Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v3.23.3
Segment Information
 9 Months Ended
Sep. 30, 2023
Segment Reporting [Abstract]  
Segment Information Segment InformationThe 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 segments are being presented as discontinued operations for the 13 and 39 weeks ended September 30, 2023 and October 1, 2022. respectively.
The following tables present our segment information for the 13 and 39 weeks ended September 30, 2023 and October 1, 2022 (in $000’s):
Thirteen Weeks Ended Thirty-Nine Weeks Ended
September 30, 2023 October 1, 2022 September 30, 2023 October 1, 2022
Revenues
Biotechnology $ —  $ —  $ —  $ — 
Discontinued operations —  8,587  3,795  28,449 
Total Revenues $ —  $ 8,587  $ 3,795  $ 28,449 
Gross profit
Biotechnology $ —  $ —  $ —  $ — 
Discontinued operations —  1,034  (197) 4,536 
Total Gross profit $ —  $ 1,034  $ (197) $ 4,536 
Operating income (loss)
Biotechnology $ (764) $ (611) $ (2,923) $ (1,950)
Discontinued operations —  (1,214) 14,158  8,016 
Total Operating income (loss) $ (764) $ (1,825) $ 11,235  $ 6,066 
Depreciation and amortization
Biotechnology $ 363  $ —  $ 1,090  $ — 
Discontinued operations —  77  96  347 
Total Depreciation and amortization $ 363  $ 77  $ 1,186  $ 347 
Interest (income) expense, net
Biotechnology $ (758) $ (410) $ (1,598) $ (575)
Discontinued operations —  280  181  698 
Total Interest expense, net $ (758) $ (130) $ (1,417) $ 123 
Net income (loss) before income taxes
Biotechnology $ (267) $ 217  $ (1,094) $ 2,609 
Discontinued operations —  (2,182) 13,976  5,518 
Total Net income before income taxes $ (267) $ (1,965) $ 12,882  $ 8,127