Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2020 | Aug. 07, 2020 | |
Document Information [Line Items] | ||
Entity Registrant Name | RELIV INTERNATIONAL INC | |
Entity Central Index Key | 0000768710 | |
Trading Symbol | relv | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 1,746,499 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Title of 12(b) Security | Common Stock, par value $0.001 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Assets | ||
Cash and cash equivalents | $ 2,730,672 | $ 1,630,779 |
Accounts receivable, less allowances of $5,000 in 2020 and 2019 | 279,920 | 107,369 |
Notes & accounts receivables and deposits - related parties | 889,022 | 1,099,228 |
Inventories | ||
Finished goods | 2,816,982 | 2,275,306 |
Raw materials | 114,023 | 305,571 |
Sales aids and promotional materials | 97,026 | 120,811 |
Total inventories | 3,028,031 | 2,701,688 |
Refundable income taxes | 249,959 | 22,406 |
Prepaid expenses and other current assets | 605,782 | 304,048 |
Total current assets | 7,783,386 | 5,865,518 |
Notes and accounts receivables - related parties | 2,361,910 | 2,418,921 |
Operating lease right-to-use assets | 317,099 | 354,440 |
Intangible assets, net | 1,609,285 | 1,722,277 |
Equity investment | 505,000 | 505,000 |
Property, plant and equipment: | ||
Land and land improvements | 905,190 | 905,190 |
Building | 10,147,386 | 10,145,005 |
Office & other equipment | 1,241,860 | 1,237,142 |
Computer equipment & software | 2,202,627 | 2,240,063 |
Property, Plant and Equipment, Gross, Ending Balance | 14,497,063 | 14,527,400 |
Less: Accumulated depreciation | 10,215,740 | 10,086,560 |
Net property, plant and equipment | 4,281,323 | 4,440,840 |
Total assets | 16,858,003 | 15,306,996 |
Accounts payable and accrued expenses: | ||
Trade accounts payable and other accrued expenses | 1,819,772 | 1,565,198 |
Distributors' commissions payable | 971,449 | 891,492 |
Sales taxes payable | 181,184 | 139,542 |
Payroll and payroll taxes payable | 198,747 | 212,716 |
Total accounts payable and accrued expenses | 3,171,152 | 2,808,948 |
Income taxes payable | 50,955 | 121,177 |
Deferred revenue | 317,630 | 322,261 |
Operating lease liabilities, current | 201,980 | 236,771 |
Revolving line of credit | 500,000 | 500,000 |
Current portion of long-term debt | 333,649 | |
Total current liabilities | 4,575,366 | 3,989,157 |
Noncurrent liabilities: | ||
Operating lease liabilities, noncurrent | 102,260 | 103,580 |
Long-term debt, less current portion | 528,351 | |
Other noncurrent liabilities | 140,511 | 112,616 |
Total noncurrent liabilities | 771,122 | 216,196 |
Stockholders' equity: | ||
Preferred stock, par value $.001 per share; 500,000 shares authorized; -0- shares issued and outstanding | 0 | 0 |
Common stock, par value $.001 per share; 5,000,000 authorized; 2,110,013 shares issued and 1,746,449 shares outstanding | 2,110 | 2,110 |
Additional paid-in capital | 30,643,771 | 30,643,771 |
Accumulated deficit | (12,292,216) | (12,755,495) |
Accumulated other comprehensive loss: | ||
Foreign currency translation adjustment | (990,727) | (937,320) |
Treasury stock | (5,851,423) | (5,851,423) |
Total stockholders' equity | 11,511,515 | 11,101,643 |
Total liabilities and stockholders' equity | $ 16,858,003 | $ 15,306,996 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Accounts receivable, allowances | $ 5,000 | $ 5,000 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 500,000 | 500,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Common stock, shares issued (in shares) | 2,110,013 | 2,110,013 |
Common stock, shares outstanding (in shares) | 1,746,449 | 1,746,449 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Net Income (Loss) and Comprehensive Income (Loss) (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Net sales | $ 8,016,560 | $ 8,257,013 | $ 18,299,225 | $ 17,746,517 |
Costs and expenses: | ||||
Cost of goods sold | 2,202,488 | 2,268,992 | 4,857,331 | 4,702,723 |
Distributor royalties and commissions | 2,590,078 | 2,665,093 | 5,918,533 | 5,782,665 |
Selling, general and administrative | 3,501,104 | 3,688,944 | 7,278,786 | 7,428,472 |
Total costs and expenses | 8,293,670 | 8,623,029 | 18,054,650 | 17,913,860 |
Income (loss) from operations | (277,110) | (366,016) | 244,575 | (167,343) |
Other income (expense): | ||||
Interest income | 39,048 | 46,218 | 78,710 | 95,480 |
Interest expense | (7,933) | (10,075) | (14,038) | (15,487) |
Other income (expense) | 100,938 | 4,768 | 30,032 | (660) |
Gain on sale of fixed assets | 434,549 | |||
Income (loss) before income taxes | (145,057) | (325,105) | 339,279 | 346,539 |
Provision (benefit) for income taxes | 54,000 | 63,000 | (124,000) | 111,000 |
Net income (loss) | (199,057) | (388,105) | 463,279 | 235,539 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustment | (13,796) | (10,458) | (53,407) | 11,753 |
Comprehensive income (loss) | $ (212,853) | $ (398,563) | $ 409,872 | $ 247,292 |
Earnings (loss) per common share - Basic & Diluted (in dollars per share) | $ (0.11) | $ (0.22) | $ 0.27 | $ 0.13 |
Weighted average shares (in shares) | 1,746,000 | 1,746,000 | 1,746,000 | 1,746,000 |
Product [Member] | ||||
Net sales | $ 7,371,162 | $ 7,603,041 | $ 16,919,979 | $ 16,414,038 |
Freight Income [Member] | ||||
Net sales | 446,707 | 479,881 | 1,004,802 | 999,822 |
Product and Service, Other [Member] | ||||
