$TLCC
Twinlab Consolidated Holdings Inc

2023 Q3 Form 10-Q Financial Statement

#000175392623001061 Filed on August 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $3.676M $4.879M
YoY Change -76.32% -66.29%
Cost Of Revenue $2.345M $4.105M
YoY Change -80.84% -61.67%
Gross Profit $1.331M $774.0K
YoY Change -59.47% -79.43%
Gross Profit Margin 36.21% 15.86%
Selling, General & Admin $1.533M $2.511M
YoY Change -63.02% -37.3%
% of Gross Profit 115.18% 324.42%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $9.000K $12.00K
YoY Change -35.71% -7.69%
% of Gross Profit 0.68% 1.55%
Operating Expenses $1.533M $2.511M
YoY Change -63.02% -37.3%
Operating Profit -$202.0K -$1.737M
YoY Change -76.57% 614.81%
Interest Expense $2.107M $2.205M
YoY Change 2.08% 11.59%
% of Operating Profit
Other Income/Expense, Net -$2.123M -$2.248M
YoY Change 2.86% 13.77%
Pretax Income -$2.325M -$3.985M
YoY Change -20.54% 79.59%
Income Tax $25.00K $6.000K
% Of Pretax Income
Net Earnings -$5.364M -$3.991M
YoY Change 83.32% 79.86%
Net Earnings / Revenue -145.92% -81.8%
Basic Earnings Per Share -$0.02 -$0.02
Diluted Earnings Per Share -$0.02 -$0.02
COMMON SHARES
Basic Shares Outstanding 259.1M shares 259.1M shares
Diluted Shares Outstanding 259.1M shares 259.1M shares

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $50.00K $142.0K
YoY Change -82.52% 0.0%
Cash & Equivalents $50.00K $142.0K
Short-Term Investments
Other Short-Term Assets $257.0K $934.0K
YoY Change -1.91% 65.31%
Inventory $4.400M $5.482M
Prepaid Expenses
Receivables $1.005M $2.828M
Other Receivables $0.00 $0.00
Total Short-Term Assets $5.712M $9.386M
YoY Change -69.17% -42.01%
LONG-TERM ASSETS
Property, Plant & Equipment $15.00K $100.0K
YoY Change -92.54% -53.49%
Goodwill
YoY Change
Intangibles $120.0K $120.0K
YoY Change -75.46% -76.83%
Long-Term Investments
YoY Change
Other Assets $1.274M $1.258M
YoY Change -2.08% -3.31%
Total Long-Term Assets $3.754M $4.422M
YoY Change -41.19% -37.2%
TOTAL ASSETS
Total Short-Term Assets $5.712M $9.386M
Total Long-Term Assets $3.754M $4.422M
Total Assets $9.466M $13.81M
YoY Change -62.0% -40.55%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.533M $5.282M
YoY Change 5.39% 15.63%
Accrued Expenses $41.16M $39.85M
YoY Change 10.52% 18.07%
Deferred Revenue $2.139M $2.125M
YoY Change 21.4% 2.36%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $95.35M $95.65M
YoY Change -4.69% -1.64%
Total Short-Term Liabilities $144.2M $142.9M
YoY Change 1.16% 3.83%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.758M $3.022M
YoY Change -36.35% -34.76%
Total Long-Term Liabilities $2.758M $3.022M
YoY Change -36.35% -34.76%
TOTAL LIABILITIES
Total Short-Term Liabilities $144.2M $142.9M
Total Long-Term Liabilities $2.758M $3.022M
Total Liabilities $146.9M $145.9M
YoY Change 0.05% 2.57%
SHAREHOLDERS EQUITY
Retained Earnings -$368.6M -$363.2M
YoY Change 4.4% 3.74%
Common Stock $231.6M $231.6M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $500.0K $500.0K
YoY Change 0.0% 0.0%
Treasury Stock Shares 134.8M shares
Shareholders Equity -$137.5M -$132.1M
YoY Change
Total Liabilities & Shareholders Equity $9.466M $13.81M
YoY Change -62.0% -40.55%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$5.364M -$3.991M
YoY Change 83.32% 79.86%
Depreciation, Depletion And Amortization $9.000K $12.00K
YoY Change -35.71% -7.69%
Cash From Operating Activities $208.0K $766.0K
YoY Change -107.83% -382.66%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -298.0K -725.0K
YoY Change -110.64% -42.23%
NET CHANGE
Cash From Operating Activities 208.0K 766.0K
Cash From Investing Activities 0.000 0.000
Cash From Financing Activities -298.0K -725.0K
Net Change In Cash -90.00K 41.00K
YoY Change -162.5% -102.53%
FREE CASH FLOW
Cash From Operating Activities $208.0K $766.0K
Capital Expenditures $0.00 $0.00
Free Cash Flow $208.0K $766.0K
YoY Change -107.83% -310.44%

Facts In Submission

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ProceedsFromRepaymentsOfLinesOfCredit
1502000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-1735000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
1502000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-726000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
868000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
3631000 usd
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
142000 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
142000 usd
us-gaap Interest Paid Net
InterestPaidNet
1068000 usd
us-gaap Interest Paid Net
InterestPaidNet
577000 usd
tlcc Disposal Of Right Of Use Asset At Lease Termination
DisposalOfRightOfUseAssetAtLeaseTermination
608000 usd
tlcc Disposal Of Right Of Use Asset At Lease Termination
DisposalOfRightOfUseAssetAtLeaseTermination
0 usd
us-gaap Nature Of Operations
NatureOfOperations
