Quarterly report [Sections 13 or 15(d)]

Segment Data

v3.25.2
Segment Data
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Data
13.
SEGMENT DATA

The Company defines its segments on the basis of the way in which internally reported financial information is regularly reviewed by the Chief Operating Decision Maker (“CODM”) to analyze financial performance, make decisions, and allocate resources. The Company's CODM is the Chief Executive Officer. 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 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 Company's reportable segment product sales, net and net loss for the three and six months ended June 30, 2025 and 2024 consisted of the following (in thousands):

 

 

Three months ended June 30,

 

 

Six months ended June 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Product sales, net

 

$

3,620

 

 

$

3,954

 

 

$

7,226

 

 

$

7,956

 

Cost of goods sold

 

 

1,776

 

 

 

2,094

 

 

 

3,724

 

 

 

4,243

 

Gross profit

 

 

1,844

 

 

 

1,860

 

 

 

3,502

 

 

 

3,713

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development expense

 

 

50

 

 

 

28

 

 

 

80

 

 

 

64

 

Sales expense

 

 

718

 

 

 

793

 

 

 

1,449

 

 

 

1,606

 

Marketing expense

 

 

371

 

 

 

374

 

 

 

819

 

 

 

996

 

General and administrative expense

 

 

836

 

 

 

1,248

 

 

 

1,796

 

 

 

2,250

 

Benefit from reversal of accrued payroll taxes

 

 

—

 

 

 

—

 

 

 

(522

)

 

 

—

 

Total operating expenses

 

 

1,975

 

 

 

2,443

 

 

 

3,622

 

 

 

4,916

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

 

(131

)

 

 

(583

)

 

 

(120

)

 

 

(1,203

)

Gain on extinguishment of debt

 

 

—

 

 

 

—

 

 

 

(38

)

 

 

—

 

Other expense, net

 

 

130

 

 

 

1

 

 

 

281

 

 

 

3

 

Loss before income taxes

 

 

(261

)

 

 

(584

)

 

 

(363

)

 

 

(1,206

)

Income tax expense

 

 

—

 

 

 

0

 

 

 

7

 

 

 

6

 

Net loss

 

$

(261

)

 

$

(584

)

 

$

(370

)

 

$

(1,212

)