Net sales | $ 198,691 | $ 174,091 | $ 374,444 | $ 332,657 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Operating activities: | ||
Net income (loss) | $ 463,279 | $ 235,539 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 288,273 | 292,842 |
Stock-based compensation | 10,612 | |
Non-cash other revenue | (172,866) | |
Non-cash miscellaneous loss | 24,618 | |
(Gain) loss on sale of property, plant and equipment | (434,549) | |
Foreign currency transaction (gain) loss | 21,694 | 1,149 |
(Increase) decrease in trade, accounts & notes receivable, and deposits from related parties | 30,349 | (715,018) |
(Increase) decrease in inventories | (380,827) | 758,798 |
(Increase) decrease in refundable income taxes | (227,553) | (3,295) |
(Increase) decrease in prepaid expenses and other current assets | (304,407) | (295,925) |
(Increase) decrease in other assets | (68,807) | |
Increase (decrease) in income taxes payable | (71,132) | 16,148 |
Increase (decrease) in accounts payable & accrued expenses, deferred revenue, and other noncurrent liabilities | 402,018 | (293,111) |
Net cash provided by (used in) operating activities | 221,694 | (643,865) |
Investing activities: | ||
Purchase of property, plant and equipment | (17,363) | (50,180) |
Payments received on notes receivables - related parties | 64,337 | 109,984 |
Net cash provided by investing activities | 46,974 | 59,804 |
Financing activities: | ||
Proceeds from line of credit borrowings | 500,000 | |
Proceeds from long-term borrowings | 862,000 | |
Net cash provided by financing activities | 862,000 | 500,000 |
Effect of exchange rate changes on cash and cash equivalents | (30,775) | 12,808 |
Increase (decrease) in cash and cash equivalents | 1,099,893 | (71,253) |
Cash and cash equivalents at beginning of period | 1,630,779 | 1,989,974 |
Cash and cash equivalents at end of period | $ 2,730,672 | $ 1,918,721 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Treasury Stock [Member] | Total |
Balance (in shares) at Dec. 31, 2018 | 2,110,013 | 264,853 | ||||
Balance at Dec. 31, 2018 | $ 2,110 | $ 30,622,547 | $ (12,311,138) | $ (982,095) | $ (5,338,560) | $ 11,992,864 |
Net income (loss) | 623,644 | 623,644 | ||||
Foreign currency translation adjustment | 22,211 | 22,211 | ||||
Comprehensive income (loss) | 645,855 | |||||
Treasury stock acquired (Note 2) (in shares) | 99,200 | |||||
Treasury stock acquired (Note 2) | $ (540,144) | (540,144) | ||||
Other (in shares) | (489) | |||||
Other | $ 27,281 | 27,281 | ||||
Stock-based compensation | 5,306 | 5,306 | ||||
Balance (in shares) at Mar. 31, 2019 | 2,110,013 | 363,564 | ||||
Balance at Mar. 31, 2019 | $ 2,110 | 30,627,853 | (11,687,494) | (959,884) | $ (5,851,423) | 12,131,162 |
Balance (in shares) at Dec. 31, 2018 | 2,110,013 | 264,853 | ||||
Balance at Dec. 31, 2018 | $ 2,110 | 30,622,547 | (12,311,138) | (982,095) | $ (5,338,560) | 11,992,864 |
Net income (loss) | 235,539 | |||||
Foreign currency translation adjustment | 11,753 | |||||
Comprehensive income (loss) | 247,292 | |||||
Balance (in shares) at Jun. 30, 2019 | 2,110,013 | 363,564 | ||||
Balance at Jun. 30, 2019 | $ 2,110 | 30,633,159 | (12,075,599) | (970,342) | $ (5,851,423) | 11,737,905 |
Balance (in shares) at Mar. 31, 2019 | 2,110,013 | 363,564 | ||||
Balance at Mar. 31, 2019 | $ 2,110 | 30,627,853 | (11,687,494) | (959,884) | $ (5,851,423) | 12,131,162 |
Net income (loss) | (388,105) | (388,105) | ||||
Foreign currency translation adjustment | (10,458) | (10,458) | ||||
Comprehensive income (loss) | (398,563) | |||||
Stock-based compensation | 5,306 | 5,306 | ||||
Balance (in shares) at Jun. 30, 2019 | 2,110,013 | 363,564 | ||||
Balance at Jun. 30, 2019 | $ 2,110 | 30,633,159 | (12,075,599) | (970,342) | $ (5,851,423) | 11,737,905 |
Balance (in shares) at Dec. 31, 2019 | 2,110,013 | 363,564 | ||||
Balance at Dec. 31, 2019 | $ 2,110 | 30,643,771 | (12,755,495) | (937,320) | $ (5,851,423) | 11,101,643 |
Net income (loss) | 662,336 | 662,336 | ||||
Foreign currency translation adjustment | (39,611) | (39,611) | ||||
Comprehensive income (loss) | 622,725 | |||||
Balance (in shares) at Mar. 31, 2020 | 2,110,013 | 363,564 | ||||
Balance at Mar. 31, 2020 | $ 2,110 | 30,643,771 | (12,093,159) | (976,931) | $ (5,851,423) | 11,724,368 |
Balance (in shares) at Dec. 31, 2019 | 2,110,013 | 363,564 | ||||
Balance at Dec. 31, 2019 | $ 2,110 | 30,643,771 | (12,755,495) | (937,320) | $ (5,851,423) | 11,101,643 |
Net income (loss) | 463,279 | |||||
Foreign currency translation adjustment | (53,407) | |||||
Comprehensive income (loss) | 409,872 | |||||
Balance (in shares) at Jun. 30, 2020 | 2,110,013 | 363,564 | ||||
Balance at Jun. 30, 2020 | $ 2,110 | 30,643,771 | (12,292,216) | (990,727) | $ (5,851,423) | 11,511,515 |
Balance (in shares) at Mar. 31, 2020 | 2,110,013 | 363,564 | ||||
Balance at Mar. 31, 2020 | $ 2,110 | 30,643,771 | (12,093,159) | (976,931) | $ (5,851,423) | 11,724,368 |
Net income (loss) | (199,057) | (199,057) | ||||
Foreign currency translation adjustment | (13,796) | (13,796) | ||||
Comprehensive income (loss) | (212,853) | |||||
Balance (in shares) at Jun. 30, 2020 | 2,110,013 | 363,564 | ||||
Balance at Jun. 30, 2020 | $ 2,110 | $ 30,643,771 | $ (12,292,216) | $ (990,727) | $ (5,851,423) | $ 11,511,515 |
Note 1 - Accounting Policies
