Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Dec. 31, 2023 | Feb. 12, 2024 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001016504 | |
Entity Registrant Name | INTEGRATED BIOPHARMA INC | |
Amendment Flag | false | |
Current Fiscal Year End Date | --06-30 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2024 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Dec. 31, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-31668 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 22-2407475 | |
Entity Address, Address Line One | 225 Long Ave. | |
Entity Address, City or Town | Hillside | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 07205 | |
City Area Code | 888 | |
Local Phone Number | 319-6962 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Small Business | true | |
Entity Filer Category | Non-accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 30,099,610 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Sales, net | $ 11,509 | $ 12,254 | $ 24,424 | $ 24,580 |
Cost of sales | 10,989 | 11,184 | 23,072 | 22,513 |
Gross profit | 520 | 1,070 | 1,352 | 2,067 |
Selling and administrative expenses | 972 | 1,103 | 1,858 | 2,070 |
Operating loss | (452) | (33) | (506) | (3) |
Other income (expense), net | ||||
Interest income (expense), net | 2 | (8) | 10 | (18) |
Other income (expense), net | (2) | (4) | (2) | (8) |
Other income (expense), net | 0 | (12) | 8 | (26) |
Loss before income taxes | (452) | (45) | (498) | (29) |
Income tax (expense) benefit, net | 70 | (10) | 57 | (61) |
Net loss | $ (382) | $ (55) | $ (441) | $ (90) |
Basic and diluted net loss per common share (in dollars per share) | $ (0.01) | $ 0 | $ (0.02) | $ 0 |
Weighted average common shares outstanding - basic and diluted (in shares) | 30,099,610 | 29,949,610 | 30,032,762 | 29,949,610 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Thousands | Dec. 31, 2023 | Jun. 30, 2023 |
Current Assets: | ||
Cash | $ 732 | $ 1,316 |
Accounts receivable, net | 3,733 | 4,511 |
Inventories | 12,149 | 10,261 |
Other current assets | 451 | 284 |
Total current assets | 17,065 | 16,372 |
Property and equipment, net | 1,558 | 1,653 |
Operating lease right-of-use assets (includes $1,679 and $2,061 with a related party) | 2,247 | 2,623 |
Deferred tax assets, net | 4,794 | 4,726 |
Security deposits and other assets | 57 | 57 |
Total Assets | 25,721 | 25,431 |
Current Liabilities: | ||
Accounts payable | 3,305 | 2,266 |
Accrued expenses and other current liabilities | 1,576 | 1,632 |
Current portion of financed lease obligation | 28 | 42 |
Operating Lease, Liability, Current | 924 | 888 |
Total current liabilities | 5,833 | 4,828 |
Financed lease obligation | 0 | 7 |
Operating lease obligations | 1,322 | 1,735 |
Total liabilities | 7,155 | 6,570 |
Commitments and Contingencies (Note 6) | ||
Stockholders' Equity : | ||
Common Stock, $0.002 par value; 50,000,000 shares authorized; 30,134,510 and 29,984,510 shares issued, respectively, and 30,099,610 and 29,949,610 shares outstanding, respectively | 60 | 60 |
Additional paid-in capital | 51,385 | 51,239 |
Accumulated deficit | (32,780) | (32,339) |
Less: Treasury stock, at cost, 34,900 shares | (99) | (99) |
Total Stockholders' Equity | 18,566 | 18,861 |
Total Liabilities and Stockholders' Equity | $ 25,721 | $ 25,431 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Financial Condition (Unaudited) (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2023 | Jun. 30, 2023 |
Operating lease right-of-use assets | $ 2,247 | $ 2,623 |
Current portion of operating lease liabilities | 924 | 888 |
Operating lease liabilities | $ 1,322 | $ 1,735 |
Common stock, par value (in dollars per share) | $ 0.002 | $ 0.002 |
Common stock, authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, issued (in shares) | 30,134,510 | 29,984,510 |
Common stock, outstanding (in shares) | 30,099,610 | 29,949,610 |
Treasury stock, shars (in shares) | 34,900 | 34,900 |
Vitamin Realty LLC [Member] | ||
Operating lease right-of-use assets | $ 1,679 | $ 2,061 |
Current portion of operating lease liabilities | 788 | 772 |
Operating lease liabilities | $ 891 | $ 1,289 |
Condensed Consolidated Financia
Condensed Consolidated Financial Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock, Common [Member] | Total |
Balance (in shares) at Jun. 30, 2022 | 29,984,510 | 34,900 | |||
Balance at Jun. 30, 2022 | $ 60 | $ 50,519 | $ (32,305) | $ (99) | $ 18,575 |
Stock compensation expense for employee stock options | 0 | 81 | 0 | 0 | 81 |
Net loss | 0 | 0 | (35) | 0 | (35) |
Net loss | $ 0 | 0 | (35) | $ 0 | (35) |
Balance (in shares) at Sep. 30, 2022 | 29,984,510 | 34,900 | |||
Balance at Sep. 30, 2022 | $ 60 | 51,000 | (32,340) | $ (99) | 18,621 |
Balance (in shares) at Jun. 30, 2022 | 29,984,510 | 34,900 | |||
Balance at Jun. 30, 2022 | $ 60 | 50,519 | (32,305) | $ (99) | 18,575 |
Net loss | (90) | ||||
Net loss | (90) | ||||
Balance (in shares) at Dec. 31, 2022 | 29,984,510 | 34,900 | |||
Balance at Dec. 31, 2022 | $ 60 | 51,086 | (32,295) | $ (99) | 18,652 |
Balance (in shares) at Sep. 30, 2022 | 29,984,510 | 34,900 | |||
Balance at Sep. 30, 2022 | $ 60 | 51,000 | (32,340) | $ (99) | 18,621 |
Stock compensation expense for employee stock options | 0 | 86 | 0 | 0 | 86 |
Net loss | 0 | 0 | (55) | 0 | (55) |
Net loss | $ 0 | 0 | (55) | $ 0 | (55) |
Balance (in shares) at Dec. 31, 2022 | 29,984,510 | 34,900 | |||
Balance at Dec. 31, 2022 | $ 60 | 51,086 | (32,295) | $ (99) | 18,652 |
Balance (in shares) at Jun. 30, 2023 | 29,984,510 | 34,900 | |||
Balance at Jun. 30, 2023 | $ 60 | 51,239 | (32,339) | $ (99) | 18,861 |
Stock compensation expense for employee stock options | $ 0 | 71 | 0 | $ 0 | 71 |
Shares issued upon exercise of employee stock options (in shares) | 150,000 | 0 | |||
Shares issued upon exercise of employee stock options | $ 0 | 13 | 0 | $ 0 | 13 |
Net loss | 0 | 0 | (59) | 0 | (59) |
Net loss | $ 0 | 0 | (59) | $ 0 | (59) |
Balance (in shares) at Sep. 30, 2023 | 30,134,510 | 34,900 | |||
Balance at Sep. 30, 2023 | $ 60 | 51,325 | (32,398) | $ (99) | 18,886 |
Balance (in shares) at Jun. 30, 2023 | 29,984,510 | 34,900 | |||
Balance at Jun. 30, 2023 | $ 60 | 51,239 | (32,339) | $ (99) | $ 18,861 |
Shares issued upon exercise of employee stock options (in shares) | 150,000 | ||||
Net loss | $ (441) | ||||
