotechnology

 

$

—

 

 

$

—

 

Recycling

 

 

25,706

 

 

 

15,058

 

Discontinued operations

 

 

—

 

 

 

107

 

Total Assets

 

$

25,706

 

 

$

15,165

 

 

 

 

 

 

 

 

Intangible assets

 

 

 

 

 

 

Biotechnology

 

$

—

 

 

$

—

 

Recycling

 

 

345

 

 

 

268

 

Discontinued operations

 

 

—

 

 

 

—

 

Total Intangible assets

 

$

345

 

 

$

268