Document and Entity Information
Document and Entity Information - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 29, 2023 | Dec. 31, 2023 | Mar. 25, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | ||||
Entity Registrant Name | SCOTT’S LIQUID GOLD-INC. | |||
Entity Central Index Key | 0000088000 | |||
Document Type | 10-K | |||
Document Period End Date | Dec. 31, 2023 | |||
Amendment Flag | false | |||
Document Fiscal Year Focus | 2023 | |||
Document Fiscal Period Focus | FY | |||
Current Fiscal Year End Date | --12-31 | |||
Entity Well-known Seasoned Issuer | No | |||
Entity Voluntary Filers | No | |||
Entity Filer Category | Non-accelerated Filer | |||
Entity Small Business | true | |||
Entity Shell Company | false | |||
Entity Emerging Growth Company | false | |||
Entity Public Float | $ 2,510,508 | |||
Entity Common Stock, Shares Outstanding | 13,006,162 | |||
Entity File Number | 001-13458 | |||
Entity Incorporation, State or Country Code | CO | |||
Entity Tax Identification Number | 84-0920811 | |||
Entity Address, Address Line One | 8400 E. Crescent Parkway | |||
Entity Address, Address Line Two | Suite 450 | |||
Entity Address, City or Town | Greenwood Village | |||
Entity Address, State or Province | CO | |||
Entity Address, Postal Zip Code | 80111 | |||
City Area Code | (303) | |||
Local Phone Number | 373-4860 | |||
Document Transition Report | false | |||
Entity Current Reporting Status | Yes | |||
Entity Interactive Data Current | Yes | |||
Document Annual Report | true | |||
Title of 12(g) Security | Common Stock, $0.10 Par Value | |||
Document Financial Statement Error Correction | false | |||
ICFR Auditor Attestation Flag | false | |||
Auditor Name | Plante & Moran, PLLC | Weinberg & Company, P.A. | ||
Auditor Location | Broomfield, Colorado | Los Angeles, California | ||
Auditor Firm ID | 166 | 572 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Statement [Abstract] | ||
Net sales | $ 3,403 | $ 2,980 |
Cost of sales | 1,956 | 1,607 |
Gross profit | 1,447 | 1,373 |
Operating expenses: | ||
Advertising | 330 | 641 |
Selling | 1,528 | 2,928 |
General and administrative | 3,053 | 3,059 |
Intangible asset amortization | 180 | 232 |
Impairment of long-lived assets | 1,471 | 4,427 |
Total operating expenses | 6,562 | 11,287 |
Loss from operations | (5,115) | (9,914) |
Interest income | 68 | |
Interest expense | (145) | (141) |
Loss before income taxes and discontinued operations | (5,192) | (10,055) |
Income tax expense | (9) | (63) |
Loss from continuing operations | (5,201) | (10,118) |
Income from discontinued operations, net of taxes | 5,581 | 1,267 |
Net income (loss) | $ 380 | $ (8,851) |
Basic net loss per common shares: | ||
Loss from continuing operations | $ (0.4) | $ (0.79) |
Income from discontinued operations | 0.43 | 0.09 |
Net income (loss) | 0.03 | (0.7) |
Diluted net loss per common shares: | ||
Loss from continuing operations | (0.4) | (0.79) |
Income from discontinued operations | 0.43 | 0.09 |
Net income (loss) | $ 0.03 | $ (0.7) |
Weighted average shares outstanding: | ||
Basic | 12,927 | 12,758 |
Diluted | 12,927 | 12,758 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash | $ 3,677 | $ 49 |
Restricted cash | 250 | |
Accounts receivable, net | 307 | 1,730 |
Due from buyers | $ 145 | $ 103 |
Other Receivable, after Allowance for Credit Loss, Current, Related Party, Type [Extensible Enumeration] | us-gaap:RelatedPartyMember | us-gaap:RelatedPartyMember |
Inventories | $ 365 | $ 775 |
Income taxes receivable | 239 | |
Prepaid expenses | 207 | 243 |
Assets of discontinued operations | 4,261 | |
Total current assets | 4,951 | 7,400 |
Intangible assets, net | 793 | |
Operating lease right-of-use assets | 1,376 | 2,491 |
Other assets | 40 | 47 |
Total assets | 6,367 | 10,731 |
Current liabilities: | ||
Accounts payable | 544 | 1,407 |
Accrued expenses | 19 | 311 |
Current portion of long-term debt, net of debt issuance costs | 3,384 | |
Operating lease liabilities, current portion | 291 | 270 |
Total current liabilities | 854 | 5,372 |
Operating lease liabilities, net of current | 2,221 | 2,512 |
Other liabilities | 27 | 27 |
Total liabilities | 3,102 | 7,911 |
Shareholders’ equity: | ||
Preferred stock, no par value, authorized 20,000 shares; no shares issued and outstanding | ||
Common Stock; $0.10 par value, authorized 50,000 shares; issued and outstanding 13,006 shares (2023) and 12,797 shares (2022) | 1,301 | 1,280 |
Capital in excess of par | 7,956 | 7,912 |
Accumulated deficit | (5,992) | (6,372) |
Total shareholders’ equity | 3,265 | 2,820 |
Total liabilities and shareholders’ equity | $ 6,367 | $ 10,731 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0 | $ 0 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock par value | $ 0.10 | $ 0.10 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 13,006,000 | 12,797,000 |
Common stock, shares outstanding | 13,006,000 | 12,797,000 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Capital in Excess of Par | (Accumulated Deficit) Retained Earnings |
Beginning Balance, Value at Dec. 31, 2021 | $ 11,541 | $ 1,273 | $ 7,789 | $ 2,479 |
Beginning Balance, Shares at Dec. 31, 2021 | 12,727 | 12,727 | ||
Stock-based compensation, Value | $ 89 | 89 | ||
Restricted stock unit vesting | 41 | $ 7 | 34 | |
Restricted stock unit vesting, Shares | 70 | |||
Net income (loss) | (8,851) | (8,851) | ||
Ending Balance, Value at Dec. 31, 2022 | $ 2,820 | $ 1,280 | 7,912 | (6,372) |
Ending Balance, Shares at Dec. 31, 2022 | 12,797 | 12,797 | ||
Stock-based compensation, Value | $ (63) | $ 20 | 43 | |
Stock-based compensation, Shares | 200 | |||
Restricted stock unit vesting | 2 | $ 1 | 1 | |
Restricted stock unit vesting, Shares | 9 | |||
Net income (loss) | 380 | 380 | ||
Ending Balance, Value at Dec. 31, 2023 | $ 3,265 | $ 1,301 | $ 7,956 | $ (5,992) |
Ending Balance, Shares at Dec. 31, 2023 | 13,006 | 13,006 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 380 | $ (8,851) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
Depreciation and amortization | 326 | 622 |
(Gain) loss on disposal of discontinued operations | (4,565) | 155 |
Stock-based compensation | 65 | 130 |
Impairment of inventories | 461 | |
Impairment of long-lived assets | 1,471 | 5,172 |
Change in operating assets and liabilities: | ||
Accounts receivable | 1,423 | 1,786 |
Inventories | 967 | 194 |
Prepaid expenses and other assets | 1 | 82 |
Income taxes receivable | 239 | 81 |
Accounts payable, accrued expenses, and other liabilities | (1,168) | (1,681) |
Total adjustments to net income (loss) | (1,241) | 7,002 |
Net cash used in operating activities | (861) | (1,849) |
Cash flows from investing activities: | ||
Purchase of software | (142) | |
Proceeds from sale of discontinued operations | 8,243 | 480 |
Net cash provided by investing activities | 8,243 | 338 |
Cash flows from financing activities: | ||
Proceeds from term loans | 250 | |
Repayments on term loans | (1,250) | (2,000) |
Proceeds from revolving credit facility | 2,795 | 25,816 |
Repayments of revolving credit facility | (5,299) | (23,526) |
Net cash (used in) provided by financing activities | (3,504) | 290 |
Net increase (decrease) in cash and restricted cash | 3,878 | (1,221) |
Cash and restricted cash, beginning of period | 49 | 1,270 |
Cash and restricted cash, end of period | 3,927 | 49 |
Supplemental disclosures: | ||
Cash paid during the period for interest | $ 132 | $ 316 |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Organization and Summary of Significant Accounting Policies | Note 1. Organization and Summary of Significant Accounting Policies (a) Company Background Scott’s Liquid Gold-Inc., a Colorado corporation was incorporated on February 15, 1954. Scott’s Liquid Gold-Inc. and its wholly-owned subsidiaries (collectively, the “Company,” “we,” “our,” or “us”) develop, market and sell high quality products. Our business is comprised of one household products segment. On December 19, 2023, Scott’s Liquid Gold-Inc. (the “Company”), Horizon Kinetics LLC (“Horizon Kinetics”) and HKNY ONE, LLC, a wholly-owned subsidiary of the Company (“Merger Sub”) entered into an Agreement and Plan of Merger (the “Merger Agreement”), providing for the acquisition of Horizon Kinetics by the Company. The Merger Agreement provides that, upon the terms and subject to the conditions set forth in the Merger Agreement, upon obtaining the requisite shareholder approval, (i) the Company will convert from a Colorado to a Delaware corporation, increase its authorized shares of common stock and change its name and (ii) Merger Sub will be merged with and into Horizon Kinetics, with Horizon Kinetics being the surviving entity (collectively, the "Merger"). (b) Principles of Consolidation Our Consolidated Financial Statements include our accounts and those of our wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated. On September 15, 2023, we entered into and consummated a Stock Purchase Agreement (the “Stock Purchase Agreement”) with Neoteric Beauty Holdings, LLC, a Delaware limited liability company (the “Neoteric Buyer”), pursuant to which the Company agreed to sell 100 % of the outstanding stock of our wholly owned subsidiary Neoteric Cosmetics, Inc. (“Neoteric”) to the Neoteric Buyer. Neoteric owned and operated the Denorex ® , Zincon ® , and Neoteric Diabetic Skin Care ® brands. We have reflected the operations of the Neoteric brands as discontinued operations for all periods presented. The Neoteric brands were previously classified under our health and beauty care products segment. See Note 3 for further information. Effective June 30, 2023, we entered into, and in July 2023 we closed, a purchase agreement with a buyer, pursuant to which we agreed to sell all of our right, title and interest in and to certain assets of the Alpha ® Skin Care brand. We have reflected the operations of the Alpha ® Skin Care brand as discontinued operations for all periods presented. The Alpha product line was previously classified under our health and beauty care products segment. See Note 3 for further information. Effective June 30, 2023 we entered into, and in July 2023 closed, a purchase agreement with a buyer, pursuant to which we agreed to sell all of our right, title and interest in and to certain assets of the BIZ ® brand. We have reflected the operations of the BIZ® brand as discontinued operations for all periods presented. The BIZ ® product line was previously classified under our household products segment. See Note 3 for further information. On January 23, 2023, we entered into an asset purchase agreement with a buyer, pursuant to which we agreed to sell all of our right, title and interest in and to certain assets of the Scott's Liquid Gold ® brand, including the Wood Care and Floor Restore products. We have reflected the operations of the Scott's Liquid Gold ® brand as discontinued operations for all periods presented, which was previously classified under our household products segment. See Note 3 for further information. On December 15, 2022, we entered into an asset purchase agreement with a buyer, pursuant to which we agreed to sell to all of our right, title and interest in and to certain assets of the Prell ® product line. We have reflected the operations the Prell ® product line as discontinued operations for all periods presented, which was previously classified under our household products segment. See Note 3 for further information. (c) Basis of Presentation The accompanying Consolidated Financial Statements have been prepared in accordance with GAAP and pursuant to the rules and regulations of the Securities and Exchange Commission. Certain previously reported financial information related to executive salaries in the amount of $ 273 for the year ended December 31, 2022 has been reclassified from selling expenses to general and administrative expenses to conform to the current year’s presentation. (d) Use of Estimates The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts in our financial statements of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include, but are not limited to, the realization of deferred tax assets, reserves for slow moving and obsolete inventory, customer returns and allowances, intangible asset useful lives and amortization method, future cash flows associated with impairment testing of goodwill, right of use and other long-lived assets, assumptions used in stock-based compensation, and realization of deferred tax assets. Actual results could differ from our estimates. (e) Cash and Restricted Cash Cash and restricted cash consist of the following: December 31, 2023 December 31, 2022 Cash $ 3,677 $ 49 Restricted Cash 250 - $ 3,927 $ 49 (f) Inventories Valuation Inventories consist of raw materials and finished goods and are stated at the lower of cost (first-in, first-out method) or net realizable value, which is defined as the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. We specifically identify impairment write downs for slow moving and obsolete products and raw materials based upon, among other things, an assessment of historical and anticipated sales of our products. In the event that actual results differ from our estimates, the results of future periods may be impacted. (g) Leases Lease assets and lease liabilities are recognized at the commencement of an arrangement where it is determined at inception that a lease exists. Lease assets represent the right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. These assets and liabilities are initially recognized based on the present value of lease payments over the lease term calculated using our incremental borrowing rate generally applicable to the location of the lease asset, unless the implicit rate is readily determinable. Lease terms include options to extend or terminate the lease when it is reasonably certain that those options will be exercised. Certain nonlease components, such as maintenance and other services provided by the lessor, are included in the valuation of the lease. Leases with an initial term of 12 months or less, which are not material to our financial statements, are not recorded on the balance sheet, and the expense for these short-term leases and for operating leases is recognized on a straight-line basis over the lease term. Lease agreements with lease and nonlease components are combined as a single lease component. In accordance with our accounting policy for impairment of long-lived assets, operating lease right-of-use assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset group to which the operating lease right-of-use asset is assigned may not be recoverable. We evaluate the recoverability of the asset group based on forecasted undiscounted cash flows. See Note 7 “Leases” for additional information on our leases, including the operating lease right-of-use asset impairment charges recorded during the year ended December 31, 2023. (h) Goodwill and Intangible Assets Goodwill is subject to impairment tests at least annually or when events or changes in circumstances indicate that an asset may be impaired. Other intangible assets with finite lives, such as customer relationships, trade names, and formulas, are amortized over their estimated useful lives, generally ranging from 5 to 20 years . Amortization expense related to intangible assets is included in operating expenses on the Consolidated Statement of Operations. Internal-use software costs recognized as an intangible asset relates to capitalizable costs of computer software obtained for internal-use as defined by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 350-40-30-1. All other internal-use software costs are expensed as incurred by the Company. In the second quarter of 2022, our internal-use software was implemented for its intended use with an estimated useful life of five years . Amortization expense is recorded on a straight-line basis and is included in general and administrative expenses on the Consolidated Statements of Operations. During the year ended December 31, 2023, as part of our annual assessment of the recoverability of goodwill and intangible assets, we determined that the carrying value of the internal-use software would not be recoverable and recorded an impairment charge. See Note 5 “Goodwill and Intangible Assets” for additional information. (i) Financial Instruments Financial instruments which potentially subject us to concentrations of credit risk include cash and cash equivalents and accounts receivable. We maintain our cash balances in the form of bank demand deposits with financial institutions that we believe are creditworthy. We establish an allowance for doubtful accounts, which is generally not material to our financial statements, based upon factors surrounding the credit risk of specific customers, historical trends and other information. We have no significant financial instruments with off-balance sheet risk of accounting loss, such as foreign exchange contracts, option contracts or other foreign currency hedging arrangements. The recorded amounts for cash and cash equivalents, restricted cash, receivables, other current assets, accounts payable, and accrued expenses approximate fair value due to the short-term nature of these financial instruments. (j) Income Taxes Income taxes reflect the tax effects of transactions reported in the Consolidated Financial Statements and consist of taxes currently payable plus deferred income taxes related to certain income and expenses recognized in different periods for financial and income tax reporting purposes. Deferred income tax assets and liabilities are recognized for the future income tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases. A valuation allowance is established when it is more-likely-than-not that some portion or all of a deferred tax asset will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the period in which related temporary differences become deductible. