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Business Segmentation and Geographical Distribution | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Business Segmentation and Geographical Distribution |
(13) | Business Segmentation and Geographical Distribution
The Company operates as a single business segment, in which the factors used to make this determination include differences in products, services, geographical areas, regulatory environment, and other such criteria considered for the appropriateness of aggregation. The types of products and services for which the sole reportable segment, which is the same as the Company as a whole, offered by the company is discussed in Note 1. Since the Company operates as a single segment, there were no intra-entity sales or transfers. The role of Chief Operating Decision Maker for the Company is comprised of a committee that includes the Chief Executive and Chief Operating Officers. The Chief Operating Decision Maker assesses performance for the single segment and decides how to allocate resources based on net income that also is reported on the income statement as net income. The measure of segment assets is reported on the balance sheet as total assets. The accounting policies of the sole segment are the same as those described in the summary of significant accounting policies in Note 2. The Chief Operating Decision Maker uses gross profit and net income to evaluate Company performance and in what way to allocate resources. Significant segment expenses, which are the same as the entity as a whole, are as follows:
|  | As of December 31, |
|  | 2024 |  |  | 2023 |
Total revenue |  | $ | 52,347 |  |  | $ | 37,297 |
Employee costs |  |  | 12,933 |  |  |  | 10,811 |
Contractors and professional services |  |  | 7,815 |  |  |  | 6,588 |
Materials and supplies |  |  | 15,559 |  |  |  | 14,669 |
Depreciation |  |  | 928 |  |  |  | 742 |
Interest expense |  |  | 670 |  |  |  | 838 |
Other income |  |  | (2 | ) |  |  | (4 | )
Tax expense |  |  | 318 |  |  |  | 101 |
Facilities |  |  | 3,413 |  |  |  | 2,870 |
Shipping |  |  | 1,193 |  |  |  | 760 |
Testing |  |  | 917 |  |  |  | 1,078 |
IT services |  |  | 1,091 |  |  |  | 1,060 |
Insurance |  |  | 785 |  |  |  | 721 |
Manufacturing other expense |  |  | 992 |  |  |  | 604 |
Selling, general and administrative other expense |  |  | 1,500 |  |  |  | 849 |
Total Expense |  |  | 48,112 |  |  |  | 41,687 |
Net Income (loss) |  | $ | 4,235 |  |  | $ | (4,390 | )
Revenue from international sources approximated $1,825 and $2,918 for the years ended December 31, 2024 and 2023, respectively. As part of our revenue from international sources, we recognized approximately $366 and $1,664 in product revenue from German companies, in the aggregate, for the years ended December 31, 2024 and 2023, respectively. Our operations comprise a single business segment and all of our long-lived assets are located within the United States. We categorize our revenue stream into three main product categories, personal care ingredients, advanced materials and consumer products. The revenues for 2024 and 2023 by category are as follows:
|  | For the years ended December 31 |
Product Category |  | 2024 |  |  | 2023 |
Consumer Products |  | $ | 44,373 |  |  | $ | 25,211 |
Personal Care Ingredients |  |  | 6,827 |  |  |  | 9,277 |
Advanced Materials |  |  | 1,147 |  |  |  | 2,809 |
Total Sales |  | $ | 52,347 |  |  | $ | 37,297 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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