$TLCC
Twinlab Consolidated Holdings Inc

2022 Q3 Form 10-Q Financial Statement

#000175392622000977 Filed on July 28, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $15.52M $14.47M $13.25M
YoY Change -15.05% -20.08% -31.91%
Cost Of Revenue $12.24M $10.71M $8.822M
YoY Change 0.07% -19.3% -28.52%
Gross Profit $3.284M $3.762M $4.429M
YoY Change -45.65% -22.21% -37.78%
Gross Profit Margin 21.16% 25.99% 33.42%
Selling, General & Admin $4.146M $4.005M $3.992M
YoY Change -17.21% 95.46% -12.21%
% of Gross Profit 126.25% 106.46% 90.13%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $14.00K $13.00K $40.00K
YoY Change -74.55% 44.44% -59.6%
% of Gross Profit 0.43% 0.35% 0.9%
Operating Expenses $4.146M $4.005M $3.992M
YoY Change -17.21% 95.46% -12.21%
Operating Profit -$862.0K -$243.0K $437.0K
YoY Change -183.37% -108.72% -83.0%
Interest Expense $2.064M $1.976M $1.837M
YoY Change -6.52% -11.83% -15.31%
% of Operating Profit 420.37%
Other Income/Expense, Net -$2.064M -$1.976M -$161.0K
YoY Change -7.11% 15.89% -92.64%
Pretax Income -$2.926M -$2.219M $276.0K
YoY Change 146.3% -305.08% -27.94%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income 0.0%
Net Earnings -$2.926M -$2.219M $276.0K
YoY Change 146.3% -305.08% -27.94%
Net Earnings / Revenue -18.85% -15.33% 2.08%
Basic Earnings Per Share -$0.01 -$0.01 $0.00
Diluted Earnings Per Share -$0.01 -$0.01 $0.00
COMMON SHARES
Basic Shares Outstanding 259.1M shares 259.1M shares 259.1M shares
Diluted Shares Outstanding 259.1M shares 259.1M shares 259.1M shares

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $286.0K $142.0K $1.761M
YoY Change -86.69% -89.03% -45.58%
Cash & Equivalents $286.0K $142.0K $1.761M
Short-Term Investments
Other Short-Term Assets $262.0K $565.0K $714.0K
YoY Change -87.32% -78.35% -74.84%
Inventory $10.55M $9.868M $7.618M
Prepaid Expenses
Receivables $7.424M $5.610M $6.494M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $18.53M $16.19M $16.59M
YoY Change -26.44% -34.85% -34.38%
LONG-TERM ASSETS
Property, Plant & Equipment $201.0K $215.0K $135.0K
YoY Change 40.56% 16.22% 125.0%
Goodwill
YoY Change
Intangibles $489.0K $518.0K $547.0K
YoY Change -83.54% -83.1% -82.68%
Long-Term Investments
YoY Change
Other Assets $1.301M $1.301M $1.301M
YoY Change -24.05% -24.54% 74.87%
Total Long-Term Assets $6.383M $7.041M $7.226M
YoY Change -67.25% -64.35% -60.27%
TOTAL ASSETS
Total Short-Term Assets $18.53M $16.19M $16.59M
Total Long-Term Assets $6.383M $7.041M $7.226M
Total Assets $24.91M $23.23M $23.81M
YoY Change -44.25% -47.92% -45.22%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.250M $4.568M $2.407M
YoY Change 13.83% -17.31% -67.02%
Accrued Expenses $37.25M $33.75M $32.82M
YoY Change 19.24% 15.85% 23.14%
Deferred Revenue $1.762M $2.076M $1.986M
YoY Change -62.19% -41.42% -59.92%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $100.0M $97.24M $98.49M
YoY Change -0.15% -3.55% -1.59%
Total Short-Term Liabilities $142.5M $137.6M $135.7M
YoY Change 1.3% -1.0% -2.36%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
Other Long-Term Liabilities $4.333M $4.632M $4.919M
YoY Change -20.77% -18.13% -5.71%
Total Long-Term Liabilities $4.333M $4.632M $4.919M
YoY Change -25.94% -26.05% -21.21%
TOTAL LIABILITIES
Total Short-Term Liabilities $142.5M $137.6M $135.7M
Total Long-Term Liabilities $4.333M $4.632M $4.919M
Total Liabilities $146.9M $142.3M $140.6M
YoY Change 0.22% -2.08% -3.17%
SHAREHOLDERS EQUITY
Retained Earnings -$353.1M -$350.1M -$347.9M
YoY Change 6.03% 5.53% 4.52%
Common Stock $231.6M $231.6M $231.6M
YoY Change 0.0% 58692.64% 58692.64%
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 shares 134.8M shares 134.8M shares
Shareholders Equity -$122.0M -$119.0M -$116.8M
YoY Change
Total Liabilities & Shareholders Equity $24.91M $23.23M $23.81M
YoY Change -44.25% -47.92% -45.22%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$2.926M -$2.219M $276.0K
YoY Change 146.3% -305.08% -27.94%
Depreciation, Depletion And Amortization $14.00K $13.00K $40.00K
YoY Change -74.55% 44.44% -59.6%
Cash From Operating Activities -$2.657M -$271.0K -$4.621M
YoY Change -237.1% -85.82% 510.44%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $93.00K $6.000K
YoY Change -100.0% -168.89%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$99.00K
YoY Change
Cash From Investing Activities $0.00 -$93.00K -$6.000K
YoY Change -100.0% -31.11%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.801M -1.255M 2.757M
YoY Change -361.29% -1306.73% -22.75%
NET CHANGE
Cash From Operating Activities -2.657M -271.0K -$4.621M
Cash From Investing Activities 0.000 -93.00K -6.000K
Cash From Financing Activities 2.801M -1.255M 2.757M
Net Change In Cash 144.0K -1.619M -$4.621M
YoY Change -83.14% -16.63% -264.33%
FREE CASH FLOW
Cash From Operating Activities -$2.657M -$271.0K -$4.621M
Capital Expenditures $0.00 $93.00K $6.000K
Free Cash Flow -$2.657M -$364.0K -$4.627M
YoY Change -236.26% -79.5% 511.23%

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us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
1426000 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
3592000 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