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Taxes are reported based on tax positions that meet a more-likely-than-not standard and that are measured at the amount that is more-likely-than-not to be realized. Differences between financial and tax reporting which do not meet this threshold are required to be recorded as unrecognized tax benefits or expense. We classify penalty and interest expense related to income tax liabilities as an income tax expense. There are no significant interest and penalties recognized in the Consolidated Statements of Operations or accrued on the Consolidated Balance Sheets. (k) Revenue Recognition Our revenue recognition policy is significant because the amount and timing of revenue is a key component of our results of operations. Certain criteria are required to be met in order to recognize revenue. If these criteria are not met, then the associated revenue is deferred until it is met. When consideration is received in advance of the delivery of goods or services, a contract liability is recorded. Our revenue contracts are identified when purchase orders are received and accepted from customers and represent a single performance obligation to sell our products to a customer. Net sales reflect the transaction prices for contracts, which include products shipped at selling list prices reduced by variable consideration. Variable consideration includes estimates for expected customer allowances, promotional programs for consumers, and sales returns. Based on our customer-by-customer history, our variable consideration estimates are generally accurate and subsequent adjustments are generally immaterial. Variable consideration is primarily comprised of customer allowances. Customer allowances primarily include reserves for trade promotions to support price features, displays, slotting fees, and other merchandising of our products to our customers. Promotional programs for consumers primarily include coupons, rebates, and certain other promotional programs, and do not represent a significant portion of variable consideration. The costs of customer allowances and promotional programs for consumers are estimated using either the expected value or most likely amount approach, depending on the nature of the allowance, using all reasonably available information, including our historical experience and current expectations. Customer allowances and promotional programs for consumers are reflected in the transaction price when sales are recorded. We may adjust our estimates based on actual results and consideration of other factors that cause allowances. In the event that actual results differ from our estimates, the results of future periods may be impacted. Sales returns are generally not material to our financial statements, and do not comprise a significant portion of variable consideration. Estimates for sales returns are based on, among other things, an assessment of historical trends, information from customers, and anticipated returns related to current sales activity. These estimates are established in the period of sale and reduce our revenue in that period. Sales are recorded at the time that control of the products is transferred to customers. In evaluating the timing of the transfer of control of products to customers, we consider several indicators, including significant risks and rewards of products, our right to payment, and the legal title of the products. Based on the assessment of control indicators, sales are generally recognized when products are delivered to customers. We have also established an allowance for doubtful accounts. We estimate this allowance based upon, among other things, an assessment of the credit risk of specific customers and historical trends. We believe our allowance for doubtful accounts is adequate to absorb any losses which may arise. In the event that actual losses differ from our estimates, the results of future periods may be impacted. Customer allowances for trade promotions and allowance for doubtful accounts at December 31 were as follows: 2023 2022 Trade promotions $ 41 $ 46 Allowance for doubtful accounts 9 9 $ 50 $ 55 (l) Advertising Costs We expense advertising costs as incurred. (m) Stock-Based Compensation We account for share based payments by recognizing compensation expense based upon the estimated fair value of the awards on the date of grant. We determine the estimated grant-date fair value of stock options with only service conditions using the Black-Scholes option pricing model. In order to calculate the fair value of the options, certain assumptions are made regarding the components of the model, including the estimated fair value of underlying common stock, risk-free interest rate, volatility, expected dividend yield and expected option life. Changes to the assumptions could cause significant adjustments to the valuation. We recognize compensation costs ratably over the vesting period using the straight-line method, which approximates the service period. The Company issues restricted stock unit ("RSUs") awards with restrictions that lapse upon the passage of time (service vesting) and satisfaction of market conditions targeted to our Company’s stock price. For those RSU awards with only service vesting, the Company recognizes compensation cost on a straight-line basis over the service period. For awards with both market and service conditions, the Company starts recognizing compensation cost over the requisite service period, with the effect of the market conditions reflected in the calculation of the award's fair value at grant date. The Company values awards with only service vesting requirements based on the grant date share price. The Company values awards with market and service conditions using a Monte Carlo simulation. The Company determines the requisite service period for awards with both market and service conditions based on the longer of the explicit service period and the derived service period. Stock awards that contain market vesting conditions are included in the computations of diluted earnings per share reflecting the average number of shares that would be issued based on the highest 30-day average market price at the end during the reporting periods, if their effect is dilutive. If the condition is based on an average of market prices over some period of time, the corresponding average for the period is used. (n) Operating Costs and Expenses Classification Cost of sales includes costs associated with purchasing finished goods from contract manufacturers, labor, freight-in, quality control, repairs, maintenance, and other indirect costs. We classify freight-out as selling expenses. Other selling expenses consist primarily of costs for sales and sales support personnel, brokerage commissions and promotional costs. Freight-out costs included in selling expenses totaled $ 228 and $ 162 , for the years ended December 31, 2023 and 2022, respectively. General and administrative expenses consist primarily of wages and benefits associated with management and administrative support departments, business insurance costs, professional fees, office facility related expenses and other general support costs. On April 29, 2021, the Company announced that Mark E. Goldstein, the President and Chief Executive Officer of the Company and a member of the Board of Directors, retired effective as of April 26, 2021 . In connection with Mr. Goldstein’s retirement, the Company and Mr. Goldstein entered into a Separation Agreement, Waiver and Release (the “Separation Agreement”), pursuant to which the Company will pay Mr. Goldstein $ 720 in severance payments (equal to 18 months base salary) over a period of 30 months and reimbursement for the costs of continuing health benefits for a period of 18 months. Severance costs of $ 805 were recognized and are included in general and administrative expenses. Final payments associated with the Separation Agreement were satisfied in the fourth quarter of 2023. Accrued severance costs are included in accrued expenses on the Consolidated Balance Sheets as of December 31, 2022. (o) Supplier Finance Programs In September 2022, the FASB issued ASU No. 2022-04, “Liabilities-Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations.” This ASU requires a buyer that uses supplier finance programs to make annual disclosures about the programs’ key terms, the balance sheet presentation of related amounts, the confirmed amount outstanding at the end of the period and associated roll-forward information. The guidance was effective for the Company beginning on January 1, 2023, except for the roll-forward information, which is effective beginning on January 1, 2024. This guidance has not had and is not expected to have a material impact on the Company’s Consolidated Financial Statements. During 2022, we entered into an agreement with a third-party financial institution and an agreement with an insurance agency which allows us to obtain extended payment terms for our insurance policies. The insurance policies can be canceled by the Company at any time with 10 days’ notice. The financial institution may cancel this agreement after providing 10 days’ notice if the Company does not pay any installment payment according to the terms of the agreement. We do not provide any forms of guarantees under these agreements. Payments of our obligations are included in cash flows from operating activities in the Consolidated Statements of Cash Flows. Outstanding confirmed amounts are $ 0 and $ 218 as of December 31, 2023 and December 31, 2022, respectively, which will be recognized on the Consolidated Financial Statements as payments are due. (p) Recently Issued Accounting Standards In December 2023, the FASB issued ASU No. 2023-09, "Income Taxes (Topic 740) Improvements to Income Tax Disclosures" ("ASU 2023-09") enhancing the transparency and decision usefulness of income tax disclosures. ASU 2023-09 addresses investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The amendments in ASU 2023-09 are applied on a prospective basis, though retrospective application is permitted. We are in the process of evaluating its impact on our Consolidated Financial Statements and related disclosures. Other recent accounting pronouncements and guidance issued by the FASB, its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company's present or future financial statements. |
Liquidity
Liquidity | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Liquidity | Note 2. Liquidity The accompanying Consolidated Financial Statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. Primarily due to a decline in net sales, disruption of our international sales to China, and increases in costs associated with the manufacture and distribution of our products, the Company sustained significant losses from operations in several reporting periods since 2019, had experienced cash used in operations in excess of its current cash position, and had an accumulated deficit as of December 31, 2022. As such, the Company previously believed at December 31, 2022 that it would require additional liquidity to continue its operations over the next 12 months. As a result of the sales of our various brands as disclosed in Note 3 to the Consolidated Financial Statements, we fully repaid all long-term debt, and as of December 31, 2023, have a cash balance of $ 3,927 , working capital of $ 4,097 , and shareholders’ equity of $ 3,265 . While, absent any other actions, our operating activities are still expected to result in negative cash flows, we now expect to have enough liquidity to finance operations for the next 12 months. Management has implemented actions to reduce the Company’s operating expenses through asset sales, consolidation of vendors, personnel reductions, and will continue to pursue additional actions to further reduce operating losses. In addition, the Company has entered into the Merger Agreement with Horizon Kinetics, which is expected to significantly change the nature of our operations (see Note 13 "Subsequent Events"). The ability to continue as a going concern is dependent on the Company attaining and maintaining profitable operations in the future or raising additional capital to meet its obligations and repay its liabilities arising from normal business operations when they come due. No assurance can be given that any future financing will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, it may contain undue restrictions on our operations, in the case of debt financing, or cause substantial dilution for our stockholders, in case of equity financing, or grant unfavorable terms in licensing future licensing agreements . |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Note 3. Discontinued Operations Neoteric Cosmetics, Inc. On September 15, 2023, we entered into and consummated a Stock Purchase Agreement with Neoteric Beauty Holdings, LLC, a Delaware limited liability company, pursuant to which the Company agreed to sell 100 % of the outstanding stock of our wholly owned subsidiary Neoteric Cosmetics, Inc. ("Neoteric") to the Neoteric Buyer. Neoteric owned and operated the Denorex ® , Zincon ® , and Neoteric Diabetic Skin Care ® brands. The closing consideration paid to the Company was $ 1,750 , with an initial deposit of $ 175 paid on September 5, 2023. The operations of the Neoteric brands have been classified as income from discontinued operations for all periods presented. As part of the Stock Purchase Agreement, we agreed to maintain at least $ 250 in accounts at our primary bank for a period of nine months following closing which is designated as restricted cash on the Consolidated Balance Sheets. Concurrent with the entry into the Stock Purchase Agreement, the Company entered into a transition services agreement with the Neoteric Buyer where both parties would perform certain identified services related to the operations of the brands contemplated in the Stock Purchase Agreement. This transition services agreement has a term of 90 days which can be extended by the Neoteric Buyer for up to three additional 30 day periods or extended as consented by both parties. Alpha ® Skin Care Effective June 30, 2023, we entered into, and in July 2023 we closed, a purchase agreement with a buyer, pursuant to which we agreed to sell all of our right, title and interest in and to certain assets of the Alpha ® Skin Care brand. The Company received payments of $ 2,500 and $ 200 in July 2023 and August 2023, respectively, representing total consideration for the sale of the Alpha Skin Care brand