Note 1 - Accounting Policies | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1. Accounting Polic ies Basis of Presentation The accompanying unaudited condensed consolidated financial statements and notes thereto have been prepared in accordance with the instructions to Form 10 not may not may 10 December 31, 2019, March 27, 2020 Impact of COVID- 19 In March 2020, 19 19 March 2020. The ultimate impact of the COVID- 19 19 may 19 may may Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Due to the COVID- 19 not 10 may Concentrations of Risk Effective January 1, 2019, 2 3 Variable Interest Entities (VIE) - Unconsolidated Effective January 1, 2019, We do not not not not See Note 2 3 New Accounting Pronouncements – Not In June 2016, No. 2016 13, Credit Losses (Topic 326 may may January 1, 2023, In December 2019, No. 2019 12, Income Taxes (Topic 740 January 1, 2021, Going Concern We have incurred operating losses, declining net sales, and negative net cash flows over our most recent five not June 30, 2020, $2,730,672 may not one In the event that we do not may These actions may may not not may no |
Note 2 - Sale of Manufacturing
Note 2 - Sale of Manufacturing Operations' Assets | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 2. On January 1, 2019, ● Inventories (sold at cost of $1.56 ● Machinery and other equipment with a net book value of $565,000 $1 $435,000 Nutracom was formed by our manufacturing operations management which included former officers of the Company. Employees of our manufacturing operations were offered employment by Nutracom. Prior to its approval of the transaction, our Board of Directors formed a special committee consisting of the Board's independent directors to review the transaction. To assist in its review, the special committee engaged a qualified third Concurrently with the execution of the Purchase Agreement, we entered into several agreements with Nutracom including a product supply agreement for a term of seven seven five $193,000 $410,000 seven Nutracom provided the following consideration to us for the manufacturing operations and related identified assets and agreements: ● $1 seven 5.5%, June 1, 2019 2 ● $764,344 seven 7.0%, first two ten first October 1, 2019 2 ● Nutracom management transferred to us its ownership of 99,200 $540,144. ● Nutracom issued to us a non-voting Class B 15% not June 2020, 15% 5% ● Commencing January 1, 2020, 1.0% 1.25% Our non-voting Class B equity membership interest in Nutracom was valued by the aforementioned third $505,000. not We accounted for the aforementioned Nutracom transactions in our first 2019 Promissory Note Modification – June 1, 2019 On June 1, 2019, January 1, 2019, ● Effective June 1, 2019, $500,000 $460,583 $500,000 ● The $460,583 June 1, 2019 6.0% December 2020. January 1, 2021, $8,904 60 Promissory Note Modification – October 1, 2019 In December 2019, January 1, 2019, ● Effective October 1, 2019, January 1, 2019 $764,344 $711,163. $53,181 January 1, 2019. ● The $711,163 January 1, 2019 October 1, 2019 7.0% December 2020. January 1, 2021, $8,257, ten 60 January 1, 2026. |
Note 3 - Related Parties
Note 3 - Related Parties | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 3. The following summarizes our related party activities with Nutracom and a significant distributor of the Company. June 30 December 31 Assets and liabilities - related parties 2020 2019 Notes & accounts receivables and deposits - current Deposits with Nutracom for inventory $ 657,087 $ 941,154 Note receivable - distributor 134,597 130,629 Note receivable - Nutracom unsecured DTD 6/1/2019 40,107 - Note receivable - Nutracom unsecured DTD 10/1/2019 25,015 - Other miscellaneous receivables 32,216 27,445 $ 889,022 $ 1,099,228 Notes & accounts receivables - non-current Note receivable - distributor $ 1,083,138 $ 1,151,443 Note receivable - Nutracom unsecured DTD 6/1/2019 420,476 460,583 Note receivable - Nutracom unsecured DTD 10/1/2019 686,148 711,163 Unbilled receivables: Straight line rent revenue greater than rental billings 172,148 95,732 $ 2,361,910 $ 2,418,921 Equity investment in Nutracom $ 505,000 $ 505,000 Liability captions with Nutracom balances included therein Trade accounts payable and other accrued expenses $ 278,385 $ 430,907 The following table presents scheduled principal payments to be received on the distributor and Nutracom promissory notes receivable: Remainder of 2020 $ 66,292 2021 271,037 2022 288,294 2023 306,655 2024 326,190 Thereafter 1,131,013 $ 2,389,481 Six months ended June 30 Revenue and expense - related parties 2020 2019 Other revenue $ 374,444 $ 332,657 Selling, general and administrative expense: Fullfillment & professional fees 316,910 305,910 Interest income on promissory notes 76,210 92,668 Royalty income (other income/expense) 30,504 - Gain on sale of fixed assets - 434,549 Finished goods inventory purchased from Nutracom $ 3,768,800 $ 2,763,000 At June 30, 2020, $1.27 S upplementary Disclosure of Cash Flows Information We incurred the following noncash investing and financing transactions on January 1, 2019 2019 January 1, 2019 Sale of fixed assets $ 1,000,000 Sale of inventories 1,559,488 First year building rental received in advance 250,000 Acquire company common stock for treasury 540,144 Acquire equity investment in Nutracom 505,000 Secured promissory note received 1,000,000 Unsecured promissory note received 764,344 June 1, 2019 Secured promissory note receivable balance decreased; applied as reduction to outstanding trade accounts payable 500,000 Unsecured promissory note received in exchange for remaining secured promissory note balance and other considerations 460,583 |
