DISCONTINUED OPERATION

12 Months Ended

Dec. 31, 2021

Discontinued Operations and Disposal Groups [Abstract]

DISCONTINUED OPERATION

NOTE 18 -DISCONTINUED OPERATION

In June 2020, the company's management decided to discontinue the JT8D engine blades reconditioning activity as part of a strategic change in its business to focus on new capabilities to provide services to newer types of engines. The discontinued operation is related to the JT8D engine blades reconditioning activity in Turbochrome, which constitute a material portion of Turbochrome’s revenues.

	2021		2020
Assets:
Account receivables	$	-	$	-
Inventory		-		-
Fixed assets, net		-		-
Costumers’ relationship		-		-
Total Assets	$	-	$	-
Liability:
Account payables	$	-	$	179
Total Liabilities	$	-	$	179

F - 42

TAT TECHNOLOGIES LTD. AND ITS SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

U.S. dollars in thousands

NOTE 18 -DISCONTINUED OPERATION (CONT)

	Year ended December 31,
	2021			2020			2019
Revenue:
Services	$	440		$	955		$	4,553
Cost of revenue:
Services		429			1,062			4,291
Gross profit (loss)		11			(107	)		262
Operating expenses:
Research and development, net		16			42			(39	)
Selling and marketing		29			90			330
General and administrative		68			191			598
		113			323			889
Operating income (loss)		(102	)		(430	)		(627	)
Financial expenses (income)		-			-			28
Income (loss) on disposal of discontinued operation (1)		529			(1,415	)		-
Net Income (loss)	$	427		$	(1,845	)	$	(655	)

(1) During 2020, the Company wrote off the following assets belonging to the discontinued operation: Inventory of $464, Accounts receivable of $233, Fixed assets of $363 and Customers' relationships of $355. During 2021 the company was succeeded to collect and sell some of the account receivable and inventory that were written off in total amount of $529.