in the amount of $ 2,700 . The operations of Alpha ® have been classified as income from discontinued operations for all periods presented. Concurrent with the entry into the Alpha ® Purchase Agreement, the Company entered into a transition services agreement with the buyer where both parties would perform certain identified services related to the operations of the brands contemplated in the Alpha ® Purchase Agreement. This transition services agreement had a term of 90 days which could be extended by the buyer for up to three additional 30 day periods or extended as consented by both parties, and concluded in accordance with the end of its term during the first quarter of 2024. BIZ ® Effective June 30, 2023, we entered into, and in July 2023 we closed, a purchase agreement with a buyer, pursuant to which we agreed to sell all of our right, title and interest in and to certain assets of the BIZ ® brand. The transactions contemplated by the BIZ ® Purchase Agreement were consummated on July 7, 2023. The total consideration paid to us was $ 1,000 , plus an amount equal to the value of the BIZ ® inventory, valued at $ 946 as of the effective date of the agreement, subject to post-close adjustment. The operations of BIZ ® have been classified as income from discontinued operations for all periods presented. Concurrent with the entry into the BIZ ® Purchase Agreement, the Company entered into a transition services agreement with the buyer where both parties would perform certain identified services related to the operations of the brands contemplated in the BIZ ® Purchase Agreement. This transition services agreement had a term of 90 days which could be extended by the buyer for up to three additional 30 day periods or extended as consented by both parties, and was concluded in accordance with the end of its term on December 31, 2023. Scott's Liquid Gold ® Wood Care and Scott's Liquid Gold ® Floor Restore On January 23, 2023, we entered into an asset purchase agreement with a buyer, pursuant to which we agreed to sell all of our right, title and interest in and to certain assets of the Scott's Liquid Gold ® Wood Care and Scott's Liquid Gold ® Floor Restore product lines. The total consideration paid to us was $ 800 , plus an amount equal to the value of the Scott's Liquid Gold ® Wood Care and Scott's Liquid Gold ® Floor Restore inventory of $ 1,136 , subject to post-close adjustment. The Company may continue to use the name “Scott’s Liquid Gold” and “SLG” in a manner consistent with all past and current practices for a period of eighteen months following the closing date of the asset purchase agreement, at which point the Company may only use the aforementioned names in connection with retaining records and other historical documentation. Concurrent with the entry into the asset purchase agreement, the Company entered into a transition services agreement with the buyer where both parties would perform certain identified services related to the operations of the brands contemplated in the asset purchase agreement, and was concluded in accordance with the end of its term on July 22, 2023. Additionally, the buyer will pay a royalty equal to 2 % of gross sales for two years after the closing date (the "Scott's Liquid Gold ® Royalty"). The Scott's Liquid Gold ® Royalty resulted in recognition of a gain upon the sale of assets. Because the Scott's Liquid Gold ® Royalty is variable consideration and is contingent on the outcome of future events that are largely outside of the Company’s control, the variable consideration from the Scott's Liquid Gold ® Royalty was initially fully constrained and no amount was included in the results from discontinued operations. During the year ended December 31, 2023, we assessed the variable consideration and concluded that the volatility of external factors continue to exist and, as a result, consideration for the Scott's Liquid Gold ® Royalty continues to be recognized as received from the buyer. The constraint on the variable consideration will be reassessed at each subsequent reporting period. We have reflected the operations of the Scott's Liquid Gold ® product lines as discontinued operations. Prell ® On December 15, 2022, we entered into an asset purchase agreement with a buyer, pursuant to which we agreed to sell to all of our right, title and interest in and to certain assets of the Prell ® product line. The total consideration paid to us was $ 150 , plus an amount equal to the value of the Prell ® inventory of $ 330 , subject to post-close adjustment. Additionally, the buyer will pay a royalty equal to 3 % of collections on net sales for four years after the closing date (the “Prell ® Royalty”). The Prell ® Royalty resulted in recognition of a gain upon the sale of assets. Because the Prell ® Royalty is variable consideration and is contingent on the outcome of future events that are largely outside of the Company’s control, the variable consideration from the Prell ® Royalty was initially fully constrained and no amount was included in the results from discontinued operations. During the year ended December 31, 2023, we assessed the variable consideration and concluded that the volatility of external factors continue to exist and, as a result, consideration continues to be recognized as received from the buyer. The constraint on the variable consideration will be reassessed at each subsequent reporting period. We have reflected the operations of the Prell ® product line as discontinued operations. Concurrent with the entry into the asset purchase agreement, the Company entered into a transition services agreement with the buyer where both parties would perform certain identified services related to the operations of the brands contemplated in the asset purchase agreement and was concluded in accordance with the end of its term on June 15, 2023. Our Consolidated Balance Sheets and Consolidated Statements of Operations report discontinued operations separate from continuing operations. Our Consolidated Statements of Equity and Statements of Cash Flows combine the results of continuing and discontinued operations. A summary of financial information related to our discontinued operations is as follows: Reconciliation of the Line Items Constituting Pretax Loss from Discontinued Operations to the After-Tax Loss from Discontinued Operations in the Consolidated Statements of Operations for the years ended December 31: 2023 Neoteric Alpha ® BIZ ® Scott's Liquid Gold ® Prell ® Total Net sales $ 2,173 $ 851 $ 2,283 $ 114 $ 6 $ 5,427 Cost of sales 1,164 284 1,577 76 72 3,173 Gross profit 1,009 567 706 38 ( 66 ) 2,254 Operating expenses: Advertising - 55 1 - - 56 Selling 342 141 436 28 - 947 General and administrative 47 22 12 22 - 103 Intangible asset amortization 14 - 12 - - 26 Income (loss) from discontinued operations 606 349 245 ( 12 ) ( 66 ) 1,122 Gain on sale of discontinued operations 1,501 1,585 692 787 4,565 Interest expense - - ( 88 ) ( 18 ) - ( 106 ) Income (loss) from discontinued operations $ 2,107 $ 1,934 $ 849 $ 757 $ ( 66 ) $ 5,581 2022 Neoteric Alpha ® BIZ ® Scott's Liquid Gold ® Prell ® Total Net sales $ 2,606 $ 2,232 $ 4,680 $ 4,072 $ 3,140 $ 16,730 Cost of sales 1,265 1,312 3,437 1,838 1,977 9,829 Gross profit 1,341 920 1,243 2,234 1,163 6,901 Operating expenses: Selling 471 529 1,467 807 832 4,106 General and administrative - - - - 14 14 Intangible asset amortization 46 - 74 - 47 167 Impairment of long-lived assets 194 - 551 - - 745 Income (loss) from discontinued operations 630 391 ( 849 ) 1,427 270 1,869 Loss on sale of discontinued operations - - - - ( 155 ) ( 155 ) Interest expense - - ( 176 ) ( 217 ) ( 54 ) ( 447 ) Income (loss) from discontinued operations $ 630 $ 391 $ ( 1,025 ) $ 1,210 $ 61 $ 1,267 The following table presents the cash flows from discontinued operations for the years ended December 31: 2023 2022 Net cash provided by operating activities - discontinued operations $ 1,599 $ 2,271 Net cash provided by investing activities - discontinued operations $ 8,243 $ 480 There were no capital expenditures, depreciation expense, or significant operating and investing noncash items related to discontinued operations during the years ended December 31, 2023 and 2022, respectively. Reconciliation of Major Classes of Assets of the Discontinued Operations to Amounts Presented Separately in the Consolidated Balance Sheets as of: December 31, 2022 Neoteric Alpha ® BIZ ® Scott's Liquid Gold ® Total Assets Current assets: Inventories $ 322 $ 1,268 $ 1,092 $ 1,235 $ 3,917 Intangible assets, net 113 - 231 - 344 Assets of discontinued operations $ 435 $ 1,268 $ 1,323 $ 1,235 $ 4,261 There were no assets of discontinued operations related to Prell ® in the above table. There were no assets of discontinued operations related to Neoteric, Alpha ® , BIZ ® , Scott's Liquid Gold ® , or Prell ® as of December 31, 2023. The following summarizes the carrying values of assets and the resulting in the gain on sale of discontinued operations associated with Neoteric, Alpha ® , BIZ ® , Scott's Liquid Gold ® , and Prell ® at the date of disposition: Year Ended December 31, 2023 Year Ended December 31, 2022 Neoteric Alpha ® BIZ ® Scott's Liquid Gold ® Total Prell ® Total Inventories $ 150 $ 1,115 $ 946 $ 1,149 $ 3,360 $ 330 $ 330 Trade names 59 - 145 - 204 152 152 Formulas 40 - 71 - 111 153 153 Non-compete agreement - - 3 - 3 - - Intangible assets, net 99 - 219 - 318 305 305 Proceeds from sale 1,750 2,700 1,857 1,936 8,243 480 480 Gain (loss) on sale of discontinued operations $ 1,501 $ 1,585 $ 692 $ 787 $ 4,565 $ ( 155 ) $ ( 155 ) |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 4. Inventories Inventories, consisting of materials, labor and overhead at December 31 were comprised of the following: 2023 2022 Finished goods $ 365 $ 677 Raw materials - 98 $ 365 $ 775 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Note 5. Goodwill and Intangible Assets There were no carrying amounts of goodwill as of and during the year ended December 31, 2023. The changes in the carrying amount of goodwill by reporting unit for the fiscal years ended December 31, 2022 were as follows: All-Purpose Balance, January 1, 2022 $ 1,710 Additions - Impairment ( 1,710 ) Balance, December 31, 2022 $ - Intangible assets consisted of the following: As of December 31, 2023 As of December 31, 2022 Gross Carrying Amount Accumulated Amortization Net Carrying Value Gross Carrying Amount Accumulated Amortization Net Carrying Value Intangible assets: Internal-use software $ - $ - $ - $ 898 $ 105 $ 793 The change in the net carrying amounts of intangible assets during 2023 was primarily due to the impact of impairment charges related to internal-use software in our reporting units more fully described below and amortization expense. Amortization expense for the years ended December 31, 2023 and 2022 was $ 179 and $ 232 , respectively. There is no estimated amortization expense for 2024 and subsequent years. During the year 2023, we continued to experience a significant decline in our stock price and market capitalization and revised internal forecasts relating to all reporting units due to sales of brands, which resulted in an impairment charge to our internal use software in our Corporate reporting unit through our annual assessments conducted on December 31, 2023, we concluded that the changes in circumstances in this reporting unit triggered the need for a quantitative review of the carrying values of the intangible assets and resulted in impairment charges to our Corporate reporting unit. During the second quarter of 2022, we experienced a significant decline in our stock price and market capitalization and revised internal forecasts relating to all reporting units due to inflationary related pressures at our customers which have caused sales decreases, which resulted in impairment charges to goodwill and certain intangible assets in our All-Purpose reporting unit. We made revisions to the internal forecasts relating to all reporting units during the fourth quarter of 2022 due primarily to the sale of our Prell ® brand as well as the impact of rising costs associated with the manufacture and distribution of our products. Through our annual assessments conducted on December 31, 2022, we concluded that the changes in circumstances in these reporting units triggered the need for a quantitative review of the carrying values of goodwill and certain intangible assets and resulted in an impairment charge to our All-Purpose reporting unit. During the years ended December 31, 2023 and 2022, we incurred the impairment charges to the following reporting units: 2023 2022 Operating lease right-of-use assets Intangible Assets Goodwill Total Operating lease right-of-use assets Intangible Assets Goodwill Total All-Purpose $ - $ - $ - $ - $ - $ 2,717 $ 1,710 $ 4,427 Corporate 858 613 - 1,471 - - - - $ 858 $ 613 $ - $ 1,471 $ - $ 2,717 $ 1,710 $ 4,427 The Company used the income approach and market approach to determine the fair value of the reporting units that required significant judgments and estimates by management regarding several key inputs, including future cash flows consistent with management’s strategic plans, sales growth rates and the selection of royalty rate and a discount rate, among others. Estimating sales growth rates requires significant judgment by management in areas such as future economic conditions, category and industry growth rates, product pricing, consumer tastes and preferences and future expansion expectations. |
Long-Term Debt and Line-of-Cred
Long-Term Debt and Line-of-Credit | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Long-Term Debt and Line-of-Credit | Note 6. Long-Term Debt and Line-of-Credit UMB Loan Agreement On July 1, 2020, we entered into a Loan and Security Agreement (as amended, the “UMB Loan Agreement”) with UMB Bank, N.A. Under the UMB Loan Agreement we obtained a $ 3,000 term loan, with equal monthly payments fully amortized over three years which was repaid in full in the second quarter of 2022, and a revolving credit facility, with a maximum commitment of $ 4,000 bearing interest at the one-month term SOFR rate + 6.83 % with a floor of 7.75 %. The UMB Loan Agreement was terminated on February 27, 2023 and the revolving credit facility was paid in full on February 28, 2023. The loans were secured by all of the assets of the Company and its subsidiaries. Unamortized loan costs were $ 0 and $ 100 as of December 31, 2023 and December 31, 2022, respectively. Amortization of loan costs for the year ended December 31, 2023 was $ 100 , including $ 83 that were expensed as a result of the termination of the UMB Loan Agreement. Amortization of loan costs for the year ended December 31, 2022 was $ 197 . La Plata Loan Agreement On November 9, 2021 , we entered into a loan and security agreement (as amended, the “La Plata Loan Agreement”) with La Plata Capital, LLC (“La Plata”). Under the La Plata Loan Agreement, we obtained a $ 2,000 term loan that bears interest at 14 % and a $ 250 term loan that bears interest at 15 %. We repaid $ 1,000 of principal against the La Plata Loan Agreement during the first quarter of 2022. Unamortized loan costs were $ 0 and $ 20 as of December 31, 2023 and December 31, 2022, respectively. Amortization of loan costs for the year ended December 31, 2023 and 2022 were $ 20 and $ 21 , respectively. On July 7, 2023, the La Plata term loans were paid in full and the La Plata Loan Agreement was terminated. