$TLCC
Twinlab Consolidated Holdings Inc

2020 Q1 Form 10-Q Financial Statement

#000143774920014576 Filed on July 06, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1 2018 Q4
Revenue $16.43M $19.97M $17.03M
YoY Change -17.74% 1.56% -12.07%
Cost Of Revenue $11.27M $17.72M $14.11M
YoY Change -36.41% 13.63% -12.48%
Gross Profit $5.164M $2.256M $2.923M
YoY Change 128.9% -44.64% -10.06%
Gross Profit Margin 31.43% 11.3% 17.16%
Selling, General & Admin $7.140M $7.042M $6.288M
YoY Change 1.39% -19.26% -25.67%
% of Gross Profit 138.26% 312.15% 215.12%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $9.000K $567.0K $574.0K
YoY Change -98.41% -15.88% -23.47%
% of Gross Profit 0.17% 25.13% 19.64%
Operating Expenses $7.140M $7.042M $6.288M
YoY Change 1.39% -19.26% -25.59%
Operating Profit -$1.976M -$4.786M -$3.365M
YoY Change -58.71% 2.99% -35.29%
Interest Expense $2.158M $2.718M $1.465M
YoY Change -20.6% 28.63% -216.27%
% of Operating Profit
Other Income/Expense, Net -$3.188M -$3.998M $69.00K
YoY Change -20.26% 1185.53%
Pretax Income -$5.164M -$8.784M -$970.0K
YoY Change -41.21% 77.17% -94.48%
Income Tax -$130.0K
% Of Pretax Income
Net Earnings -$5.164M -$8.784M -$999.0K
YoY Change -41.21% 77.17% -94.0%
Net Earnings / Revenue -31.43% -43.98% -5.87%
Basic Earnings Per Share -$0.02 -$0.03
Diluted Earnings Per Share -$0.02 -$0.03 -$3.926K
COMMON SHARES
Basic Shares Outstanding 256.8M 255.6M
Diluted Shares Outstanding 256.8M 255.6M

Balance Sheet

Concept 2020 Q1 2019 Q1 2018 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $478.0K $1.672M $6.227M
YoY Change -71.41% 72.37% 361.26%
Cash & Equivalents $478.0K $1.672M $6.226M
Short-Term Investments
Other Short-Term Assets $3.404M $6.753M $6.560M
YoY Change -49.59% 208.36% 190.27%
Inventory $7.230M $6.969M $7.945M
Prepaid Expenses $3.404M $6.753M $6.560M
Receivables $8.043M $11.64M $8.566M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $19.16M $27.04M $29.30M
YoY Change -29.15% -2.45% 7.31%
LONG-TERM ASSETS
Property, Plant & Equipment $82.00K $929.0K $1.117M
YoY Change -91.17% -69.02% -64.75%
Goodwill $8.818M $17.80M $17.80M
YoY Change -50.45% 0.0% 0.0%
Intangibles $4.085M $20.93M $21.31M
YoY Change -80.48% -7.41% -7.61%
Long-Term Investments
YoY Change
Other Assets $815.0K $1.702M $1.720M
YoY Change -52.12% -3.08% -2.38%
Total Long-Term Assets $19.11M $41.36M $41.94M
YoY Change -53.79% -8.42% -8.41%
TOTAL ASSETS
Total Short-Term Assets $19.16M $27.04M $29.30M
Total Long-Term Assets $19.11M $41.36M $41.94M
Total Assets $38.27M $68.39M $71.24M
YoY Change -44.05% -6.15% -2.54%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.579M $9.691M $8.081M
YoY Change -52.75% -0.69% -20.35%
Accrued Expenses $19.64M $16.10M $15.82M
YoY Change 21.99% 25.76% 53.04%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $94.58M $73.36M $70.54M
YoY Change 28.92% 0.84% 3.59%
Total Short-Term Liabilities $123.2M $104.1M $98.80M
YoY Change 18.35% 3.85% 3.6%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $15.00M $15.00M
YoY Change -100.0% 379.23% 343.79%
Other Long-Term Liabilities $5.117M $1.297M $1.324M
YoY Change 294.53% -15.23% -15.67%
Total Long-Term Liabilities $5.117M $16.30M $16.32M
YoY Change -68.6% 249.95% 229.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $123.2M $104.1M $98.80M
Total Long-Term Liabilities $5.117M $16.30M $16.32M
Total Liabilities $128.4M $120.4M $115.1M
YoY Change 6.58% 14.77% 14.77%
SHAREHOLDERS EQUITY
Retained Earnings -$321.2M -$283.2M -$274.4M
YoY Change 13.44% 9.36% 8.04%
Common Stock $392.0K $390.0K $390.0K
YoY Change 0.51% 0.52% 0.52%
Preferred Stock
YoY Change
Treasury Stock (at cost) $500.0K $500.0K $500.0K
YoY Change 0.0% 0.0% 0.0%
Treasury Stock Shares $134.8M $134.8M $134.8M
Shareholders Equity -$92.92M -$52.04M -$43.89M
YoY Change
Total Liabilities & Shareholders Equity $38.27M $68.39M $71.24M
YoY Change -44.05% -6.15% -2.54%

