Annual report pursuant to Section 13 and 15(d)

DISCONTINUED OPERATIONS (Tables)

v3.22.1
DISCONTINUED OPERATIONS (Tables)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]    
Disposal groups, including discontinued operations
The following table summarizes the transaction:
(in thousands)
Total consideration $ 3,800 
Net book value of assets divested and liabilities transferred
Inventory 23 
Prepaid and other current assets 33 
Property, plant & equipment 98 
Intangible assets and goodwill 6,565 
Other long-term assets 54 
Lease liability, net of right-of-use asset (78)
Net book value of assets divested and liabilities transferred 6,695 
Loss on sale $ (2,895)
The following table summarizes the transaction:
(in thousands)
Consideration
Fair value of note receivable $ 2,960 
Fair value of options 330 
Less: cash transferred to purchaser (30)
Total consideration $ 3,260 
Net book value of assets divested and liabilities transferred
Accounts receivable $ 360 
Inventory 520 
Other current assets 80 
Property, plant and equipment 4,100 
Intangible assets 70 
Other long-term assets 200 
Accounts payable and accrued expenses (1,700)
Lease liabilities, net of right of use assets (70)
Net book value of assets divested and liabilities transferred 3,560 
Loss on sale $ (300)
 
Schedule of discontinued operations  
Operating results for discontinued operations were comprised of the following:
(in thousands)
Year ended December 31,
2021 2020
Total revenues $ 12,900  $ 13,354 
Cost of goods sold 7,687  10,905 
Gross profit 5,213  2,449 
Selling, general and administrative expenses 6,523  10,495 
Impairment of assets —  10,359 
Loss on sale of assets (6,583) 1,962 
Income (Loss) from operations $ 5,273  $ (20,367)
Interest expense (976) (565)
Other income (loss) 7,806  12 
Income (Loss) from discontinued operations $ 12,103  $ (20,920)
Income (Loss) from discontinued operations per common share attributable to Terra Tech Corp common stockholders - basic and diluted $ 0.02  $ (0.03)
Schedule of assets and liabilities for discontinued operations  
The carrying amounts of the major classes of assets and liabilities for the discontinued operations are as follows:
(in thousands)
December 31,
2021		 December 31,
2020
Cash 1,544  671 
Accounts receivable, net 1,553  483 
Inventory 1,359  2,152 
Prepaid expenses and other assets 39  23 
Property, equipment and leasehold improvements, net 17,661  10,207 
Other assets 323  582 
Assets of discontinued operations $ 22,479  $ 14,118 
Accounts payable and accrued expenses $ 1,170  $ 1,380 
Short-term Debt —  — 
Deferred gain on sale of assets —  8,783 
Long-term lease liabilities 184  335 
Liabilities of discontinued operations $ 1,354  $ 10,498