Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | Apr. 28, 2023 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000912061 | |
Entity Registrant Name | Natural Health Trends Corp. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-36849 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 59-2705336 | |
Entity Address, Address Line One | Units 1205-07, 12F Mira Place Tower A 132 Nathan Road | |
Entity Address, City or Town | Tsimshatsui | |
Entity Address, Country | HK | |
City Area Code | 852 | |
Local Phone Number | 3107-0800 | |
Title of 12(b) Security | Common Stock, par value $0.001 per share | |
Trading Symbol | NHTC | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 11,520,439 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 66,610 | $ 69,667 |
Inventories | 4,982 | 4,525 |
Other current assets | 3,420 | 3,359 |
Total current assets | 75,012 | 77,551 |
Property and equipment, net | 354 | 394 |
Operating lease right-of-use assets | 3,909 | 3,992 |
Restricted cash | 38 | 79 |
Deferred tax asset | 253 | 195 |
Other assets | 616 | 606 |
Total assets | 80,182 | 82,817 |
Current liabilities: | ||
Accounts payable | 1,147 | 810 |
Income taxes payable | 3,012 | 2,972 |
Accrued commissions | 2,470 | 2,943 |
Other accrued expenses | 1,105 | 1,181 |
Deferred revenue | 5,617 | 5,597 |
Amounts held in eWallets | 4,657 | 4,895 |
Operating lease liabilities | 1,158 | 1,135 |
Other current liabilities | 859 | 905 |
Total current liabilities | 20,025 | 20,438 |
Income taxes payable | 9,098 | 9,098 |
Deferred tax liability | 140 | 141 |
Operating lease liabilities | 2,869 | 2,989 |
Total liabilities | 32,132 | 32,666 |
Commitments and contingencies (Note 7) | ||
Preferred stock, $0.001 par value; 5,000,000 shares authorized; no shares issued and outstanding | 0 | 0 |
Common stock, $0.001 par value; 50,000,000 shares authorized; 12,979,414 shares issued | 13 | 13 |
Additional paid-in capital | 84,519 | 86,102 |
Accumulated deficit | (11,103) | (9,056) |
Accumulated other comprehensive loss | (1,104) | (1,004) |
Treasury stock, at cost; 1,458,975 and 1,556,875 shares at March 31, 2023 and December 31, 2022, respectively | (24,275) | (25,904) |
Total stockholders’ equity | 48,050 | 50,151 |
Total liabilities and stockholders’ equity | $ 80,182 | $ 82,817 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2023 | Dec. 31, 2022 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, issued (in shares) | 12,979,414 | 12,979,414 |
Treasury stock, shares (in shares) | 1,458,975 | 1,556,875 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Net sales | $ 11,861 | $ 11,546 |
Cost of sales | 3,031 | 2,908 |
Gross profit | 8,830 | 8,638 |
Operating expenses: | ||
Commissions expense | 4,992 | 4,740 |
Selling, general and administrative expenses | 4,232 | 4,281 |
Total operating expenses | 9,224 | 9,021 |
Loss from operations | (394) | (383) |
Other income, net | 681 | 110 |
Income (loss) before income taxes | 287 | (273) |
Income tax provision (benefit) | 30 | (168) |
Net income (loss) | $ 257 | $ (105) |
Net income (loss) per common share: | ||
Basic (in dollars per share) | $ 0.02 | $ (0.01) |
Diluted (in dollars per share) | $ 0.02 | $ (0.01) |
Weighted average common shares outstanding: | ||
Basic (in shares) | 11,424 | 11,254 |
Diluted (in shares) | 11,428 | 11,254 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Net income (loss) | $ 257 | $ (105) |
Other comprehensive loss, net of tax: | ||
Foreign currency translation adjustment | (97) | (205) |
Unrealized losses on available-for-sale securities | (3) | (23) |
Comprehensive income (loss) | $ 157 | $ (333) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Treasury Stock, Common [Member] | Total |
BALANCE (in shares) at Dec. 31, 2021 | 0 | 12,979,414 | (1,556,875) | ||||
Balance at Dec. 31, 2021 | $ 0 | $ 13 | $ 86,102 | $ (231) | $ (492) | $ (25,904) | $ 59,488 |
Net income (loss) | 0 | 0 | 0 | (105) | 0 | 0 | (105) |
Dividends declared | 0 | 0 | 0 | (2,285) | 0 | 0 | (2,285) |
Foreign currency translation adjustments | 0 | 0 | 0 | 0 | (205) | 0 | (205) |
Unrealized losses on available-for-sale securities | $ 0 | $ 0 | 0 | 0 | (23) | $ 0 | (23) |