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases | Note 7. Leases We have entered into a lease for our corporate headquarters with a remaining lease term of 7 years. This lease includes both lease and non-lease components, which are accounted for as a single lease component as we have elected the practical expedient to combine these components for all leases. As the lease does not provide an implicit rate, we calculated the right-of-use assets and lease liabilities using our secured incremental borrowing rate at the lease commencement date. We currently do not have any finance leases outstanding. As part of our continued cost savings initiative in response to negative future recurring cash flows, on November 29, 2023, the Company entered into a sublease agreement with a third party, effective April 1, 2024 through March 31, 2027 , with an option to extend through the remainder of the lease term in March 2030. The sublease calls for annual base rent of $ 280 for the first year with increases of approximately 2.5 % each year thereafter. This action caused us to assess the carrying value of our operating lease right-of-use asset compared to the undiscounted cash flows of the sublease and resulted in recording an impairment expense during the fourth quarter of 2023 in the amount of $ 858 . The operating lease impairment charges reduce the carrying value of the associated right of use asset to the estimated fair value. There was no impairment charge to the operating lease right-of-use asset during the year ended December 31, 2022. Information related to leases was as follows: 2023 2022 Operating lease information: Operating lease cost $ 406 $ 400 Operating cash flows from operating leases 406 400 Net assets obtained in exchange for new operating lease liabilities - - Weighted average remaining lease term in years 6.92 7.92 Weighted average discount rate 5.1 % 5.1 % Future minimum annual lease payments are as follows: 2024 413 2025 420 2026 427 2027 434 2028 441 Thereafter 864 Total minimum lease payments $ 2,999 Less imputed interest ( 487 ) Total operating lease liability $ 2,512 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 8. Income Taxes The provision for income tax attributable to continuing operations for the years ended December 31 is as follows: 2023 2022 Current provision: Federal $ ( 1 ) $ 63 State 10 - Total current provision 9 63 Deferred provision: Federal - - State - - Total deferred provision - - Provision: Federal ( 1 ) 63 State 10 - Total provision $ 9 $ 63 The current tax provision related to discontinued operations for the years ended December 31, 2023 and 2022 was $ 0 and $ 58 , respectively. The deferred tax benefit related to discontinued operations for the years ended December 31, 2023 and 2022 was $ 0 and $ 45 , respectively. These amounts are combined with amounts related to continuing operations on the Consolidated Statements of Cash Flows. Income tax expense at the statutory tax rate is reconciled to the overall income tax expense for the years ended December 31 as follows: 2023 2022 Federal income tax from continuing operations at statutory rates $ ( 1,090 ) $ ( 2,129 ) State income taxes, net of federal tax effect ( 64 ) ( 89 ) Permanent differences - - Rate difference in NOL Carryback - 57 Other ( 77 ) 22 Change in state tax rate - 149 Income taxes from discontinued operations - - Change in valuation allowance 1,240 2,053 Provision for income taxes $ 9 $ 63 The effective tax rate for the years ended December 31, 2023 and 2022 was ( .18 %) and ( .62 %) respectively, which can differ from the statutory income tax rate due to various factors, including the establishment and change in a valuation allowance. During the year ended 2021, the Company established a valuation allowance on our deferred tax asset, which is reflected in income tax expense on the Consolidated Statements of Operations. The valuation allowance represents our determination that, more likely than not, we will be unable to realize the value of such assets at this time due to the uncertainty of future profitability. ASC 740 requires that the tax benefit of net operating losses, temporary differences and credit carryforwards be recorded as an asset to the extent that management assesses that realization is “more likely than not.” Realization of the future tax benefits is dependent on the Company's ability to generate sufficient taxable income within the carryforward period. The net deferred tax assets and liabilities as of December 31, 2023 and 2022 are comprised of the following: 2023 2022 Deferred tax assets: Net operating loss carryforwards $ 3,885 $ 2,744 Accounts receivable 30 20 Inventories 31 173 Accrued vacation and bonus 4 67 Intangibles and Goodwill 395 335 Operating lease liabilities 554 610 Other 264 231 Total deferred tax assets 5,163 4,180 Deferred tax liabilities: Operating lease right-of-use assets ( 303 ) ( 546 ) Prepaid expenses ( 8 ) ( 22 ) Total deferred tax liabilities ( 311 ) ( 568 ) Net deferred tax asset, before allowance 4,852 3,612 Valuation allowance ( 4,852 ) ( 3,612 ) Net deferred tax asset $ - $ - Net operating losses and tax credit carryforwards as of December 31, 2023 are as follows: Expiration Years Net operating losses, federal (After December 31, 2017) $ 17,531 Do not expire Net operating losses, state (After December 31, 2017) $ 3,481 Do not expire Tax credits, federal $ 8 2042 The Company’s ability to utilize its net operating loss (“NOL”) carryforwards may be substantially limited due to ownership changes that could occur in the future, as required by Section 382 of the Internal Revenue Code of 1986, as amended (the “Code”), as well as similar state provisions. These ownership changes may limit the amount of NOL carryforwards that can be utilized annually to offset future taxable income and tax, respectively. Further, if the Company experiences such an ownership change and does not satisfy certain requirements in Section 382 of the Code to continue its business enterprise (which generally requires that the Company continue its historic business or use a significant portion of its historic business assets in a business for the two-year period beginning on the date of the ownership change), its NOL carryforwards may be disallowed, subject to certain exceptions. In general, an “ownership change,” as defined by Section 382 of the Code, results from a transaction or series of transactions over a three-year period resulting in an ownership change of more than 50 percent of the outstanding stock of a company by certain stockholders or public groups. Accounting for uncertainty in income taxes is based on a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. We recognize in our Consolidated Financial Statements only those tax positions that are more-likely-than-not to be sustained as of the adoption date, based on the technical merits of the position. Each year we perform a comprehensive review of our material tax positions. A valuation allowance has been provided as there is uncertainty that the deferred tax assets will be realized. The valuation allowance as of December 31, 2023 and 2022, respectively, primarily relates to net operating loss carryforwards, goodwill, and intangible assets. Our policy is to recognize interest and penalties related to uncertain tax benefits in income tax expense. As we had no uncertain tax benefits during 2023 and 2022 , we had no accrued interest or penalties related to uncertain tax positions in either year. We are subject to the following material taxing jurisdictions: United States and Colorado. The tax years that remain open to examination by the Internal Revenue Service are 2020 and years thereafter. The tax years that remain open to examination by the State of Colorado are 2019 and years thereafter. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Shareholders' Equity | Note 9. Shareholders’ Equity In 2015, we adopted, and shareholders approved, an equity incentive plan for our employees, officers and directors (the “2015 Plan”). On May 11, 2023, we granted 200 shares of restricted stock to two directors all of which vested on the grant date with a fair value of $ 40 . On March 2, 2022, we granted 15 shares of restricted stock to one executive all of which vested on the grant date with a fair value of $ 18 . On January 18, 2022, we granted 25 RSUs to an employee (the “2022 Individual Employee Grant”) with a grant date fair value of $ 10 . The 2022 Individual Employee Grant vested one-third on the initial grant date, and the remaining two-thirds will vest on each anniversary of the grant date. During 2023 and 2022 , we did no t grant any options to acquire shares of our common stock. Compensation cost related to stock options recognized in operating results (included in general and administrative expenses) totaled $ 0 and $ 10 for the years ended December 31, 2023 and 2022, respectively. Approximately $ 0 of total unrecognized compensation costs related to non-vested stock options is expected to be recognized over the next two years , depending on the vesting provisions of the options. There was no tax benefit from recording the non-cash expense as it relates to the options granted to employees, as these were qualified stock options which are not normally tax deductible. Compensation cost related to RSUs totaled $ 25 and $ 79 for the year ended December 31, 2023 and 2022, respectively. Approximately $ 24 of total unrecognized compensation costs related to non-vested RSUs is expected to be recognized over the next year. Stock option activity under the 2015 Plan is as follows: Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life Aggregate Intrinsic Value 2015 Plan Maximum number of shares under the plan 2,000 Outstanding, December 31, 2021 307 $ 1.80 2.6 years 45 Granted - $ - Exercised - $ - Cancelled/Expired ( 158 ) $ 2.08 Outstanding, December 31, 2022 149 $ 1.42 2.7 years 45 Exercisable, December 31, 2022 149 $ 1.32 2.7 years 45 Available for issuance, December 31, 2022 1,851 Granted - $ - Exercised - $ - Cancelled/Expired ( 137 ) $ 1.41 Outstanding, December 31, 2023 12 $ 1.61 2.8 years - Exercisable, December 31, 2023 12 $ 1.61 2.8 years - Available for issuance, December 31, 2023 1,988 A summary of additional information related to the options outstanding as of December 31, 2023 under the 2015 Plan is as follows: Range of Exercise Prices Number of Options Weighted Average Remaining Contractual Life Weighted Average Exercise Price 2015 Plan $ 1.20 -$ 1.25 4 1.6 years $ 1.25 $ 1.26 -$ 1.38 - 0 years $ - $ 1.80 -$ 2.25 8 3.4 years $ 1.80 Total 12 2.8 years $ 1.61 Under our 2015 Plan, we have 1,988 shares available for future equity grants, which comprises our maximum shares available under the plan less all options and RSUs granted. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 10. Earnings per Share Per share data is determined by using the weighted average number of common shares outstanding. Common equivalent shares are considered only for diluted earnings per share, unless considered anti-dilutive. Common equivalent shares, determined using the treasury stock method, result from stock options with exercise prices that are below the average market price of the common stock. Basic earnings per share include no dilution and are computed by dividing income available to common shareholders by the weighted-average number of shares outstanding during the period. Diluted earnings per share reflect the potential of securities that could share in our earnings. A reconciliation of the weighted average number of common shares outstanding (in thousands) for the years ended December 31 is as follows: 2023 2022 Common shares outstanding, beginning of the period 12,797 12,727 Weighted average common shares issued 130 31 Weighted average number of common shares outstanding 12,927 12,758 Dilutive effect of common share equivalents - - Diluted weighted average number of common shares outstanding 12,927 12,758 Common stock equivalents (in thousands) that have been excluded from the calculation of earnings per share as of December 31 because they would have been anti-dilutive are as follows: 2023 2022 Stock options 12 148 Restricted stock units 14 77 |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment Information | Note 11. Segment Information Segments We previously operated in two different segments: household products and health and beauty care products. We chose to organize our business around these segments based on differences in the products sold. Accounting policies for our segments were the same as those described in Note 1. We evaluated segment performance based on segment income or loss from operations. In the third quarter of 2023, in conjunction with the divestitures of brands, the Company's health and beauty care segment was discontinued and the Company now has one reportable household products segment. These divestitures are described in Note 3. All balances and results of operations related to our health and beauty care segment have been reclassified as discontinued operations for all periods presented in the Consolidated Financial Statements. Customers Net sales to significant customers were the following for the years ended December 31, 2023 and 2022, respectively: 2023 2022 Customer 1 $ 2,291 $ 2,184 Customer 2 $ 626 $ 248 Outstanding accounts receivable from significant customers represented the following percentages of our total accounts receivable as of December 31, 2023 and 2022, respectively: 2023 2022 Customer 1 67.2 % 32.7 % A loss of any of our significant customers could have a material adverse effect on us because it is uncertain whether our consumer base served by these customers would purchase our products at other retail outlets. No long-term contracts exist between us and our other significant customers. Geographic Area Information There were no sales from continuing operations to different geographic areas for the years ended December 31, 2023 and 2022. There were no long-lived assets held outside the United States as of December 31, 2023 and 2022, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 12. Commitments and Contingencies The Company is routinely subject to lawsuits from time to time in the ordinary course of business that generally arise from the manufacture, processing, formulation, packaging, labeling, storage, distribution, advertising and sale of our products. The Company must comply with extensive federal and state laws and regulations. As of December 31, 2023 , the Company had no material commitments or contingencies. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 13. Subsequent Events On December 19, 2023, the Company, Horizon Kinetics and Merger Sub entered into the Merger Agreement, providing for the acquisition of Horizon Kinetics by the Company. The Merger Agreement provides that, upon the terms and subject to the conditions set forth in the Merger Agreement, upon obtaining the requisite shareholder approval, (i) the Company will convert from a Colorado to a Delaware corporation, increase its authorized shares of common stock and change its name and (ii) Merger Sub will be merged with and into Horizon Kinetics, with Horizon Kinetics being the surviving entity. |
Organization and Summary of S_2
Organization and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | (b) Principles of Consolidation Our Consolidated Financial Statements include our accounts and those of our wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated. On September 15, 2023, we entered into and consummated a Stock Purchase Agreement (the “Stock Purchase Agreement”) with Neoteric Beauty Holdings, LLC, a Delaware limited liability company (the “Neoteric Buyer”), pursuant to which the Company agreed to sell 100 % of the outstanding stock of our wholly owned subsidiary Neoteric Cosmetics, Inc. (“Neoteric”) to the Neoteric Buyer. Neoteric owned and operated the Denorex ® , Zincon ® , and Neoteric Diabetic Skin Care ® brands. We have reflected the operations of the Neoteric brands as discontinued operations for all periods presented. The Neoteric brands were previously classified under our health and beauty care products segment. See Note 3 for further information. Effective June 30, 2023, we entered into, and in July 2023 we closed, a purchase agreement with a buyer, pursuant to which we agreed to sell all of our right, title and interest in and to certain assets of the Alpha ® Skin Care brand. We have reflected the operations of the Alpha ® Skin Care brand as discontinued operations for all periods presented. The Alpha product line was previously classified under our health and beauty care products segment. See Note 3 for further information. Effective June 30, 2023 we entered into, and in July 2023 closed, a purchase agreement with a buyer, pursuant to which we agreed to sell all of our right, title and interest in and to certain assets of the BIZ ® brand. We have reflected the operations of the BIZ® brand as discontinued operations for all periods presented. The BIZ ® product line was previously classified under our household products segment. See Note 3 for further information. On January 23, 2023, we entered into an asset purchase agreement with a buyer, pursuant to which we agreed to sell all of our right, title and interest in and to certain assets of the Scott's Liquid Gold ® brand, including the Wood Care and Floor Restore products. We have reflected the operations of the Scott's Liquid Gold ® brand as discontinued operations for all periods presented, which was previously classified under our household products segment. See Note 3 for further information. On December 15, 2022, we entered into an asset purchase agreement with a buyer, pursuant to which we agreed to sell to all of our right, title and interest in and to certain assets of the Prell ® product line. We have reflected the operations the Prell ® product line as discontinued operations for all periods presented, which was previously classified under our household products segment. See Note 3 for further information. |