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">Note </span><span style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"><span style="border-left: none; border-right: none; line-height: inherit;">1</span></span> <span style="font-family: 'Times New Roman'; line-height: inherit;">–</span><span style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"> Nature of Business </span></p> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; line-height: inherit;"> </span></p> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-style: italic; line-height: inherit;">Nature of Business</span></p> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; line-height: inherit;"> </span></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 27pt; text-align: justify; font-size: 10pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; line-height: inherit;">Twinlab Consolidated Holdings, Inc. (the “Company”, “Twinlab,” “we,” “our” and “us”) was incorporated on </span><span style="font-family: 'Times New Roman'; line-height: inherit;">October 24, 2013 </span><span style="font-family: 'Times New Roman'; line-height: inherit;">under the laws of the State of Nevada as Mirror Me, Inc. On </span><span style="font-family: 'Times New Roman'; line-height: inherit;">August 7, 2014, </span><span style="font-family: 'Times New Roman'; line-height: inherit;">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; line-height: 1.2;"><span style="font-family: 'Times New Roman'; line-height: inherit;"> </span></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 27pt; text-align: justify; font-size: 10pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; line-height: inherit;">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; line-height: 1.2;"><span style="font-family: 'Times New Roman'; line-height: inherit;"> </span></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 27pt; text-align: justify; font-size: 10pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; line-height: inherit;">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; line-height: inherit;">®</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; line-height: inherit;">®</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; line-height: inherit;">®</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'; line-height: inherit;"> </span></p> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; line-height: inherit;"> </span></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 27pt; text-align: justify; font-size: 10pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; line-height: inherit;">We also performed services between private label distributors and contract manufacturers under the NutraScience Labs (“NSL”) brand name. NSL facilitated the production of new supplements to market and reformulated existing products to include scientifically-backed ingredients. We provided 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; line-height: 1.2;"><span style="font-family: 'Times New Roman'; line-height: inherit;"> </span></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 27pt; text-align: justify; font-size: 10pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; line-height: inherit;">NSL facilitated the contract manufacture of a variety of high-quality vitamin and supplement products, including but </span><span style="font-family: 'Times New Roman'; line-height: inherit;">not</span><span style="font-family: 'Times New Roman'; line-height: inherit;"> 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 was to help our customers manufacture or reformulate dietary supplements for sale and distribution. We did this by working with contract manufacturers to build scientifically backed formulas for resale to our end customers. We also simplified 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 did </span><span style="font-family: 'Times New Roman'; line-height: inherit;">not</span><span style="font-family: 'Times New Roman'; line-height: inherit;"> market these private label products, but rather sold the products to the customer, who was 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; line-height: 1.2;"><span style="font-family: 'Times New Roman'; line-height: inherit;"> </span></p> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-style: italic; line-height: inherit;">Going Concern</span></p> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; line-height: inherit;"> </span></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 27pt; text-align: justify; font-size: 10pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; line-height: inherit;">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'; line-height: inherit;">June 30, 2023, </span><span style="font-family: 'Times New Roman'; line-height: inherit;">we had an accumulated def<span style="line-height: inherit;">icit of $</span></span><span style="line-height: inherit;"><span style="font-family: 'Times New Roman'; line-height: inherit;">363,225</span></span><span style="font-family: 'Times New Roman'; line-height: inherit;">. <span style="line-height: inherit;">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 as well as the beginning of the winding up of operations of NSL, and interest and refinancing charges associated with our debt refinancing.