BALANCE (in shares) at Mar. 31, 2022 | 0 | 12,979,414 | (1,556,875) | ||||
Balance at Mar. 31, 2022 | $ 0 | $ 13 | 86,102 | (2,621) | (720) | $ (25,904) | 56,870 |
BALANCE (in shares) at Dec. 31, 2022 | 0 | 12,979,414 | (1,556,875) | ||||
Balance at Dec. 31, 2022 | $ 0 | $ 13 | 86,102 | (9,056) | (1,004) | $ (25,904) | 50,151 |
Net income (loss) | $ 0 | $ 0 | 0 | 257 | 0 | $ 0 | 257 |
Reissuance of treasury shares (in shares) | 0 | 0 | 97,900 | ||||
Reissuance of treasury shares | $ 0 | $ 0 | (1,629) | 0 | 0 | $ 1,629 | 0 |
Share-based compensation | 0 | 0 | 46 | 0 | 0 | 0 | 46 |
Dividends declared | 0 | 0 | 0 | (2,304) | 0 | 0 | (2,304) |
Foreign currency translation adjustments | 0 | 0 | 0 | 0 | (97) | 0 | (97) |
Unrealized losses on available-for-sale securities | $ 0 | $ 0 | 0 | 0 | (3) | $ 0 | (3) |
BALANCE (in shares) at Mar. 31, 2023 | 0 | 12,979,414 | (1,458,975) | ||||
Balance at Mar. 31, 2023 | $ 0 | $ 13 | $ 84,519 | $ (11,103) | $ (1,104) | $ (24,275) | $ 48,050 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Dividends declared, per share (in dollars per share) | $ 0.20 | $ 0.20 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income (loss) | $ 257 | $ (105) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
Depreciation and amortization | 46 | 53 |
Share-based compensation | 46 | 0 |
Noncash lease expense | 280 | 302 |
Deferred income taxes | (57) | (9) |
Changes in assets and liabilities: | ||
Inventories | (490) | 350 |
Other current assets | (78) | (332) |
Other assets | (18) | (3) |
Accounts payable | 338 | 64 |
Income taxes payable | 40 | 53 |
Accrued commissions | (465) | (1,129) |
Other accrued expenses | (76) | (592) |
Deferred revenue | 43 | (447) |
Amounts held in eWallets | (215) | (253) |
Operating lease liabilities | (301) | (296) |
Other current liabilities | (46) | (4) |
Net cash used in operating activities | (696) | (2,348) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of property and equipment | (7) | (40) |
Net cash used in investing activities | (7) | (40) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Dividends paid | (2,304) | (2,285) |
Net cash used in financing activities | (2,304) | (2,285) |
Effect of exchange rates on cash, cash equivalents and restricted cash | (91) | (228) |
Net decrease in cash, cash equivalents and restricted cash | (3,098) | (4,901) |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period | 69,746 | 84,365 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period | 66,648 | 79,464 |
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES: | ||
Right-of-use assets obtained in exchange for operating lease liabilities | $ (78) | $ 0 |
Note 1 - Nature of Operations,
Note 1 - Nature of Operations, Basis of Presentation and Consolidation | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 1. Nature of Operations Natural Health Trends Corp., a Delaware corporation (whether or not The Company’s wholly-owned subsidiaries have an active physical presence in the following markets: the Americas, which consists of the United States, Canada, Cayman Islands, Mexico and Peru; Greater China, which consists of Hong Kong, Taiwan and China; Southeast Asia, which consists of Malaysia, Singapore and Thailand; South Korea; Japan; India; and Europe. The Company also operates in Russia and Kazakhstan through an engagement with a local service provider. Basis of Presentation The unaudited interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10 10 01 X. not 2022 10 March 3, 2023. Principles of Consolidation The consolidated financial statements include the accounts of the Company and all of its wholly-owned subsidiaries. All significant inter-company balances and transactions have been eliminated in consolidation. Cash and Cash Equivalents The Company maintains substantially all of its cash balances at several institutions located in the United States, Hong Kong and China which at times may March 31, 2023, March 31, 2023, not 4 not Net Income (Loss) Per Common Share Diluted net income per common share is determined using the weighted-average number of common shares outstanding during the