| Schedule of Segment information |
Consolidated sales, gross margin, and net loss of premium pet food products generate the Company’s revenues and are reflected in the consolidated statement of
operations. The CODM also evaluates significant segment expenses, which consist of the following (in thousands):
Schedule
of Segment information
| |
|
|
|
|
|
|
| |
|
Twelve months Ended December 31, |
|
| |
|
2024 |
|
|
2023 |
|
| Net sales |
|
$ |
34,975 |
|
|
$ |
38,592 |
|
| Cost of goods sold: |
|
|
|
|
|
|
|
|
| Direct |
|
|
20,998 |
|
|
|
25,274 |
|
| Indirect |
|
|
988 |
|
|
|
1,521 |
|
| Total cost of goods sold |
|
|
21,986 |
|
|
|
26,795 |
|
| Gross profit |
|
|
12,989 |
|
|
|
11,797 |
|
| Segment expenses: |
|
|
|
|
|
|
|
|
| Discretionary marketing |
|
|
5,885 |
|
|
|
6,233 |
|
| Outbound freight |
|
|
511 |
|
|
|
1,318 |
|
| Other segment expenses (a)
|
|
|
12,560 |
|
|
|
25,425 |
|
| Total segment expenses |
|
|
18,956 |
|
|
|
32,976 |
|
| Loss from operations |
|
|
(5,967 |
) |
|
|
(21,179 |
) |
| Other income (expense): |
|
|
|
|
|
|
|
|
| Interest expense |
|
|
(467 |
) |
|
|
(1,353 |
) |
| Change in fair value of warrant liabilities |
|
|
— |
|
|
|
(236 |
) |
| Gain on extinguishment of debt and accounts payable |
|
|
6,206 |
|
|
|
— |
|
| Other income |
|
|
69 |
|
|
|
— |
|
| Total other income (expense) |
|
|
5,808 |
|
|
|
(1,589 |
) |
| Income tax expense |
|
|
(9 |
) |
|
|
(2 |
) |
| Net loss |
|
$ |
(168 |
) |
|
$ |
(22,770 |
) |
| (a) |
|
Other segment expenses
include employee compensation and benefits, share based compensation, non-cash charges, other sales and marketing costs, professional
fees, broker commissions, and other general expenses |
|
| Schedule of Revenue By Geography |
Revenue
by geography is based on where the customer is based. Summary financial data attributable to various geographic regions for the periods
indicated is as follows:
Schedule
of Revenue By Geography
| |
|
2024 |
|
|
2023 |
|
| |
|
Year Ended December 31, |
|
| |
|
2024 |
|
|
2023 |
|
| United States |
|
$ |
17,795 |
|
|
$ |
23,568 |
|
| China |
|
|
12,808 |
|
|
|
11,000 |
|
| Other |
|
|
4,372 |
|
|
|
4,024 |
|
| Total |
|
$ |
34,975 |
|
|
$ |
38,592 |
|
|