Company: LDWY
Filing Date: 2025-08-28
Form Type: 10-KT
Source: 0001558370-25-011807
Chunk: 64

Company: LENDWAY, INC.
Filing Date: 2025-08-28
Form: 10-KT
Chunk 64
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| Gain from sale of discontinued operations before income taxes | ​ | $                |       — | ​ | $                 |        — | ​ | $                 |  3,044,000 |
| Income tax expense                                            | ​ |                  |       — | ​ |                   |        — | ​ |                   |     83,000 |
| Gain from the sale of discontinued operations, net of tax     | ​ | $                |       — | ​ | $                 |        — | ​ | $                 |  2,961,000 |

During the six months ended June 30, 2025 and calendar year 2024, the Company recognized approximately $ and $, respectively, of benefit in sales, general and administrative expense of discontinued operations from the reduction in the accrual for sales tax due to the expiration of the statute of limitations.

6. Inventories.

Inventories consisted of the following at:

| ​                                    | ​ 
 ​ | ​ |             ​ 
 June 30, 2025 | ​ | ​ |                 ​ 
 December 31, 2024 |
|:-------------------------------------|:--|:--|--------------:|:--|:--|------------------:|
| Finished goods                       | ​ | $ |       182,000 | ​ | $ |           165,000 |
| Work-in-process                      | ​ |   |     1,333,000 | ​ |   |         2,235,000 |
| Raw materials and packaging supplies | ​ | ​ |     5,182,000 | ​ | ​ |        10,970,000 |
| Inventories                          | ​ | $ |     6,697,000 | ​ | $ |        13,370,000 |

7. Property and Equipment.

Property and equipment, net consisted of the following at:

| ​                              | ​ 
 ​ | ​ |             ​ 
 June 30, 2025 | ​ | ​ |                 ​ 
 December 31, 2024 | ​ | ​ |                 ​ 
 December 31, 2023 |
|:-------------------------------|:--|:--|--------------:|:--|:--|------------------:|:--|:--|------------------:|
| Machinery and equipment        | ​ | $ |    12,092,000 | ​ | $ |        11,129,000 | ​ | $ |             3,000 |
| Leasehold improvements