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Segment Information
 3 Months Ended
Mar. 31, 2025
Segment Information [Abstract]  
SEGMENT INFORMATION

16. 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 March 31, 2025 
   Scours   Mastitis   Other   Total 
Product sales  $8,028,486   $38,688   $
—
   $8,067,174 
Costs of goods sold   4,674,543    38,659    
—
    4,713,202 
Gross margin   3,353,943    29    
—
    3,353,972 
                     
Product development expenses   93,485    628,912    34,450    756,847 
Sales and marketing expenses   787,137    69,521    
—
    856,658 
Administrative expenses   
—
    
—
    622,843    622,843 
Operating expenses   880,622    698,433    657,293    2,236,348 
                     
NET OPERATING INCOME (LOSS)  $2,473,321   $(698,404)  $(657,293)  $1,117,624 

 

  

 

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 expenses   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)
   Scours   Mastitis   Other   Total 
Total Assets as of March 31, 2025  $24,486,105   $16,340,874   $4,794,600   $45,621,579 
Total Assets as of March 31, 2024  $24,160,698   $17,550,907   $1,339,443   $43,051,048 
Depreciation and amortization expense during the three-month period ended March 31, 2025  $352,522   $314,659   $19,592   $686,773 
Depreciation and amortization expense during the three-month period ended March 31, 2024  $338,919   $318,718   $19,863   $677,500 
Capital Expenditures during the three-month period ended March 31, 2025  $322,377   $6,673   $
—
   $329,050 
Capital Expenditures during the three month period ended March 31, 2024  $54,976   $15,380   $
—
   $70,356