Note 4 - Fair Value of Financia
Note 4 - Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 4 . Fair Value of Financial Instruments Fair value can be measured using valuation techniques such as the market approach (comparable market prices), the income approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement cost). Accounting standards utilize a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three Level 1: Level 2: not Level 3: The carrying amount and fair value of financial instruments were approximately as follows: Carrying Fair Description Amount Value Level 1 Level 2 Level 3 June 30, 2020 Revolving line of credit $ 500,000 $ 500,000 - $ 500,000 - PPP SBA note 862,000 862,000 $ 862,000 - - Note receivable - distributor 1,217,735 1,348,000 - 1,348,000 - Notes receivable - Nutracom 1,171,746 1,231,000 - - $ 1,231,000 December 31, 2019 Revolving line of credit $ 500,000 $ 500,000 - $ 500,000 - Note receivable - distributor 1,282,072 1,400,000 - 1,400,000 - Notes receivable - Nutracom 1,171,746 1,169,000 - - $ 1,169,000 Revolving line of credit thirty PPP SBA note Note receivable - distributor fifteen Note s receivable - Nutracom two third The carrying value of other financial instruments, including cash, accounts receivable and accounts payable, and accrued liabilities approximate fair value due to their short maturities or variable-rate nature of the respective balances. |
Note 5 - Debt
Note 5 - Debt | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 5 . Debt June December 31 2020 2019 Revolving line of credit $ 500,000 $ 500,000 PPP SBA note 862,000 - 1,362,000 500,000 Less current portion 833,649 500,000 Total long-term debt $ 528,351 $ - Revolving L ine of C redit On September 30, 2015, 2018 Effective with a September 11, 2018 $750,000. April 29, 2019 30 2.25%. January 2019, $500,000 Effective with a March 25, 2019 April 28, 2020 30 3.00%. $750,000. On April 28, 2020, six October 28, 2020 June 30, 2020, $500,000 3.18%. Borrowings under the lending agreement continue to be secured by all of our tangible and intangible assets and by a mortgage on the real estate of our headquarters facility. At June 30, 2020, PPP SBA Note On May 4, 2020, April 20, 2020 $862,000 March 2020 $862,000 April 20, 2022 1.0%. ● A deferral of principal repayment and interest for six ● The opportunity to apply for possible loan forgiveness for some or all of the loan amount. Our PPP SBA loan forgiveness accounting policy is to recognize, if applicable, any loan forgiveness amounts only when we have applied for loan forgiveness, forgiveness realization is probable, and the forgiveness amount is reasonably determinable. At June 30, 2020 not |
Note 6 - Income Taxes
Note 6 - Income Taxes | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 6 . Income Taxes During the fiscal years of 2016 2019, not not Under the March 2020 2018, 2019, 2020 may five first March 31, 2020, $225,000 July 2020, The effective income tax rate was ( 36.5 32.0% June 30, 2020 2019, one Tax Audits One of our foreign subsidiaries had been under local country audit for greater than ten 2004 2006. 2005 2006 November 2019. December 2019, 2004 December 31, 2019, $84,000 February 2020. During the third 2019, 2017 |
Note 7 - Revenue Recognition
Note 7 - Revenue Recognition | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 7 . Revenue Recognition We recognize revenue from product sales under a five 20 40 not We recognize the performance obligation for membership fees-type revenue over the membership term of generally twelve We record freight income as a component of net sales and record freight costs as a component of cost of goods sold. Total sales do not Other revenue is defined in Note 8 Actual and estimated sales returns are classified as a reduction of net sales. We estimate and accrue a reserve for product returns based on our return policy and historical experience. Our product returns policy allows for distributors to return product only upon termination of his or her distributorship. Allowable returns are limited to saleable product which was purchased within twelve 100% June 30, 2020 2019, 0.05% 0.07%, We classify our net sales into three Three months ended Six months ended June 30 June 30 2020 2019 2020 2019 Net sales by product category Nutritional and dietary supplements $ 6,814,003 $ 7,144,604 $ 15,657,153 $ 15,641,954 Other supplements 266,013 140,293 683,242 140,293 Sales aids, membership fees, and other 291,146 318,144 579,584 631,791 Freight income 446,707 479,881 1,004,802 999,822 Other revenue 198,691 174,091 374,444 332,657 Total net sales $ 8,016,560 $ 8,257,013 $ 18,299,225 $ 17,746,517 We operate in one six Three months ended Six months ended June 30 June 30 2020 2019 2020 2019 Net sales by geographic region United States $ 6,087,586 $ 5,904,605 $ 13,930,021 $ 13,016,378 Australia/New Zealand 118,749 132,330 288,871 309,377 Canada 125,996 140,029 284,657 339,428 Mexico 124,554 152,569 253,175 288,595 Europe (1) 602,533 756,264 1,564,625 1,694,933 Asia (2) 957,142 1,171,216 1,977,876 2,097,806 Total net sales $ 8,016,560 $ 8,257,013 $ 18,299,225 $ 17,746,517 ( 1 Europe consists of United Kingdom, Ireland, France, Germany, Austria, and the Netherlands. ( 2 Asia consists of Philippines and Malaysia. |
Note 8 - Lease Revenue