period, adjusted for the dilutive effect of common stock equivalents. The dilutive effect of non-vested restricted stock is reflected by application of the treasury stock method. Under the treasury stock method, the amount of compensation cost for future service that the Company has not The following table illustrates the computation of basic and diluted net income per common share for the periods indicated (in thousands, except per share data): Three Months Ended March 31, 2023 2022 Income (Numerator) Shares (Denominator) Per Share Amount Loss (Numerator) Shares (Denominator) Per Share Amount Basic net income (loss) per common share: Net income (loss) available to common stockholders $ 257 11,424 $ 0.02 $ (105 ) 11,254 $ (0.01 ) Effect of dilutive securities: Non-vested restricted stock — 4 — — Diluted net income (loss) per common share: Net income (loss) available to common stockholders plus assumed dilution $ 257 11,428 $ 0.02 $ (105 ) 11,254 $ (0.01 ) In periods when losses are reported, the weighted-average number of common shares outstanding excludes common stock equivalents because their inclusion would be anti-dilutive. As such, non-vested restricted stock totaling 169,690 shares were not three March 31, 2022. Recent Accounting Pronouncements In June 2016, 2016 13, Financial Instruments - Credit Losses (Topic 326 326 November 2019, 2019 11, Codification Improvements to Topic 326, 2019 11 326. 2016 13 2019 11 December 15, 2022. not Other recently issued accounting pronouncements did not not |
Note 2 - Revenue
Note 2 - Revenue | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 2. Revenue Recognition All revenue is recognized when the performance obligations under a contract, including any product vouchers sold on a stand-alone basis in Hong Kong, are satisfied. Product sales are recognized when the products are shipped and title passes to independent members. Product sales to members are made pursuant to a member agreement that provides for transfer of both title and risk of loss upon the Company’s delivery to the carrier that completes delivery to the members, which is commonly referred to as “F.O.B. Shipping Point.” The Company’s sales arrangements do not Actual product returns are recorded as a reduction to net sales. The Company estimates and accrues a reserve for product returns based on its return policies and historical experience. The reserve is based upon the return policy of each country, which varies from 14 one three March 31, 2023 2022 No 3 The Company has elected to account for shipping and handling activities performed after title has passed to members as a fulfillment cost, and accrues for the costs of shipping and handling if revenue is recognized before the contractually obligated shipping and handling activities occurs. Shipping charges billed to members are included in net sales. Costs associated with shipments are included in cost of sales. Event and training revenue is deferred and recognized as the event or training occurs. Costs of events and member training are included within selling, general and administrative expenses. Various taxes on the sale of products to members are collected by the Company as an agent and remitted to the respective taxing authority. These taxes are presented on a net basis and recorded as a liability until remitted to the respective taxing authority. Deferred Revenue The Company primarily receives payment by credit card at the time members place orders. Amounts received for unshipped product orders and unredeemed product vouchers are considered a contract liability and are recorded as deferred revenue. As of March 31, 2023 2022, not twelve Disaggregation of Revenue The Company sells products to a member network that operates in a seamless manner from market to market, except for the Chinese market where it sells to consumers through an e-commerce retail platform and the Russia and Kazakhstan market where the Company operates through an engagement of a third 11 The Company’s net sales by product and service are as follows (in thousands): Three Months Ended March 31, 2023 2022 Product sales $ 11,048 $ 10,322 Administrative fees, freight and other 845 1,257 Less: sales returns (32 ) (33 ) Total net sales $ 11,861 $ 11,546 Concentration No single market other than Hong Kong had net sales greater than 10% 10% three March 31, 2023 2022 no 10% Arrangements with Multiple Performance Obligations The Company’s contracts with customers may Practical Expedients The Company generally expenses sales commissions when incurred because the amortization period would have been one The Company does not one |