3690000 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-479000 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
415000 usd
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
0 usd
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
968000 usd
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-1479000 usd
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
813000 usd
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-501000 usd
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-433000 usd
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
2454000 usd
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
2018000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-4892000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-2668000 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
99000 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
135000 usd
us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
0 usd
us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
1344000 usd
us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
1502000 usd
us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
2329000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
1502000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
3673000 usd
us-gaap Cash Period Increase Decrease
CashPeriodIncreaseDecrease
-3489000 usd
us-gaap Cash Period Increase Decrease
CashPeriodIncreaseDecrease
870000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
3631000 usd
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
424000 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
142000 usd
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1294000 usd
us-gaap Interest Paid Net
InterestPaidNet
743000 usd
us-gaap Nature Of Operations
NatureOfOperations
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><span style="font-family: 'Times New Roman'; font-weight: bold;">Note </span><span style="font-family: 'Times New Roman'; font-weight: bold;"><span style="border-left: none; border-right: none;">1</span></span><span style="font-family: 'Times New Roman'; font-weight: bold;"> </span><span style="font-family: 'Times New Roman';">–</span><span style="font-family: 'Times New Roman'; font-weight: bold;"> Nature of Business </span></p> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><span style="font-family: 'Times New Roman';"> </span></p> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><span style="font-family: 'Times New Roman'; font-style: italic;">Nature of Business</span></p> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><span style="font-family: 'Times New Roman';"> </span></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 27pt; text-align: justify; font-size: 10pt;"><span style="font-family: 'Times New Roman';">Twinlab Consolidated Holdings, Inc. (the “Company”, “Twinlab,” “we,” “our” and “us”) was incorporated on </span><span style="font-family: 'Times New Roman';">October 24, 2013 </span><span style="font-family: 'Times New Roman';">under the laws of the State of Nevada as Mirror Me, Inc. On </span><span style="font-family: 'Times New Roman';">August 7, 2014, </span><span style="font-family: 'Times New Roman';">we amended our articles of incorporation and changed our name to Twinlab Consolidated Holdings, Inc.</span></p> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><span style="font-family: 'Times New Roman';"> </span></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 27pt; text-align: justify; font-size: 10pt;"><span style="font-family: 'Times New Roman';">We are an integrated marketer, distributor, and retailer of branded nutritional supplements and other natural products sold to and through domestic health and natural food stores, mass market retailers, specialty store retailers, on-line retailers, and websites. Internationally, we market and distribute branded nutritional supplements and other natural products to and through health and natural product distributors and retailers.</span></p> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><span style="font-family: 'Times New Roman';"> </span></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 27pt; text-align: justify; font-size: 10pt;"><span style="font-family: 'Times New Roman';">Our products include vitamins, minerals, specialty supplements and sports nutrition products sold under the Twinlab<span style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 36px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">®</span> brand name, a market leader in the healthy aging and beauty from within categories sold under the Reserveage Nutrition and ResVitale® brand names; diet and energy products sold under the Metabolife<span style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 36px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">®</span> brand name; and a full line of herbal teas sold under the Alvita<span style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 36px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">®</span> brand name. To accommodate consumer preferences, our products come in various formulations and delivery forms, including capsules, tablets, softgels, chewables, liquids, sprays and powders. These products are sold primarily through health and natural food stores and on-line retailers, supermarkets, and mass-market retailers.