Net loss | (441) | ||||
Balance (in shares) at Dec. 31, 2023 | 30,134,510 | 34,900 | |||
Balance at Dec. 31, 2023 | $ 60 | 51,385 | (32,780) | $ (99) | 18,566 |
Balance (in shares) at Sep. 30, 2023 | 30,134,510 | 34,900 | |||
Balance at Sep. 30, 2023 | $ 60 | 51,325 | (32,398) | $ (99) | 18,886 |
Stock compensation expense for employee stock options | 0 | 62 | 0 | 0 | 62 |
Net loss | 0 | 0 | (382) | 0 | (382) |
Net loss | $ 0 | 0 | (382) | $ 0 | (382) |
Balance (in shares) at Dec. 31, 2023 | 30,134,510 | 34,900 | |||
Balance at Dec. 31, 2023 | $ 60 | $ 51,385 | $ (32,780) | $ (99) | $ 18,566 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Cash flows provided by operating activities: | ||
Net loss | $ (441) | $ (90) |
Adjustments to reconcile net loss to net cash from operating activities: | ||
Depreciation and amortization | 155 | 181 |
Amortization of operating lease right-of-use assets | 445 | 374 |
Stock based compensation | 133 | 167 |
Change in deferred tax assets | (68) | 34 |
Other, Net | 8 | 14 |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | 778 | 379 |
Inventories | (1,888) | 791 |
Other current assets | (173) | (187) |
Security deposits and other assets | 0 | (21) |
Accounts payable | 1,039 | (232) |
Accrued expenses and other liabilities | (56) | (89) |
Operating lease obligations | (446) | (373) |
Net cash (used in) provided by operating activities | (514) | 948 |
Cash flows from investing activities: | ||
Purchase of property and equipment | (62) | (82) |
Proceeds from sale of iBio Stock | 0 | 4 |
Net cash used in investing activities | (62) | (78) |
Cash flows from financing activities: | ||
Advances (repayments) under revolving credit facility | 0 | (101) |
Proceeds from exercise of employee stock options | 13 | 0 |
Payments under finance lease obligations | (21) | (15) |
Net cash used in financing activities | (8) | (116) |
Net (decrease) increase in cash | (584) | 754 |
Cash at beginning of period | 1,316 | 331 |
Cash at end of period | 732 | 1,085 |
Interest paid | 21 | 21 |
Income taxes paid | 40 | 0 |
Supplemental disclosures of non-cash flow transactions: | ||
Acquisition of right-of-use assets, net | $ 69 | $ 1,560 |
Note 1 - Nature of Operations,
Note 1 - Nature of Operations, Principles of Consolidation and Basis of Presentation of Interim Financial Statements | 6 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Note 1. Nature of Operations Integrated BioPharma, Inc., a Delaware corporation (together with its subsidiaries, the “Company”), is engaged primarily in manufacturing, distributing, marketing and sales of vitamins, nutritional supplements and herbal products. The Company’s customers are located primarily in the United States and Luxembourg. The Company was originally incorporated in the state of Delaware on August 31, 1995 December 5, 2000, January 29, 2003 June 2006. The Company’s business segments include: (a) Contract Manufacturing operated by Manhattan Drug Company, Inc. (“MDC”), which manufactures vitamins and nutritional supplements for sale to distributors, multilevel marketers and specialized health-care providers and (b) Other Nutraceutical Businesses which includes the operations of (i) AgroLabs, Inc. (“AgroLabs”), which distributed healthful nutritional products for sale through major mass market, grocery and drug and vitamin retailers under the following brands: Peaceful Sleep, and Wheatgrass and other products introduced into the market using the AgroLabs name (these are referred to as our branded products); (ii) The Vitamin Factory (the “Vitamin Factory”), which sells private label MDC products, as well as our AgroLabs products, through the Internet, (iii) IHT Health Products, Inc. (“IHT”) a distributor of fine natural botanicals, including multi minerals produced under a license agreement, (iv) MDC Warehousing and Distribution, Inc. (“MDC Warehousing“), a service provider for warehousing and fulfilment services and (v) Chem International, Inc., a distributor of certain raw materials for DSM Nutritional Products LLC. The Vitamin Factory had no three six December 31, 2023 2022. Principles of Consolidation The accompanying condensed consolidated financial statements for the interim periods are unaudited and include the accounts of Company. Intercompany transactions and accounts have been eliminated in consolidation. Basis of Presentation of Interim Financial Statements The accompanying condensed consolidated financial statements for the interim periods are unaudited and include the accounts of Integrated BioPharma, Inc., a Delaware corporation (together with its subsidiaries, the “Company”). The interim condensed consolidated financial statements have been prepared in conformity with Rule 8 03 X not 10 June 30, 2023 ( 10 June 30, 2023 but does not three six December 31, 2023 not June 30, 2023 Significant Accounting Policies Revenue Recognition. 606, five ● identification of the promised goods or services in the contract; ● determination of whether the promised goods or serves are performance obligations including whether they are distinct in the context of the contract; ● measurement of the transaction price, including the constraint on variable consideration; ● allocation of the transaction price to the performance obligations based on estimated selling prices; and ● recognition of revenue when (or as) the Company satisfies each performance obligation. A performance obligation is a promise to transfer a distinct good or service to the customer and is the unit of account in ASC 606. Income Taxes. not not For the three December 31, 2023 2022, six December 31, 2023 2022, Leases. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most of our leases do not may The Company has lease agreements with lease and non-lease components, which are generally accounted for separately. For certain equipment leases, such as vehicles, the Company accounts for the lease and non-lease components as a single lease component. Earnings Per Share. The following options and potentially dilutive shares for stock options were not three six December 31, 2023 2022: Three Months Ended Six Months Ended December 31, December 31, 2023 2022 2023 2022 Anti-dilutive stock options 4,996,850 4,597,283 4,996,850 4,597,283 Total anti-dilutive shares 4,996,850 4,597,283 4,996,850 4,597,283 |
