During 2020, the COVID-19 pandemic significantly impacted demand for the Company's products. While these impacts subsided in 2021, the Company experienced, and is still experiencing, supply chain and logistic constraints that negatively impacted its ability to manufacture and ship products.

The following management's discussion and analysis of financial condition and results of continuing operations should be read in conjunction with the Company's financial statements and notes, and other information included elsewhere in this Report.

The following table sets forth certain financial data for the years ended December 31, 2021, and 2020:

Year Ended December 31, 2021 Continuing Operations Compared to Year Ended December 31, 2020

Net income (loss) from continuing operations

For the year ended December 31, 2021, net loss was $4.6 million, compared to net loss of $12.7 million for 2020.

Gain on extinguishment of debt- For 2020, the Company paid off a portion of the PM term loan and unsecured debt at a 15% discount to its face value which resulted in a gain of $0.6 million.

Discontinued operations- For the year ended December 31, 2020, the Company had a net loss from discontinued operations of $0.9 million related to the Sabre operations.

The calculation of the overall income tax provision for the 12 months ended December 31, 2021 primarily consists of a domestic income tax provision resulting from state and local taxes, foreign income taxes, the change in unrecognized tax benefits and valuation allowance.

The Company is involved in various legal proceedings, including product liability and workers' compensation matters which have arisen in the normal course of operations. Certain cases are at a preliminary stage, and it is not possible to estimate the amount or timing of any cost to the Company.

The Company does not believe that these contingencies in aggregate will have a material adverse effect on the Company.

See Note 21 - "Legal Proceedings and Other Contingencies."

Critical Accounting Policies and Estimates

product to a different customer. A portion of the transaction price is not allocated to the custodial services due to the immaterial value assigned to that performance obligation.

Recently Issued Pronouncements - Not Yet Adopted

There have been no other accounting pronouncements issued, but not yet adopted by us, which are expected to have a material impact on our Condensed Consolidated Financial Statements.

Except as noted above, the guidance issued by the FASB is not expected to have a material effect on the Company's consolidated financial statements.

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