CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS
We are a leader in advanced optical technology, providing high performance fiber optic test, measurement and control products for the telecommunications and photonics industries, and distributed fiber optic sensing solutions that measure, or "sense," the structures for industries ranging from aerospace, automotive, energy, oil and gas, security and infrastructure.
Description of Revenues, Costs and Expenses
Cost of revenues associated with our Luna Labs segment revenues, which are presented as discontinued operations, consisted of costs associated with performing the related research activities including direct labor, amounts paid to subcontractors and overhead allocated to Luna Labs segment activities.
Investment income consists of amounts earned on our cash equivalents. We sweep on a daily basis a portion of our cash on hand into a fund invested in U.S. government obligations.
Interest expense is composed of interest paid under our term and revolving loans as well as interest accrued on our finance lease obligations.
Critical Accounting Policies and Estimates
Three Months Ended June 30, 2022 Compared to Three Months Ended June 30, 2021
Cost of Revenues and Gross Profit
Loss from Continuing Operations Before Income Taxes
Income from Discontinued Operations, net
Six Months Ended June 30, 2022 Compared to Six Months Ended June 30, 2021
Cost of Revenues and Gross Profit
Loss from Continuing Operations Before Income Taxes
During the six months ended June 30, 2022, we recognized a loss from continuing operations before income taxes of $5.0 million compared to a loss of $3.9 million for the six months ended June 30, 2021.
Net Income from Discontinued Operations
We believe that the key factors that could affect our internal and external sources of cash include:
Additional details of our Loan Agreement can be found in Note 8, "Debt" in the notes to our unaudited condensed consolidated financial statements included elsewhere in this Form 10-Q.
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