SPRUCE POWER HOLDING CORP
For the period ended Dec 31, 2023. Filed Apr 9, 2024.
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FY2023 · Filed Apr 9, 2024
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Item 8.
Note 20. Discontinued Operations
In the fourth quarter of 2022, the Company discontinued the operations of its Drivetrain and XL Grid operations. The following table provides supplemental details of the Company’s discontinued operations contained within the consolidated statements of operations for the years ended December 31, 2023 and 2022:
| Years Ended December 31, | ||
|---|---|---|
| (Amounts in thousands) | 2023 | 2022 |
| Net loss from discontinued operations: | ||
| XL Grid | $— | $(1,092) |
| Drivetrain | (4,123) | (30,414) |
| Impairment of goodwill | — | (8,606) |
| Total | $(4,123) | $(40,112) |
Notes to Consolidated Financial Statements
XL Grid
The following table presents financial results of XL Grid operations:
| Years Ended December 31, | ||
|---|---|---|
| (Amounts in thousands) | 2023 | 2022 |
| Revenues | $149 | $12,279 |
| Operating expenses: | ||
| Cost of revenues - inventory and other direct costs | 148 | 8,577 |
| Selling, general, and administrative expenses | 743 | 4,794 |
| Gain on asset disposal | (742) | — |
| Total operating expenses | 149 | 13,371 |
| Net loss from discontinued operations | $— | $(1,092) |
Drivetrain
The following table presents financial results of Drivetrain operations:
| Years Ended December 31, | ||
|---|---|---|
| (Amounts in thousands) | 2023 | 2022 |
| Revenues | $42 | $2,419 |
| Operating expenses: | ||
| Cost of revenues - inventory and other direct costs | 106 | 14,038 |
| Engineering, research, and development | — | 9,819 |
| Selling, general, and administrative expenses | — | 8,041 |
| Loss on asset disposal | 4,071 | 935 |
| Other (income) | (12) | — |
| Total operating expenses | 4,165 | 32,833 |
| Net loss from discontinued operations | $(4,123) | $(30,414) |
The following table presents aggregate carrying amounts of assets and liabilities of discontinued operations contained within the consolidated balance sheets:
| As of December 31, | ||
|---|---|---|
| (Amounts in thousands) | 2023 | 2022 |
| Assets from discontinued operations: | ||
| Drivetrain | $32 | $3,604 |
| XL Grid | — | 7,373 |
| Total assets from discontinued operations | $32 | $10,977 |
| Liabilities from discontinued operations: | ||
| Drivetrain | $170 | $5,743 |
| XL Grid | — | 3,648 |
| Total liabilities from discontinued operations | $170 | $9,391 |
Notes to Consolidated Financial Statements
Note 21. Subsequent Events
Management has reviewed all events subsequent to December 31, 2023 and prior to the filing of these consolidated financial statements, and except as referenced within the notes to the consolidated financial statements, the Company has determined there have been no events that have occurred that would require adjustments or disclosures within the consolidated financial statements.
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