Annual report [Section 13 and 15(d), not S-K Item 405]

Segment Data

v3.25.1
Segment Data
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment Data
16.
SEGMENT DATA

The Company defines its segments on the basis of the way in which internally reported financial information is regularly reviewed by the CODM to analyze financial performance, make decisions, and allocate resources. The Company manages its operations as a single operating and reportable segment, which is the production and sale of nutraceuticals and plant-based foods. As internal reporting is based on the consolidated results, the Company has identified one reporting and reportable segment. The CODM uses net income (loss) and cash flow information in the budget and forecasting process and considers budget-to-actual variances on a regular basis when making decisions about the allocation of operating and capital resources. The measure of the operating segment assets is reported on the consolidated balance sheet as total assets.

The accounting policies used in the segment reporting are the same as those described in the summary of significant accounting policies - refer to Note 2. The Company's CODM is the Chief Executive Officer.

The Company's reportable segment product sales, net and net income (loss) for the years ended December 31, 2024 and 2023 consisted of the following (in thousands):

 

 

For the Years Ended December 31,

 

 

2024

 

 

2023

 

Product sales, net

 

$

15,705

 

 

$

16,004

 

Cost of goods sold

 

 

8,537

 

 

 

8,919

 

Gross profit

 

 

7,168

 

 

 

7,085

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

Research and development expense

 

 

118

 

 

 

151

 

Sales expense

 

 

3,166

 

 

 

3,065

 

Marketing expense

 

 

2,088

 

 

 

2,940

 

General and administrative expense

 

 

3,986

 

 

 

3,740

 

Benefit from reversal of accrued payroll taxes

 

 

—

 

 

 

(6,171

)

Total operating expenses

 

 

9,358

 

 

 

3,725

 

 

 

 

 

 

 

 

Operating income (loss)

 

 

(2,190

)

 

 

3,360

 

Other expense, net

 

 

212

 

 

 

264

 

Income (loss) before income taxes

 

 

(2,402

)

 

 

3,096

 

Income tax benefit

 

 

(8

)

 

 

(6

)

Net income (loss)

 

$

(2,394

)

 

$

3,102