</span><span style="font-family: 'Times New Roman';"> </span></p> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><span style="font-family: 'Times New Roman';"> </span></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 27pt; text-align: justify; font-size: 10pt;"><span style="font-family: 'Times New Roman';">We also perform services between private label distributors and contract manufacturers under the NutraScience Labs (“NSL”) brand name. NSL facilitates the production of new supplements to market and reformulates existing products to include scientifically-backed ingredients. We provide our customers with numerous production services, including manufacturing, testing, label and packaging design, order fulfillment, and regulatory compliance.</span></p> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><span style="font-family: 'Times New Roman';"> </span></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 27pt; text-align: justify; font-size: 10pt;"><span style="font-family: 'Times New Roman';">NSL facilitates the contract manufacture of a variety of high-quality vitamin and supplement products, including but </span><span style="font-family: 'Times New Roman';">not</span><span style="font-family: 'Times New Roman';"> limited to, immune support supplements, cognitive support products, prebiotics and probiotics, supplements for weight management, and sports nutrition supplements. Our role in the production of these products is to help our customers manufacture or reformulate dietary supplements for sale and distribution. We do this by working with contract manufacturers to build scientifically backed formulas for resale to our end customers. We also simplify the production process by providing quality control checks, storing inventory on site, labeling and designing finished products, and drop shipping finished products ready for sale to our end customers. We do </span><span style="font-family: 'Times New Roman';">not</span><span style="font-family: 'Times New Roman';"> market these private label products, but rather sell the products to the customer, who is then responsible for the marketing, distribution, and sale to retailers or to their end customers. </span></p> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><span style="font-family: 'Times New Roman';"> </span></p> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><span style="font-family: 'Times New Roman'; font-style: italic;">Going Concern</span></p> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><span style="font-family: 'Times New Roman';"> </span></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 27pt; text-align: justify; font-size: 10pt;"><span style="font-family: 'Times New Roman';">The accompanying condensed consolidated financial statements have been prepared on a going concern basis, which assumes continuity of operations and realization of assets and liabilities in the ordinary course of business. As of </span><span style="font-family: 'Times New Roman';">June 30, 2022, </span><span style="font-family: 'Times New Roman';">we had an accumulated def<span>icit of $</span></span><span><span style="font-family: 'Times New Roman';">350,145</span></span><span style="font-family: 'Times New Roman';">. Historical losses are primarily attributable to lower than planned sales resulting from low fill rates on demand due to limitations of our working capital, delayed product introductions and postponed marketing activities, merger-related and other restructuring costs, and interest and refinancing charges associated with our debt refinancing. Losses have been funded primarily through debt.</span></p> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><span style="font-family: 'Times New Roman';"> </span></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 27pt; text-align: justify; font-size: 10pt;"><span style="font-family: 'Times New Roman';">Because of our history of operating losses and significant interest expense on our debt, we have a working capital deficiency of $</span><span style="font-family: 'Times New Roman';"><span style="border-left: none; border-right: none;">121,441</span></span><span style="font-family: 'Times New Roman';"> as of <span style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 36px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">June 30, 2022</span></span><span style="font-family: 'Times New Roman';">. </span><span style="font-family: 'Times New Roman';">We also have $</span><span style="font-family: 'Times New Roman';">97,236</span><span style="font-family: 'Times New Roman';"> of debt, net of discount, presented in current liabilities. These continuing conditions, among others, raise substantial doubt about our ability to continue as a going concern.