| Schedule of Sale of Business |
A
reconciliation of the accounting for the Company’s Pharma Solutions business is as follows:
Schedule
of Sale of Business
| |
|
Gain on Sale |
|
| |
|
|
|
| Purchase price |
|
$ |
7,000 |
|
| Earnout received |
|
|
1,043 |
|
| Working capital adjustment, net |
|
|
(766 |
) |
| Less: transaction costs |
|
|
(307 |
) |
| Total net consideration |
|
$ |
6,970 |
|
| Assets and liabilities disposed of, net (1)
|
|
|
(6,970 |
) |
| Gain on sale |
|
$ |
- |
|
| (1) |
includes
goodwill and intangible assets written down prior to the Transaction. The goodwill write-down was approximately $8.4 million and
the write-down of intangible assets was approximately $3.8 million. |
|
| Schedule of Components of Assets and Liabilities and Revenue Classified as Discontinued Operations |
The
components of assets and liabilities classified as discontinued operations consist of the following as of December 31, 2022 and
December 31, 2021:
Schedule
of Components of Assets and Liabilities and Revenue Classified as Discontinued Operations
| |
|
December 31, 2022 |
|
|
December 31, 2021 |
|
| Accounts receivable, net |
|
$ |
- |
|
|
$ |
1,486 |
|
| Other |
|
|
- |
|
|
|
1,607 |
|
| Current assets of discontinued operations |
|
|
- |
|
|
|
3,093 |
|
| Property and equipment, net |
|
|
- |
|
|
|
6,032 |
|
| Other intangible assets, net |
|
|
- |
|
|
|
5,155 |
|
| Goodwill |
|
|
- |
|
|
|
8,433 |
|
| Other |
|
|
- |
|
|
|
2,767 |
|
| Long-term assets of discontinued operations |
|
|
- |
|
|
|
22,387 |
|
| Total assets |
|
$ |
- |
|
|
$ |
25,480 |
|
| |
|
|
|
|
|
|
|
|
| Accounts payable |
|
|
- |
|
|
|
1,320 |
|
| Accrued salary and bonus |
|
|
92 |
|
|
|
335 |
|
| Other (1) |
|
|
766 |
|
|
|
1,502 |
|
| Current liabilities of discontinued operations |
|
|
858 |
|
|
|
3,157 |
|
| Operating lease liabilities, net of current portion |
|
|
- |
|
|
|
2,634 |
|
| Other |
|
|
- |
|
|
|
71 |
|
| Long-term liabilities of discontinued operations |
|
|
- |
|
|
|
2,705 |
|
| Total liabilities |
|
$ |
858 |
|
|
$ |
5,862 |
|
| (1) |
Includes
$766 of liabilities related to the former Commercial Services business unit. |
The
table below presents the significant components of its former Pharma Solutions business unit’s results included within loss from
discontinued operations, net of tax in the consolidated statements of operations for the years ended December 31, 2022 and
2021.
| |
|
|
|
|
|
|
|
|
| |
|
For The Years Ended |
|
| |
|
December 31, |
|
| |
|
2022 |
|
|
2021 |
|
| |
|
|
|
| Revenue, net |
|
$ |
5,678 |
|
|
$ |
8,197 |
|
| |
|
|
|
|
|
|
|
|
| Loss from discontinued operations |
|
|
(15,968 |
) |
|
|
(7,671 |
) |
| Gain (loss) on sale of Pharma Solutions |
|
|
- |
|
|
|
- |
|
| Income tax expense |
|
|
125 |
|
|
|
235 |
|
| Loss from discontinued operations, net of tax |
|
$ |
(16,093 |
) |
|
$ |
(7,906 |
) |
|