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

Business Segments

v3.26.1
Business Segments
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Business Segments

4. Business Segments

 

The Company’s CODM evaluates the financial performance of the Company’s segments based upon segment operating income or (loss) as the profitability measure. The Company has identified its Chief Executive Officer as the CODM. Items outside of operating income or (loss) are not reported by segment, since they are excluded from the single measure of segment profitability reviewed by the CODM.

 

Summarized financial information concerning the Company’s reportable segments for the years ended December 31, 2025 and 2024 is presented below. 

 

For Year Ended December 31, 2025 ($ in thousands)

 

    NexGel     CG Labs     Total  
Revenues     8,613       2,808       11,421  
                         
Cost of sales     4,921       1,991       6,912  
                         
Advertising, marketing and amazon fees     2,502       -       2,502  
General and administrative     4,815       542       5,357  
Total Selling, general and administrative     7,317       542       7,859  
                         
Research and development     2       -       2  
                         
Operating expenses     7,319       542       7,861  
                         
Loss from operations   $ (3,627 )   $ 275     $ (3,352 )

 

For Year Ended December 31, 2024 ($ in thousands)

 

    NexGel     CG Labs     Total  
Revenues     6,631       2,057       8,688  
                         
Cost of sales     4,209       1,731       5,940  
                         
Advertising, marketing and amazon fees     2,220       -       2,220  
General and administrative     3,409       595       4,004  
Total Selling, general and administrative     5,629       595       6,224  
                         
Research and development     78       -       78  
                         
Operating expenses     5,707       595       6,302  
                         
Loss from operations   $ (3,285 )   $ (269 )   $ (3,554 )

 

 As of December 31, 2025 ($ in thousands)

 

    NexGel     CG Labs     Total  
Total Assets   $ 6,777     $ 3,684     $ 10,461  

 

As of December 31, 2024 ($ in thousands)

 

    NexGel     CG Labs     Total  
Total Assets   $ 7,721     $ 3,262     $ 10,983