</span></p> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><span style="font-family: 'Times New Roman';"> </span></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 27pt; text-align: justify; font-size: 10pt;"><span style="font-family: 'Times New Roman';">Management has addressed operating issues through the following actions: focusing on growing the core business and brands; continuing emphasis on major customers and key products; reducing operating costs that include significant workforce and salary expense reduction and continuing to negotiate lower prices from major suppliers. </span><span style="font-family: 'Times New Roman';">We believe that we </span><span style="font-family: 'Times New Roman';">may </span><span style="font-family: 'Times New Roman';">need additional capital to execute our business plan. If additional funding is required, there can be </span><span style="font-family: 'Times New Roman';">no</span><span style="font-family: 'Times New Roman';"> assurance that sources of funding will be available when needed on acceptable terms or at all. To meet capital requirements, the Company </span><span style="font-family: 'Times New Roman';">may </span><span style="font-family: 'Times New Roman';">consider selling certain assets or seeking financing through a combination of equity offerings, debt financing, collaborations, strategic alliances, merger and acquisition activities, and licensing agreements.</span></p>
CY2022Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-350145000 usd
CY2022Q2 tlcc Working Capital Deficiency
WorkingCapitalDeficiency
-121441000 usd
CY2022Q2 us-gaap Long Term Debt Current
LongTermDebtCurrent
97236000 usd
us-gaap Use Of Estimates
UseOfEstimates
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><span style="font-family: 'Times New Roman'; font-style: italic;">Use of Estimates</span></p> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><span style="font-family: 'Times New Roman';"> </span></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 27pt; text-align: justify; font-size: 10pt;"><span style="font-family: 'Times New Roman';">The preparation of financial statements in conformity with 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.</span></p>
CY2022Q2 tlcc Contract With Customer Liability Customer Deposits Current
ContractWithCustomerLiabilityCustomerDepositsCurrent
2023000 usd
CY2021Q4 tlcc Contract With Customer Liability Customer Deposits Current
ContractWithCustomerLiabilityCustomerDepositsCurrent
2104000 usd
CY2022Q2 us-gaap Contract With Customer Refund Liability Current
ContractWithCustomerRefundLiabilityCurrent
53000 usd
CY2021Q4 us-gaap Contract With Customer Refund Liability Current
ContractWithCustomerRefundLiabilityCurrent
56000 usd
CY2022Q2 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
2076000 usd
CY2021Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
2160000 usd
CY2022Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
14473000 usd
CY2021Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
18109000 usd
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
27724000 usd
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
37570000 usd
CY2022Q2 us-gaap Contract With Customer Asset Accumulated Allowance For Credit Loss
ContractWithCustomerAssetAccumulatedAllowanceForCreditLoss
1422000 usd
CY2022Q2 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
444000 usd
CY2021Q4 us-gaap Contract With Customer Asset Accumulated Allowance For Credit Loss
ContractWithCustomerAssetAccumulatedAllowanceForCreditLoss
1391000 usd
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
511000 usd
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
-2219000 usd
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
1082000 usd
us-gaap Net Income Loss
NetIncomeLoss
-1943000 usd
us-gaap Net Income Loss
NetIncomeLoss
1465000 usd
CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-2219000 usd
CY2021Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
1082000 usd
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-1943000 usd
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
1465000 usd
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
259092833 shares
CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
259092833 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
259092833 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
259606931 shares
CY2022Q2 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
0 shares
CY2021Q2 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
0 shares
us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
0 shares
us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
0 shares
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
259092833 shares
CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
259092833 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
259092833 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
259606931 shares
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.01
CY2021Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.01
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.01
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.01
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.01
CY2021Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.01
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.01
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.01