Note 2 - Inventories
Note 2 - Inventories | 6 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | Note 2. Inventories are stated at the lower of cost or net realizable value using the first first December 31, June 30, 2023 2023 Raw materials $ 9,892 $ 6,859 Work-in-process 1,635 2,148 Finished goods 622 1,254 Total $ 12,149 $ 10,261 |
Note 3 - Property and Equipment
Note 3 - Property and Equipment, Net | 6 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note 3. Property and equipment, net consists of the following: December 31, June 30, 2023 2023 Land and building $ 1,250 $ 1,250 Leasehold improvements 1,371 1,371 Machinery and equipment 6,829 6,801 9,450 9,422 Less: Accumulated depreciation and amortization (7,892 ) (7,769 ) Total $ 1,558 $ 1,653 Depreciation and amortization expense recorded on property and equipment was $78 and $93 for the three six December 31, 2023 2022, six December 31, 2023 2022, three six December 31, 2023, |
Note 4 - Senior Credit Facility
Note 4 - Senior Credit Facility | 6 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 4. As of December 31, 2023 June 30, 2023, On March 16, 2023, June 27, 2012, February 19, 2016 May 15, 2019. The Amended Loan Agreement provides for a total of $11,585 in senior secured financing (the “Senior Credit Facility”) as follows: (i) discretionary advances (“Revolving Advances”) based on eligible accounts receivable and eligible inventory in the maximum amount of $8,000 (the “Revolving Credit Facility”), and (ii) a term loan in the amount of $3,585 (the “Term Loan”). The Senior Credit Facility is secured by all assets of the Borrowers, including, without limitation, machinery and equipment, real estate owned by IHT Properties, and common stock of iBio, Inc. ("iBio Stock") owned by the Company. Revolving Advances bear interest at PNC’s Base Rate (8.50% and 8.25% as of December 31, 2023 June 30, 2023, As of March 16, 2023, March 16, 2023 may 0.10% Upon and after the occurrence of any event of default under the Amended Loan Agreement, and during the continuation thereof, interest shall be payable at the interest rate then applicable plus 2%. The Senior Credit Facility matures on May 15, 2024 ( The principal balance of the Revolving Advances is payable on the Senior Maturity Date, subject to acceleration, based upon a material adverse event clause, as defined, subjective accelerations for borrowing base reserves, as defined or upon the occurrence of any event of default under the Amended Loan Agreement or earlier termination of the Amended Loan Agreement pursuant to the terms thereof. The Term Loan shall be repaid in eighty-four ( 84 first 83 first June 2019, first January 3, 2022. The Revolving Advances are subject to the terms and conditions set forth in the Amended Loan Agreement and are made in aggregate amounts at any time equal to the lesser of ( x one may In connection with the Senior Credit Facility, the following loan documents were executed: (i) a Stock Pledge Agreement with PNC, pursuant to which the Company pledged to PNC the iBio Stock; (ii) a Mortgage and Security Agreement with PNC with IHT Properties; and (iii) an Environmental Indemnity Agreement with PNC. |
Note 5 - Significant Risks and
Note 5 - Significant Risks and Uncertainties | 6 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | Note 5. (a) Major Customers. three December 31, 2023 2022, two two three December 31, 2023 2022, six December 31, 2023 2022, two two six December 31, 2023 six December 31, 2022, two December 31 June 30, 2023, not three December 31, 2023 2022, six December 31, 2023 2022, The loss of any of these customers could have an adverse effect on the Company’s operations. Major customers are those customers who account for more than 10% (b) Other Business Risks. September 1, 2023 August 31, 2026. The Company has seen a negative impact in its margins due to inflation and tightened labor markets. The Company may not may may The Company continues to experience minimal supply chain disruptions relating to fuel refinery and transportation issues as it pertains to shipping. These issues first 19 During the first 2022, Additionally, the current Israel-Hamas war in the Middle East could negatively impact the sales and margins of the Company. Certain customers sell into Israel and the Company sources certain raw materials from Israel. If the Israel-Hamas war carries on for a significant time frame, it could have a negative impact on the sales and margins of the Company if the Company is unable to replace these sales with other sales and/or obtain the same raw materials at substantially the same price as currently paid. |
Note 6 - Leases and Other Commi
Note 6 - Leases and Other Commitments and Contingencies | 6 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 6. (a) Leases. The components of lease expense for the three December 31, 2023 2022, Three months ended December 31, 2023 2022 Related Party - Vitamin Realty Other Leases Totals Related Party - Vitamin Realty Other Leases Totals Operating lease costs $ 210 $ 42 $ 281 $ 210 $ 29 $ 239 Finance Lease Costs: Amortization of right-of use assets $ - $ 3 3 $ - $ 3 $ 3 Total finance lease cost $ - $ 3 $ 3 $ - $ 3 $ 3 The components of lease expense for the six December 31, 2023 2022, Six months ended December 31, 2023 2022 Related Party - Vitamin Realty Other Leases Totals Related Party - Vitamin Realty Other Leases Totals Operating lease costs $ 421 $ 81 $ 502 $ 421 $ 46 $ 467 Finance Lease Costs: Amortization of right-of use assets - $ 6 $ 6 $ - $ 6 $ 6 Total finance lease cost $ - $ 6 $ 6 $ - $ 6 $ 6 Rent and lease amortization costs are included in cost of sales and selling and administrative expenses in the accompanying Condensed Consolidated Statements of Operations. Operating Lease Liabilities Related Party Operating Lease Liabilities. January 5, 2012, second January 31, 2026. July 15, 2022, third July 1, 2022. Rent expense and lease amortization costs for the three December 31, 2023 2022 six December 31, 2023 2022 December 31, 2023 June 30, 2023, December 31, 2023 June 30, 2023, Other Operating Lease Liabilities. May, 2027, As of December 31, 2023, Right-of-use Assets Current Portion of Operating Lease Obligations Operating Lease Obligations Remaining Cash Commitment Vitamin Realty