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Segment Information | 3 Months Ended
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Mar. 31, 2024
Segment Information [Abstract] |
SEGMENT INFORMATION | 17. SEGMENT INFORMATION Our business operations (being the development, acquisition, manufacture and sale of products that improve the health and productivity of dairy and beef cattle) are described in Note 1. Pursuant to Codification Topic 280, Segment Reporting, we operate in the following two reportable business segments: i) Scours and ii) Mastitis. The Scours segment consists of the First Defense® product line. The core technology underlying the Scours segment is derived around polyclonal antibodies. The Mastitis segment includes our products, CMT and Re-Tain®. Re-Tain® is projected to be the driver of this segment when approved for sale. The core technology underlying the Mastitis segment is derived around a bacteriocin called Nisin. The category we define as “Other” includes unallocated administrative and overhead expenses and other products. The significant accounting policies of these segments are described in Note 2. Product sales are the primary factor we use in determining our reportable segments. The governing regulatory authority (USDA for First Defense® or FDA for Re-Tain®) is also a factor in determining our reportable segments. Management monitors and evaluates segment performance from sales to net operating income (loss) closely. We are not organized by geographic region. No segments have been aggregated. The revenues and expenses allocated to each segment are in some cases direct and in other cases involve reasonable and consistent estimations by management. Each operating segment is defined as the component of our business for which financial information is available and evaluated regularly by our chief operating decision-maker in deciding how to allocate resources and in assessing performance. Our chief operating decision-maker is our President and CEO.
|  | During the Three-Month Period Ended March 31, 2024 |
|  | Scours |  |  | Mastitis |  |  | Other |  |  | Total |
Product sales |  | $ | 7,220,641 |  |  | $ | 36,936 |  |  | $ | — |  |  | $ | 7,257,577 |
Costs of goods sold |  |  | 4,923,548 |  |  |  | 38,670 |  |  |  | — |  |  |  | 4,962,218 |
Gross margin |  |  | 2,297,093 |  |  |  | (1,734 | ) |  |  | — |  |  |  | 2,295,359 |
Product development expense |  |  | 29,495 |  |  |  | 1,202,941 |  |  |  | 30,114 |  |  |  | 1,262,550 |
Sales and marketing expenses |  |  | 669,739 |  |  |  | 131,184 |  |  |  | — |  |  |  | 800,923 |
Administrative expenses |  |  | — |  |  |  | — |  |  |  | 531,938 |  |  |  | 531,938 |
Operating expenses |  |  | 699,234 |  |  |  | 1,334,125 |  |  |  | 562,052 |  |  |  | 2,595,411 |
NET OPERATING INCOME (LOSS) |  | $ | 1,597,859 |  |  | $ | (1,335,859 | ) |  | $ | (562,052 | ) |  | $ | (300,052 | )
|  | During the Three-Month Period Ended March 31, 2023 |
|  | Scours |  |  | Mastitis |  |  | Other |  |  | Total |
Product sales |  | $ | 3,411,232 |  |  | $ | 35,295 |  |  | $ | — |  |  | $ | 3,446,527 |
Costs of goods sold |  |  | 3,103,958 |  |  |  | 41,794 |  |  |  | — |  |  |  | 3,145,752 |
Gross margin |  |  | 307,274 |  |  |  | (6,499 | ) |  |  | — |  |  |  | 300,775 |
Product development expenses |  |  | 291 |  |  |  | 1,076,344 |  |  |  | 33,733 |  |  |  | 1,110,368 |
Sales and marketing expenses |  |  | 690,544 |  |  |  | 188,883 |  |  |  | — |  |  |  | 879,427 |
Administrative expenses |  |  | — |  |  |  | — |  |  |  | 567,019 |  |  |  | 567,019 |
Operating expenses |  |  | 690,835 |  |  |  | 1,265,227 |  |  |  | 600,752 |  |  |  | 2,556,814 |
NET OPERATING (LOSS) |  | $ | (383,561 | ) |  | $ | (1,271,726 | ) |  | $ | (600,752 | ) |  | $ | (2,256,039 | )
|  | Scours |  |  | Mastitis |  |  | Other |  |  | Total |