Cashflow Statement

Concept 2020 Q1 2019 Q1 2018 Q4
OPERATING ACTIVITIES
Net Income -$5.164M -$8.784M -$999.0K
YoY Change -41.21% 77.17% -94.0%
Depreciation, Depletion And Amortization $9.000K $567.0K $574.0K
YoY Change -98.41% -15.88% -23.47%
Cash From Operating Activities -$2.933M -$6.474M -$1.172M
YoY Change -54.7% 52.83% -144.39%
INVESTING ACTIVITIES
Capital Expenditures $2.000K
YoY Change -102.0%
Acquisitions
YoY Change
Other Investing Activities $1.296M
YoY Change
Cash From Investing Activities $0.00 $1.298M
YoY Change -100.0% -1398.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.141M 1.920M 5.482M
YoY Change 63.59% -50.81% -260.29%
NET CHANGE
Cash From Operating Activities -2.933M -6.474M -1.172M
Cash From Investing Activities 0.000 1.298M
Cash From Financing Activities 3.141M 1.920M 5.482M
Net Change In Cash 208.0K -4.554M 5.608M
YoY Change -104.57% 1267.57% -737.27%
FREE CASH FLOW
Cash From Operating Activities -$2.933M -$6.474M -$1.172M
Capital Expenditures $2.000K
Free Cash Flow -$6.474M -$1.174M
YoY Change 51.16% -142.85%