Leases $ 1,679 $ 788 $ 891 $ 1,755 Warehouse Lease 488 112 376 563 Transportation equipment lease 63 16 47 74 Office equipment leases 17 8 8 18 $ 2,247 $ 924 $ 1,322 $ 2,410 As of June 30, 2023, Right-of-use Assets Current Portion Operating Lease Obligations Operating Lease Obligations Remaining Cash Commitment Vitamin Realty Leases $ 2,061 $ 772 $ 1,289 $ 2,176 Warehouse lease 541 108 433 631 Office equipment leases 21 8 13 23 $ 2,623 $ 888 $ 1,735 $ 2,830 As of December 31, 2023 June 30, 2023, Financed Lease Obligation. As of each December 31, June 30, 2023, Supplemental cash flows information related to leases for the six December 31, 2023, Related Party - Vitamin Realty Other Leases Totals Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 421 $ 110 $ 531 Operating cash flows from finance leases - - - Financing cash flows from finance lease obligations - 21 21 Supplemental cash flows information related to leases for the six December 31, 2022, Related Party - Vitamin Realty Other Leases Totals Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 421 $ 46 $ 467 Operating cash flows from finance leases - - - Financing cash flows from finance lease obligations - 15 15 Maturities of operating lease liabilities as of December 31, 2023 Operating Related Party Finance Year ending Lease Operating Lease Lease June 30, Commitments Commitment Obligation Total 2024, remaining $ 84 $ 421 $ 21 $ 526 2025 169 842 7 1,018 2026 169 492 - 661 2027 169 - - 169 2028 64 - - 64 Total minimum lease payments 655 1,755 28 2,438 Imputed interest (87 ) (76 ) - (163 ) Total $ 568 $ 1,679 $ 28 $ 2,275 (b) Legal Proceedings. The Company is subject, from time to time, to claims by third |
Note 7 - Related Party Transact
Note 7 - Related Party Transactions | 6 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | Note 7. Information related to related party transactions are disclosed in Note 6 |
Note 8 - Equity Transactions an
Note 8 - Equity Transactions and Stock-based Compensation | 6 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Equity [Text Block] | Note 8. In November 2023, three ten Additionally, in July 2023, one September 30, 2023, December 21, 2023, March 31, 2024 June 30, 2024. For the three six December 31, 2023 2022, one three The Company used the following assumptions to calculate the fair value of the stock option grants using the Black-Scholes option pricing model on the measurement date during the six December 31, 2023: Risk Free Interest Rate 3.91% to 4.36 % Volatility 116.9% to 131.7 % Expected Term 7.5 to 10 years Dividend Rate 0.00 % Closing Price of Common Stock $ 0.24 Closing Price of Common Stock $ 0.26 Closing Price of Common Stock $ 0.33 The Company calculates expected volatility for a stock-based grant based on historic daily stock price observations of its common stock during the period immediately preceding the grant that is equal in length to the expected term of the grant. The expected term of the options is estimated based on the Company’s historical exercise rate and forfeiture rates are estimated based on employment termination experience. The risk free interest rate is based on U.S. Treasury yields for securities in effect at the time of grants with terms approximating the term of the grants. The assumptions used in the Black-Scholes option valuation model are highly subjective, and can materially affect the resulting valuations. A summary of the Company’s stock option activity, and related information for the six December 31, 2023 Weighted Average Exercise Options Price Outstanding as of June 30, 2023 4,376,284 $ 0.35 Granted 782,500 0.27 Exercised (150,000 ) 0.09 Terminated (11,934 ) 0.61 Expired - - Outstanding as of December 31, 2023 4,996,850 $ 0.35 Exercisable at December 31, 2023 3,942,650 $ 0.34 |
Note 9 - Segment Information an
Note 9 - Segment Information and Disaggregated Revenue | 6 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 9. and Disaggregated Revenue The basis for presenting segment results generally is consistent with overall Company reporting. The Company reports information about its operating segments in accordance with GAAP which establishes standards for reporting information about a company’s operating segments. The Company has divided its operations into two three December 31, 2023 2022 six December 31, 2023 2022 Financial information relating to the three December 31, 2023 2022 Sales, Net Segment U.S. International Gross Capital Customers Customers Total Profit Depreciation Expenditures Contract Manufacturing 2023 $ 9,424 $ 1,629 $ 11,053 $ 500 $ 78 $ 24 2022 9,768 1,914 11,682 944 92 32 Other Nutraceutical Businesses 2023 429 27 456 20 - - 2022 572 - 572 126 1 - Total Company 2023 9,853 1,656 11,509 520 78 24 2022 10,340 1,914 12,254 1,070 93 32 Financial information relating to the six December 31, 2023 2022 Sales, Net Segment U.S. International Gross Capital Customers Customers Total Profit Depreciation Expenditures Contract Manufacturing 2023 $ 20,252 $ 3,238 $ 23,490 $ 1,313 $ 154 $ 59 2022 20,770 2,473 23,243 1,767 179 82 Other Nutraceutical Businesses 2023 907 27 934 39 1 3 2022 1,337 - 1,337 300 2 - Total Company 2023 21,159 3,265 24,424 1,352 155 62 2022 22,107 2,473 24,580 2,067 181 82 Total Assets as of December 31, June 30, 2023 2023 Contract Manufacturing $ 19,496 $ 19,507 Other Nutraceutical Businesses 6,225 5,924 Total Company $ 25,721 $ 25,431 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended | 6 Months Ended |
Dec. 31, 2023 | Dec. 31, 2023 | |
Insider Trading Arr Line Items | ||
Material Terms of Trading Arrangement [Text Block] | Item 5. None. | |
Rule 10b5-1 Arrangement Adopted [Flag] | false | |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false | |
