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Business Segmentation and Geographical Distribution
 12 Months Ended
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