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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;"><div style="display: inline; font-style: italic;">Significant Concentration of Credit Risk</div></div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">Sales to our top <div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">three</div></div> customers aggregated to approximately <div style="display: inline; font-style: italic; font: inherit;">33%</div> and <div style="display: inline; font-style: italic; font: inherit;">38%</div> of total sales for the <div style="display: inline; font-style: italic; font: inherit;">three</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2020 </div>and <div style="display: inline; font-style: italic; font: inherit;">2019,</div> respectively. Sales to <div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">one</div></div> of those customers were approximately <div style="display: inline; font-style: italic; font: inherit;">17%</div> and <div style="display: inline; font-style: italic; font: inherit;">14%</div> of total sales for the <div style="display: inline; font-style: italic; font: inherit;">three</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2020 </div>and <div style="display: inline; font-style: italic; font: inherit;">2019,</div> respectively. Accounts receivable from the top <div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">three</div></div> customers were approximately <div style="display: inline; font-style: italic; font: inherit;">44%</div> and <div style="display: inline; font-style: italic; font: inherit;">33%</div> of total accounts receivable as of <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2020 </div>and <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div>respectively. The single customer representing <div style="display: inline; font-style: italic; font: inherit;">21%</div> and <div style="display: inline; font-style: italic; font: inherit;">38%</div> of total accounts receivable as of <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2020 </div>and <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div>respectively, is a related party through a director who sits on both the Company&#x2019;s board and that of the customer.</div></div></div></div></div></div></div></div></div></div></div></div></div></div>
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CY2020Q1 us-gaap Interest Payable Current
InterestPayableCurrent
15402000
CY2019Q4 us-gaap Interest Payable Current
InterestPayableCurrent
13895000
CY2020Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
7883000
CY2019Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
7816000
CY2020Q1 us-gaap Inventory Gross
InventoryGross
8657000
CY2019Q4 us-gaap Inventory Gross
InventoryGross
7816000
CY2020Q1 us-gaap Inventory Net
InventoryNet
7230000
CY2019Q4 us-gaap Inventory Net
InventoryNet
6569000
CY2020Q1 us-gaap Liabilities Noncurrent
LiabilitiesNoncurrent
5117000
CY2019Q4 us-gaap Liabilities Noncurrent
LiabilitiesNoncurrent
CY2020Q1 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities
94575000
CY2019Q4 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities
91127000
CY2020Q1 us-gaap Inventory Raw Materials
InventoryRawMaterials
774000
CY2019Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
CY2020Q1 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
1427000
CY2019Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
1247000
CY2020Q1 us-gaap Inventory Write Down
InventoryWriteDown
180000
CY2019Q1 us-gaap Inventory Write Down
InventoryWriteDown
-978000
CY2020Q1 us-gaap Lease Cost
LeaseCost
198000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
7742000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
2394000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
1108000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1079000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1052000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1144000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
965000
CY2020Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1788000
CY2020Q1 us-gaap Liabilities
Liabilities
128362000
CY2019Q4 us-gaap Liabilities
Liabilities
118147000
CY2020Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
38268000
CY2019Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
30387000
CY2020Q1 us-gaap Liabilities Current
LiabilitiesCurrent
123245000
CY2019Q4 us-gaap Liabilities Current
LiabilitiesCurrent
118147000
CY2019Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
1052000
CY2019Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
1144000
CY2019Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
2394000
CY2020Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
94575000
CY2019Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
91127000
CY2020Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
3141000
CY2019Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
1920000
CY2020Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-2933000
CY2019Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-6474000
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
-2334000
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
-8784000
CY2020Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-2334000
CY2019Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-8784000
CY2020Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-3188000
CY2019Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-3998000
CY2020Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
854000
CY2019Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-4786000
CY2020Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
5954000
CY2020Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
837000
CY2019Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
CY2020Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
5117000
CY2019Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
CY2020Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
6800
CY2020Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
5313000
CY2019Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
CY2020Q1 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
193000
CY2019Q1 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
CY2019Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
8057000
CY2019Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
1280000
CY2019Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
1108000
CY2019Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
1079000
CY2020Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
815000
CY2019Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
834000
CY2020Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-5000
CY2019Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
27000
CY2020Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
CY2019Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-17000
CY2020Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2019Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2020Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
500000000
CY2019Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
500000000
CY2020Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2019Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2020Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2019Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2020Q1 us-gaap Preferred Stock Value
PreferredStockValue
CY2019Q4 us-gaap Preferred Stock Value
PreferredStockValue
CY2020Q1 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
3404000
CY2019Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
3119000
CY2020Q1 us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
5000000
CY2019Q1 us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
CY2020Q1 us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
453000
CY2019Q1 us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
1983000
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
124000
CY2020Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
82000
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
72000
CY2020Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
144000
CY2020Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
1268000
CY2019Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
1054000
CY2019Q1 us-gaap Repayments Of Debt
RepaymentsOfDebt
63000
CY2020Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-321207000
CY2019Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-318873000
CY2020Q1 us-gaap Repayments Of Debt
RepaymentsOfDebt
2312000
CY2020Q1 us-gaap Revenues
Revenues
16429000
CY2019Q1 us-gaap Revenues
Revenues
19971000
CY2020Q1 us-gaap Sale And Leaseback Transaction Gain Loss Net
SaleAndLeasebackTransactionGainLossNet
8250
CY2020Q1 us-gaap Selling Expense
SellingExpense
283000
CY2019Q1 us-gaap Selling Expense
SellingExpense
204000
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
7194412
CY2020Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
188000
CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
-90094000
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
-87760000
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
-43887000
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
-52043000
CY2020Q1 us-gaap Sublease Income
SubleaseIncome
315000
CY2017Q1 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
1
CY2020Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
134806051
CY2019Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
134806051
CY2017Q1 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
642366
CY2020Q1 us-gaap Treasury Stock Value
TreasuryStockValue
500000
CY2019Q4 us-gaap Treasury Stock Value
TreasuryStockValue
500000
CY2020Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;"><div style="display: inline; font-style: italic;">Use of Estimates</div></div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Actual results could differ from those estimates. Significant management estimates include those with respect to returns and allowances, allowance for doubtful accounts, reserves for inventory obsolescence, the recoverability of long-lived assets, intangibles and goodwill and the estimated value of warrants and derivative liabilities.</div></div></div></div></div></div></div></div></div></div></div></div></div></div>
CY2020Q1 us-gaap Variable Lease Cost
VariableLeaseCost
70000
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
256785233
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
255643828
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
256785233
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
255643828

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