Rule 10b5-1 Arrangement Terminated [Flag] | false | |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Nature of Operations [Policy Text Block] | Nature of Operations Integrated BioPharma, Inc., a Delaware corporation (together with its subsidiaries, the “Company”), is engaged primarily in manufacturing, distributing, marketing and sales of vitamins, nutritional supplements and herbal products. The Company’s customers are located primarily in the United States and Luxembourg. The Company was originally incorporated in the state of Delaware on August 31, 1995 December 5, 2000, January 29, 2003 June 2006. The Company’s business segments include: (a) Contract Manufacturing operated by Manhattan Drug Company, Inc. (“MDC”), which manufactures vitamins and nutritional supplements for sale to distributors, multilevel marketers and specialized health-care providers and (b) Other Nutraceutical Businesses which includes the operations of (i) AgroLabs, Inc. (“AgroLabs”), which distributed healthful nutritional products for sale through major mass market, grocery and drug and vitamin retailers under the following brands: Peaceful Sleep, and Wheatgrass and other products introduced into the market using the AgroLabs name (these are referred to as our branded products); (ii) The Vitamin Factory (the “Vitamin Factory”), which sells private label MDC products, as well as our AgroLabs products, through the Internet, (iii) IHT Health Products, Inc. (“IHT”) a distributor of fine natural botanicals, including multi minerals produced under a license agreement, (iv) MDC Warehousing and Distribution, Inc. (“MDC Warehousing“), a service provider for warehousing and fulfilment services and (v) Chem International, Inc., a distributor of certain raw materials for DSM Nutritional Products LLC. The Vitamin Factory had no three six December 31, 2023 2022. |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The accompanying condensed consolidated financial statements for the interim periods are unaudited and include the accounts of Company. Intercompany transactions and accounts have been eliminated in consolidation. |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation of Interim Financial Statements The accompanying condensed consolidated financial statements for the interim periods are unaudited and include the accounts of Integrated BioPharma, Inc., a Delaware corporation (together with its subsidiaries, the “Company”). The interim condensed consolidated financial statements have been prepared in conformity with Rule 8 03 X not 10 June 30, 2023 ( 10 June 30, 2023 but does not three six December 31, 2023 not June 30, 2023 |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition. 606, five ● identification of the promised goods or services in the contract; ● determination of whether the promised goods or serves are performance obligations including whether they are distinct in the context of the contract; ● measurement of the transaction price, including the constraint on variable consideration; ● allocation of the transaction price to the performance obligations based on estimated selling prices; and ● recognition of revenue when (or as) the Company satisfies each performance obligation. A performance obligation is a promise to transfer a distinct good or service to the customer and is the unit of account in ASC 606. |
Income Tax, Policy [Policy Text Block] | Income Taxes. not not For the three December 31, 2023 2022, six December 31, 2023 2022, |
Lessee, Leases [Policy Text Block] | Leases. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most of our leases do not may The Company has lease agreements with lease and non-lease components, which are generally accounted for separately. For certain equipment leases, such as vehicles, the Company accounts for the lease and non-lease components as a single lease component. |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share. The following options and potentially dilutive shares for stock options were not three six December 31, 2023 2022: Three Months Ended Six Months Ended December 31, December 31, 2023 2022 2023 2022 Anti-dilutive stock options 4,996,850 4,597,283 4,996,850 4,597,283 Total anti-dilutive shares 4,996,850 4,597,283 4,996,850 4,597,283 |
Note 1 - Nature of Operations_2
Note 1 - Nature of Operations, Principles of Consolidation and Basis of Presentation of Interim Financial Statements (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Three Months Ended Six Months Ended December 31, December 31, 2023 2022 2023 2022 Anti-dilutive stock options 4,996,850 4,597,283 4,996,850 4,597,283 Total anti-dilutive shares 4,996,850 4,597,283 4,996,850 4,597,283 |
Note 2 - Inventories (Tables)
Note 2 - Inventories (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | December 31, June 30, 2023 2023 Raw materials $ 9,892 $ 6,859 Work-in-process 1,635 2,148 Finished goods 622 1,254 Total $ 12,149 $ 10,261 |
Note 3 - Property and Equipme_2
Note 3 - Property and Equipment, Net (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, June 30, 2023 2023 Land and building $ 1,250 $ 1,250 Leasehold improvements 1,371 1,371 Machinery and equipment 6,829 6,801 9,450 9,422 Less: Accumulated depreciation and amortization (7,892 ) (7,769 ) Total $ 1,558 $ 1,653 |
Note 6 - Leases and Other Com_2
Note 6 - Leases and Other Commitments and Contingencies (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three months ended December 31, 2023 2022 Related Party - Vitamin Realty Other Leases Totals Related Party - Vitamin Realty Other Leases Totals Operating lease costs $ 210 $ 42 $ 281 $ 210 $ 29 $ 239 Finance Lease Costs: Amortization of right-of use assets $ - $ 3 3 $ - $ 3 $ 3 Total finance lease cost $ - $ 3 $ 3 $ - $ 3 $ 3 Six months ended December 31, 2023 2022 Related Party - Vitamin Realty Other Leases Totals Related Party - Vitamin Realty Other Leases Totals Operating lease costs $ 421 $ 81 $ 502 $ 421 $ 46 $ 467 Finance Lease Costs: Amortization of right-of use assets - $ 6 $ 6 $ - $ 6 $ 6 Total finance lease cost $ - $ 6 $ 6 $ - $ 6 $ 6 |
Leases and Remaining Commitments [Table Text Block] | Right-of-use Assets Current Portion of Operating Lease Obligations Operating Lease Obligations Remaining Cash Commitment Vitamin Realty Leases $ 1,679 $ 788 $ 891 $ 1,755 Warehouse Lease 488 112 376 563 Transportation equipment lease 63 16 47 74 Office equipment leases 17 8 8 18 $ 2,247 $ 924 $ 1,322 $ 2,410 Right-of-use Assets Current Portion Operating Lease Obligations Operating Lease Obligations Remaining Cash Commitment Vitamin Realty Leases $ 2,061 $ 772 $ 1,289 $ 2,176 Warehouse lease 541 108 433 631 Office equipment leases 21 8 13 23 $ 2,623 $ 888 $ 1,735 $ 2,830 |