Note 8 - Lease Revenue | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Lessor, Leases [Policy Text Block] | 8. Other revenue consists of revenue derived from leasing a portion of our headquarters building to Nutracom effective January 1, 2019. seven five $193,000 $410,000 seven We recognize lessor rent revenue on a straight-line basis over the term of the lease. As part of this straight-line methodology, the cumulative rental billings may Also included in other revenue are billings to the tenant for its share of the facility's common area costs such as real estate taxes, maintenance, and utilities; totaling approximately $201,600 $159,800 six June 30, 2020 2019, The following table details lessor's estimated remaining straight-line rent revenue over the seven Estimated Straight-line Lease Agreement Rent Revenue Fixed Rent Remainder of 2020 $ 172,866 $ 96,450 2021 345,732 385,800 2022 345,732 385,800 2023 345,732 385,800 2024 345,732 409,913 Thereafter 345,733 409,912 Total $ 1,901,527 $ 2,073,675 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying unaudited condensed consolidated financial statements and notes thereto have been prepared in accordance with the instructions to Form 10 not may not may 10 December 31, 2019, March 27, 2020 |
Effect of Covid-19 Pandemic Policy Text Block | Impact of COVID- 19 In March 2020, 19 19 March 2020. The ultimate impact of the COVID- 19 19 may 19 may may |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Due to the COVID- 19 not 10 may |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations of Risk Effective January 1, 2019, 2 3 |
Consolidation, Variable Interest Entity, Policy [Policy Text Block] | Variable Interest Entities (VIE) - Unconsolidated Effective January 1, 2019, We do not not not not See Note 2 3 |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements – Not In June 2016, No. 2016 13, Credit Losses (Topic 326 may may January 1, 2023, In December 2019, No. 2019 12, Income Taxes (Topic 740 January 1, 2021, |
Going Concern [Policy Text Block] | Going Concern We have incurred operating losses, declining net sales, and negative net cash flows over our most recent five not June 30, 2020, $2,730,672 may not one In the event that we do not may These actions may may not not may no |
Note 3 - Related Parties (Table
Note 3 - Related Parties (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Related Party Transactions [Table Text Block] | June 30 December 31 Assets and liabilities - related parties 2020 2019 Notes & accounts receivables and deposits - current Deposits with Nutracom for inventory $ 657,087 $ 941,154 Note receivable - distributor 134,597 130,629 Note receivable - Nutracom unsecured DTD 6/1/2019 40,107 - Note receivable - Nutracom unsecured DTD 10/1/2019 25,015 - Other miscellaneous receivables 32,216 27,445 $ 889,022 $ 1,099,228 Notes & accounts receivables - non-current Note receivable - distributor $ 1,083,138 $ 1,151,443 Note receivable - Nutracom unsecured DTD 6/1/2019 420,476 460,583 Note receivable - Nutracom unsecured DTD 10/1/2019 686,148 711,163 Unbilled receivables: Straight line rent revenue greater than rental billings 172,148 95,732 $ 2,361,910 $ 2,418,921 Equity investment in Nutracom $ 505,000 $ 505,000 Liability captions with Nutracom balances included therein Trade accounts payable and other accrued expenses $ 278,385 $ 430,907 Six months ended June 30 Revenue and expense - related parties 2020 2019 Other revenue $ 374,444 $ 332,657 Selling, general and administrative expense: Fullfillment & professional fees 316,910 305,910 Interest income on promissory notes 76,210 92,668 Royalty income (other income/expense) 30,504 - Gain on sale of fixed assets - 434,549 Finished goods inventory purchased from Nutracom $ 3,768,800 $ 2,763,000 |
Schedule of Principal Payments on Notes Receivables - Related Parties [Table Text Block] | Remainder of 2020 $ 66,292 2021 271,037 2022 288,294 2023 306,655 2024 326,190 Thereafter 1,131,013 $ 2,389,481 |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | 2019 January 1, 2019 Sale of fixed assets $ 1,000,000 Sale of inventories 1,559,488 First year building rental received in advance 250,000 Acquire company common stock for treasury 540,144 Acquire equity investment in Nutracom 505,000 Secured promissory note received 1,000,000 Unsecured promissory note received 764,344 June 1, 2019 Secured promissory note receivable balance decreased; applied as reduction to outstanding trade accounts payable 500,000 Unsecured promissory note received in exchange for remaining secured promissory note balance and other considerations 460,583 |
Note 4 - Fair Value of Financ_2
Note 4 - Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Carrying Fair Description Amount Value Level 1 Level 2 Level 3 June 30, 2020 Revolving line of credit $ 500,000 $ 500,000 - $ 500,000 - PPP SBA note 862,000 862,000 $ 862,000 - - Note receivable - distributor 1,217,735 1,348,000 - 1,348,000 - Notes receivable - Nutracom 1,171,746 1,231,000 - - $ 1,231,000 December 31, 2019 Revolving line of credit $ 500,000 $ 500,000 - $ 500,000 - Note receivable - distributor 1,282,072 1,400,000 - 1,400,000 - Notes receivable - Nutracom 1,171,746 1,169,000 - - $ 1,169,000 |
Note 5 - Debt (Tables)
Note 5 - Debt (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | June December 31 2020 2019 Revolving line of credit $ 500,000 $ 500,000 PPP SBA note 862,000 - 1,362,000 500,000 Less current portion 833,649 500,000 Total long-term debt $ 528,351 $ - |