Basis of Presentation | (c) Basis of Presentation The accompanying Consolidated Financial Statements have been prepared in accordance with GAAP and pursuant to the rules and regulations of the Securities and Exchange Commission. Certain previously reported financial information related to executive salaries in the amount of $ 273 for the year ended December 31, 2022 has been reclassified from selling expenses to general and administrative expenses to conform to the current year’s presentation. |
Use of Estimates | (d) Use of Estimates The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts in our financial statements of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include, but are not limited to, the realization of deferred tax assets, reserves for slow moving and obsolete inventory, customer returns and allowances, intangible asset useful lives and amortization method, future cash flows associated with impairment testing of goodwill, right of use and other long-lived assets, assumptions used in stock-based compensation, and realization of deferred tax assets. Actual results could differ from our estimates. |
Cash and Restricted Cash | (e) Cash and Restricted Cash Cash and restricted cash consist of the following: December 31, 2023 December 31, 2022 Cash $ 3,677 $ 49 Restricted Cash 250 - $ 3,927 $ 49 |
Inventories Valuation | (f) Inventories Valuation Inventories consist of raw materials and finished goods and are stated at the lower of cost (first-in, first-out method) or net realizable value, which is defined as the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. We specifically identify impairment write downs for slow moving and obsolete products and raw materials based upon, among other things, an assessment of historical and anticipated sales of our products. In the event that actual results differ from our estimates, the results of future periods may be impacted. |
Leases | (g) Leases Lease assets and lease liabilities are recognized at the commencement of an arrangement where it is determined at inception that a lease exists. Lease assets represent the right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. These assets and liabilities are initially recognized based on the present value of lease payments over the lease term calculated using our incremental borrowing rate generally applicable to the location of the lease asset, unless the implicit rate is readily determinable. Lease terms include options to extend or terminate the lease when it is reasonably certain that those options will be exercised. Certain nonlease components, such as maintenance and other services provided by the lessor, are included in the valuation of the lease. Leases with an initial term of 12 months or less, which are not material to our financial statements, are not recorded on the balance sheet, and the expense for these short-term leases and for operating leases is recognized on a straight-line basis over the lease term. Lease agreements with lease and nonlease components are combined as a single lease component. In accordance with our accounting policy for impairment of long-lived assets, operating lease right-of-use assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset group to which the operating lease right-of-use asset is assigned may not be recoverable. We evaluate the recoverability of the asset group based on forecasted undiscounted cash flows. See Note 7 “Leases” for additional information on our leases, including the operating lease right-of-use asset impairment charges recorded during the year ended December 31, 2023. |
Goodwill and Intangible Assets | (h) Goodwill and Intangible Assets Goodwill is subject to impairment tests at least annually or when events or changes in circumstances indicate that an asset may be impaired. Other intangible assets with finite lives, such as customer relationships, trade names, and formulas, are amortized over their estimated useful lives, generally ranging from 5 to 20 years . Amortization expense related to intangible assets is included in operating expenses on the Consolidated Statement of Operations. Internal-use software costs recognized as an intangible asset relates to capitalizable costs of computer software obtained for internal-use as defined by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 350-40-30-1. All other internal-use software costs are expensed as incurred by the Company. In the second quarter of 2022, our internal-use software was implemented for its intended use with an estimated useful life of five years . Amortization expense is recorded on a straight-line basis and is included in general and administrative expenses on the Consolidated Statements of Operations. During the year ended December 31, 2023, as part of our annual assessment of the recoverability of goodwill and intangible assets, we determined that the carrying value of the internal-use software would not be recoverable and recorded an impairment charge. See Note 5 “Goodwill and Intangible Assets” for additional information. |
Financial Instruments | (i) Financial Instruments Financial instruments which potentially subject us to concentrations of credit risk include cash and cash equivalents and accounts receivable. We maintain our cash balances in the form of bank demand deposits with financial institutions that we believe are creditworthy. We establish an allowance for doubtful accounts, which is generally not material to our financial statements, based upon factors surrounding the credit risk of specific customers, historical trends and other information. We have no significant financial instruments with off-balance sheet risk of accounting loss, such as foreign exchange contracts, option contracts or other foreign currency hedging arrangements. The recorded amounts for cash and cash equivalents, restricted cash, receivables, other current assets, accounts payable, and accrued expenses approximate fair value due to the short-term nature of these financial instruments. |
Income Taxes | (j) Income Taxes Income taxes reflect the tax effects of transactions reported in the Consolidated Financial Statements and consist of taxes currently payable plus deferred income taxes related to certain income and expenses recognized in different periods for financial and income tax reporting purposes. Deferred income tax assets and liabilities are recognized for the future income tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases. A valuation allowance is established when it is more-likely-than-not that some portion or all of a deferred tax asset will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the period in which related temporary differences become deductible. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Taxes are reported based on tax positions that meet a more-likely-than-not standard and that are measured at the amount that is more-likely-than-not to be realized. Differences between financial and tax reporting which do not meet this threshold are required to be recorded as unrecognized tax benefits or expense. We classify penalty and interest expense related to income tax liabilities as an income tax expense. There are no significant interest and penalties recognized in the Consolidated Statements of Operations or accrued on the Consolidated Balance Sheets. |
Revenue Recognition | (k) Revenue Recognition Our revenue recognition policy is significant because the amount and timing of revenue is a key component of our results of operations. Certain criteria are required to be met in order to recognize revenue. If these criteria are not met, then the associated revenue is deferred until it is met. When consideration is received in advance of the delivery of goods or services, a contract liability is recorded. Our revenue contracts are identified when purchase orders are received and accepted from customers and represent a single performance obligation to sell our products to a customer. Net sales reflect the transaction prices for contracts, which include products shipped at selling list prices reduced by variable consideration. Variable consideration includes estimates for expected customer allowances, promotional programs for consumers, and sales returns. Based on our customer-by-customer history, our variable consideration estimates are generally accurate and subsequent adjustments are generally immaterial. Variable consideration is primarily comprised of customer allowances. Customer allowances primarily include reserves for trade promotions to support price features, displays, slotting fees, and other merchandising of our products to our customers. Promotional programs for consumers primarily include coupons, rebates, and certain other promotional programs, and do not represent a significant portion of variable consideration. The costs of customer allowances and promotional programs for consumers are estimated using either the expected value or most likely amount approach, depending on the nature of the allowance, using all reasonably available information, including our historical experience and current expectations. Customer allowances and promotional programs for consumers are reflected in the transaction price when sales are recorded. We may adjust our estimates based on actual results and consideration of other factors that cause allowances. In the event that actual results differ from our estimates, the results of future periods may be impacted. Sales returns are generally not material to our financial statements, and do not comprise a significant portion of variable consideration. Estimates for sales returns are based on, among other things, an assessment of historical trends, information from customers, and anticipated returns related to current sales activity. These estimates are established in the period of sale and reduce our revenue in that period. Sales are recorded at the time that control of the products is transferred to customers. In evaluating the timing of the transfer of control of products to customers, we consider several indicators, including significant risks and rewards of products, our right to payment, and the legal title of the products. Based on the assessment of control indicators, sales are generally recognized when products are delivered to customers. We have also established an allowance for doubtful accounts. We estimate this allowance based upon, among other things, an assessment of the credit risk of specific customers and historical trends. We believe our allowance for doubtful accounts is adequate to absorb any losses which may arise. In the event that actual losses differ from our estimates, the results of future periods may be impacted. Customer allowances for trade promotions and allowance for doubtful accounts at December 31 were as follows: 2023 2022 Trade promotions $ 41 $ 46 Allowance for doubtful accounts 9 9 $ 50 $ 55 |
Advertising Costs | (l) Advertising Costs We expense advertising costs as incurred. |
Stock-based Compensation | (m) Stock-Based Compensation We account for share based payments by recognizing compensation expense based upon the estimated fair value of the awards on the date of grant. We determine the estimated grant-date fair value of stock options with only service conditions using the Black-Scholes option pricing model. In order to calculate the fair value of the options, certain assumptions are made regarding the components of the model, including the estimated fair value of underlying common stock, risk-free interest rate, volatility, expected dividend yield and expected option life. Changes to the assumptions could cause significant adjustments to the valuation. We recognize compensation costs ratably over the vesting period using the straight-line method, which approximates the service period. The Company issues restricted stock unit ("RSUs") awards with restrictions that lapse upon the passage of time (service vesting) and satisfaction of market conditions targeted to our Company’s stock price. For those RSU awards with only service vesting, the Company recognizes compensation cost on a straight-line basis over the service period. For awards with both market and service conditions, the Company starts recognizing compensation cost over the requisite service period, with the effect of the market conditions reflected in the calculation of the award's fair value at grant date. The Company values awards with only service vesting requirements based on the grant date share price. The Company values awards with market and service conditions using a Monte Carlo simulation. The Company determines the requisite service period for awards with both market and service conditions based on the longer of the explicit service period and the derived service period. Stock awards that contain market vesting conditions are included in the computations of diluted earnings per share reflecting the average number of shares that would be issued based on the highest 30-day average market price at the end during the reporting periods, if their effect is dilutive. If the condition is based on an average of market prices over some period of time, the corresponding average for the period is used. |
Operating Costs and Expenses Classification | (n) Operating Costs and Expenses Classification Cost of sales includes costs associated with purchasing finished goods from contract manufacturers, labor, freight-in, quality control, repairs, maintenance, and other indirect costs. We classify freight-out as selling expenses. Other selling expenses consist primarily of costs for sales and sales support personnel, brokerage commissions and promotional costs. Freight-out costs included in selling expenses totaled $ 228 and $ 162 , for the years ended December 31, 2023 and 2022, respectively. General and administrative expenses consist primarily of wages and benefits associated with management and administrative support departments, business insurance costs, professional fees, office facility related expenses and other general support costs. On April 29, 2021, the Company announced that Mark E. Goldstein, the President and Chief Executive Officer of the Company and a member of the Board of Directors, retired effective as of April 26, 2021 . In connection with Mr. Goldstein’s retirement, the Company and Mr. Goldstein entered into a Separation Agreement, Waiver and Release (the “Separation Agreement”), pursuant to which the Company will pay Mr. Goldstein $ 720 in severance payments (equal to 18 months base salary) over a period of 30 months and reimbursement for the costs of continuing health benefits for a period of 18 months. Severance costs of $ 805 were recognized and are included in general and administrative expenses. Final payments associated with the Separation Agreement were satisfied in the fourth quarter of 2023. Accrued severance costs are included in accrued expenses on the Consolidated Balance Sheets as of December 31, 2022. |