Supplemental Cash Flow Information, Leases [Table Text Block] | Related Party - Vitamin Realty Other Leases Totals Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 421 $ 110 $ 531 Operating cash flows from finance leases - - - Financing cash flows from finance lease obligations - 21 21 Related Party - Vitamin Realty Other Leases Totals Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 421 $ 46 $ 467 Operating cash flows from finance leases - - - Financing cash flows from finance lease obligations - 15 15 |
Lessee, Operating Lease and Finance Lease, Liability, Maturity [Table Text Block] | Operating Related Party Finance Year ending Lease Operating Lease Lease June 30, Commitments Commitment Obligation Total 2024, remaining $ 84 $ 421 $ 21 $ 526 2025 169 842 7 1,018 2026 169 492 - 661 2027 169 - - 169 2028 64 - - 64 Total minimum lease payments 655 1,755 28 2,438 Imputed interest (87 ) (76 ) - (163 ) Total $ 568 $ 1,679 $ 28 $ 2,275 |
Note 8 - Equity Transactions _2
Note 8 - Equity Transactions and Stock-based Compensation (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Risk Free Interest Rate 3.91% to 4.36 % Volatility 116.9% to 131.7 % Expected Term 7.5 to 10 years Dividend Rate 0.00 % Closing Price of Common Stock $ 0.24 Closing Price of Common Stock $ 0.26 Closing Price of Common Stock $ 0.33 |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Weighted Average Exercise Options Price Outstanding as of June 30, 2023 4,376,284 $ 0.35 Granted 782,500 0.27 Exercised (150,000 ) 0.09 Terminated (11,934 ) 0.61 Expired - - Outstanding as of December 31, 2023 4,996,850 $ 0.35 Exercisable at December 31, 2023 3,942,650 $ 0.34 |
Note 9 - Segment Information _2
Note 9 - Segment Information and Disaggregated Revenue (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Sales, Net Segment U.S. International Gross Capital Customers Customers Total Profit Depreciation Expenditures Contract Manufacturing 2023 $ 9,424 $ 1,629 $ 11,053 $ 500 $ 78 $ 24 2022 9,768 1,914 11,682 944 92 32 Other Nutraceutical Businesses 2023 429 27 456 20 - - 2022 572 - 572 126 1 - Total Company 2023 9,853 1,656 11,509 520 78 24 2022 10,340 1,914 12,254 1,070 93 32 Sales, Net Segment U.S. International Gross Capital Customers Customers Total Profit Depreciation Expenditures Contract Manufacturing 2023 $ 20,252 $ 3,238 $ 23,490 $ 1,313 $ 154 $ 59 2022 20,770 2,473 23,243 1,767 179 82 Other Nutraceutical Businesses 2023 907 27 934 39 1 3 2022 1,337 - 1,337 300 2 - Total Company 2023 21,159 3,265 24,424 1,352 155 62 2022 22,107 2,473 24,580 2,067 181 82 Total Assets as of December 31, June 30, 2023 2023 Contract Manufacturing $ 19,496 $ 19,507 Other Nutraceutical Businesses 6,225 5,924 Total Company $ 25,721 $ 25,431 |
Note 1 - Nature of Operations_3
Note 1 - Nature of Operations, Principles of Consolidation and Basis of Presentation of Interim Financial Statements (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 11,509 | $ 12,254 | $ 24,424 | $ 24,580 |
Deferred Federal Income Tax Expense (Benefit) | (76) | (4) | (70) | 17 |
Deferred State and Local Income Tax Expense (Benefit) | 6 | 14 | 13 | 44 |
Branded Products [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | $ 0 | $ 0 | $ 0 | $ 0 |
Note 1 - Nature of Operations_4
Note 1 - Nature of Operations, Principles of Consolidation and Basis of Presentation of Interim Financial Statements - Dilutive Shares For Stock Options (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Anti-dilutive stock options (in shares) | 4,996,850 | 4,597,283 | 4,996,850 | 4,597,283 |
Share-Based Payment Arrangement, Option [Member] | ||||
Anti-dilutive stock options (in shares) | 4,996,850 | 4,597,283 | 4,996,850 | 4,597,283 |
Note 2 - Inventories - Inventor
Note 2 - Inventories - Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Jun. 30, 2023 |
Raw materials | $ 9,892 | $ 6,859 |
Work-in-process | 1,635 | 2,148 |
Finished goods | 622 | 1,254 |
Total | $ 12,149 | $ 10,261 |
Note 3 - Property and Equipme_3
Note 3 - Property and Equipment, Net (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Depreciation | $ 78 | $ 93 | $ 155 | $ 181 |
Fully Depreciated Property [Member] | ||||
Property, Plant and Equipment, Disposals | 34 | $ 19 | ||
Equipment [Member] | ||||
Gain (Loss) on Disposition of Property Plant Equipment | $ (2) | $ (2) |
Note 3 - Property and Equipme_4
Note 3 - Property and Equipment, Net - Property and Equipment, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Jun. 30, 2023 |
Property and equipment, gross | $ 9,450 | $ 9,422 |
Less: Accumulated depreciation and amortization | (7,892) | (7,769) |
Total | 1,558 | 1,653 |
Land and Building [Member] | ||
Property and equipment, gross | 1,250 | 1,250 |
Leasehold Improvements [Member] | ||
Property and equipment, gross | 1,371 | 1,371 |
Machinery and Equipment [Member] | ||
Property and equipment, gross | $ 6,829 | $ 6,801 |
Note 4 - Senior Credit Facili_2
Note 4 - Senior Credit Facility (Details Textual) - Amended Loan Agreement [Member] $ in Thousands | 3 Months Ended | ||||
Mar. 16, 2023 USD ($) | May 15, 2019 | Mar. 31, 2023 | Dec. 31, 2023 USD ($) | Jun. 30, 2023 USD ($) | |
Senior Notes | $ 11,585 | $ 0 | $ 0 | ||
Debt Instrument, Debt Default, Interest Rate Basic Spread | 2% | ||||
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 0.10% | ||||
Term Loan [Member] | |||||
Debt Instrument, Face Amount | $ 3,585 | ||||
Number of Consecutive Monthly Installments | 84 | ||||
Number of Consecutive Monthly Installments, Fixed Amount | 83 | ||||
Debt Instrument, Periodic Payment, Total | $ 43 | ||||
Revolving Credit Facility [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 8,000 | ||||
Line of Credit Facility, Interest Rate at Period End | 8.50% | 8.25% | |||
Line of Credit Facility Covenant Maximum Aggregate Revolving Advance | $ 8,000 | ||||
Line of Credit Facility Covenant Aggregate Revolving Advance Receivables Advance Rate | 85% | ||||
Line of Credit Facility Covenant Aggregate Revolving Advance Inventory Advance Rate | 75% | ||||
Line of Credit Facility, Covenan,t Aggregate Revolving Advance, Appraised Liquidation Value, Inventory Advance Rate | 85% | ||||
Revolving Credit Facility [Member] | Eurodollar [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% |
Note 5 - Significant Risks an_2
Note 5 - Significant Risks and Uncertainties (Details Textual) | 3 Months Ended | 6 Months Ended | |||||
Dec. 31, 2023 | Jun. 30, 2023 | Dec. 31, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | |||||||
