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Note 13 - Revenue
 12 Months Ended
Dec. 31, 2025
Notes to Financial Statements  
Revenue from Contract with Customer [Text Block]

13. REVENUE

 

We primarily offer the First Defense® product line to dairy and beef producers to prevent scours in newborn calves. This line offers two distinct platforms: i) veterinary biologics providing scours protection with USDA-approved claims against E.coli, coronavirus and rotavirus and ii) functional feed products delivering concentrated bioactive colostrum proteins. Generally, our products are promoted to veterinarians as well as dairy and beef producers by our sales team and then sold through distributors.

 

We have determined that each unit within each purchase order we receive from our customers is distinct, can be used on its own, and is not combined with another promise. As such, each unit constitutes a distinct performance obligation. The transaction price is determined based on the pricing noted within each written contract or provided to customers via standard price lists and with payments typically due in full within 30 days of invoicing. Our contracts do not include significant financing components.

 

We recognize revenue at a point in time, when we invoice at shipment, which is when the customer assumes legal title and we have the right to payment. 

 

There were no material changes between the allocation and timing of revenue recognition during the years ended December 31, 2025 or 2024. 

 

The following table presents our product sales disaggregated by geographic area:

 

  

During the Years Ended December 31,

 
  

2025

  

Percent

  

2024

  

Percent

 

United States

 $24,391,664   88% $22,893,721   86%

Other

  3,252,510   12%  3,599,448   14%

Total Product Sales

 $27,644,174   100% $26,493,169   100%

 

All trade receivables on our balance sheet date are from contracts with customers. As of  January 1, 2024, trade accounts receivable (all of which relates to contracts with customers) totaled $2,185,383. We do not have any contract assets for which we have satisfied the performance obligation, but do not yet have the right to payment. We do not have any contract liabilities such as upfront customer payments or deferred revenue. We incur no material costs to obtain or fulfill contracts with customers.