Note 3 - Balance Sheet Componen
Note 3 - Balance Sheet Components | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Supplemental Balance Sheet Disclosures [Text Block] | 3. The components of certain balance sheet amounts are as follows (in thousands): March 31, 2023 December 31, 2022 Cash, cash equivalents and restricted cash: Cash $ 11,460 $ 12,834 Cash equivalents 55,150 56,833 66,610 69,667 Restricted cash 38 79 $ 66,648 $ 69,746 Inventories: Finished goods $ 4,023 $ 3,653 Raw materials 992 890 Reserve for obsolescence (33 ) (18 ) $ 4,982 $ 4,525 Other accrued expenses: Sales returns $ 89 $ 70 Employee-related expense 508 737 Warehousing, inventory-related and other 508 374 $ 1,105 $ 1,181 Deferred revenue: Unshipped product and unredeemed product vouchers $ 3,880 $ 3,822 Auto ship advances 1,737 1,775 $ 5,617 $ 5,597 |
Note 4 - Fair Value Measurement
Note 4 - Fair Value Measurements | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 4. As of March 31, 2023 three 320, Investments - Debt and Equity Securities March 31, 2023 The carrying amounts of the Company’s financial instruments, including cash and accounts payable, approximate fair value because of their short maturities. The carrying amount of the noncurrent restricted cash approximates fair value since, absent the restrictions, the underlying assets would be included in cash and cash equivalents. Accounting standards permit companies, at their option, to choose to measure many financial instruments and certain other items at fair value. The Company has elected to not Investments by significant category included in cash equivalents at the end of each period were as follows (in thousands): March 31, 2023 December 31, 2022 Fair Value Level 1 Adjusted Cost Gross Unrealized Losses Fair Value Adjusted Cost Gross Unrealized Losses Fair Value Money market funds Level 1 $ 7,622 $ — $ 7,622 $ 2,143 $ — $ 2,143 Government and municipal debt securities Level 2 — — — 6,759 — 6,759 Corporate debt securities Level 2 47,547 (19 ) 47,528 47,947 (16 ) 47,931 Total investments $ 55,169 $ (19 ) $ 55,150 $ 56,849 $ (16 ) $ 56,833 1 FASB Topic 820, Level 1: Level 2: Level 3: not As of March 31, 2023, 12 no three March 31, 2023 2022. |
Note 5 - Leases
Note 5 - Leases | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 5 . LEASES The Company leases 7,300 square feet of office space in Hong Kong with a term expiring in June 2026, September 2030. November 2025, February 2024 December 2028, The Company leases seven third None third not The components of lease cost were as follows (in thousands): Three Months Ended March 31, 2023 2022 Operating leases $ 330 $ 334 Short-term leases 37 46 Total lease cost $ 367 $ 380 Cash paid for amounts included in the measurement of operating leases liabilities was $345,000 and $322,000 for the three March 31, 2023 2022 The weighted-average remaining lease term and discount rate related to operating leases as of March 31, 2023 Weighted-average remaining lease term (in years) 4.8 Weighted-average discount rate 4.2 % As most of our leases do not The annual scheduled lease payments of our operating lease liabilities as of March 31, 2023 Remainder of 2023 $ 909 2024 1,022 2025 963 2026 579 2027 299 Thereafter 679 Total lease payments 4,451 Less: imputed interest (424 ) Present value of lease liabilities $ 4,027 For all asset classes, the Company elected not 12 not |
Note 6 - Income Taxes