</span> Losses have been funded primarily through debt.</span></p> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; line-height: inherit;"> </span></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 27pt; text-align: justify; font-size: 10pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; line-height: inherit;">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'; line-height: inherit;"><span style="border-left: none; border-right: none; line-height: inherit;">133,512</span></span><span style="font-family: 'Times New Roman'; line-height: inherit;"> 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; line-height: inherit;">June 30, 2023</span></span><span style="font-family: 'Times New Roman'; line-height: inherit;">. </span><span style="font-family: 'Times New Roman'; line-height: inherit;">We also have $</span><span style="font-family: 'Times New Roman'; line-height: inherit;">95,646</span><span style="font-family: 'Times New Roman'; line-height: inherit;"> of debt, 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; line-height: 1.2;"><span style="font-family: 'Times New Roman'; line-height: inherit;"> </span></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 27pt; text-align: justify; font-size: 10pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; line-height: inherit;">Management is addressing operating issues through the following actions: <span style="line-height: inherit;">focusing on growing the core business and brands; continuing emphasis on major customers and key products; and continuing to negotiate lower prices from major suppliers</span>. </span><span style="font-family: 'Times New Roman'; line-height: inherit;">We will need to raise additional capital through debt, equity or sale of assets during the current year</span><span style="font-family: 'Times New Roman'; line-height: inherit;">. If additional funding is required, there can be </span><span style="font-family: 'Times New Roman'; line-height: inherit;">no</span><span style="font-family: 'Times New Roman'; line-height: inherit;"> assurance that sources of funding will be available when needed on acceptable terms or at all. If we cannot obtain additional funding when required, the Company may sell certain assets, enter into collaborations, strategic alliances, merger and acquisition activities, and licensing agreements, negotiate with its principal lenders, wind-up operations of other subsidiaries, or file for bankruptcy protection.</span></p>
CY2023Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-363225000 usd
CY2023Q2 tlcc Working Capital Deficiency
WorkingCapitalDeficiency
133512000 usd
CY2023Q2 us-gaap Long Term Debt Current
LongTermDebtCurrent
95646000 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', times; font-style: italic; font-size: 10pt; line-height: inherit;">Use of Estimates</span></p> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> </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', times; font-size: 10pt; line-height: inherit;">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 receivable, allowance for credit losses, reserves for inventory obsolescence, the recoverability of long-lived assets, intangibles and goodwill.</span></p>
CY2023Q2 tlcc Contract With Customer Liability Customer Deposits Current
ContractWithCustomerLiabilityCustomerDepositsCurrent
2085000 usd
CY2022Q4 tlcc Contract With Customer Liability Customer Deposits Current
ContractWithCustomerLiabilityCustomerDepositsCurrent
1856000 usd
CY2023Q2 us-gaap Contract With Customer Refund Liability Current
ContractWithCustomerRefundLiabilityCurrent
40000 usd
CY2022Q4 us-gaap Contract With Customer Refund Liability Current
ContractWithCustomerRefundLiabilityCurrent
45000 usd
CY2023Q2 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
2125000 usd
CY2022Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
1901000 usd
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
-3991000 usd
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
-2219000 usd
us-gaap Net Income Loss
NetIncomeLoss
-6802000 usd
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
259092833 shares
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
259092833 shares
CY2023Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
4879000 usd
CY2022Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
14473000 usd
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
13901000 usd
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
27724000 usd
CY2023Q2 us-gaap Contract With Customer Asset Accumulated Allowance For Credit Loss
ContractWithCustomerAssetAccumulatedAllowanceForCreditLoss
1433000 usd
CY2023Q2 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
750000 usd
CY2023Q2 tlcc Accounts Receivable Allowance For Expected Credit Loss Current
AccountsReceivableAllowanceForExpectedCreditLossCurrent
32000 usd
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
534000 usd
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
