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v3.25.2

Segment Information | 6 Months Ended
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Jun. 30, 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 derived from hyperimmunized bovine colostrum. The Mastitis segment includes our products, CMT and Re-Tain®. Re-Tain® is projected to be the driver of this segment if 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. 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 June 30, 2025 |
|  | Scours |  |  | Mastitis |  |  | Other |  |  | Total |
Product sales |  | $ | 6,398,517 |  |  | $ | 46,363 |  |  | $ | — |  |  | $ | 6,444,880 |
Costs of goods sold |  |  | 3,589,893 |  |  |  | 37,063 |  |  |  | — |  |  |  | 3,626,956 |
Gross margin |  |  | 2,808,624 |  |  |  | 9,300 |  |  |  | — |  |  |  | 2,817,924 |
Product development expenses |  |  | 93,011 |  |  |  | 710,745 |  |  |  | 28,102 |  |  |  | 831,858 |
Sales and marketing expenses |  |  | 634,846 |  |  |  | 61,240 |  |  |  | — |  |  |  | 696,086 |
Administrative expenses |  |  | — |  |  |  | — |  |  |  | 720,418 |  |  |  | 720,418 |
Operating expenses |  |  | 727,857 |  |  |  | 771,985 |  |  |  | 748,520 |  |  |  | 2,248,362 |
NET OPERATING INCOME (LOSS) |  | $ | 2,080,767 |  |  | $ | (762,685 | ) |  | $ | (748,520 | ) |  | $ | 569,562 |
|  | During the Three-Month Period Ended June 30, 2024 |
|  | Scours |  |  | Mastitis |  |  | Other |  |  | Total |
Product sales |  | $ | 5,430,069 |  |  | $ | 42,821 |  |  | $ | — |  |  | $ | 5,472,890 |
Costs of goods sold |  |  | 4,198,849 |  |  |  | 43,555 |  |  |  | — |  |  |  | 4,242,404 |
Gross margin |  |  | 1,231,220 |  |  |  | (734 | ) |  |  | — |  |  |  | 1,230,486 |
Product development expenses |  |  | 65,598 |  |  |  | 928,531 |  |  |  | 36,373 |  |  |  | 1,030,502 |
Sales and marketing expenses |  |  | 855,513 |  |  |  | 129,444 |  |  |  | — |  |  |  | 984,957 |
Administrative expenses |  |  | — |  |  |  | — |  |  |  | 601,634 |  |  |  | 601,634 |
Operating expenses |  |  | 921,111 |  |  |  | 1,057,975 |  |  |  | 638,007 |  |  |  | 2,617,093 |
NET OPERATING INCOME (LOSS) |  | $ | 310,109 |  |  | $ | (1,058,709 | ) |  | $ | (638,007 | ) |  | $ | (1,386,607 | )
|  | Scours |  |  | Mastitis |  |  | Other |  |  | Total |
Total Assets as of June 30, 2025 |  | $ | 24,612,357 |  |  | $ | 15,924,755 |  |  | $ | 6,183,786 |  |  | $ | 46,720,898 |
Total Assets as of June 30, 2024 |  | $ | 23,240,545 |  |  | $ | 17,107,377 |  |  | $ | 1,507,536 |  |  | $ | 41,855,458 |
Depreciation and amortization expense during the three-month period ended June 30, 2025 |  | $ | 345,512 |  |  | $ | 314,175 |  |  | $ | 19,350 |  |  | $ | 679,037 |
Depreciation and amortization expense during the three-month period ended June 30, 2024 |  | $ | 342,362 |  |  | $ | 319,727 |  |  | $ | 19,676 |  |  | $ | 681,765 |
Capital Expenditures during the three-month period ended June 30, 2025 |  | $ | 151,808 |  |  | $ | 1,079 |  |  | $ | 2,271 |  |  | $ | 155,158 |
