Quarterly report pursuant to Section 13 or 15(d)

Discontinued Operations

Discontinued Operations

6 Months Ended

Jun. 30, 2024

Discontinued Operations and Disposal Groups [Abstract]

10. Discontinued Operations

The Company’s discontinued operations consist of all our subsidiaries included in our previous Industrial Segment which encompasses subsidiaries divested in 2011 and prior and three previously closed locations.

The Company’s discontinued operations had net losses of $166,000 (net of tax benefit of $51,000) and $45,000 (net of tax benefit of $89,000) for the three months ended June 30, 2024, and 2023, respectively and net losses of $268,000 (net of tax benefit of $79,000) and $139,000 (net of tax benefit of $119,000) for the six months ended June 30, 2024, and 2023, respectively. The losses were primarily due to costs incurred in the administration and continued monitoring of our discontinued operations. The Company’s discontinued operations had no revenues for each of the periods noted above.

The following table presents the major class of assets of discontinued operations as of June 30, 2024, and December 31, 2023. No assets and liabilities were held for sale at each of the periods noted.

	June 30,		December 31,
(Amounts in Thousands)	2024		2023
Current assets
Other assets	$	5	$	13
Total current assets		5		13
Long-term assets
Property, plant and equipment, net ⁽¹⁾		130		81
Total long-term assets		130		81
Total assets	$	135	$	94
Current liabilities
Accounts payable	$	219	$	80
Accrued expenses and other liabilities		151		128
Environmental liabilities		6		61
Total current liabilities		376		269
Long-term liabilities
Closure liabilities		174		169
Environmental liabilities		766		784
Total long-term liabilities		940		953
Total liabilities	$	1,316	$	1,222

⁽¹⁾

net of accumulated depreciation of $10,000 for each period presented.

On June 1, 2024, our Perma-Fix South Georgia, Inc. (“PFSG”) subsidiary entered into a lease agreement with a tenant leasing a portion of the PFSG property. The lease is for a two-years term and requires monthly payment by the lessee of approximately $8,500 for the first year and approximately $8,755 for the second year. The lessee is responsible for all expenses relating to the permitted usage of the property, including all utilities, a portion of the annual real estate taxes and is responsible for maintaining insurance coverage, among other things.