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Segment Information | 9 Months Ended
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Sep. 30, 2024
Segment Information [Abstract] |
SEGMENT INFORMATION | 17. SEGMENT INFORMATION Our business operations (being the development, 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 focused on 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 focused on 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 (Center for Veterinary Biologics, U.S. Department of Agriculture for First Defense® or Center for Veterinary Medicine, U.S. Food and Drug Administration 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 September 30, 2024 |
|  | Scours |  |  | Mastitis |  |  | Other |  |  | Total |
Product sales |  | $ | 5,951,344 |  |  | $ | 60,229 |  |  | $ | — |  |  | $ | 6,011,573 |
Costs of goods sold |  |  | 4,364,950 |  |  |  | 63,069 |  |  |  | — |  |  |  | 4,428,019 |
Gross margin |  |  | 1,586,394 |  |  |  | (2,840 | ) |  |  | — |  |  |  | 1,583,554 |
Product development expense |  |  | 59,140 |  |  |  | 690,052 |  |  |  | 36,944 |  |  |  | 786,136 |
Sales and marketing expenses |  |  | 699,584 |  |  |  | 144,461 |  |  |  | — |  |  |  | 844,045 |
Administrative expenses |  |  | — |  |  |  | — |  |  |  | 528,267 |  |  |  | 528,267 |
Operating expenses |  |  | 758,724 |  |  |  | 834,513 |  |  |  | 565,211 |  |  |  | 2,158,448 |
NET OPERATING INCOME (LOSS) |  | $ | 827,670 |  |  | $ | (837,353 | ) |  | $ | (565,211 | ) |  | $ | (574,894 | )
|  | During the Three-Month Period Ended September 30, 2023 |
|  | Scours |  |  | Mastitis |  |  | Other |  |  | Total |
Product sales |  | $ | 5,360,063 |  |  | $ | 36,437 |  |  | $ | — |  |  | $ | 5,396,500 |
Costs of goods sold |  |  | 4,095,164 |  |  |  | 34,455 |  |  |  | — |  |  |  | 4,129,619 |
Gross margin |  |  | 1,264,899 |  |  |  | 1,982 |  |  |  | — |  |  |  | 1,266,881 |
Product development expenses |  |  | — |  |  |  | 1,082,346 |  |  |  | 36,143 |  |  |  | 1,118,489 |
Sales and marketing expenses |  |  | 641,682 |  |  |  | 175,804 |  |  |  | — |  |  |  | 817,486 |
Administrative expenses |  |  | — |  |  |  | — |  |  |  | 514,952 |  |  |  | 514,952 |
Operating expenses |  |  | 641,682 |  |  |  | 1,258,150 |  |  |  | 551,095 |  |  |  | 2,450,927 |
NET OPERATING INCOME (LOSS) |  | $ | 623,217 |  |  | $ | (1,256,168 | ) |  | $ | (551,095 | ) |  | $ | (1,184,046 | )
|  | Scours |  |  | Mastitis |  |  | Other |  |  | Total |
Total Assets as of September 30, 2024 |  | $ | 23,672,583 |  |  | $ | 16,798,955 |  |  | $ | 3,977,335 |  |  | $ | 44,448,873 |
Total Assets as of September 30, 2023 |  | $ | 24,119,683 |  |  | $ | 18,132,922 |  |  | $ | 2,292,417 |  |  | $ | 44,545,022 |
Depreciation and amortization expense during the three-month period ended September 30, 2024 |  | $ | 346,430 |  |  | $ | 319,815 |  |  | $ | 19,682 |  |  | $ | 685,927 |
Depreciation and amortization expense during the three-month period ended September 30, 2023 |  | $ | 355,673 |  |  | $ | 328,381 |  |  | $ | 25,044 |  |  | $ | 709,098 |
Capital Expenditures during the three-month period ended September 30, 2024 |  | $ | 87,286 |  |  | $ | 1,126 |  |  | $ | — |  |  | $ | 88,412 |