259092833 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
259092833 shares
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
259092833 shares
CY2022Q2 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
259092833 shares
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.02
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.01
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.02
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.01
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.02
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.01
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.02
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', times; font-style: italic; font-size: 10pt; line-height: inherit;">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', times; font-size: 10pt; line-height: inherit;"> </span></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 27pt; text-align: justify; font-size: 10pt; font-family: 'Times New Roman'; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">Sales to our top <span style="border-left: none; border-right: none; line-height: inherit;">three</span> customers aggregated to approximately </span><span style="line-height: inherit;"><span style="line-height: inherit;">32</span>% and <span style="line-height: inherit;">23</span>% of total sales for the <span style="border-left: none; border-right: none; line-height: inherit;"><span style="border-left: none; border-right: none; line-height: inherit;"><span style="border-right: none; border-left: none; line-height: inherit;">three months ended June 30, 2023</span></span></span> and 2022,</span><span style="line-height: inherit;"><span style="line-height: inherit;"> <span style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">respectively and 25</span><span style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">% and 26</span></span><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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"><span style="line-height: inherit;">% of total sales for the six months ended June 30, 2023 and 2022, respectively</span></span><span style="line-height: inherit;">.</span></span><span style="line-height: inherit;"> Sales to <span style="line-height: inherit;"><span style="border-left: none; border-right: none; line-height: inherit;">one</span></span> of those customers were approximately <span style="line-height: inherit;">12</span>% and <span style="line-height: inherit;">11</span>% of total sales for the <span style="border-left: none; border-right: none; line-height: inherit;"><span style="border-right: none; border-left: none; line-height: inherit;"><span style="border-left: none; border-right: none; line-height: inherit;">three months ended June 30, 2023</span></span></span> and <span style="border-left: none; border-right: none; line-height: inherit;">2022</span>,<span style="line-height: inherit;"> respectively<span style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">, and 9.3</span><span style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">% and 11</span><span style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; 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; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">% of total sales for the six months ended June 30, 2023 and 2022, respectively. </span></span>Accounts receivable from these <span style="line-height: inherit;"><span style="border-left: none; border-right: none; line-height: inherit;">three</span></span> customers were approximately <span style="line-height: inherit;">25</span>% and <span style="line-height: inherit;">28</span>% <span style="text-indent: 27pt; line-height: inherit;">of total accounts receivable as of </span><span style="text-indent: 27pt; line-height: inherit;">June 30, 2023 </span><span style="text-indent: 27pt; line-height: inherit;">and </span><span style="text-indent: 27pt; line-height: inherit;">December 31, 2022, </span><span style="text-indent: 27pt; line-height: inherit;">respectively.</span> </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';"><br/></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 27pt; text-align: justify; font-size: 10pt; font-family: 'Times New Roman'; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="text-indent: 27pt; line-height: inherit;">A <span style="border-left: none; border-right: none; line-height: inherit;">single</span> customer represents </span><span style="text-indent: 27pt; line-height: inherit;">0</span><span style="text-indent: 27pt; line-height: inherit;">% and </span><span style="text-indent: 27pt; line-height: inherit;">2</span><span style="text-indent: 27pt; line-height: inherit;">% of total accounts receivable as of </span><span style="text-indent: 27pt; line-height: inherit;">June 30, 2023 </span><span style="text-indent: 27pt; line-height: inherit;">and </span><span style="text-indent: 27pt; line-height: inherit;">December 31, 2022</span><span style="text-indent: 27pt; line-height: inherit;">, </span><span style="text-indent: 27pt; line-height: inherit;">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></span></p>