Note 7 - Revenue Recognition (T
Note 7 - Revenue Recognition (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three months ended Six months ended June 30 June 30 2020 2019 2020 2019 Net sales by product category Nutritional and dietary supplements $ 6,814,003 $ 7,144,604 $ 15,657,153 $ 15,641,954 Other supplements 266,013 140,293 683,242 140,293 Sales aids, membership fees, and other 291,146 318,144 579,584 631,791 Freight income 446,707 479,881 1,004,802 999,822 Other revenue 198,691 174,091 374,444 332,657 Total net sales $ 8,016,560 $ 8,257,013 $ 18,299,225 $ 17,746,517 |
Revenue from External Customers by Geographic Areas [Table Text Block] | Three months ended Six months ended June 30 June 30 2020 2019 2020 2019 Net sales by geographic region United States $ 6,087,586 $ 5,904,605 $ 13,930,021 $ 13,016,378 Australia/New Zealand 118,749 132,330 288,871 309,377 Canada 125,996 140,029 284,657 339,428 Mexico 124,554 152,569 253,175 288,595 Europe (1) 602,533 756,264 1,564,625 1,694,933 Asia (2) 957,142 1,171,216 1,977,876 2,097,806 Total net sales $ 8,016,560 $ 8,257,013 $ 18,299,225 $ 17,746,517 |
Note 8 - Lease Revenue (Tables)
Note 8 - Lease Revenue (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity [Table Text Block] | Estimated Straight-line Lease Agreement Rent Revenue Fixed Rent Remainder of 2020 $ 172,866 $ 96,450 2021 345,732 385,800 2022 345,732 385,800 2023 345,732 385,800 2024 345,732 409,913 Thereafter 345,733 409,912 Total $ 1,901,527 $ 2,073,675 |
Note 1 - Accounting Policies (D
Note 1 - Accounting Policies (Details Textual) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Cash and Cash Equivalents, at Carrying Value, Ending Balance | $ 2,730,672 | $ 1,630,779 |
Note 2 - Sale of Manufacturin_2
Note 2 - Sale of Manufacturing Operations' Assets (Details Textual) - USD ($) | Oct. 01, 2019 | Jun. 01, 2019 | Jan. 01, 2019 | Jun. 30, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | Sep. 30, 2019 |
Lessor, Operating Lease, Term of Contract (Year) | 7 years | ||||||
Lessor, Operating Lease, Renewal Term (Year) | 5 years | ||||||
Nutracom, LLC [Member] | |||||||
Supply Commitment, Term (Year) | 7 years | ||||||
Lessor, Operating Lease, Term of Contract (Year) | 7 years | ||||||
Lessor, Operating Lease, Renewal Term (Year) | 5 years | ||||||
Shares Transferred From Related Parties (in shares) | 99,200 | ||||||
Shares Transferred From Related Parties, Value | $ 540,144 | ||||||
Equity Interest Issued from Related Parties as Consideration | 15.00% | ||||||
Equity Method Investment, Ownership Percentage | 5.00% | ||||||
Equity Interest Issued from Related Parties as Consideration, Value | $ 505,000 | ||||||
Increase (Decrease) in Notes Receivables | $ (500,000) | ||||||
Secured Promissory Note Exchanged for Unsecured Promissory Note | 460,583 | ||||||
Nutracom, LLC [Member] | Secured Promissory Note [Member] | |||||||
Notes Receivable, Related Parties, Noncurrent | $ 1,000,000 | ||||||
Notes Receivable, Related Parties, Term (Year) | 7 years | ||||||
Notes Receivable, Related Parties, Interest Rate | 5.50% | ||||||
Increase (Decrease) in Notes Receivable, Related Parties | (500,000) | ||||||
Nutracom, LLC [Member] | Unsecured Promissory Note, 7 Percent Interest Rate [Member] | |||||||
Notes Receivable, Related Parties, Noncurrent | $ 711,163 | $ 764,344 | $ 686,148 | $ 711,163 | $ 764,344 | ||
Notes Receivable, Related Parties, Term (Year) | 7 years | ||||||
Notes Receivable, Related Parties, Interest Rate | 7.00% | 7.00% | |||||
Notes Receivable, Interest Only Period (Year) | 2 years | ||||||
Notes Receivable, Related Parties, Amortization Period (Year) | 10 years | 10 years | |||||
Increase (Decrease) in Notes Receivables | $ (53,181) | ||||||
Notes Receivable, Principal and Interest Payments | $ 8,257 | ||||||
Notes Receivable, Payment Term (Month) | 5 years | ||||||
Unsecured Promissory Note Exchanged for Unsecured Promissory Note | $ 711,163 | ||||||
Nutracom, LLC [Member] | Unsecured Promissory Note, 6 Percent Interest Rate [Member] | |||||||
Notes Receivable, Related Parties, Noncurrent | $ 460,583 | $ 420,476 | $ 460,583 | ||||
Notes Receivable, Related Parties, Interest Rate | 6.00% | ||||||
Notes Receivable, Principal and Interest Payments | $ 8,904 | ||||||
Notes Receivable, Payment Term (Month) | 5 years | ||||||
Nutracom, LLC [Member] | Minimum [Member] | |||||||
Operating Lease, Lease Annual Income | $ 193,000 | ||||||
Percentage of Annual Revenues of Non-related Parties from Equity Interest | 1.00% | ||||||
Nutracom, LLC [Member] | Maximum [Member] | |||||||
Operating Lease, Lease Annual Income | 410,000 | ||||||
Percentage of Annual Revenues of Non-related Parties from Equity Interest | 1.25% | ||||||
Machinery and Other Equipment Sold to Nutracom [Member] | |||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 435,000 | ||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Inventories Sold to Nutracom [Member] | |||||||
Disposal Group, Including Discontinued Operation, Consideration | 1,560,000 | ||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Machinery and Other Equipment Sold to Nutracom [Member] | |||||||
Disposal Group, Including Discontinued Operation, Consideration | 1,000,000 | ||||||
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment, Current | $ 565,000 |
Note 3 - Related Parties (Detai
Note 3 - Related Parties (Details Textual) $ in Thousands | Jun. 30, 2020USD ($) |
