Business Segments (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Schedule of Reportable Segments

Summarized financial information concerning the Company’s reportable segments for each of the quarters ended September 30, 2024 and 2023 is presented below.

For Quarter Ended September 30, 2024 ($ in thousands)

	NexGel			CGN JV			Total
Revenue
Contract Manufacturing	$	396		$	468		$	864
Custom and White Label Finished Goods		-			-			-
Branded Consumer Products		1,930			-			1,930
Other income		109			37			146
Total revenue		2,435			505			2,940
Cost of sales		1,155			503			1,658
Operating expenses		1,873			197			2,070
Loss from operations	$	(593	)	$	(195	)	$	(788	)

For Quarter Ended September 30, 2023 ($ in thousands)

	NexGel			CGN JV			Total
Revenue
Contract Manufacturing	$	223		$	582		$	805
Custom and White Label Finished Goods		5			-			5
Branded Consumer Products		356			-			356
Other income		53			2			55
Total revenue		637			584			1,221
Cost of sales		444			433			877
Operating expenses		799			157			956
Loss from operations	$	(606	)	$	(6	)	$	(612	)

For the Nine Months Ended September 30, 2024 ($ in thousands)

	NexGel			CGN JV			Total
Revenue
Contract Manufacturing	$	665		$	1,225		$	1,890
Custom and White Label Finished Goods		42			-			42
Branded Consumer Products		3,515			-			3,515
Other income		156			44			200
Total revenue		4,378			1,269			5,647
Cost of sales		2,504			1,174			3,678
Operating expenses		4,182			500			4,682
Loss from operations	$	(2,308	)	$	(405	)	$	(2,713	)

For the Nine Months Ended September 30, 2023 ($ in thousands)

	NexGel			CGN JV		Total
Revenue
Contract Manufacturing	$	702		$	1,370	$	2,072
Custom and White Label Finished Goods		10			-		10
Branded Consumer Products		850			-		850
Other income		70			5		75
Total revenue		1,632			1,375		3,007
Cost of sales		1,525			1,021		2,546
Operating expenses		2,476			243		2,719
Loss from operations	$	(2,369	)	$	111	$	(2,258	)

As of September 30, 2024 ($ in thousands)

	NexGel		CGN JV		Total
Assets:
Current assets:
Cash	$	1,049	$	10	$	1,059
Accounts receivable, net		446		448		894
Inventory		1,186		592		1,778
Prepaid expenses and other current assets		860		19		879
Total current assets		3,541		1,069		4,610
Goodwill		1,124		-		1,124
Intangibles, net		694		145		839
Property and equipment, net		818		1,401		2,219
Operating lease – right of use asset		1,395		290		1,685
Other assets		95		-		95
Total Assets	$	7,667	$	2,905	$	10,572
Liabilities
Current liabilities:
Accounts payable	$	883	$	622	$	1,505
Accrued expenses and other current liabilities		583		26		609
Deferred revenue		-		179		179
Current portion of note payable		8		75		83
Warrant liability		109		-		109
Contingent consideration liability		271		-		271
Financing lease liability, current portion		-		58		58
Operating lease liabilities, current portion		208		26		234
Total current liabilities		2,062		986		3,048
Financing lease liability, net of current portion		-		323		323
Operating lease liabilities, net of current portion		1,318		271		1,589
Notes payable, net of current portion		275		351		626
Total liabilities	$	3,655	$	1,931	$	5,586

As of December 31, 2023 ($ in thousands)

	NexGel		CGN JV		Total
Assets:
Current assets:
Cash	$	2,458	$	242	$	2,700
Accounts receivable, net		26		607		633
Inventory		622		697		1,319
Prepaid expenses and other current assets		312		88		400
Total current assets		3,418		1,634		5,052
Goodwill		1,128		-		1,128
Intangibles, net		122		204		326
Property and equipment, net		898		601		1,499
Operating lease – right of use asset		1,543		312		1,855
Other assets		95		-		95
Total Assets	$	7,204	$	2,751	$	9,955
Liabilities
Current liabilities:
Accounts payable	$	509	$	724	$	1,233
Accrued expenses and other current liabilities		137		261		398
Deferred revenue		20		-		20
Current portion of note payable		6		74		80
Warrant liability		146		-		146
Contingent consideration liability		439		-		439
Operating lease liability, current portion		207		26		233
Total current liabilities		1,464		1,085		2,549
Operating lease liability, net of current portion		1,438		289		1,727
Notes payable, net of current portion		272		241		513
Total liabilities	$	3,174	$	1,615	$	4,789