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