Purchase Obligation, Total | $ 1,270 |
Note 3 - Related Parties - Rela
Note 3 - Related Parties - Related Party Activities (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | Oct. 01, 2019 | Sep. 30, 2019 | Jun. 01, 2019 | Jan. 01, 2019 | |
Total notes & accounts receivables and deposits | $ 889,022 | $ 889,022 | $ 1,099,228 | ||||||
Total noncurrent notes receivables | 2,361,910 | 2,361,910 | 2,418,921 | ||||||
Equity investment in Nutracom | 505,000 | 505,000 | 505,000 | ||||||
Other revenue | 374,444 | $ 332,657 | |||||||
Fullfillment & professional fees | 316,910 | 305,910 | |||||||
Interest income on promissory notes | 76,210 | 92,668 | |||||||
Gain on sale of fixed assets | 434,549 | ||||||||
Unbilled Revenues [Member] | |||||||||
Unbilled receivables: Straight line rent revenue greater than rental billings | 172,148 | 172,148 | 95,732 | ||||||
Nutracom, LLC [Member] | |||||||||
Deposits with Nutracom for inventory | 657,087 | 657,087 | 941,154 | ||||||
Equity investment in Nutracom | 505,000 | 505,000 | 505,000 | ||||||
Trade accounts payable and other accrued expenses | 278,385 | 278,385 | 430,907 | ||||||
Gain on sale of fixed assets | 434,549 | ||||||||
Finished goods inventory purchased from Nutracom | 3,768,800 | 2,763,000 | |||||||
Nutracom, LLC [Member] | Other Income [Member] | |||||||||
Royalty income (other income/expense) | 30,504 | ||||||||
Nutracom, LLC [Member] | Unsecured Promissory Note, 6 Percent Interest Rate [Member] | |||||||||
Note receivable, current | 40,107 | 40,107 | |||||||
Note receivable, noncurrent | 420,476 | 420,476 | 460,583 | $ 460,583 | |||||
Nutracom, LLC [Member] | Unsecured Promissory Note, 7 Percent Interest Rate [Member] | |||||||||
Note receivable, current | 25,015 | 25,015 | |||||||
Note receivable, noncurrent | 686,148 | 686,148 | 711,163 | $ 711,163 | $ 764,344 | $ 764,344 | |||
Distributor [Member] | |||||||||
Note receivable, current | 134,597 | 134,597 | 130,629 | ||||||
Note receivable, noncurrent | 1,083,138 | 1,083,138 | 1,151,443 | ||||||
Nutracom LLC and Distributor [Member] | |||||||||
Total notes & accounts receivables and deposits | $ 32,216 | $ 32,216 | $ 27,445 |
Note 3 - Related Parties - Sche
Note 3 - Related Parties - Schedule of Principal Payments (Details) - Nutracom LLC and Distributor [Member] | Jun. 30, 2020USD ($) |
Remainder of 2020 | $ 66,292 |
2021 | 271,037 |
2022 | 288,294 |
2023 | 306,655 |
2024 | 326,190 |
Thereafter | 1,131,013 |
Total Notes Receivables | $ 2,389,481 |
Note 3 - Related Parties - Supp
Note 3 - Related Parties - Supplemental Cash Flow Information (Details) - USD ($) | Jun. 01, 2019 | Jan. 01, 2019 | Mar. 31, 2019 |
Acquire company common stock for treasury | $ 540,144 | ||
Nutracom, LLC [Member] | |||
Acquire company common stock for treasury | $ 540,144 | ||
Acquire equity investment in Nutracom | 505,000 | ||
Secured promissory note receivable balance decreased; applied as reduction to outstanding trade accounts payable | $ 500,000 | ||
Unsecured promissory note received in exchange for remaining secured promissory note balance and other considerations | $ 460,583 | ||
Nutracom, LLC [Member] | Sale of Fixed Assets [Member] | |||
Sale of fixed assets | 1,000,000 | ||
Nutracom, LLC [Member] | Sale of Inventories [Member] | |||
Sale of fixed assets | 1,559,488 | ||
Nutracom, LLC [Member] | First Year Building Rental Received in Advance [Member] | |||
First year building rental received in advance | 250,000 | ||
Nutracom, LLC [Member] | Secured Promissory Note [Member] | |||
Promissory note received | 1,000,000 | ||
Nutracom, LLC [Member] | Unsecured Promissory Note Received [Member] | |||
Promissory note received | $ 764,344 |
Note 4 - Fair Value of Financ_3
Note 4 - Fair Value of Financial Instruments - Summary of Financial Instruments (Details) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Reported Value Measurement [Member] | ||
Revolving line of credit | $ 500,000 | |
Revolving line of credit | $ 500,000 | |
Reported Value Measurement [Member] | Distributor [Member] | ||
Note receivable | 1,217,735 | 1,282,072 |
Reported Value Measurement [Member] | Nutracom, LLC [Member] | ||
Note receivable | 1,171,746 | 1,171,746 |
Reported Value Measurement [Member] | SBA CARES Act Paycheck Protection Program [Member] | ||
Note payable | 862,000 | |
Estimate of Fair Value Measurement [Member] | ||
Revolving line of credit | 500,000 | |
Revolving line of credit | 500,000 | |
Estimate of Fair Value Measurement [Member] | Distributor [Member] | ||
Note receivable | 1,348,000 | 1,400,000 |
Estimate of Fair Value Measurement [Member] | Nutracom, LLC [Member] | ||
Note receivable | 1,231,000 | 1,169,000 |
Estimate of Fair Value Measurement [Member] | SBA CARES Act Paycheck Protection Program [Member] | ||
Note payable | 862,000 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Revolving line of credit | ||
Revolving line of credit | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Distributor [Member] | ||
Note receivable | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Nutracom, LLC [Member] | ||
Note receivable | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | SBA CARES Act Paycheck Protection Program [Member] | ||
Note payable | 862,000 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Revolving line of credit | 500,000 | |
Revolving line of credit | 500,000 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Distributor [Member] | ||