Total Assets as of March 31, 2024 |  | $ | 24,160,698 |  |  | $ | 17,550,907 |  |  | $ | 1,339,443 |  |  | $ | 43,051,048 |
Total Assets as of March 31, 2023 |  | $ | 21,519,208 |  |  | $ | 18,253,991 |  |  | $ | 3,349,988 |  |  | $ | 43,123,187 |
Depreciation and amortization expense during the three-month period ended March 31, 2024 |  | $ | 338,919 |  |  | $ | 318,718 |  |  | $ | 19,863 |  |  | $ | 677,500 |
Depreciation and amortization expense during the three-month period ended March 31, 2023 |  | $ | 323,257 |  |  | $ | 317,624 |  |  | $ | 17,948 |  |  | $ | 658,829 |
Capital Expenditures during the three-month period ended March 31, 2024 |  | $ | 39,474 |  |  | $ | 30,882 |  |  | $ | — |  |  | $ | 70,356 |
Capital Expenditures during the three-month period ended March 31, 2023 |  | $ | 571,736 |  |  | $ | 110,430 |  |  | $ | — |  |  | $ | 682,166 |
|  | During the Year Ended December 31, 2023 |
|  | Scours |  |  | Mastitis |  |  | Other |  |  | Total |
Product sales |  | $ | 17,293,933 |  |  | $ | 177,736 |  |  | $ | — |  |  | $ | 17,471,669 |
Costs of goods sold |  |  | 13,453,514 |  |  |  | 148,871 |  |  |  | — |  |  |  | 13,602,385 |
Gross margin |  |  | 3,840,419 |  |  |  | 28,865 |  |  |  | — |  |  |  | 3,869,284 |
Product development expense |  |  | 11,103 |  |  |  | 4,242,329 |  |  |  | 141,420 |  |  |  | 4,394,852 |
Sales and marketing expenses |  |  | 2,447,137 |  |  |  | 641,078 |  |  |  | — |  |  |  | 3,088,215 |
Administrative expenses |  |  | — |  |  |  | — |  |  |  | 2,134,295 |  |  |  | 2,134,295 |
Operating expenses |  |  | 2,458,240 |  |  |  | 4,883,407 |  |  |  | 2,275,715 |  |  |  | 9,617,362 |
NET OPERATING INCOME (LOSS) |  | $ | 1,382,179 |  |  | $ | (4,854,542 | ) |  | $ | (2,275,715 | ) |  | $ | (5,748,078 | )
|  | During the Year Ended December 31, 2022 |
|  | Scours |  |  | Mastitis |  |  | Other |  |  | Total |
Product sales |  | $ | 18,411,949 |  |  | $ | 154,558 |  |  | $ | 1,455 |  |  | $ | 18,567,962 |
Costs of goods sold |  |  | 10,754,189 |  |  |  | 136,347 |  |  |  | 28,647 |  |  |  | 10,919,183 |
Gross margin |  |  | 7,657,760 |  |  |  | 18,211 |  |  |  | (27,192 | ) |  |  | 7,648,779 |
Product development expenses |  |  | 66,346 |  |  |  | 4,317,921 |  |  |  | 109,605 |  |  |  | 4,493,872 |
Sales and marketing expenses |  |  | 1,871,926 |  |  |  | 1,318,107 |  |  |  | — |  |  |  | 3,190,033 |
Administrative expenses |  |  | — |  |  |  | — |  |  |  | 2,263,817 |  |  |  | 2,263,817 |
Operating expenses |  |  | 1,938,272 |  |  |  | 5,636,028 |  |  |  | 2,373,422 |  |  |  | 9,947,722 |
NET OPERATING INCOME (LOSS) |  | $ | 5,719,488 |  |  | $ | (5,617,817 | ) |  | $ | (2,400,614 | ) |  | $ | (2,298,943 | )
|  | Scours |  |  | Mastitis |  |  | Other |  |  | Total |
Total Assets as of December 31, 2023 |  | $ | 24,735,413 |  |  | $ | 17,827,839 |  |  | $ | 1,244,850 |  |  | $ | 43,808,102 |
Total Assets as of December 31, 2022 |  | $ | 20,539,523 |  |  | $ | 18,315,492 |  |  | $ | 6,005,634 |  |  | $ | 44,860,649 |
Depreciation and amortization expense during the year ended December 31, 2023 |  | $ | 1,365,988 |  |  | $ | 1,287,600 |  |  | $ | 86,032 |  |  | $ | 2,739,620 |
Depreciation and amortization expense during the year ended December 31, 2022 |  | $ | 1,169,011 |  |  | $ | 1,263,318 |  |  | $ | 62,912 |  |  | $ | 2,495,241 |
Capital Expenditures during the year ended December 31, 2023 |  | $ | 1,096,819 |  |  | $ | 795,694 |  |  | $ | — |  |  | $ | 1,892,513 |
Capital Expenditures during the year ended December 31, 2022 |  | $ | 3,513,336 |  |  | $ | 414,486 |  |  | $ | 47,452 |  |  | $ | 3,975,274 |

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- Definition The entire disclosure for reporting segments including data and tables. 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