Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2022

Quarterly Financial Information Disclosure [Abstract]

Summary of Quarterly Financial Data

The following table provides summarized quarterly financial data for the year ended December 31, 2022 (in thousands):

	Q1 2022			Q2 2022			Q3 2022			Q4 2022
REVENUES	$	417		$	370		$	344		$	524
Costs and expenses:
Manufacturing cost of sales		242			227			203			165
Engineering, selling and administrative		1,022			623			669			551
OPERATING LOSS		(847	)		(480	)		(528	)		(192	)
Other Income (Expense):
Interest (Expense) Income, net		(4	)		9			52			137
Investment Income (Loss)(1)		45			(2,373	)		(2,121	)		(79	)
Other Income (Expense), Net		1			1			2			(29	)
Total Other Income (Expense), Net		42			(2,363	)		(2,067	)		29
LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES		(805	)		(2,843	)		(2,595	)		(163	)
Income Tax Benefit		(166	)		(588	)		(611	)		(164	)
NET (LOSS) INCOME FROM CONTINUING OPERATIONS		(639	)		(2,255	)		(1,984	)		1
Income From Discontinued Operations, Net of Tax		808			457			488			132
NET INCOME (LOSS)	$	169		$	(1,798	)	$	(1,496	)	$	133
Net Income (Loss) per Basic Share:
Continuing Operations	$	(0.12	)	$	(0.42	)	$	(0.37	)	$	0.00
Discontinued Operations		0.15			0.09			0.09			0.02
Total Net Income (Loss) per Basic Share	$	0.03		$	(0.34	)	$	(0.28	)	$	0.02
Net Income (Loss) per Diluted Share:
Continuing Operations	$	(0.12	)	$	(0.42	)	$	(0.37	)	$	0.00
Discontinued Operations		0.15			0.09			0.09			0.02
Total Net Income (Loss) per Diluted Share	$	0.03		$	(0.34	)	$	(0.28	)	$	0.02
Weighted average shares outstanding:
Basic		5,323,973			5,334,187			5,346,043			5,349,187
Dilutive		5,345,202			5,334,187			5,346,043			5,356,188
(1) During Q2 and Q3 the investment loss related primarily to our IRNT equity security position.

The following table provides summarized quarterly financial data for the year ended December 31, 2021 (in thousands):

	Q1 2021			Q2 2021			Q3 2021			Q4 2021
REVENUES	$	282		$	475		$	328		$	361
Costs and expenses:
Manufacturing cost of sales		144			206			146			215
Engineering, selling and administrative(1)		672			612			1,907			1,065
OPERATING LOSS		(534	)		(343	)		(1,725	)		(919	)
Other Income (Expense):
Interest (Expense) Income, net		—			—			—			1
(Loss) gain on Equity Investment in Unconsolidated Subsidiary(2)		(76	)		(676	)		60,205			—
Investment Income (Loss)(3)		127			75			(18,867	)		(21,246	)
Other (Expense) Income, Net		(1	)		2			258			(259	)
Total Other Income (Expense), Net		50			(599	)		41,596			(21,504	)
(LOSS) GAIN FROM CONTINUING OPERATIONS BEFORE INCOME TAXES		(484	)		(942	)		39,871			(22,423	)
Income Tax (Benefit) Provision		(116	)		(199	)		8,823			(5,036	)
NET LOSS FROM CONTINUING OPERATIONS		(368	)		(743	)		31,048			(17,387	)
Income From Discontinued Operations, Net of Tax		395			725			732			236
NET INCOME (LOSS)	$	27		$	(18	)	$	31,780		$	(17,151	)
Net Income (Loss) per Basic Share:
Continuing Operations	$	(0.07	)	$	(0.14	)	$	5.89		$	(3.29	)
Discontinued Operations		0.07			0.14			0.14			0.04
Total Net Income (Loss) per Basic Share	$	0.01		$	-		$	6.03		$	(3.25	)
Net Income (Loss) per Diluted Share:
Continuing Operations	$	(0.07	)	$	(0.14	)	$	5.83		$	(3.29	)
Discontinued Operations		0.07			0.14			0.14			0.04
Total Net Income (Loss) per Diluted Share	$	0.01		$	—		$	5.97		$	(3.25	)
Weighted average shares outstanding:
Basic		5,272,204			5,272,204			5,273,786			5,281,630
Dilutive		5,350,571			5,272,204			5,325,815			5,281,630
(1) During Q3 we donated 50,000 IRNT restricted shares to charity and recorded $1,318,000 in administrative costs as a result.
(2) (Loss) Gain on Equity Investment in Unconsolidated Subsidiary relates to our investment in the Sponsor of the SPAC. The gain of $60,205,000 in Q3       related to the Sponsor distribution of IRNT securities.
(3) The investment losses in Q3 and Q4 related primarily to our IRNT equity security position.