Capital Expenditures during the three month period ended June 30, 2024 |  | $ | 93,338 |  |  | $ | 17,403 |  |  | $ | — |  |  | $ | 110,741 |
|  | During the Six-Month Period Ended June 30, 2025 |
|  | Scours |  |  | Mastitis |  |  | Other |  |  | Total |
Product sales |  | $ | 14,427,003 |  |  | $ | 85,051 |  |  | $ | — |  |  | $ | 14,512,054 |
Costs of goods sold |  |  | 8,264,436 |  |  |  | 75,722 |  |  |  | — |  |  |  | 8,340,158 |
Gross margin |  |  | 6,162,567 |  |  |  | 9,329 |  |  |  | — |  |  |  | 6,171,896 |
Product development expenses |  |  | 186,496 |  |  |  | 1,339,657 |  |  |  | 62,552 |  |  |  | 1,588,705 |
Sales and marketing expenses |  |  | 1,421,983 |  |  |  | 130,761 |  |  |  | — |  |  |  | 1,552,744 |
Administrative expenses |  |  | — |  |  |  | — |  |  |  | 1,343,260 |  |  |  | 1,343,260 |
Operating expenses |  |  | 1,608,479 |  |  |  | 1,470,418 |  |  |  | 1,405,812 |  |  |  | 4,484,709 |
NET OPERATING INCOME (LOSS) |  | $ | 4,554,088 |  |  | $ | (1,461,089 | ) |  | $ | (1,405,812 | ) |  | $ | 1,687,187 |
|  | During the Six-Month Period Ended June 30, 2024 |
|  | Scours |  |  | Mastitis |  |  | Other |  |  | Total |
Product sales |  | $ | 12,650,710 |  |  | $ | 79,757 |  |  | $ | — |  |  | $ | 12,730,467 |
Costs of goods sold |  |  | 9,122,397 |  |  |  | 82,225 |  |  |  | — |  |  |  | 9,204,622 |
Gross margin |  |  | 3,528,313 |  |  |  | (2,468 | ) |  |  | — |  |  |  | 3,525,845 |
Product development expenses |  |  | 95,093 |  |  |  | 2,131,473 |  |  |  | 66,487 |  |  |  | 2,293,053 |
Sales and marketing expenses |  |  | 1,525,252 |  |  |  | 260,628 |  |  |  | — |  |  |  | 1,785,880 |
Administrative expenses |  |  | — |  |  |  | — |  |  |  | 1,133,572 |  |  |  | 1,133,572 |
Operating expenses |  |  | 1,620,345 |  |  |  | 2,392,101 |  |  |  | 1,200,059 |  |  |  | 5,212,505 |
NET OPERATING INCOME (LOSS) |  | $ | 1,907,968 |  |  | $ | (2,394,569 | ) |  | $ | (1,200,059 | ) |  | $ | (1,686,660 | )
|  | Scours |  |  | Mastitis |  |  | Other |  |  | Total |
Total Assets as of June 30, 2025 |  | $ | 24,612,357 |  |  | $ | 15,924,755 |  |  | $ | 6,183,786 |  |  | $ | 46,720,898 |
Total Assets as of June 30, 2024 |  | $ | 23,240,545 |  |  | $ | 17,107,377 |  |  | $ | 1,507,536 |  |  | $ | 41,855,458 |
Depreciation and amortization expense during the six-month period ended June 30, 2025 |  | $ | 698,034 |  |  | $ | 628,834 |  |  | $ | 38,942 |  |  | $ | 1,365,810 |
Depreciation and amortization expense during the six-month period ended June 30, 2024 |  | $ | 681,281 |  |  | $ | 638,445 |  |  | $ | 39,539 |  |  | $ | 1,359,265 |
Capital Expenditures during the six-month period ended June 30, 2025 |  | $ | 474,185 |  |  | $ | 7,752 |  |  | $ | 2,271 |  |  | $ | 484,208 |
Capital Expenditures during the six-month period ended June 30, 2024 |  | $ | 132,812 |  |  | $ | 48,285 |  |  | $ | — |  |  | $ | 181,097 |

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