Note 6 - Income Taxes | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 6 . INCOME TAXES The effective income tax rate for the three March 31, 2023 March 31, 2023 not not March 31, 2023 not As a result of return to provision adjustments, the Company does not December 31, 2023. 2038. March 31, 2023 As of March 31, 2023, December 22, 2017 As a result of capital return activities, the Company determined that a portion of its current undistributed foreign earnings not not March 31, 2023 not March 31, 2023 no 50% March 31, 2023 The Company and its subsidiaries file tax returns in the United States, California, New Jersey, Texas and various foreign jurisdictions. The Company is no 2018. not |
Note 7 - Commitments and Contin
Note 7 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 7. The Company has employment agreements with certain members of its management team that can be terminated by either the employee or the Company upon four |
Note 8 - Stock-based Incentive
Note 8 - Stock-based Incentive Plans | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 8. Restricted Stock At the Company’s annual meeting of stockholders held on April 7, 2016, 2016 “2016 2007 2016 may March 31, 2023 2016 On February 6, 2023, three The following table summarizes the Company’s restricted stock activity under the 2016 Shares Wtd. Avg. Price at Date of Issuance Nonvested at December 31, 2022 — $ — Granted 97,900 $ 4.84 Vested (8,162 ) $ 4.84 Nonvested at March 31, 2023 89,738 $ 4.84 Share-based compensation expense of $46,000 was recognized during the three March 31, 2023. March 31, 2023, Phantom Equity On March 15, 2021, may may may not ten no may 10 Also on March 15, 2021, eight three three 2021 first 2022. three 2022. March 15, 2021 June 15, 2021 April 14, 2021, fifteenth not May 14, 2021 9,074 May 23, 2022, August 31, 2022, November 25, 2022 three June 15, 2022, September 15, 2022 December 15, 2022 not 2021 On February 7, 2023, eight three fifteenth not The phantom share awards are accounted for as liabilities in accordance with FASB ASC Topic 718, Compensation Stock Compensation Awards totaling 26,617 and 27,913 phantom shares vested during each of the three March 31, 2023 2022, three March 31, 2023 2022, |
Note 9 - Stockholders' Equity
Note 9 - Stockholders' Equity | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Equity [Text Block] | 9. Dividends The Company declared and paid cash dividends of $0.20 per common share during the first 2023 2022, Stock Repurchases On January 12, 2016, first July 28, 2015 10b 18 may one 10b5 1 not may March 31, 2023 $70.0 Accumulated Other Comprehensive Loss The changes in accumulated other comprehensive loss by component for the first three 2023 Foreign Currency Translation Adjustments Unrealized Losses on Available-For-Sale Investments Total Balance, December 31, 2022 $ (988 ) $ (16 ) $ (1,004 ) Other comprehensive loss (97 ) (3 ) (100 ) Balance, March 31, 2023 $ (1,085 ) $ (19 ) $ (1,104 ) |
Note 10 - Related Party Transac
Note 10 - Related Party Transactions | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 10. The Company is a party to a Royalty Agreement and License with Broady Health Sciences, L.L.C., a Texas limited liability company, (“BHS”) regarding the manufacture and sale of a product called ReStor™. George K. Broady, a former director of the Company and beneficial owner of more than 5% of its outstanding common stock, is an indirect owner of BHS. Brunde E. Broady, also a former director of the Company and daughter of Mr. Broady, is the President and Chief Executive Officer of BHS. Under this agreement (as amended), the Company agreed to pay BHS a royalty based on a price per unit in return for the right to manufacture (or have manufactured), market, import, export and sell this product worldwide by or through multi-level marketing or network marketing. The Company recognized royalties of $11,000 and $13,000 during the three March 31, 2023 2022 not may no March 31, 2025, one 90 |
Note 11 - Segment Information
