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Consolidated Proforma Unaudited Financial Statements
 3 Months Ended
Mar. 31, 2023
Business Acquisition, Pro Forma Information [Abstract]  
Consolidated Proforma Unaudited Financial Statements

Note 22. Consolidated Proforma Unaudited Financial Statements

The following unaudited proforma combined financial information is based on the historical financial statements of the Company and Giga-tronics and subsidiaries after giving effect to the Company’s acquisition of the companies as if the acquisition occurred on January 1, 2022.

The following unaudited proforma information does not purport to present what the Company’s actual results would have been had the acquisition occurred on January 1, 2022, nor is the financial information indicative of the results of future operations. The following table represents the unaudited consolidated proforma results of operations for the three months ended March 31, 2023 and March 31, 2022, as if the acquisition occurred on January 1, 2022.

Proforma, unaudited (In thousands)

 

Gresham

 

 

 

 

 

 

 

 

 

 

 

Three months ended March 31, 2023

 

Worldwide, Inc.

 

 

Giga-tronics

 

 

Proforma Adjustments

 

 

Proforma Unaudited

 

 

Net Sales

 

$

8,293

 

 

$

430

 

 

$

—

 

 

$

8,723

 

 

Cost of Sales

 

 

5,880

 

 

 

680

 

 

 

—

 

 

 

6,560

 

 

Operating expenses

 

 

4,284

 

 

 

1,670

 

 

 

—

 

 

 

5,954

 

 

Other income (expense)

 

 

807

 

 

 

527

 

 

 

—

 

 

 

1,334

 

 

Income tax benefit

 

 

7

 

 

 

—

 

 

 

—

 

 

 

7

 

 

Net gain attributable to non-controlling interest

 

 

14

 

 

 

—

 

 

 

—

 

 

 

14

 

 

Net loss attributable to common stockholders

 

$

(1,070

)

 

$

(1,394

)

 

$

—

 

 

$

(2,464

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proforma, unaudited (In thousands)

 

Gresham

 

 

 

 

 

 

 

 

 

 

 

Three months ended March 31, 2022

 

Worldwide, Inc.

 

 

Giga-tronics

 

 

Proforma Adjustments

 

 

Proforma Unaudited

 

 

Net Sales

 

$

7,244

 

 

$

1,436

 

 

$

—

 

 

$

8,680

 

 

Cost of Sales

 

 

4,751

 

 

 

1,036

 

 

 

—

 

 

 

5,787

 

 

Operating expenses

 

 

2,984

 

 

 

1,555

 

 

 

—

 

 

 

4,539

 

 

Other income (expense)

 

 

(19

)

 

 

(17

)

 

 

—

 

 

 

(36

)

 

Income tax provision

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

Net loss attributable to non-controlling interest

 

 

(13

)

 

 

—

 

 

 

—

 

 

 

(13

)

 

Deemed dividend on Series E preferred stock

 

 

—

 

 

 

(2

)

 

 

 

 

 

(2

)

 

Net loss attributable to common stockholders

 

$

(497

)

 

$

(1,174

)

 

$

—

 

 

$

(1,671

)