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><span style="font-family: 'Times New Roman'; font-style: italic;">Significant Concentration of Credit Risk</span></p> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 6pt;"><span style="font-family: 'Times New Roman';"> </span></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 27pt; text-align: justify; font-size: 10pt; font-family: 'Times New Roman';"><span>Sales to our top <span style="border-left: none; border-right: none;">three</span> customers aggregated to approximately </span><span>23</span><span style="font-family: 'Times New Roman';">% and </span><span>34</span><span style="font-family: 'Times New Roman';">% of total sales for the </span><span style="border-left: none; border-right: none;"><span style="border-left: none; border-right: none;"><span style="border-right: none; border-left: none;">three months ended June 30, 2022</span></span></span><span style="font-family: 'Times New Roman';"> </span><span style="font-family: 'Times New Roman';">and </span><span style="font-family: 'Times New Roman';">2021,</span><span> respectively and 26% and 31% of total sales for the six months ended June 30, 2022 and 2021, respectively.</span><span style="font-family: 'Times New Roman';"> Sales to </span><span><span style="border-left: none; border-right: none;">one</span></span><span style="font-family: 'Times New Roman';"> of those customers were approximately </span><span>11</span><span style="font-family: 'Times New Roman';">% and </span><span>15</span><span style="font-family: 'Times New Roman';">% of total sales for the </span><span style="border-left: none; border-right: none;"><span style="border-right: none; border-left: none;"><span style="border-left: none; border-right: none;">three months ended June 30, 2022</span></span></span><span style="font-family: 'Times New Roman';"> </span><span style="font-family: 'Times New Roman';">and </span><span style="font-family: 'Times New Roman';"><span>2021</span>,</span><span> respectively, and 11% and 5% of total sales for the six months ended June 30, 2022 and 2021, respectively. </span><span style="font-family: 'Times New Roman';">Accounts receivable from these </span><span><span style="border-left: none; border-right: none;">three</span></span><span style="font-family: 'Times New Roman';"> customers were approximately </span><span>21</span><span style="font-family: 'Times New Roman';">% and </span><span>23</span><span style="font-family: 'Times New Roman';">% </span><span style="font-size: 10pt; text-indent: 27pt; font-family: 'Times New Roman';">of total accounts receivable as of </span><span style="font-size: 10pt; text-indent: 27pt; font-family: 'Times New Roman';">June 30, 2022 </span><span style="font-size: 10pt; text-indent: 27pt; font-family: 'Times New Roman';">and </span><span style="font-size: 10pt; text-indent: 27pt; font-family: 'Times New Roman';">December 31, 2021, </span><span style="font-size: 10pt; text-indent: 27pt; font-family: 'Times New Roman';">respectively.</span><span style="background-color: #ffff99;"><span style="font-size: 10pt; text-indent: 27pt; font-family: 'Times New Roman'; background-color: #ffff99;"> </span></span></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 27pt; text-align: justify; font-size: 10pt; font-family: 'Times New Roman';"><span style="font-size: 10pt; text-indent: 27pt; font-family: 'Times New Roman';"><br/></span></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 27pt; text-align: justify; font-size: 10pt; font-family: 'Times New Roman';"><span style="font-size: 10pt; text-indent: 27pt; font-family: 'Times New Roman';">A <span style="border-left: none; border-right: none;"><span style="-sec-ix-hidden:Tag684">single</span></span> customer represents </span><span>5</span><span style="font-size: 10pt; text-indent: 27pt; font-family: 'Times New Roman';">% and </span><span>2</span><span style="font-size: 10pt; text-indent: 27pt; font-family: 'Times New Roman';">% of total accounts receivable as of </span><span style="font-size: 10pt; text-indent: 27pt; font-family: 'Times New Roman';">June 30, 2022 </span><span style="font-size: 10pt; text-indent: 27pt; font-family: 'Times New Roman';">and </span><span style="font-size: 10pt; text-indent: 27pt; font-family: 'Times New Roman';">December 31, 2021</span><span style="font-size: 10pt; text-indent: 27pt; font-family: 'Times New Roman';">, </span><span style="font-size: 10pt; text-indent: 27pt; font-family: 'Times New Roman';">respectively. This customer is a related party through a director who sits on both the Company’s Board of Directors and that of the customer.</span></p>
CY2022Q2 us-gaap Inventory Raw Materials
InventoryRawMaterials
1318000 usd
CY2021Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
2016000 usd
CY2022Q2 us-gaap Inventory Finished Goods
InventoryFinishedGoods
8876000 usd
CY2021Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
4586000 usd
CY2022Q2 us-gaap Inventory Gross
InventoryGross
10194000 usd
CY2021Q4 us-gaap Inventory Gross
InventoryGross
6602000 usd
CY2022Q2 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
326000 usd
