Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v3.24.2.u1
Segment Information
 6 Months Ended
Jun. 29, 2024
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company operates within targeted markets through three reportable segments for continuing operations: Biotechnology, Fintech, and Recycling. 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 Fintech segment commenced operations during May 2024 with the acquisition of ALT5 Subsidiary (see Note 3), which provides next generation blockchain-powered technologies to enable a migration to a new global financial paradigm. 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 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. Due the sale of Company's Recycling segment during March 2023, it is being presented as discontinued operations for the 13 and 26 weeks ended July 1, 2023.
The following tables present our segment information for the 13 and 26 weeks ended June 29, 2024 and July 1, 2023 (in $000’s):
Thirteen Weeks Ended Twenty-Six Weeks Ended
June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023
Revenues
Biotechnology $ —  $ —  $ —  $ — 
Fintech 2,169  —  2,169  — 
Discontinued operations —  —  —  3,795 
Total Revenues $ 2,169  $ —  $ 2,169  $ 3,795 
Gross profit
Biotechnology $ —  $ —  $ —  $ — 
Fintech 1,098  —  1,098  — 
Discontinued operations —  —  —  (197)
Total Gross profit $ 1,098  $ —  $ 1,098  $ (197)
Operating income (loss)
Biotechnology $ (3,177) $ (1,060) $ (4,983) $ (2,159)
Fintech 261  —  261  — 
Discontinued operations —  —  —  14,159 
Total Operating income (loss) $ (2,916) $ (1,060) $ (4,722) $ 12,000 
Depreciation and amortization
Biotechnology $ —  $ 362  $ —  $ 726 
Fintech 179  —  179  — 
Discontinued operations —  —  —  96 
Total Depreciation and amortization $ 179  $ 362  $ 179  $ 822 
Interest (income) expense, net
Biotechnology $ (161) $ (365) $ 91  $ (840)
Fintech 157  —  157  — 
Discontinued operations —  —  —  181 
Total Interest expense, net $ (4) $ (365) $ 248  $ (659)
Net income (loss) before income taxes
Biotechnology $ (3,112) $ 62  $ (5,331) $ (827)
Fintech 850  —  850  — 
Discontinued operations —  1  —  13,976 
Total Net income before income taxes $ (2,262) $ 63  $ (4,481) $ 13,149