Note receivable | 1,348,000 | 1,400,000 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Nutracom, LLC [Member] | ||
Note receivable | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | SBA CARES Act Paycheck Protection Program [Member] | ||
Note payable | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Revolving line of credit | ||
Revolving line of credit | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Distributor [Member] | ||
Note receivable | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Nutracom, LLC [Member] | ||
Note receivable | 1,231,000 | $ 1,169,000 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | SBA CARES Act Paycheck Protection Program [Member] | ||
Note payable |
Note 5 - Debt (Details Textual)
Note 5 - Debt (Details Textual) - USD ($) | Mar. 25, 2019 | Sep. 11, 2018 | Jun. 30, 2020 | Apr. 20, 2020 | Dec. 31, 2019 | Jan. 31, 2019 |
Line of Credit, Current | $ 500,000 | $ 500,000 | ||||
Paycheck Protection Program CARES Act [Member] | ||||||
Debt Instrument, Face Amount | $ 862,000 | |||||
Revolving Credit Facility [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 750,000 | $ 750,000 | ||||
Line of Credit, Current | $ 500,000 | $ 500,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.18% | |||||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | 2.25% |
Note 5 - Debt - Schedule of Deb
Note 5 - Debt - Schedule of Debt (Details) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Revolving line of credit | $ 500,000 | $ 500,000 |
Long-term debt | 1,362,000 | 500,000 |
Less current portion | 833,649 | 500,000 |
Total long-term debt | 528,351 | |
Paycheck Protection Program CARES Act [Member] | ||
PPP SBA note | $ 862,000 |
Note 6 - Income Taxes (Details
Note 6 - Income Taxes (Details Textual) - USD ($) | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Mar. 31, 2020 | Dec. 31, 2019 | |
Income Tax Expense (Benefit), Total | $ 225,000 | |||
Effective Income Tax Rate Reconciliation, Percent, Total | (36.50%) | 32.00% | ||
Foreign Tax Authority [Member] | Tax Year 2004 [Member] | ||||
Income Tax Examination, Liability (Refund) Adjustment from Settlement with Taxing Authority | $ 84,000 |
Note 7 - Revenue Recognition (D
Note 7 - Revenue Recognition (Details Textual) | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Contract with Customer, Returns as Percent of Net Sales | 0.05% | 0.07% |
Number of Reportable Segments | 1 | |
Number of Operating Segments | 6 | |
Minimum [Member] | ||
Contract with Customer, Distributor Discount | 20.00% | |
Maximum [Member] | ||
Contract with Customer, Distributor Discount | 40.00% |
Note 7 - Revenue Recognition -
Note 7 - Revenue Recognition - Net Sales by Product Category (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Net Revenues | $ 8,016,560 | $ 8,257,013 | $ 18,299,225 | $ 17,746,517 |
Nutritional and Dietary Supplements [Member] | ||||
Net Revenues | 6,814,003 | 7,144,604 | 15,657,153 | 15,641,954 |
Other Supplements [Member] | ||||
Net Revenues | 266,013 | 140,293 | 683,242 | 140,293 |
Sales Aids, Membership Fees, and Other [Member] | ||||
Net Revenues | 291,146 | 318,144 | 579,584 | 631,791 |
Freight Income [Member] | ||||
Net Revenues | 446,707 | 479,881 | 1,004,802 | 999,822 |
Service, Other [Member] | ||||
Net Revenues | $ 198,691 | $ 174,091 | $ 374,444 | $ 332,657 |
Note 7 - Revenue Recognition _2
Note 7 - Revenue Recognition - Net Sales by Geographic Region (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | ||
Net Revenues | $ 8,016,560 | $ 8,257,013 | $ 18,299,225 | $ 17,746,517 | |
UNITED STATES | |||||
Net Revenues | 6,087,586 | 5,904,605 | 13,930,021 | 13,016,378 | |
Australia, New Zealand [Member] | |||||
Net Revenues | 118,749 | 132,330 | 288,871 | 309,377 | |
CANADA | |||||
Net Revenues | 125,996 | 140,029 | 284,657 | 339,428 | |
MEXICO | |||||
Net Revenues | 124,554 | 152,569 | 253,175 | 288,595 | |
Europe [Member] | |||||
Net Revenues | [1] | 602,533 | 756,264 | 1,564,625 | 1,694,933 |
Asia [Member] | |||||
Net Revenues | [2] | $ 957,142 | $ 1,171,216 | $ 1,977,876 | $ 2,097,806 |
[1] | Europe consists of United Kingdom, Ireland, France, Germany, Austria, and the Netherlands. | ||||
[2] | Asia consists of Philippines and Malaysia. |
Note 8 - Lease Revenue (Details
Note 8 - Lease Revenue (Details Textual) - USD ($) | Jan. 01, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 |
Lessor, Operating Lease, Term of Contract (Year) | 7 years | ||||
Lessor, Operating Lease, Renewal Term (Year) | 5 years | ||||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | $ 8,016,560 | $ 8,257,013 | $ 18,299,225 | $ 17,746,517 | |
CAM Lease Revenue Billed [Member] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | $ 201,600 | $ 159,800 | |||
Minimum [Member] | |||||
Operating Lease, Lease Income, Lease Payments | $ 193,000 | ||||
Maximum [Member] | |||||
Operating Lease, Lease Income, Lease Payments | $ 410,000 |
Note 8 - Leases - Operating Lea
Note 8 - Leases - Operating Lease, Payments to be Received (Details) | Jun. 30, 2020USD ($) |
Fixed-price Contract [Member] | |
Remainder of 2020 | $ 96,450 |
2021 | 385,800 |
2022 | 385,800 |
2023 | 385,800 |
2024 | 409,913 |
Thereafter | 409,912 |
Total | 2,073,675 |
Valuation Technique, Straight-Line [Member] | |
Remainder of 2020 | 172,866 |
2021 | 345,732 |
2022 | 345,732 |
2023 | 345,732 |
2024 | 345,732 |
Thereafter | 345,733 |
Total | $ 1,901,527 |