tlcc Class Of Warrant Or Right Granted During Period Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightGrantedDuringPeriodNumberOfSecuritiesCalledByWarrantsOrRights
0 shares
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
CY2023Q2 us-gaap Inventory Raw Materials
InventoryRawMaterials
430000 usd
CY2022Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
906000 usd
CY2023Q2 us-gaap Inventory Finished Goods
InventoryFinishedGoods
5955000 usd
CY2022Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
8724000 usd
CY2023Q2 us-gaap Inventory Gross
InventoryGross
6385000 usd
CY2022Q4 us-gaap Inventory Gross
InventoryGross
9630000 usd
CY2023Q2 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
903000 usd
CY2022Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
223000 usd
CY2023Q2 us-gaap Inventory Net
InventoryNet
5482000 usd
CY2022Q4 us-gaap Inventory Net
InventoryNet
9407000 usd
CY2023Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
242000 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
310000 usd
CY2023Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
142000 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
122000 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
188000 usd
CY2023Q2 us-gaap Depreciation
Depreciation
12000 usd
CY2022Q2 us-gaap Depreciation
Depreciation
13000 usd
us-gaap Depreciation
Depreciation
24000 usd
us-gaap Depreciation
Depreciation
24000 usd
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
CY2023Q2 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
4500000 shares
CY2023Q2 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.01
CY2023Q2 us-gaap Lease Cost
LeaseCost
202000 usd
us-gaap Lease Cost
LeaseCost
424000 usd
CY2023Q2 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
120000 usd
CY2022Q4 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
120000 usd
CY2023Q2 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
10882000 usd
CY2022Q4 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
10882000 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
10762000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
10762000 usd
CY2023Q2 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
120000 usd
CY2022Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
120000 usd
CY2023Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
0 usd
CY2022Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
29000 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
0 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
58000 usd
CY2023Q2 us-gaap Long Term Debt
LongTermDebt
95646000 usd
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
97381000 usd
CY2023Q2 us-gaap Long Term Debt Current
LongTermDebtCurrent
95646000 usd
CY2022Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
97381000 usd
CY2023Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
0 usd
CY2022Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
0 usd
CY2022Q4 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
4500000 shares
CY2022Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.01
CY2023Q2 us-gaap Variable Lease Cost
VariableLeaseCost
49000 usd
us-gaap Variable Lease Cost
VariableLeaseCost
99000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
659000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1299000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1333000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1052000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
306000 usd
CY2023Q2 tlcc Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
0 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
4649000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
611000 usd
CY2023Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
4038000 usd
CY2023Q2 us-gaap Sublease Income
SubleaseIncome
162000 usd
us-gaap Sublease Income
SubleaseIncome
324000 usd
CY2023Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
366000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
746000 usd
CY2023Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y6M
CY2023Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y6M
CY2023Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0825 pure
CY2023Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0825 pure
CY2023Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
500000000 shares
CY2023Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2023Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2023Q2 us-gaap Common Stock Shares Subscribed But Unissued
CommonStockSharesSubscribedButUnissued
1528384 shares
CY2023Q2 us-gaap Common Stock Share Subscribed But Unissued Subscriptions Receivable
CommonStockShareSubscribedButUnissuedSubscriptionsReceivable
30000 usd
CY2023Q2 tlcc Subscription Receivable Annual Interest Rate
SubscriptionReceivableAnnualInterestRate
0.05 pure

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