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Note 2 - Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2019

(In thousands)

	For the Year
	Ended December 31,

Major classes of line items constituting pretax profit (loss) of discontinued operations	2019			2018			2017

Revenues	$	56,476		$	76,447		$	64,432
Cost of revenues		(37,086	)		(50,096	)		(42,493	)
Selling, general and administrative expense		(19,384	)		(17,712	)		(16,415	)
Depreciation and amortization		(300	)		(603	)		(797	)
Research and development		(854	)		(2,647	)		(2,303	)
Provision for bad debt		(5	)		(20	)		(3	)
Impairment of goodwill and intangible assets		(278	)		—			(3	)
Interest expense		(277	)		(286	)		(299	)

Other income and expense		(113	)		52			(118	)
Pretax (loss) profit of discontinued operations related to major classes of pretax (loss) profit		(1,821	)		5,135			2,001
Pretax gain on sale of certain power and electromechanical businesses		14,100			—			—
Pretax gain on assets contributed as part of the purchase of VPS		629			—			—
Total pretax income on discontinued operations		12,908			5,135			2,001
Income tax expense		411			1,136			645

Total income from discontinued operations	$	12,497		$	3,999		$	1,356

	As of December 31,		As of December 31,
(In thousands)	2019		2018

Carrying amounts of the major classes of assets included in discontinued operations:

Trade accounts receivables	$	1,740	$	9,382
Inventories		3,254		11,420
Prepaid expenses and other current assets		140		470
Total current assets *				21,272
Property and equipment		273		1,433
Right of use assets - Operating leases		391		—
Goodwill		—		13,089
Other intangible assets		352		8,508
Deferred tax asset		663		—
Deposits and other assets		80		77
Total noncurrent assets *				23,107
Total assets of the disposal group classified as held for sale	$	6,893	$	44,379

Carrying amounts of the major classes of liabilities included in discontinued operations:

Accounts payable	$	618	$	4,960
Line of credit		—		979
Operating lease obligations - current portion		410		—
Accrued expenses		3,935		2,958
Contract liabilities		—		270
Refund liabilities		—		2,417

Total current liabilities *				11,584

Long term note payable, related party		—		5,304
Operating lease obligations, less current portion		7		—
Deferred tax liabilities		—		1,922
Other long-term liabilities		—		15
Total noncurrent liabilities *				7,241
Total liabilities	$	4,970	$	18,825

(In thousands)	As of December 31,
	2019		2018		2017
Cash and cash equivalents at beginning of year	$	3,979	$	12,646	$	4,617
Restricted cash at beginning of year		523		—		—
Cash, cash equivalents and restricted cash at beginning of year	$	4,502	$	12,646	$	4,617

Cash and cash equivalents at end of year	$	23,351	$	3,979	$	12,646
Restricted cash at end of year		—		523		—
Cash, cash equivalents and restricted cash at end of year	$	23,351	$	4,502	$	12,646

(In thousands)	For the Years ended December 31,
	2019			2018			2017
Allowance for doubtful accounts, beginning of year	$	17		$	5		$	21
Charge (credit) to costs and expenses		131			13			(16	)
Deductions		(101	)		(1	)		—

Allowance for doubtful accounts, end of year	$	47		$	17		$	5

(In thousands)	For the Years ended December 31,
	2019		2018			2017
Inventory reserves, beginning of year	$	1,499	$	104		$	110
Charge to costs and expenses		202		1,401			(16	)
Other additions (deductions)		59		(6	)		10
Inventory reserves, end of year	$	1,760	$	1,499		$	104

	Estimated Useful Life (in years)
Buildings and improvements	5	to	39
Furniture and equipment	3	to	10
Vehicles	3	to	5

	Estimated
	Useful
	Life (in years)
Finite-lived intangible assets
Order backlog		2
Trade name - Orbital		10
Customer list - Orbital		10
Technology rights		20 (1)
Technology-Based Asset - Know How		12
Technology-Based Asset - Software		10
Software, at cost	3	to	5

(In thousands)	As of December 31,		As of January 1,
	2018		2018
Current contract liabilities	$	1,956	$	4,386
Long-term contract liabilities (1)		129		84
Total contract liabilities	$	2,085	$	4,470

	For the Year Ended December 31,
	2019			2018
Total contract liabilities - January 1	$	2,085		$	4,470
Contract additions, net		1,763			1,940
Revenue recognized		(2,016	)		(4,123	)
Translation		28			(202	)
Total contract liabilities - December 31	$	1,860		$	2,085

	As of December 31,
	2019		2018
Current contract liabilities	$	1,668	$	1,956
Long-term contract liabilities (1)		192		129
Total contract liabilities	$	1,860	$	2,085

	For the Year Ended December 31,
(In thousands)	2019		2018

Revenues recognized at point in time	$	6,800	$	4,391
Revenues recognized over time		16,692		15,951
Total revenues	$	23,492	$	20,342

	For the Years Ended December 31,
(In thousands, except dollars per share)	2019			2018			2017
Continuing operations:
Loss from continuing operations, net of income taxes	$	(13,626	)	$	(21,324	)	$	(13,945	)
Discontinued operations:
Income from discontinued operations, net of income taxes		12,497			3,999			1,356
Net loss	$	(1,129	)	$	(17,325	)	$	(12,589	)

Basic and diluted weighted average number of shares outstanding		28,654,500			28,517,339			22,397,865

Loss from continuing operations per common share - basic and diluted	$	(0.48	)	$	(0.75	)	$	(0.62	)
Earnings from discontinued operations - basic and diluted		0.44			0.14			0.06
Loss per common share - basic and diluted	$	(0.04	)	$	(0.61	)	$	(0.56	)

(In thousands)	Energy			Other			Total
Revenues from external customers	$	23,492		$	—		$	23,492
Depreciation and amortization (1)		1,520			841			2,361
Interest expense		52			9			61
Loss from operations		(8,615	)		(7,430	)		(16,045	)
Segment assets		21,461			42,697			64,158
Other intangibles assets, net		4,276			22			4,298
Expenditures for segment assets (2)		135			539			674

(In thousands)	Energy			Other			Total
Revenues from external customers	$	20,342		$	—		$	20,342
Depreciation and amortization (1)		1,525			1,480			3,005
Interest expense		23			193			216
Impairment of goodwill and other intangible assets		4,347			—			4,347
Loss from operations		(17,168	)		(4,966	)		(22,134	)
Segment assets		19,034			51,133			70,167
Other intangibles assets, net		5,314			39			5,353
Expenditures for segment assets (2)		235			1,299			1,534

(In thousands)	Energy			Other			Total
Revenues from external customers	$	18,843		$	—		$	18,843
Depreciation and amortization (1)		1,345			1,505			2,850
Interest expense		1			200			201
Impairment of goodwill and other intangible assets		3,152			—			3,152
Loss from operations		(11,366	)		(4,939	)		(16,305	)
Segment assets		26,512			61,397			87,909
Other intangibles assets, net		6,669			59			6,728
Goodwill		4,549			—			4,549
Expenditures for segment assets (2)		576			955			1,531