Supplier Finance Programs | (o) Supplier Finance Programs In September 2022, the FASB issued ASU No. 2022-04, “Liabilities-Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations.” This ASU requires a buyer that uses supplier finance programs to make annual disclosures about the programs’ key terms, the balance sheet presentation of related amounts, the confirmed amount outstanding at the end of the period and associated roll-forward information. The guidance was effective for the Company beginning on January 1, 2023, except for the roll-forward information, which is effective beginning on January 1, 2024. This guidance has not had and is not expected to have a material impact on the Company’s Consolidated Financial Statements. During 2022, we entered into an agreement with a third-party financial institution and an agreement with an insurance agency which allows us to obtain extended payment terms for our insurance policies. The insurance policies can be canceled by the Company at any time with 10 days’ notice. The financial institution may cancel this agreement after providing 10 days’ notice if the Company does not pay any installment payment according to the terms of the agreement. We do not provide any forms of guarantees under these agreements. Payments of our obligations are included in cash flows from operating activities in the Consolidated Statements of Cash Flows. Outstanding confirmed amounts are $ 0 and $ 218 as of December 31, 2023 and December 31, 2022, respectively, which will be recognized on the Consolidated Financial Statements as payments are due. |
Recently Issued Accounting Standards | (p) Recently Issued Accounting Standards In December 2023, the FASB issued ASU No. 2023-09, "Income Taxes (Topic 740) Improvements to Income Tax Disclosures" ("ASU 2023-09") enhancing the transparency and decision usefulness of income tax disclosures. ASU 2023-09 addresses investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The amendments in ASU 2023-09 are applied on a prospective basis, though retrospective application is permitted. We are in the process of evaluating its impact on our Consolidated Financial Statements and related disclosures. Other recent accounting pronouncements and guidance issued by the FASB, its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company's present or future financial statements. |
Organization and Summary of S_3
Organization and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Cash and Restricted Cash | Cash and restricted cash consist of the following: December 31, 2023 December 31, 2022 Cash $ 3,677 $ 49 Restricted Cash 250 - $ 3,927 $ 49 |
Summary of Customer Allowances for Trade Promotions and Allowance for Doubtful Accounts | Customer allowances for trade promotions and allowance for doubtful accounts at December 31 were as follows: 2023 2022 Trade promotions $ 41 $ 46 Allowance for doubtful accounts 9 9 $ 50 $ 55 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Summary of Financial Information Related to Discontinued Operations | Reconciliation of the Line Items Constituting Pretax Loss from Discontinued Operations to the After-Tax Loss from Discontinued Operations in the Consolidated Statements of Operations for the years ended December 31: 2023 Neoteric Alpha ® BIZ ® Scott's Liquid Gold ® Prell ® Total Net sales $ 2,173 $ 851 $ 2,283 $ 114 $ 6 $ 5,427 Cost of sales 1,164 284 1,577 76 72 3,173 Gross profit 1,009 567 706 38 ( 66 ) 2,254 Operating expenses: Advertising - 55 1 - - 56 Selling 342 141 436 28 - 947 General and administrative 47 22 12 22 - 103 Intangible asset amortization 14 - 12 - - 26 Income (loss) from discontinued operations 606 349 245 ( 12 ) ( 66 ) 1,122 Gain on sale of discontinued operations 1,501 1,585 692 787 4,565 Interest expense - - ( 88 ) ( 18 ) - ( 106 ) Income (loss) from discontinued operations $ 2,107 $ 1,934 $ 849 $ 757 $ ( 66 ) $ 5,581 2022 Neoteric Alpha ® BIZ ® Scott's Liquid Gold ® Prell ® Total Net sales $ 2,606 $ 2,232 $ 4,680 $ 4,072 $ 3,140 $ 16,730 Cost of sales 1,265 1,312 3,437 1,838 1,977 9,829 Gross profit 1,341 920 1,243 2,234 1,163 6,901 Operating expenses: Selling 471 529 1,467 807 832 4,106 General and administrative - - - - 14 14 Intangible asset amortization 46 - 74 - 47 167 Impairment of long-lived assets 194 - 551 - - 745 Income (loss) from discontinued operations 630 391 ( 849 ) 1,427 270 1,869 Loss on sale of discontinued operations - - - - ( 155 ) ( 155 ) Interest expense - - ( 176 ) ( 217 ) ( 54 ) ( 447 ) Income (loss) from discontinued operations $ 630 $ 391 $ ( 1,025 ) $ 1,210 $ 61 $ 1,267 The following table presents the cash flows from discontinued operations for the years ended December 31: 2023 2022 Net cash provided by operating activities - discontinued operations $ 1,599 $ 2,271 Net cash provided by investing activities - discontinued operations $ 8,243 $ 480 There were no capital expenditures, depreciation expense, or significant operating and investing noncash items related to discontinued operations during the years ended December 31, 2023 and 2022, respectively. Reconciliation of Major Classes of Assets of the Discontinued Operations to Amounts Presented Separately in the Consolidated Balance Sheets as of: December 31, 2022 Neoteric Alpha ® BIZ ® Scott's Liquid Gold ® Total Assets Current assets: Inventories $ 322 $ 1,268 $ 1,092 $ 1,235 $ 3,917 Intangible assets, net 113 - 231 - 344 Assets of discontinued operations $ 435 $ 1,268 $ 1,323 $ 1,235 $ 4,261 There were no assets of discontinued operations related to Prell ® in the above table. There were no assets of discontinued operations related to Neoteric, Alpha ® , BIZ ® , Scott's Liquid Gold ® , or Prell ® as of December 31, 2023. The following summarizes the carrying values of assets and the resulting in the gain on sale of discontinued operations associated with Neoteric, Alpha ® , BIZ ® , Scott's Liquid Gold ® , and Prell ® at the date of disposition: Year Ended December 31, 2023 Year Ended December 31, 2022 Neoteric Alpha ® BIZ ® Scott's Liquid Gold ® Total Prell ® Total Inventories $ 150 $ 1,115 $ 946 $ 1,149 $ 3,360 $ 330 $ 330 Trade names 59 - 145 - 204 152 152 Formulas 40 - 71 - 111 153 153 Non-compete agreement - - 3 - 3 - - Intangible assets, net 99 - 219 - 318 305 305 Proceeds from sale 1,750 2,700 1,857 1,936 8,243 480 480 Gain (loss) on sale of discontinued operations $ 1,501 $ 1,585 $ 692 $ 787 $ 4,565 $ ( 155 ) $ ( 155 ) |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Composition of Inventory | Inventories, consisting of materials, labor and overhead at December 31 were comprised of the following: 2023 2022 Finished goods $ 365 $ 677 Raw materials - 98 $ 365 $ 775 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Changes in Carrying Amount of Goodwill by Reporting Unit | The changes in the carrying amount of goodwill by reporting unit for the fiscal years ended December 31, 2022 were as follows: All-Purpose Balance, January 1, 2022 $ 1,710 Additions - Impairment ( 1,710 ) Balance, December 31, 2022 $ - |
Schedule of Intangible Assets | Intangible assets consisted of the following: As of December 31, 2023 As of December 31, 2022 Gross Carrying Amount Accumulated Amortization Net Carrying Value Gross Carrying Amount Accumulated Amortization Net Carrying Value Intangible assets: Internal-use software $ - $ - $ - $ 898 $ 105 $ 793 |
Schedule of Goodwill and Certain intangible Assets and Resulted In Impairment Charges | During the years ended December 31, 2023 and 2022, we incurred the impairment charges to the following reporting units: 2023 2022 Operating lease right-of-use assets Intangible Assets Goodwill Total Operating lease right-of-use assets Intangible Assets Goodwill Total All-Purpose $ - $ - $ - $ - $ - $ 2,717 $ 1,710 $ 4,427 Corporate 858 613 - 1,471 - - - - $ 858 $ 613 $ - $ 1,471 $ - $ 2,717 $ 1,710 $ 4,427 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Schedule of Information Related to Leases | Information related to leases was as follows: 2023 2022 Operating lease information: Operating lease cost $ 406 $ 400 Operating cash flows from operating leases 406 400 Net assets obtained in exchange for new operating lease liabilities - - Weighted average remaining lease term in years 6.92 7.92 Weighted average discount rate 5.1 % 5.1 % |
Schedule of Future Minimum Annual Lease Payments | Future minimum annual lease payments are as follows: 2024 413 2025 420 2026 427 2027 434 2028 441 Thereafter 864 Total minimum lease payments $ 2,999 Less imputed interest ( 487 ) Total operating lease liability $ 2,512 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Provision for Income Tax Attributable to Continuing Operations | The provision for income tax attributable to continuing operations for the years ended December 31 is as follows: 2023 2022 Current provision: Federal $ ( 1 ) $ 63 State 10 - Total current provision 9 63 Deferred provision: Federal - - State - - Total deferred provision - - Provision: Federal ( 1 ) 63 State 10 - Total provision $ 9 $ 63 |
Schedule of Income Tax Expense at the Statutory Tax Rate | Income tax expense at the statutory tax rate is reconciled to the overall income tax expense for the years ended December 31 as follows: 2023 2022 Federal income tax from continuing operations at statutory rates $ ( 1,090 ) $ ( 2,129 ) State income taxes, net of federal tax effect ( 64 ) ( 89 ) Permanent differences - - Rate difference in NOL Carryback - 57 Other ( 77 ) 22 Change in state tax rate - 149 Income taxes from discontinued operations - - Change in valuation allowance 1,240 2,053 Provision for income taxes $ 9 $ 63 |
Schedule of Net Deferred Tax Assets and Liabilities | The net deferred tax assets and liabilities as of December 31, 2023 and 2022 are comprised of the following: 2023 2022 Deferred tax assets: Net operating loss carryforwards $ 3,885 $ 2,744 Accounts receivable 30 20 Inventories 31 173 Accrued vacation and bonus 4 67 Intangibles and Goodwill 395 335 Operating lease liabilities 554 610 Other 264 231 Total deferred tax assets 5,163 4,180 Deferred tax liabilities: Operating lease right-of-use assets ( 303 ) ( 546 ) Prepaid expenses ( 8 ) ( 22 ) Total deferred tax liabilities ( 311 ) ( 568 ) Net deferred tax asset, before allowance 4,852 3,612 Valuation allowance ( 4,852 ) ( 3,612 ) Net deferred tax asset $ - $ - |
Schedule of Net Operating Losses and Tax Credit Carryforwards | Net operating losses and tax credit carryforwards as of December 31, 2023 are as follows: Expiration Years Net operating losses, federal (After December 31, 2017) $ 17,531 Do not expire Net operating losses, state (After December 31, 2017) $ 3,481 Do not expire Tax credits, federal $ 8 2042 The Company’s ability to utilize its net operating loss (“NOL”) carryforwards may be substantially limited due to ownership changes that could occur in the future, as required by Section 382 of the Internal Revenue Code of 1986, as amended (the “Code”), as well as similar state provisions. These ownership changes may limit the amount of NOL carryforwards that can be utilized annually to offset future taxable income and tax, respectively. Further, if the Company experiences such an ownership change and does not satisfy certain requirements in Section 382 of the Code to continue its business enterprise (which generally requires that the Company continue its historic business or use a significant portion of its historic business assets in a business for the two-year period beginning on the date of the ownership change), its NOL carryforwards may be disallowed, subject to certain exceptions. In general, an “ownership change,” as defined by Section 382 of the Code, results from a transaction or series of transactions over a three-year period resulting in an ownership change of more than 50 percent of the outstanding stock of a company by certain stockholders or public groups. |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Schedule of Activity Under Stock Option Plans | Stock option activity under the 2015 Plan is as follows: Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life Aggregate Intrinsic Value 2015 Plan Maximum number of shares under the plan 2,000 Outstanding, December 31, 2021 307 $ 1.80 2.6 years 45 Granted - $ - Exercised - $ - Cancelled/Expired ( 158 ) $ 2.08 Outstanding, December 31, 2022 149 $ 1.42 2.7 years 45 Exercisable, December 31, 2022 149 $ 1.32 2.7 years 45 Available for issuance, December 31, 2022 1,851 Granted - $ - Exercised - $ - Cancelled/Expired ( 137 ) $ 1.41 Outstanding, December 31, 2023 12 $ 1.61 2.8 years - Exercisable, December 31, 2023 12 $ 1.61 2.8 years - Available for issuance, December 31, 2023 1,988 |
Summary of Additional Information Related to the Options Outstanding | A reconciliation of the weighted average number of common shares outstanding (in thousands) for the years ended December 31 is as follows: 2023 2022 Common shares outstanding, beginning of the period 12,797 12,727 Weighted average common shares issued 130 31 Weighted average number of common shares outstanding 12,927 12,758 Dilutive effect of common share equivalents - - Diluted weighted average number of common shares outstanding 12,927 12,758 |
2015 Plan | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Summary of Additional Information Related to the Options Outstanding | A summary of additional information related to the options outstanding as of December 31, 2023 under the 2015 Plan is as follows: Range of Exercise Prices Number of Options Weighted Average Remaining Contractual Life Weighted Average Exercise Price 2015 Plan $ 1.20 -$ 1.25 4 1.6 years $ 1.25 $ 1.26 -$ 1.38 - 0 years $ - $ 1.80 -$ 2.25 8 3.4 years $ 1.80 Total 12 2.8 years $ 1.61 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Reconciliation of the Weighted Average Number of Common Shares Outstanding | A reconciliation of the weighted average number of common shares outstanding (in thousands) for the years ended December 31 is as follows: 2023 2022 Common shares outstanding, beginning of the period 12,797 12,727 Weighted average common shares issued 130 31 Weighted average number of common shares outstanding 12,927 12,758 Dilutive effect of common share equivalents - - Diluted weighted average number of common shares outstanding 12,927 12,758 |
Common Stock Equivalents Excluded From the Calculation of Earnings Per Share | Common stock equivalents (in thousands) that have been excluded from the calculation of earnings per share as of December 31 because they would have been anti-dilutive are as follows: 2023 2022 Stock options 12 148 Restricted stock units 14 77 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Net Sales to Significant Customers | Net sales to significant customers were the following for the years ended December 31, 2023 and 2022, respectively: 2023 2022 Customer 1 $ 2,291 $ 2,184 Customer 2 $ 626 $ 248 |
Outstanding Accounts Receivable from Significant Customers | Outstanding accounts receivable from significant customers represented the following percentages of our total accounts receivable as of December 31, 2023 and 2022, respectively: 2023 2022 Customer 1 67.2 % 32.7 % |
Organization and Summary of S_4
Organization and Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 Segment | Dec. 31, 2022 USD ($) | Sep. 15, 2023 | |
Subsidiary Sale of Stock | |||
Number of business segment | Segment | 2 | ||
Reclassified from Selling Expenses to General and Administrative Expenses | |||
Subsidiary Sale of Stock | |||
Executive salaries | $ | $ 273 | ||
Neoteric Buyer | |||
Subsidiary Sale of Stock | |||
Percentage of Subsidiary Outstanding Stock Sold | 100% |
Organization and Summary of S_5
Organization and Summary of Significant Accounting Policies - Schedule of Cash and Restricted Cash (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Accounting Policies [Abstract] | |||
Cash | $ 3,677 | $ 49 | |
Restricted cash | 250 | ||
Cash and restricted cash | $ 3,927 | $ 49 | $ 1,270 |
Organization and Summary of S_6
Organization and Summary of Significant Accounting Policies - Additional Information 1 (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule Of Organization And Presentation Of Financial Statements [Line Items] | ||
Significant financial instruments with off-balance sheet risk | $ 0 | |
Interest and penalties recognized in condensed consolidated statements of income | 0 | |
Accrued interest or penalties related to uncertain tax positions | $ 0 | $ 0 |
Internal-use Software Costs Member | ||
Schedule Of Organization And Presentation Of Financial Statements [Line Items] | ||
