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

Business Segments (Tables)

v3.25.1
Business Segments (Tables)
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Schedule of Reportable Segments

Summarized financial information concerning the Company’s reportable segments for the years ended December 31, 2024 and 2023 is presented below.

 

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

 

    NexGel     CG Labs     Total  
Revenue                        
Contract Manufacturing   $ 863     $ 1,978     $ 2,841  
Custom and White Label Finished Goods     42       -       42  
Branded Consumer Products     5,483       -       5,483  
Other income     243       79       322  
Total revenue     6,631       2,057       8,688  
                         
Cost of sales     4,209       1,731       5,940  
                         
Research and development     78       -       78  
                         
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  
Operating expenses     5,707       595       6,302  
Loss from operations   $ (3,285 )   $ (269 )   $ (3,554 )

 

For Year Ended December 31, 2023 ($ in thousands)

 

    NexGel     CG Labs     Total  
Revenue                        
Contract Manufacturing   $ 769     $ 1,979     $ 2,748  
Custom and White Label Finished Goods     15       -       15  
Branded Consumer Products     1,242       -       1,242  
Other income     76       8       84  
Total revenue     2,102       1,987       4,089  
                         
Cost of sales     2,092       1,623       3,715  
                         
Research and development     103               103  
                         
Advertising, marketing and amazon fees     440       -       440  
General and administrative     2,881       427       3,308  
Total Selling, general and administrative     3,321       427       3,748  
Operating expenses     3,424       427       3,851  
Loss from operations   $ (3,414 )   $ (63 )   $ (3,477 )

 

As of December 31, 2024 ($ in thousands)

 

    NexGel     CG Labs     Total  
Assets:                        
Current assets:                        
Cash   $ 1,781     $ 26     $ 1,807  
Accounts receivable, net     218       715       933  
Inventory     1,101       650       1,751  
Prepaid expenses and other current assets     578       45       623  
Total current assets     3,678       1,436       5,114  
                         
Goodwill     1,128       -       1,128  
Intangibles     685       122       807  
Property and equipment, net     790       1,421       2,211  
Operating lease – right of use asset     1,345       283       1,628  
Other assets     95       -       95  
Total Assets   $ 7,721     $ 3,262     $ 10,983  
                         
Liabilities and Stockholders’ Equity                  
Current liabilities:                  
Accounts payable   $ 560     $ 201     $ 761  
Accounts payable – related party     3       528       531  
Accrued expenses and other current liabilities     284       26       310  
Deferred revenue     -       179       179  
Current portion of note payable     12       85       97  
Warrant liability     118       -       118  
Contingent consideration liability     178       -       178  
Finance lease liability, short term     -       59       59  
Operating lease liability, current portion     207       30       237  
Total current liabilities     1,362       1,108       2,470  
                         
Operating lease liability, net of current portion     1,278       260       1,538  
Finance lease liability, long term     -       307       307  
Notes payable, net of current portion     268       320       588  
Total liabilities   $ 2,908     $ 1,995     $ 4,903