v3.26.1
Discontinued Operations (Tables)
 12 Months Ended
Dec. 31, 2025
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Major Class Assets and Liabilities Included as Part of Discontinued Operations

The assets and liabilities included as part of discontinued operations as of December 31, 2025 and December 31, 2024 related to the Company’s managed services and reinsurance businesses. The major classes of assets and liabilities are as follows (in thousands):

 

   December 31, 2025   December 31, 2024 
         
Cash and cash equivalents  $-   $1,232 
Accounts receivable, net   -    3,587 
Inventories, net   -    1,432 
Lease right-of-use-assets   -    1,285 
Property, plant and equipment, net   -    377 
Other assets   -    285 
Reinsurance balance receivable   11,218    22,976 
Funds deposited with reinsured companies   2,665    8,650 
Total assets of discontinued operations  $13,883   $39,824 
           
Accounts payable and accrued expenses  $169   $4,862 
Deferred revenue and customer deposits   -    771 
Debt, net of issuance costs   -    301 
Lease obligations   -    1,352 
Loss and loss adjustment expense reserves   5,380    13,283 
Present value of future profits   3,878    9,153 
Total liabilities of discontinued operations  $9,427   $29,722 
Schedule of Net Loss From Discontinued Operation

The major line items constituting the net income (loss) from discontinued operations are as follows (in thousands):

 

          
   Year Ended December 31, 2025 
   Managed
Services		   Reinsurance   Total 
Net product and services revenue  $19,387   $-   $19,387 
Net premiums earned   -    14,823    14,823 
Total revenue   19,387    14,823    34,210 
Cost of products and services revenues   (16,020)   -    (16,020)
Net losses and loss adjustment expenses   -    (8,790)   (8,790)
Amortization of deferred policy acquisition costs   -    (3,982)   (3,982)
Selling and administrative expenses   (2,550)   (1,910)   (4,460)
Impairment of assets   -    (75)   (75)
Total expenses   (18,570)   (14,757)   (33,327)
Income from operations   817    66    883 
Other income   1    8    9 
Income from discontinued operations before taxes   818    74    892 
Income tax expense   -    -    - 
Net income from discontinued operations  $818   $74   $892 

 

                
   Year Ended Ended December 31, 2024 
   Managed Services   Reinsurance   Strong/MDI   Strong Studios   Total 
Net product and services revenue  $31,574   $-   $11,286   $-   $42,860 
Net premiums earned   -    18,708    -    -    18,708 
Total revenue   31,574    18,708    11,286    -    61,568 
Cost of products and services revenues   (25,823)   -    (6,530)   -    (32,353)
Net losses and loss adjustment expenses   -    (11,572)   -    -    (11,572)
Amortization of deferred policy acquisition costs   -    (4,983)   -    -    (4,983)
Selling and administrative expenses   (4,243)   (2,079)   (2,800)   (52)   (9,174)
(Loss) gain on disposal and impairment of assets   -    (2,057)   (72)   10    (2,119)
Total expenses   (30,066)   (20,691)   (9,402)   (42)   (60,201)
Income (loss) from operations   1,508    (1,983)   1,884    (42)   1,367 
Other (expense) income   (137)   (22)   21,800    -    21,641 
Income (loss) from discontinued operations before taxes   1,371    (2,005)   23,684    (42)   23,008 
Income tax benfit (expense)   47    -    (93)   -    (46)
Net income (loss) from discontinued operations  $1,418   $(2,005)  $23,591   $(42)  $22,962