CY2021Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
788000 usd
CY2022Q2 us-gaap Inventory Net
InventoryNet
9868000 usd
CY2021Q4 us-gaap Inventory Net
InventoryNet
5814000 usd
CY2022Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
311000 usd
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
212000 usd
CY2022Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
96000 usd
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
72000 usd
CY2022Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
215000 usd
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
140000 usd
CY2022Q2 us-gaap Depreciation
Depreciation
13000 usd
CY2021Q2 us-gaap Depreciation
Depreciation
9000 usd
us-gaap Depreciation
Depreciation
24000 usd
us-gaap Depreciation
Depreciation
14000 usd
CY2022Q2 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
4500000 shares
CY2022Q2 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.01
CY2022Q2 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
120000 usd
CY2021Q4 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
120000 usd
CY2022Q2 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
11222000 usd
CY2021Q4 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
11222000 usd
CY2022Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
10704000 usd
CY2021Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
10646000 usd
CY2022Q2 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
518000 usd
CY2021Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
576000 usd
CY2022Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
29000 usd
CY2021Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
94000 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
58000 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
188000 usd
CY2022Q2 us-gaap Long Term Debt
LongTermDebt
97236000 usd
CY2021Q4 us-gaap Long Term Debt
LongTermDebt
97408000 usd
CY2022Q2 us-gaap Long Term Debt Current
LongTermDebtCurrent
97236000 usd
CY2021Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
97408000 usd
CY2022Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
0 usd
CY2021Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
0 usd
tlcc Class Of Warrant Or Right Granted During Period Exercise Price Of Warrants Or Rights
ClassOfWarrantOrRightGrantedDuringPeriodExercisePriceOfWarrantsOrRights
0
tlcc Class Of Warrant Or Right Cancelled During Period Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightCancelledDuringPeriodNumberOfSecuritiesCalledByWarrantsOrRights
0 shares
tlcc Class Of Warrant Or Right Canceled During Period Exercise Price Of Warrants Or Rights
ClassOfWarrantOrRightCanceledDuringPeriodExercisePriceOfWarrantsOrRights
0
tlcc Class Of Warrant Or Right Exercised During Period Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightExercisedDuringPeriodNumberOfSecuritiesCalledByWarrantsOrRights
0 shares
tlcc Class Of Warrant Or Right Exercised During Period Exercise Price Of Warrants Or Rights
ClassOfWarrantOrRightExercisedDuringPeriodExercisePriceOfWarrantsOrRights
0
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
6839000 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1105000 usd
CY2021Q4 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
4500000 shares
CY2021Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.01
tlcc Class Of Warrant Or Right Granted During Period Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightGrantedDuringPeriodNumberOfSecuritiesCalledByWarrantsOrRights
0 shares
CY2022Q2 us-gaap Lease Cost
LeaseCost
207000 usd
us-gaap Lease Cost
LeaseCost
416000 usd
CY2022Q2 us-gaap Variable Lease Cost
VariableLeaseCost
93000 usd
us-gaap Variable Lease Cost
VariableLeaseCost
187000 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
760000 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1534000 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1524000 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1150000 usd
CY2022Q2 tlcc Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
305000 usd
CY2022Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
5734000 usd
CY2022Q2 us-gaap Sublease Income
SubleaseIncome
229000 usd
us-gaap Sublease Income
SubleaseIncome
459000 usd
CY2022Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
374000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
745000 usd
CY2022Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y4M24D
CY2022Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0825 pure
CY2022Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0825 pure
CY2022Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
500000000 shares
CY2022Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2022Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
7194412 shares
CY2022Q2 us-gaap Common Stock Shares Subscribed But Unissued
CommonStockSharesSubscribedButUnissued
1528384 shares
CY2022Q2 us-gaap Common Stock Share Subscribed But Unissued Subscriptions Receivable
CommonStockShareSubscribedButUnissuedSubscriptionsReceivable
30000 usd
CY2022Q2 tlcc Subscription Receivable Annual Interest Rate
SubscriptionReceivableAnnualInterestRate
0.05 pure

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