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Note 16 - Dermadoctor Divestiture | 3 Months Ended
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Mar. 31, 2025
DERMAdoctor [Member] |
Notes to Financial Statements |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | NOTE 16. DERMADOCTOR DIVESTITURE On March 12, 2024, the Company entered into an agreement to sell 100% of the membership units of DERMAdoctor for a closing purchase price of $1.1 million (the “DERMAdoctor Divestiture”). The sale of the membership units closed, and the DERMAdoctor Divestiture occurred, on March 25, 2024. The accounting requirements for reporting the DERMAdoctor business as discontinued operations were met during the first quarter of 2024. Accordingly, the unaudited condensed consolidated financial statements and notes to the unaudited condensed consolidated financial statements reflect the results of the DERMAdoctor business as a discontinued operation for the years presented. In accordance with the provisions of ASC 205-20, Presentation of Financial Statements: Discontinued Operations (“ASC 205-20”), the Company has not included in the results of continuing operations the results of operations of the discontinued operations in the consolidated statements of operations. The results of DERMAdoctor’s operations for the three months ended March 31, 2024 have been reflected as discontinued operations in the consolidated statements of operations and consist of the following (in thousands):
|  | For the three months ended March 31, 2024 |
Net sales |  | $ | 717 |
Cost of goods sold |  |  | 493 |
Gross profit |  |  | 224 |
Operating expenses |  |  |  |
Research and development |  |  | 2 |
Sales and marketing |  |  | 292 |
General and administrative |  |  | 48 |
Total operating expenses |  |  | 342 |
Operating loss |  |  | (118 | )
Loss on divestiture |  |  | (871 | )
Net loss from discontinued operations |  | $ | (989 | )
In accordance with the provisions of ASC 205-20, the Company has not included in the results of continuing operations the results of operations of the discontinued operations in the consolidated statements of cash flows. The results of DERMAdoctor for the three months ended March 31, 2024 have been reflected as discontinued operations in the consolidated statements of cash flows and consist of the following (in thousands):
|  | For the three months ended March 31, 2024 |
Operating activities: |  |  |  |
Net loss from discontinued operations |  | $ | (989 | )
Adjustments to reconcile net loss to net cash used in operating activities: |  |  |  |
Non-cash loss on divestiture |  |  | 865 |
Changes in operating assets and liabilities: |  |  |  |
Accounts receivable |  |  | (262 | )
Inventory |  |  | 183 |
Prepaid expenses and other current assets |  |  | (4 | )
Other assets |  |  | 15 |
Accounts payable and accrued liabilities |  |  | 63 |
Operating lease liabilities |  |  | (31 | )
Net cash used in operating activities, discontinued operations |  |  | (160 | )
Investing activities: |  |  |  |
Proceeds from divestiture |  |  | 1,070 |
Cash transferred to New Age Investments, LLC |  |  | (46 | )
Net cash provided by investing activities, discontinued operations |  |  | 1,024 |
Net increase in cash and cash equivalents, discontinued operations |  | $ | 864 |

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