Useful lives of intangible assets | 5 years | |
Minimum | ||
Schedule Of Organization And Presentation Of Financial Statements [Line Items] | ||
Useful lives of intangible assets | 5 years | |
Maximum | ||
Schedule Of Organization And Presentation Of Financial Statements [Line Items] | ||
Useful lives of intangible assets | 20 years |
Organization and Summary of S_7
Organization and Summary of Significant Accounting Policies - Summary of Customer Allowances for Trade Promotions and Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Accounting Policies [Abstract] | ||
Trade promotions | $ 41 | $ 46 |
Allowance for doubtful accounts | 9 | 9 |
Trade promotions and allowance for doubtful accounts | $ 50 | $ 55 |
Organization and Summary of S_8
Organization and Summary of Significant Accounting Policies - Additional Information 2 (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Apr. 26, 2021 | Jun. 30, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule Of Organization And Presentation Of Financial Statements [Line Items] | ||||
Payment for obligation outstanding amount | $ 0 | $ 218 | ||
President and Chief Executive Officer | ||||
Schedule Of Organization And Presentation Of Financial Statements [Line Items] | ||||
Retirement effective date | Apr. 26, 2021 | |||
Severance payments | $ 720 | $ 805 | ||
Retirement benefits, description | pursuant to which the Company will pay Mr. Goldstein $720 in severance payments (equal to 18 months base salary) over a period of 30 months and reimbursement for the costs of continuing health benefits for a period of 18 months. Severance costs of $805 were recognized and are included in general and administrative expenses. Final payments associated with the Separation Agreement were satisfied in the fourth quarter of 2023. Accrued severance costs are included in accrued expenses on the Consolidated Balance Sheets as of December 31, 2022.(o) Supplier Finance Programs In September 2022, the FASB issued ASU No. 2022-04, “Liabilities-Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations.” This ASU requires a buyer that uses supplier finance programs to make annual disclosures about the programs’ key terms, the balance sheet presentation of related amounts, the confirmed amount outstanding at the end of the period and associated roll-forward information. The guidance was effective for the Company beginning on January 1, 2023, except for the roll-forward information, which is effective beginning on January 1, 2024. This guidance has not had and is not expected to have a material impact on the Company’s Consolidated Financial Statements. During 2022, we entered into an agreement with a third-party financial institution and an agreement with an insurance agency which allows us to obtain extended payment terms for our insurance policies. The insurance policies can be canceled by the Company at any time with 10 days’ notice. The financial institution may cancel this agreement after providing 10 days’ notice if the Company does not pay any installment payment according to the terms of the agreement. We do not provide any forms of guarantees under these agreements. Payments of our obligations are included in cash flows from operating activities in the Consolidated Statements of Cash Flows. Outstanding confirmed amounts are $0 and $218 as of December 31, 2023 and December 31, 2022, respectively, which will be recognized on the Consolidated Financial Statements as payments are due. | |||
Selling Expenses | ||||
Schedule Of Organization And Presentation Of Financial Statements [Line Items] | ||||
Freight-out costs | $ 228 | $ 162 |
Liquidity - Additional Informat
Liquidity - Additional Information (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Cash balance | $ 3,927 | $ 49 | $ 1,270 |
Working capital | 4,097 | ||
Shareholders' equity | $ 3,265 | $ 2,820 | $ 11,541 |
Discontinued Operations - Addit
Discontinued Operations - Additional Information (Details) | 1 Months Ended | 12 Months Ended | |||||
Sep. 15, 2023 USD ($) Days | Jan. 23, 2023 USD ($) | Dec. 15, 2022 USD ($) | Aug. 31, 2023 USD ($) | Jul. 31, 2023 USD ($) Days | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||
Total consideration paid | $ 8,243,000 | $ 480,000 | |||||
Inventory | 3,360,000 | 330,000 | |||||
Capital expenditure discontinued operations | 0 | 0 | |||||
Depreciation expense discontinued operations | 0 | 0 | |||||
Assets of discontinued operations | 4,261,000 | ||||||
Disposal of Product Line | |||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||
Inventory | 3,917,000 | ||||||
Assets of discontinued operations | 4,261,000 | ||||||
Alpha | |||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||
Total consideration paid | $ 2,700,000 | ||||||
Transition services agreement description | This transition services agreement had a term of 90 days which could be extended by the buyer for up to three additional 30 day periods or extended as consented by both parties, and concluded in accordance with the end of its term during the first quarter of 2024. | ||||||
Transition services agreement, term | Days | 90 | ||||||
Transition services agreement, maximum extended term | Days | 30 | ||||||
Inventory | $ 1,115,000 | ||||||
Alpha | Disposal of Product Line | |||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||
Total consideration paid | 2,700,000 | ||||||
Proceeds from sales of interest in certain assets | $ 200,000 | $ 2,500,000 | |||||
Inventory | 1,268,000 | ||||||
Assets of discontinued operations | 0 | 1,268,000 | |||||
BIZ | |||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||
Total consideration paid | $ 1,857,000 | ||||||
Transition services agreement description | This transition services agreement had a term of 90 days which could be extended by the buyer for up to three additional 30 day periods or extended as consented by both parties, and was concluded in accordance with the end of its term on December 31, 2023. | ||||||
Transition services agreement, term | Days | 90 | ||||||
Transition services agreement, maximum extended term | Days | 30 | ||||||
Inventory | $ 946,000 | ||||||
BIZ | Disposal of Product Line | |||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||
Total consideration paid | 1,000,000 | ||||||
Inventory | 946,000 | 1,092,000 | |||||
Assets of discontinued operations | 0 | 1,323,000 | |||||
Scotts Liquid Gold | |||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||
Total consideration paid | 1,936,000 | ||||||
Inventory | 1,149,000 | ||||||
Scotts Liquid Gold | Disposal of Product Line | |||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||
Total consideration paid | $ 800,000 | ||||||
Inventory | $ 1,136,000 | 1,235,000 | |||||
Royalty percentage | 2% | ||||||
Royalty fees payment period | 2 years | ||||||
Assets of discontinued operations | 0 | 1,235,000 | |||||
Prell | |||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||
Total consideration paid | 480,000 | ||||||
Inventory | 330,000 | ||||||
Prell | Disposal of Product Line | |||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||
Total consideration paid | $ 150,000 | ||||||
Inventory | $ 330,000 | ||||||
Royalty percentage | 3% | ||||||
Royalty fees payment period | 4 years | ||||||
Assets of discontinued operations | $ 0 | $ 0 | |||||
Neoteric Buyer | |||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||
Percentage of Subsidiary Outstanding Stock Sold | 100% | ||||||
Total consideration paid | $ 1,750,000 | ||||||
Initial deposit on consideration paid | 175,000 | ||||||
Minimum balance amount under agreement | $ 250,000 | ||||||
Transition services agreement description | This transition services agreement has a term of 90 days which can be extended by the Neoteric Buyer for up to three additional 30 day periods or extended as consented by both parties. | ||||||
Transition services agreement, term | Days | 90 | ||||||
Transition services agreement, maximum extended term | Days | 30 | ||||||
Neoteric Buyer | Disposal of Product Line | |||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||
Assets of discontinued operations | $ 0 |
Discontinued Operations - Summa
Discontinued Operations - Summary of Financial Information Constituting Pretax Loss to After-Tax Loss of Discontinued Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Operating expenses: | ||
Impairment of long-lived assets | $ 1,471 | $ 5,172 |
Gain (Loss) on sale of discontinued operations | 4,565 | (155) |
Income (loss) from discontinued operations | 5,581 | 1,267 |
Disposal of Product Line | ||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||
Net sales | 5,427 | 16,730 |
Cost of sales | 3,173 | 9,829 |
Gross profit | 2,254 | 6,901 |
Operating expenses: | ||
Advertising | 56 | |
Selling | 947 | 4,106 |
General and administrative | 103 | 14 |
Intangible asset amortization | 26 | 167 |
Impairment of long-lived assets | 745 | |
Income (loss) from discontinued operations | 1,122 | 1,869 |
Gain (Loss) on sale of discontinued operations | 4,565 | (155) |
Interest expense | (106) | (447) |
Income (loss) from discontinued operations | 5,581 | 1,267 |
Prell | ||
Operating expenses: | ||
Gain (Loss) on sale of discontinued operations | (155) | |
Prell | Disposal of Product Line | ||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||
Net sales | 6 | 3,140 |
Cost of sales | 72 | 1,977 |
Gross profit | (66) | 1,163 |
Operating expenses: | ||
Selling | 832 | |
General and administrative | 14 | |
Intangible asset amortization | 47 | |
Income (loss) from discontinued operations | (66) | 270 |
Gain (Loss) on sale of discontinued operations | (155) | |
Interest expense | (54) | |
Income (loss) from discontinued operations | (66) | 61 |
Neoteric | ||
Operating expenses: | ||
Gain (Loss) on sale of discontinued operations | 1,501 | |
Neoteric | Disposal of Product Line | ||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||
Net sales | 2,173 | 2,606 |
Cost of sales | 1,164 | 1,265 |
Gross profit | 1,009 | 1,341 |
Operating expenses: | ||
Selling | 342 | 471 |
General and administrative | 47 | |
Intangible asset amortization | 14 | 46 |
Impairment of long-lived assets | 194 | |
Income (loss) from discontinued operations | 606 | 630 |
Gain (Loss) on sale of discontinued operations | 1,501 | |
Income (loss) from discontinued operations | 2,107 | 630 |
Alpha | ||
Operating expenses: | ||
Gain (Loss) on sale of discontinued operations | 1,585 | |
Alpha | Disposal of Product Line | ||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||
Net sales | 851 | 2,232 |
Cost of sales | 284 | 1,312 |
Gross profit | 567 | 920 |
Operating expenses: | ||
Advertising | 55 | |
Selling | 141 | 529 |
General and administrative | 22 | |
Income (loss) from discontinued operations | 349 | 391 |
Gain (Loss) on sale of discontinued operations | 1,585 | |
Income (loss) from discontinued operations | 1,934 | 391 |
BIZ | ||
Operating expenses: | ||
Gain (Loss) on sale of discontinued operations | 692 | |
BIZ | Disposal of Product Line | ||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||
Net sales | 2,283 | 4,680 |
Cost of sales | 1,577 | 3,437 |
Gross profit | 706 | 1,243 |
Operating expenses: | ||
Advertising | 1 | |
Selling | 436 | 1,467 |
General and administrative | 12 | |
Intangible asset amortization | 12 | 74 |
Impairment of long-lived assets | 551 | |
Income (loss) from discontinued operations | 245 | (849) |
Gain (Loss) on sale of discontinued operations | 692 | |
Interest expense | (88) | (176) |
Income (loss) from discontinued operations | 849 | (1,025) |
Scotts Liquid Gold | ||
Operating expenses: | ||
Gain (Loss) on sale of discontinued operations | 787 | |
Scotts Liquid Gold | Disposal of Product Line | ||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||
Net sales | 114 | 4,072 |
Cost of sales | 76 | 1,838 |
Gross profit | 38 | 2,234 |
Operating expenses: | ||
Selling | 28 | 807 |
General and administrative | 22 | |
Income (loss) from discontinued operations | (12) | 1,427 |
Gain (Loss) on sale of discontinued operations | 787 | |
Interest expense | (18) | (217) |
Income (loss) from discontinued operations | $ 757 | $ 1,210 |
Discontinued Operations - Sched
Discontinued Operations - Schedule of Cash Flows from Discontinued Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | ||
Net cash provided by operating activities - discontinued operations | $ 1,599 | $ 2,271 |
Net cash provided by investing activities - discontinued operations | $ 8,243 | $ 480 |
Discontinued Operations - Sum_2
Discontinued Operations - Summary of Financial Information Constituting Major Classes of Assets and Liabilities of Discontinued Operations (Details) - USD ($) | Dec. 31, 2023 | Jan. 23, 2023 | Dec. 31, 2022 | Dec. 15, 2022 |
Current assets: | ||||
Inventories | $ 3,360,000 | $ 330,000 | ||
Intangible assets, net | 318,000 | 305,000 | ||
Assets of discontinued operations | 4,261,000 | |||
Disposal of Product Line | ||||
Current assets: | ||||
Inventories | 3,917,000 | |||
Intangible assets, net | 344,000 | |||
Assets of discontinued operations | 4,261,000 | |||
Prell | ||||
Current assets: | ||||
Inventories | 330,000 | |||
Intangible assets, net | 305,000 | |||
Prell | Disposal of Product Line | ||||
Current assets: | ||||
Inventories | $ 330,000 | |||
Assets of discontinued operations | 0 | 0 | ||
Neoteric | ||||
Current assets: | ||||
Inventories | 150,000 | |||
Intangible assets, net | 99,000 | |||
Neoteric | Disposal of Product Line | ||||
Current assets: | ||||
Inventories | 322,000 | |||
Intangible assets, net | 113,000 | |||
Assets of discontinued operations | 435,000 | |||
Alpha | ||||
Current assets: | ||||
Inventories | 1,115,000 | |||
Alpha | Disposal of Product Line | ||||
Current assets: | ||||
Inventories | 1,268,000 | |||
Assets of discontinued operations | 0 | 1,268,000 | ||
BIZ | ||||
Current assets: | ||||
Inventories | 946,000 | |||
Intangible assets, net | 219,000 | |||
BIZ | Disposal of Product Line | ||||
Current assets: | ||||
Inventories | 946,000 | 1,092,000 | ||
Intangible assets, net | 231,000 | |||
Assets of discontinued operations | 0 | 1,323,000 | ||
Scotts Liquid Gold | ||||
Current assets: | ||||
Inventories | 1,149,000 | |||
Scotts Liquid Gold | Disposal of Product Line | ||||
Current assets: | ||||
Inventories | $ 1,136,000 | 1,235,000 | ||
Assets of discontinued operations | $ 0 | $ 1,235,000 |
Discontinued Operations - Sum_3
Discontinued Operations - Summary of Carrying Value of Assets and Resulting in Gain on Sale of Discontinued Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Inventories | $ 3,360 | $ 330 |
Intangible assets, net | 318 | 305 |
Proceeds from sale | 8,243 | 480 |
Gain (Loss) on sale of discontinued operations | 4,565 | (155) |
Trade Names | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Intangible assets, net | 204 | 152 |
Formulas | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Intangible assets, net | 111 | 153 |
Non-compete | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Intangible assets, net | 3 | |
Neoteric | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Inventories | 150 | |
Intangible assets, net | 99 | |
Proceeds from sale | 1,750 | |
Gain (Loss) on sale of discontinued operations | 1,501 | |
Neoteric | Trade Names | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Intangible assets, net | 59 | |
Neoteric | Formulas | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Intangible assets, net | 40 | |
Alpha | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Inventories | 1,115 | |
Proceeds from sale | 2,700 | |
Gain (Loss) on sale of discontinued operations | 1,585 | |
BIZ | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Inventories | 946 | |
Intangible assets, net | 219 | |
Proceeds from sale | 1,857 | |
Gain (Loss) on sale of discontinued operations | 692 | |
BIZ | Trade Names | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Intangible assets, net | 145 | |
BIZ | Formulas | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Intangible assets, net | 71 | |
BIZ | Non-compete | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Intangible assets, net | 3 | |
Scotts Liquid Gold | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Inventories | 1,149 | |
Proceeds from sale | 1,936 | |
Gain (Loss) on sale of discontinued operations | $ 787 | |