Number of Major Customers | 2 | ||||||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Two Customers [Member] | |||||||
Concentration Risk, Percentage | 89% | 91% | 90% | 88% | |||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Major Customer 1 [Member] | Contract Manufacturing [Member] | |||||||
Concentration Risk, Percentage | 70% | 70% | 73% | 66% | |||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Major Customer 1 [Member] | Other Nutraceutical Business [Member] | |||||||
Concentration Risk, Percentage | 40% | 81% | 41% | 66% | |||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Major Customer 2 [Member] | Contract Manufacturing [Member] | |||||||
Concentration Risk, Percentage | 23% | 25% | 21% | 27% | |||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Major Customer 2 [Member] | Other Nutraceutical Business [Member] | |||||||
Concentration Risk, Percentage | 22% | 1% | 28% | 15% | |||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Two Customers [Member] | |||||||
Concentration Risk, Percentage | 78% | 84% | |||||
Number of Major Customers | 2 | ||||||
Number of Employees, Geographic Area [Member] | Unionized Employees Concentration Risk [Member] | |||||||
Concentration Risk, Percentage | 76% |
Note 6 - Leases and Other Com_3
Note 6 - Leases and Other Commitments and Contingencies (Details Textual) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||||
Jul. 01, 2023 USD ($) | Jan. 05, 2012 USD ($) ft² | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Jul. 15, 2023 ft² | Jun. 30, 2023 USD ($) | Jan. 04, 2012 ft² | |
Operating Lease, Liability, Current | $ 924 | $ 924 | $ 888 | ||||||
Unrelated Party [Member] | |||||||||
Operating Lease, Liability | $ 568 | $ 568 | |||||||
Lessee, Operating Lease, Discount Rate | 4.96% | 4.96% | 4.41% | ||||||
Operating Lease, Weighted Average Remaining Lease Term (Year) | 2 years 6 months | 2 years 6 months | 2 years 10 months 24 days | ||||||
Lessee, Finance Lease, Discount Rate | 0% | 0% | 0% | ||||||
Finance Lease, Weighted Average Remaining Lease Term (Year) | 8 months 12 days | 8 months 12 days | 1 year 2 months 12 days | ||||||
Vitamin Realty LLC [Member] | |||||||||
Operating Lease, Expense | $ 338 | $ 321 | $ 642 | $ 637 | |||||
Operating Lease, Liability | 1,679 | 1,679 | $ 2,061 | ||||||
Vitamin Realty LLC [Member] | Accounts Payable [Member] | |||||||||
Operating Lease, Liability, Current | $ 0 | $ 0 | |||||||
Manhattan Drug Company [Member] | |||||||||
Area of Real Estate Property (Square Foot) | ft² | 76,161 | 116,175 | 74,898 | ||||||
Payments for Rent | $ 842 | $ 533 | |||||||
Chairman, Chief Executive Office and Major Stockholder [Member] | |||||||||
Percent of Ownership for Warehouse and Office Facilities Leased | 100% | ||||||||
Minimum [Member] | |||||||||
Lessee, Lease, Term of Contract (Year) | 1 year | ||||||||
Maximum [Member] | |||||||||
Lessee, Lease, Term of Contract (Year) | 5 years |
Note 6 - Leases and Other Com_4
Note 6 - Leases and Other Commitments and Contingencies - Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Operating lease costs | $ 281 | $ 239 | $ 502 | $ 467 |
Amortization of right-of use assets | 3 | 3 | 6 | 6 |
Total finance lease cost | 3 | 3 | 6 | 6 |
Unrelated Party [Member] | ||||
Operating lease costs | 42 | 29 | 81 | 46 |
Amortization of right-of use assets | 3 | 3 | 6 | 6 |
Total finance lease cost | 3 | 3 | 6 | 6 |
Vitamin Realty LLC [Member] | ||||
Operating lease costs | 210 | 210 | 421 | 421 |
Amortization of right-of use assets | 0 | 0 | 0 | 0 |
Total finance lease cost | $ 0 | $ 0 | $ 0 | $ 0 |
Note 6 - Leases and Other Com_5
Note 6 - Leases and Other Commitments and Contingencies - Leases and Commitments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Jun. 30, 2023 |
Operating lease right-of-use assets | $ 2,247 | $ 2,623 |
Operating Lease, Liability, Current | 924 | 888 |
Operating lease obligations | 1,322 | 1,735 |
Remaining cash commitment | 2,410 | 2,830 |
Operating lease obligations | 1,322 | 1,735 |
Warehouse Lease [Member] | ||
Operating lease right-of-use assets | 488 | 541 |
Operating Lease, Liability, Current | 112 | 108 |
Operating lease obligations | 376 | 433 |
Remaining cash commitment | 563 | 631 |
Operating lease obligations | 376 | 433 |
Office Equipment Leases [Member] | ||
Operating lease right-of-use assets | 17 | 21 |
Operating Lease, Liability, Current | 8 | 8 |
Operating lease obligations | 8 | 13 |
Remaining cash commitment | 18 | 23 |
Operating lease obligations | 8 | 13 |
Vitamin Realty LLC [Member] | ||
Operating lease right-of-use assets | 1,679 | 2,061 |
Operating Lease, Liability, Current | 788 | 772 |
Operating lease obligations | 891 | 1,289 |
Remaining cash commitment | 1,755 | 2,176 |
Operating lease obligations | $ 891 | $ 1,289 |
Note 6 - Leases and Other Com_6
Note 6 - Leases and Other Commitments and Contingencies - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Operating cash flows from operating leases | $ 531 | $ 467 |
Operating cash flows from finance leases | 0 | 0 |
Financing cash flows from finance lease obligations | 21 | 15 |
Unrelated Party [Member] | ||
Operating cash flows from operating leases | 110 | 46 |
Operating cash flows from finance leases | 0 | 0 |
Financing cash flows from finance lease obligations | 21 | 15 |
Vitamin Realty LLC [Member] | ||
Operating cash flows from operating leases | 421 | 421 |
Operating cash flows from finance leases | 0 | 0 |
Financing cash flows from finance lease obligations | $ 0 | $ 0 |
Note 6 - Leases and Other Com_7
Note 6 - Leases and Other Commitments and Contingencies - Minimum Rental Commitment for Long-term Non-cancelable Leases (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
2024, remaining, finance Lease Obligation | $ 21 |
2024, remaining | 526 |
2025, finance Lease Obligation | 7 |
2025 | 1,018 |
2026, finance Lease Obligation | 0 |
2026 | 661 |
2027, finance Lease Obligation | 0 |
2027 | 169 |
2028, finance Lease Obligation | 0 |
2028 | 64 |
Total minimum lease payments, Capital Lease Obligation | 28 |
Total minimum lease payments | 2,438 |
Imputed interest, Capital Lease Obligation | 0 |
Imputed interest | (163) |
Total | 2,275 |
Accounts Payable [Member] | |
Total, Capital Lease Obligation | 28 |
Vitamin Realty LLC [Member] | |
2024, remaining, Operating Lease | 421 |