Capital Expenditures during the three-month period ended September 30, 2023 |  | $ | 341,386 |  |  | $ | 79,129 |  |  | $ | — |  |  | $ | 420,515 |
|  | During the Nine-Month Period Ended September 30, 2024 |
|  | Scours |  |  | Mastitis |  |  | Other |  |  | Total |
Product sales |  | $ | 18,602,054 |  |  | $ | 139,986 |  |  | $ | — |  |  | $ | 18,742,040 |
Costs of goods sold |  |  | 13,487,348 |  |  |  | 145,294 |  |  |  | — |  |  |  | 13,632,642 |
Gross margin |  |  | 5,114,706 |  |  |  | (5,308 | ) |  |  | — |  |  |  | 5,109,398 |
Product development expense |  |  | 154,233 |  |  |  | 2,821,525 |  |  |  | 103,431 |  |  |  | 3,079,189 |
Sales and marketing expenses |  |  | 2,224,836 |  |  |  | 405,089 |  |  |  | — |  |  |  | 2,629,925 |
Administrative expenses |  |  | — |  |  |  | — |  |  |  | 1,661,838 |  |  |  | 1,661,838 |
Operating expenses |  |  | 2,379,069 |  |  |  | 3,226,614 |  |  |  | 1,765,269 |  |  |  | 7,370,952 |
NET OPERATING INCOME (LOSS) |  | $ | 2,735,637 |  |  | $ | (3,231,922 | ) |  | $ | (1,765,269 | ) |  | $ | (2,261,554 | )
|  | During the Nine-Month Period Ended September 30, 2023 |
|  | Scours |  |  | Mastitis |  |  | Other |  |  | Total |
Product sales |  | $ | 12,253,555 |  |  | $ | 122,153 |  |  | $ | — |  |  | $ | 12,375,708 |
Costs of goods sold |  |  | 9,652,292 |  |  |  | 111,872 |  |  |  | — |  |  |  | 9,764,164 |
Gross margin |  |  | 2,601,263 |  |  |  | 10,281 |  |  |  | — |  |  |  | 2,611,544 |
Product development expenses |  |  | 2,543 |  |  |  | 3,220,075 |  |  |  | 105,779 |  |  |  | 3,328,397 |
Sales and marketing expenses |  |  | 1,890,404 |  |  |  | 526,297 |  |  |  | — |  |  |  | 2,416,701 |
Administrative expenses |  |  | — |  |  |  | — |  |  |  | 1,611,026 |  |  |  | 1,611,026 |
Operating expenses |  |  | 1,892,947 |  |  |  | 3,746,372 |  |  |  | 1,716,805 |  |  |  | 7,356,124 |
NET OPERATING INCOME (LOSS) |  | $ | 708,316 |  |  | $ | (3,736,091 | ) |  | $ | (1,716,805 | ) |  | $ | (4,744,580 | )
|  | Scours |  |  | Mastitis |  |  | Other |  |  | Total |
Total Assets as of September 30, 2024 |  | $ | 23,672,583 |  |  | $ | 16,798,955 |  |  | $ | 3,977,335 |  |  | $ | 44,448,873 |
Total Assets as of September 30, 2023 |  | $ | 24,119,683 |  |  | $ | 18,132,922 |  |  | $ | 2,292,417 |  |  | $ | 44,545,022 |
Depreciation and amortization expense during the nine-month period ended September 30, 2024 |  | $ | 1,027,711 |  |  | $ | 958,260 |  |  | $ | 59,221 |  |  | $ | 2,045,192 |
Depreciation and amortization expense during the nine-month period ended September 30, 2023 |  | $ | 1,020,909 |  |  | $ | 969,666 |  |  | $ | 64,066 |  |  | $ | 2,054,641 |
Capital Expenditures during the nine-month period ended September 30, 2024 |  | $ | 235,600 |  |  | $ | 33,909 |  |  | $ | — |  |  | $ | 269,509 |
Capital Expenditures during the nine-month period ended September 30, 2023 |  | $ | 1,038,033 |  |  | $ | 773,136 |  |  | $ | — |  |  | $ | 1,811,169 |
|  | 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 |  | $ | 3,497,834 |  |  | $ | 429,988 |  |  | $ | 47,452 |  |  | $ | 3,975,274 |

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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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