Prell | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Inventories | 330 | |
Intangible assets, net | 305 | |
Proceeds from sale | 480 | |
Gain (Loss) on sale of discontinued operations | (155) | |
Prell | Trade Names | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Intangible assets, net | 152 | |
Prell | Formulas | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Intangible assets, net | $ 153 |
Inventories - Composition of In
Inventories - Composition of Inventory (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 365 | $ 677 |
Raw materials | 0 | 98 |
Inventories | $ 365 | $ 775 |
Acquisition - Summary of Aggreg
Acquisition - Summary of Aggregate Fair Values of Assets Acquired (Details) | Dec. 31, 2023 USD ($) |
Business Acquisition [Line Items] | |
Goodwill | $ 0 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Schedule of Changes in Carrying Amount of Goodwill by Reporting Unit (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Finite Lived Intangible Assets [Line Items] | |
Impairment | $ (1,710) |
All-Purpose | |
Finite Lived Intangible Assets [Line Items] | |
Beginning balance | 1,710 |
Impairment | $ (1,710) |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - Internal-use Software $ in Thousands | Dec. 31, 2022 USD ($) |
Finite Lived Intangible Assets [Line Items] | |
Gross Carrying Amount | $ 898 |
Accumulated Amortization | 105 |
Net Carrying Value | $ 793 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Additional Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization expense of intangible assets | $ 179,000 | $ 232,000 |
Estimated amortization expense | 0 | |
Goodwill | $ 0 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Schedule of Goodwill and Certain intangible Assets and Resulted In Impairment Charges (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Goodwill [Line Items] | ||
Operating lease right-of-use assets | $ 858,000 | $ 0 |
Intangible Assets | $ 613,000 | $ 2,717,000 |
Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration] | Amortization of Intangible Assets | Amortization of Intangible Assets |
Goodwill | $ 1,710,000 | |
Total | $ 1,471,000 | 4,427,000 |
All-Purpose | ||
Goodwill [Line Items] | ||
Intangible Assets | 2,717,000 | |
Goodwill | 1,710,000 | |
Total | $ 4,427,000 | |
Corporate | ||
Goodwill [Line Items] | ||
Operating lease right-of-use assets | 858,000 | |
Intangible Assets | 613,000 | |
Total | $ 1,471,000 |
Long-Term Debt and Line-of-Cr_2
Long-Term Debt and Line-of-Credit - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Aug. 10, 2022 | Nov. 09, 2021 | Jul. 01, 2020 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | ||||||
Repayments of term loan | $ 1,250 | $ 2,000 | ||||
UMB Bank, N.A | ||||||
Debt Instrument [Line Items] | ||||||
Amortization of loan costs | 100 | 197 | ||||
Unamortized loan costs | 0 | 100 | ||||
Expense as a result of the termination of the UMB Loan Agreement | 83 | |||||
UMB Bank, N.A | Loan Agreement | Term Loan | ||||||
Debt Instrument [Line Items] | ||||||
Term loan amount | $ 3,000 | |||||
Term loan, frequency of commitment fee payment | monthly | |||||
Term loan, payment term | 3 years | |||||
UMB Bank, N.A | Consent and Seventh Amendment to Loan and Security Agreement | Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility, terminate date | Feb. 27, 2023 | |||||
UMB Bank, N.A | Maximum | Loan Agreement | Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Available borrowing capacity amount | $ 4,000 | |||||
La Plata Capital, LLC | ||||||
Debt Instrument [Line Items] | ||||||
Amortization of loan costs | 20 | 21 | ||||
Unamortized loan costs | $ 0 | $ 20 | ||||
La Plata Capital, LLC | Loan Agreement | Term Loan | ||||||
Debt Instrument [Line Items] | ||||||
Term loan amount | $ 2,000 | |||||
Debt outstanding effective interest rate | 14% | |||||
Term loan, maturity date | Nov. 09, 2021 | |||||
Repayments of term loan | $ 1,000 | |||||
La Plata Capital, LLC | Loan Agreement | Term Loan Two | ||||||
Debt Instrument [Line Items] | ||||||
Term loan amount | $ 250 | |||||
Debt outstanding effective interest rate | 15% | |||||
Floor Rate | UMB Bank, N.A | Loan Agreement | Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, variable interest rate | 7.75% | |||||
SOFR Rate | UMB Bank, N.A | Loan Agreement | Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, variable interest rate | 6.83% | |||||
Debt Instrument, Maturity of Variable interest rate | one-month term SOFR rate |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Nov. 29, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Lessee Lease Description [Line Items] | |||
Sublease start date | Apr. 01, 2024 | ||
Sublease end maturity date | Mar. 31, 2027 | ||
Sublease, existence of option to extend [true false] | true | ||
Sublease, option to extend | option to extend | ||
Sublease annual base rent amount | $ 280,000 | ||
Percentage of sublease annual base rent | 2.50% | ||
Operating Lease Right-of-use asset impairment charge | $ 858,000 | $ 0 | |
Maximum | |||
Lessee Lease Description [Line Items] | |||
Remaining lease terms | 7 years |
Leases - Schedule of Informatio
Leases - Schedule of Information Related to Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Operating lease information: | ||
Operating lease cost | $ 406 | $ 400 |
Operating cash flows from operating leases | $ 406 | $ 400 |
Weighted average remaining lease term in years | 6 years 11 months 1 day | 7 years 11 months 1 day |
Weighted average discount rate | 5.10% | 5.10% |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Annual Lease Payments (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Leases [Abstract] | |
2024 | $ 413 |
2025 | 420 |
2026 | 427 |
2027 | 434 |
2028 | 441 |
Thereafter | 864 |
Total minimum lease payments | 2,999 |
Less imputed interest | (487) |
Total operating lease liability | $ 2,512 |
Income Taxes - Schedule of Prov
Income Taxes - Schedule of Provision for Income Tax Attributable to Continuing Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Current provision: | ||
Federal | $ (1) | $ 63 |
State | 10 | |
Total current provision | 9 | 63 |
Provision: | ||
Federal | (1) | 63 |
State | 10 | |
Total provision (benefit) | $ 9 | $ 63 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Tax [Line Items] | ||
Current tax provision related to discontinued operations | $ 0 | $ 58,000 |
Deferred tax benefit related to discontinued operations | $ 0 | $ 45,000 |
Effective income tax rate | (0.18%) | (0.62%) |
Uncertain tax benefits | $ 0 | $ 0 |
Accrued interest or penalties related to uncertain tax positions | $ 0 | $ 0 |
Federal Tax Authority | ||
Income Tax [Line Items] | ||
Income tax year open to examination | 2020 | |
State and Local Jurisdiction | ||
Income Tax [Line Items] | ||
Income tax year open to examination | 2019 |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income Tax Expense at the Statutory Tax Rate (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule of income tax expense at the statutory tax rate | ||
Federal income tax from continuing operations at statutory rates | $ (1,090) | $ (2,129) |
State income taxes, net of federal tax effect | (64) | (89) |
Rate difference in NOL Carryback | 57 | |
Other | (77) | 22 |
Change in state tax rate | 149 | |
Change in valuation allowance | (1,240) | 2,053 |
Total provision (benefit) | $ 9 | $ 63 |
Income Taxes - Schedule of Net
Income Taxes - Schedule of Net Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax assets: | ||
Net operating loss carryforwards | $ 3,885 | $ 2,744 |
Accounts receivable | 30 | 20 |
Inventories | 31 | 173 |
Accrued vacation and bonus | 4 | 67 |
Intangibles and Goodwill | 395 | 335 |
Operating lease liabilities | 554 | 610 |
Other | 264 | 231 |
Total deferred tax assets | 5,163 | 4,180 |
Deferred tax liabilities: | ||
Operating lease right-of-use assets | (303) | (546) |
Prepaid expenses | (8) | (22) |
Total deferred tax liabilities | (311) | (568) |
Net deferred tax asset, before allowance | 4,852 | 3,612 |
Valuation allowance | $ (4,852) | $ (3,612) |
Income Taxes - Schedule of Ne_2
Income Taxes - Schedule of Net Operating Losses and Tax Credit Carryforwards (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
State | |
Income Tax [Line Items] | |
Net operating losses | $ 3,481 |
Net operating losses, (After December 31, 2017) | Do not expire |
Federal | |
Income Tax [Line Items] | |
Net operating losses | $ 17,531 |
Tax credits | $ 8 |
Net operating losses, (After December 31, 2017) | Do not expire |
Tax credits, federal | 2042 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Details) - USD ($) | 12 Months Ended | ||||
May 11, 2023 | Mar. 02, 2022 | Jan. 18, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock-based compensation | $ 65,000 | $ 130,000 | |||
Unrecognized compensation costs related to non-vested stock options | $ 0 | ||||
Period over which compensation costs related to non-vested stock options recognize | 2 years | ||||
Tax benefit from recording non-cash expense relates to options granted to employees | $ 0 | ||||
General and Administrative Expense | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock-based compensation | $ 0 | $ 10,000 | |||
Common Stock | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Number of options granted | 0 | 0 | |||
2022 Individual Employee Grant | Anniversary Grant Date | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Vesting percentage | 0.66% | ||||
Restricted Stock Units (RSUs) | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Unrecognized compensation costs related to non-vested stock options | $ 24,000 | ||||
Restricted Stock Units (RSUs) | General and Administrative Expense | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock-based compensation | $ 25,000 | $ 79,000 | |||
Restricted Stock Units (RSUs) | 2022 Individual Employee Grant | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Vesting percentage | 0.33% | ||||
Vesting description | The 2022 Individual Employee Grant vested one-third on the initial grant date, and the remaining two-thirds will vest on each anniversary of the grant date. | ||||
Number of restricted stock units granted | 25 | ||||
Restricted stock shares granted in period granted date fair value | $ 10,000 | ||||
Restricted Stock Units (RSUs) | 2022 Individual Executive Grant | Anniversary Grant Date | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Number of restricted stock units granted | 200 | 15 | |||
Restricted stock shares granted in period granted date fair value | $ 40,000 | $ 18,000 | |||
2015 Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Number of shares available for future equity grants under 2015 Plan | 1,988,000 | 1,851,000 | |||
2015 Plan | Maximum | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Number of shares available for future equity grants under 2015 Plan | 1,988 |
Shareholders' Equity - Schedule
Shareholders' Equity - Schedule of Activity Under Stock Option Plans (Details) - 2015 Plan - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Maximum number of shares under the plan | 2,000,000 | ||
Number of Options Outstanding Beginning Balance | 149,000 | 307,000 | |
Number of Options Cancelled/Expired | (137,000) | (158,000) | |
Number of Options Outstanding Ending Balance | 12,000 | 149,000 | 307,000 |
Number of Options Exercisable | 12,000 | 149,000 | |
Available for Issuance Number of Options Ending Balance | 1,988,000 | 1,851,000 | |
Weighted Average Exercise Price | |||
Outstanding Weighted Average Exercise Price Beginning Balance | $ 1.42 | $ 1.8 | |
Weighted Average Exercise Price Cancelled/Expired | 1.41 | 2.08 | |
Outstanding Weighted Average Exercise Price Ending Balance | 1.61 | 1.42 | $ 1.8 |
Weighted Average Exercise Price Exercisable Ending Balance | $ 1.61 | $ 1.32 | |
Weighted Average Remaining Contractual Life | |||
Weighted Average Remaining Contractual Life Options Outstanding | 2 years 9 months 18 days | 2 years 8 months 12 days | 2 years 7 months 6 days |
Weighted Average Remaining Contractual Life Options Exercisable | 2 years 9 months 18 days | 2 years 8 months 12 days | |
Aggregate Intrinsic Value | |||
Outstanding Aggregate Intrinsic Value | $ 45 | $ 45 | |
Aggregate Intrinsic Value Exercisable | $ 45 |
Shareholders' Equity - Summary
Shareholders' Equity - Summary of Additional Information Related to the Options Outstanding (Details) - 2015 Plan | 12 Months Ended |
Dec. 31, 2023 $ / shares shares | |
Summary of additional information related to the options outstanding | |
Exercisable Weighted Average Number of Option Outstanding | shares | 12 |
Average Option Price Per share Exercised | 2 years 9 months 18 days |
Options Outstanding and Exercisable Weighted Average Exercise Price | $ 1.61 |
$1.20-$1.25 | |
Summary of additional information related to the options outstanding | |
Lower range of Exercise prices | 1.2 |
Upper range of Exercise prices | $ 1.25 |
Exercisable Weighted Average Number of Option Outstanding | shares | 4 |
Average Option Price Per share Exercised | 1 year 7 months 6 days |
Options Outstanding and Exercisable Weighted Average Exercise Price | $ 1.25 |
$1.26-$1.38 | |
Summary of additional information related to the options outstanding | |
Lower range of Exercise prices | 1.26 |
Upper range of Exercise prices | $ 1.38 |
Exercisable Weighted Average Number of Option Outstanding | shares | 0 |
Average Option Price Per share Exercised | 0 years |
Options Outstanding and Exercisable Weighted Average Exercise Price | $ 0 |
$1.80-$2.25 | |
Summary of additional information related to the options outstanding | |
Lower range of Exercise prices | 1.8 |
Upper range of Exercise prices | $ 2.25 |
Exercisable Weighted Average Number of Option Outstanding | shares | 8 |
Average Option Price Per share Exercised | 3 years 4 months 24 days |
Options Outstanding and Exercisable Weighted Average Exercise Price | $ 1.8 |
Earnings Per Share - Reconcilia
Earnings Per Share - Reconciliation of the Weighted Average Number of Common Shares Outstanding (Details) - shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Earnings Per Share [Abstract] | ||
Beginning Balance, Shares | 12,797 | 12,727 |
Weighted average common shares issued | 130 | 31 |
Weighted average number of common shares outstanding | 12,927 | 12,758 |
Diluted weighted average number of common shares outstanding | 12,927 | 12,758 |
Earnings Per Share - Common Sto
Earnings Per Share - Common Stock Equivalents Excluded From the Calculation of Earnings Per Share (Details) - shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Stock Options | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from calculation of earnings per share | 12 | 148 |
Restricted Stock Units | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from calculation of earnings per share | 14 | 77 |
Segment Information - Additiona
Segment Information - Additional Information (Details) | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2023 Segment | Dec. 31, 2023 USD ($) Segment | Dec. 31, 2022 USD ($) | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Number of business segment | Segment | 2 | ||
Number of reportable segment | Segment | 1 | ||
Net sales | $ 3,403,000 | $ 2,980,000 | |
Non-US [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Long-lived assets held | 0 | 0 | |
Different Geographic Areas | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | $ 0 | $ 0 |
Segment Information - Net Sales
Segment Information - Net Sales to Significant Customers (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Segment Reporting Information [Line Items] | ||
Entity wide revenue, net sales from major customer | $ 3,403 | $ 2,980 |
Customer 1 | ||
Segment Reporting Information [Line Items] | ||
Entity wide revenue, net sales from major customer | 2,291 | 2,184 |
Customer 2 | ||
Segment Reporting Information [Line Items] | ||
Entity wide revenue, net sales from major customer | $ 626 | $ 248 |
Segment Information - Outstandi
Segment Information - Outstanding Accounts Receivable from Significant Customers (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Customer Concentration Risk | Accounts Receivable | Customer 1 | ||
Segment Reporting Information [Line Items] | ||
Entity wide outstanding accounts receivable percentage from major customer | 67.20% | 32.70% |