Annual report pursuant to Section 13 and 15(d)

Segment Information

v3.23.1
Segment Information
 12 Months Ended
Dec. 31, 2022
Segment Reporting [Abstract]  
Segment Information

Note 24: Segment information

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. 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 (in $000's):

 

 

 

For the Years Ended

 

 

 

December 31, 2022

 

 

January 1, 2022

 

Revenues

 

 

 

 

 

 

Biotechnology

 

$

—

 

 

$

—

 

Recycling

 

 

39,611

 

 

 

40,022

 

Discontinued operations

 

 

—

 

 

 

—

 

Total Revenues

 

$

39,611

 

 

$

40,022

 

Gross profit

 

 

 

 

 

 

Biotechnology

 

$

—

 

 

$

—

 

Recycling

 

 

7,619

 

 

 

8,868

 

Discontinued operations

 

 

—

 

 

 

—

 

Total Gross profit

 

$

7,619

 

 

$

8,868

 

Operating income (loss)

 

 

 

 

 

 

Biotechnology

 

$

(414

)

 

$

(1,351

)

Recycling

 

 

(3,757

)

 

 

(1,870

)

Operating loss from continuing operations

 

 

(4,171

)

 

 

(3,221

)

Discontinued operations

 

 

9,418

 

 

 

(13,550

)

Total Operating income (loss)

 

$

5,247

 

 

$

(16,771

)

Depreciation and amortization

 

 

 

 

 

 

Biotechnology

 

$

—

 

 

$

—

 

Recycling

 

 

555

 

 

 

448

 

Depreciation and amortization from continuing operations

 

 

555

 

 

 

448

 

Discontinued operations

 

 

2

 

 

 

3,744

 

Total Depreciation and amortization

 

$

557

 

 

$

4,192

 

Interest expense, net

 

 

 

 

 

 

Biotechnology

 

$

—

 

 

$

—

 

Recycling

 

 

489

 

 

 

773

 

Discontinued operations

 

 

—

 

 

 

—

 

Total Interest expense

 

$

489

 

 

$

773

 

Net income (loss) after provision for income taxes

 

 

 

 

 

 

Biotechnology

 

$

(414

)

 

$

(1,351

)

Recycling

 

 

4,003

 

 

 

(1,963

)

Net loss from continuing operations

 

 

3,589

 

 

 

(3,314

)

Discontinued operations

 

 

7,403

 

 

 

(13,573

)

Total Net income (loss) after provision for income taxes

 

$

10,992

 

 

$

(16,887

)

 

 

 

 

As of

 

 

As of

 

 

 

December 31, 2022

 

 

January 1, 2022

 

Assets

 

 

 

 

 

 

Biotechnology

 

$

19,293

 

 

$

—

 

Recycling

 

 

27,463

 

 

 

15,058

 

Discontinue operations

 

 

—

 

 

 

107

 

Total Assets

 

$

46,756

 

 

$

15,165

 

Intangible Assets

 

 

 

 

 

 

Biotechnology

 

$

19,293

 

 

$

—

 

Recycling

 

 

740

 

 

 

268

 

Discontinue operations

 

 

—

 

 

 

—

 

Total Intangible Assets

 

$

20,033

 

 

$

268