2025, Operating Lease | 842 |
2026, Operating Lease | 492 |
2027, Operating Lease | 0 |
2028, Operating Lease | 0 |
Total minimum lease payments, Operating Lease | 1,755 |
Imputed interest, Operating Lease | (76) |
Total, Operating Lease | 1,679 |
Unrelated Party [Member] | |
2024, remaining, Operating Lease | 84 |
2025, Operating Lease | 169 |
2026, Operating Lease | 169 |
2027, Operating Lease | 169 |
2028, Operating Lease | 64 |
Total minimum lease payments, Operating Lease | 655 |
Imputed interest, Operating Lease | (87) |
Total, Operating Lease | $ 568 |
Note 8 - Equity Transactions _3
Note 8 - Equity Transactions and Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
Nov. 30, 2023 | Jul. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 782,500 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 0.35 | $ 0.35 | $ 0.35 | ||||
Share-Based Payment Arrangement, Option [Member] | |||||||
Share-Based Payment Arrangement, Expense | $ 61 | $ 133 | $ 86 | $ 167 | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 328 | $ 328 | |||||
Share-Based Payment Arrangement, Option [Member] | Minimum [Member] | |||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year | ||||||
Share-Based Payment Arrangement, Option [Member] | Maximum [Member] | |||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 3 years | ||||||
Share-Based Payment Arrangement, Option [Member] | Director [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 200,000 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 1 year | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 0.33 | ||||||
Share-Based Payment Arrangement, Option [Member] | Director [Member] | Share-Based Payment Arrangement, Tranche One [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage | 25% | ||||||
Share-Based Payment Arrangement, Option [Member] | Each Director [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 50,000 | ||||||
Share-Based Payment Arrangement, Option [Member] | Officers and Employees [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 3 years | ||||||
Stock Option Plan 2023 [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 582,500 | ||||||
Share-Based Payment Arrangement, Option, Exercise Price Range, Lower Range Limit (in dollars per share) | $ 0.24 | ||||||
Share-Based Payment Arrangement, Option, Exercise Price Range, Upper Range Limit (in dollars per share) | $ 0.26 | ||||||
Stock Option Plan 2023 [Member] | Share-Based Payment Arrangement, Option [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 597,500 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 3 years | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year) | 10 years |
Note 8 - Equity Transactions _4
Note 8 - Equity Transactions and Stock-based Compensation - Fair Value of Stock Option Using Black-Scholes Option Pricing Model (Details) | 6 Months Ended |
Dec. 31, 2023 $ / shares | |
Minimum [Member] | |
Risk Free Interest Rate | 3.91% |
Volatility | 116.90% |
Dividend Rate | 0% |
Closing Price of Common Stock (in dollars per share) | $ 0.24 |
Maximum [Member] | |
Risk Free Interest Rate | 4.36% |
Volatility | 131.70% |
Closing Price of Common Stock (in dollars per share) | $ 0.33 |
Median [Member] | |
Closing Price of Common Stock (in dollars per share) | $ 0.26 |
Note 8 - Equity Transactions _5
Note 8 - Equity Transactions and Stock-based Compensation - Summary of the Company's Stock Option Activity, and Related Information (Details) | 6 Months Ended |
Dec. 31, 2023 $ / shares shares | |
Balance (in shares) | shares | 4,376,284 |
Balance, weighted average exercise price (in dollars per share) | $ / shares | $ 0.35 |
Granted (in shares) | shares | 782,500 |
Granted, weighted average exercise price (in dollars per share) | $ / shares | $ 0.27 |
Exercised (in shares) | shares | (150,000) |
Exercised, weighted average exercise price (in dollars per share) | $ / shares | $ 0.09 |
Terminated (in shares) | shares | (11,934) |
Terminated, weighted average exercise price (in dollars per share) | $ / shares | $ 0.61 |
Expired (in shares) | shares | 0 |
Expired, weighted average exercise price (in dollars per share) | $ / shares | $ 0 |
Balance (in shares) | shares | 4,996,850 |
Balance, weighted average exercise price (in dollars per share) | $ / shares | $ 0.35 |
Exercisable (in shares) | shares | 3,942,650 |
Exercisable, weighted average exercise price (in dollars per share) | $ / shares | $ 0.34 |
Note 9 - Segment Information _3
Note 9 - Segment Information and Disaggregated Revenue (Details Textual) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Number of Reportable Segments | 2 | |||
Revenue from Contract with Customer, Including Assessed Tax | $ 11,509 | $ 12,254 | $ 24,424 | $ 24,580 |
Europe and Canada [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | $ 1,656 | $ 1,914 | $ 3,265 | $ 2,473 |
Note 9 - Segment Information _4
Note 9 - Segment Information and Disaggregated Revenue - Operations by Business Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2023 | |
Sales, net | $ 11,509 | $ 12,254 | $ 24,424 | $ 24,580 | |
Gross Profit | 520 | 1,070 | 1,352 | 2,067 | |
Depreciation | 78 | 93 | 155 | 181 | |
Capital Expenditures | 24 | 32 | 62 | 82 | |
Assets | 25,721 | 25,721 | $ 25,431 | ||
Contract Manufacturing [Member] | |||||
Sales, net | 11,053 | 11,682 | 23,490 | 23,243 | |
Gross Profit | 500 | 944 | 1,313 | 1,767 | |
Depreciation | 78 | 92 | 154 | 179 | |
Capital Expenditures | 24 | 32 | 59 | 82 | |
Assets | 19,496 | 19,496 | 19,507 | ||
Other Nutraceutical Business [Member] | |||||
Sales, net | 456 | 572 | 934 | 1,337 | |
Gross Profit | 20 | 126 | 39 | 300 | |
Depreciation | 0 | 1 | 1 | 2 | |
Capital Expenditures | 0 | 0 | 3 | 0 | |
Assets | 6,225 | 6,225 | $ 5,924 | ||
UNITED STATES | |||||
Sales, net | 9,853 | 10,340 | 21,159 | 22,107 | |
UNITED STATES | Contract Manufacturing [Member] | |||||
Sales, net | 9,424 | 9,768 | 20,252 | 20,770 | |
UNITED STATES | Other Nutraceutical Business [Member] | |||||
Sales, net | 429 | 572 | 907 | 1,337 | |
Non-US [Member] | |||||
Sales, net | 1,656 | 1,914 | 3,265 | 2,473 | |
Non-US [Member] | Contract Manufacturing [Member] | |||||
Sales, net | 1,629 | 1,914 | 3,238 | 2,473 | |
Non-US [Member] | Other Nutraceutical Business [Member] | |||||
Sales, net | $ 27 | $ 0 | $ 27 | $ 0 |