Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v3.23.1
Segment Information
 3 Months Ended
Apr. 01, 2023
Segment Reporting [Abstract]  
Segment Information

Note 16: Segment Information

The Company operates through its biotechnology segment for continuing operations. 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 included all fees charged and costs incurred for collecting, recycling and installing appliances for utilities and other customers. The recycling segment also included byproduct revenue, which was primarily generated through the recycling of appliances. The technology segment designed wireless modules to connect devices to the Mobile Internet of Things (“IoT”) which contained location-based service (“LBS”) capabilities and can interface to external sensors to allow them to communicate both sensor status and position information. 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. As discussed above (see Note 3), the recycling and technology are being presented as discontinued operations for the 13 weeks ended April 1, 2023 and April 2, 2022.

The following tables present our segment information for the 13 weeks ended April 1, 2023 and April 2, 2022 (in $000's):

 

 

Thirteen Weeks Ended

 

 

April 1, 2023

 

 

April 2, 2022

 

Revenues

 

 

 

 

 

Biotechnology

$

—

 

 

$

—

 

Discontinued operations

 

3,795

 

 

 

9,324

 

Total Revenues

$

3,795

 

 

$

9,324

 

Gross profit

 

 

 

 

 

Biotechnology

$

—

 

 

$

—

 

Discontinued operations

 

(197

)

 

 

1,853

 

Total Gross profit

$

(197

)

 

$

1,853

 

Operating loss

 

 

 

 

 

Biotechnology

$

(1,099

)

 

$

(681

)

Discontinued operations

 

14,158

 

 

 

(410

)

Total Operating loss

$

13,059

 

 

$

(1,091

)

Depreciation and amortization

 

 

 

 

 

Biotechnology

$

364

 

 

$

—

 

Discontinued operations

 

96

 

 

 

133

 

Total Depreciation and amortization

$

460

 

 

$

133

 

Interest (income) expense, net

 

 

 

 

 

Biotechnology

$

(475

)

 

$

2

 

Discontinued operations

 

181

 

 

 

190

 

Total Interest expense, net

$

(294

)

 

$

192

 

Net income (loss) before income taxes

 

 

 

 

 

Biotechnology

$

(867

)

 

$

2,619

 

Discontinued operations

 

13,976

 

 

 

(1,405

)

Total Net income before income taxes

$

13,109

 

 

$

1,214