Note 11 - Segment Information | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 11. SEGMENT INFORMATION The Company sells products to a member network that operates in a seamless manner from market to market, except for the China market where it sells to some consumers through an e-commerce platform, and the Russia and Kazakhstan market where the Company’s engagement of a third The Company reviews its net sales and operating income (loss) by operating segment, and reviews its assets and capital expenditures on a consolidated basis and not not The Company’s operating information by geographic area are as follows (in thousands): Three Months Ended March 31, 2023 2022 Net sales: Primary Reporting Segment $ 11,331 $ 10,877 China 416 481 Russia and Kazakhstan 114 188 Total net sales $ 11,861 $ 11,546 Income (loss) from operations: Primary Reporting Segment $ 1,827 $ 1,915 China (20 ) 8 Russia and Kazakhstan (58 ) (47 ) Income from operations for reportable segments, net 1,749 1,876 Unallocated corporate expenses (2,143 ) (2,259 ) Other income, net 681 110 Income (loss) before income taxes $ 287 $ (273 ) The Company’s net sales by geographic area are as follows (in thousands): Three Months Ended March 31, 2023 2022 Net sales from external customers: United States $ 279 $ 256 Canada 170 137 Peru 327 482 Hong Kong 1 9,673 8,776 China 416 481 Taiwan 454 569 Japan 82 235 Malaysia and Singapore 85 125 Russia and Kazakhstan 114 188 Europe 186 201 Other foreign countries 75 96 Total net sales $ 11,861 $ 11,546 1 Substantially all of our Hong Kong revenues are derived from the sale of products that are delivered to members in China. See “Item 1A. 10 |
Note 12 - Subsequent Event
Note 12 - Subsequent Event | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 12. SUBSEQUENT EVENT On May 1, 2023, May 26, 2023 May 16, 2023. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The unaudited interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10 10 01 X. not 2022 10 March 3, 2023. |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The consolidated financial statements include the accounts of the Company and all of its wholly-owned subsidiaries. All significant inter-company balances and transactions have been eliminated in consolidation. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents The Company maintains substantially all of its cash balances at several institutions located in the United States, Hong Kong and China which at times may March 31, 2023, March 31, 2023, not 4 not |
Earnings Per Share, Policy [Policy Text Block] | Net Income (Loss) Per Common Share Diluted net income per common share is determined using the weighted-average number of common shares outstanding during the period, adjusted for the dilutive effect of common stock equivalents. The dilutive effect of non-vested restricted stock is reflected by application of the treasury stock method. Under the treasury stock method, the amount of compensation cost for future service that the Company has not The following table illustrates the computation of basic and diluted net income per common share for the periods indicated (in thousands, except per share data): Three Months Ended March 31, 2023 2022 Income (Numerator) Shares (Denominator) Per Share Amount Loss (Numerator) Shares (Denominator) Per Share Amount Basic net income (loss) per common share: Net income (loss) available to common stockholders $ 257 11,424 $ 0.02 $ (105 ) 11,254 $ (0.01 ) Effect of dilutive securities: Non-vested restricted stock — 4 — — Diluted net income (loss) per common share: Net income (loss) available to common stockholders plus assumed dilution $ 257 11,428 $ 0.02 $ (105 ) 11,254 $ (0.01 ) In periods when losses are reported, the weighted-average number of common shares outstanding excludes common stock equivalents because their inclusion would be anti-dilutive. As such, non-vested restricted stock totaling 169,690 shares were not three March 31, 2022. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In June 2016, 2016 13, Financial Instruments - Credit Losses (Topic 326 326 November 2019, 2019 11, Codification Improvements to Topic 326, 2019 11 326. 2016 13 2019 11 December 15, 2022. not Other recently issued accounting pronouncements did not not |
Note 1 - Nature of Operations_2
Note 1 - Nature of Operations, Basis of Presentation and Consolidation (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2023 2022 Income (Numerator) Shares (Denominator) Per Share Amount Loss (Numerator) Shares (Denominator) Per Share Amount Basic net income (loss) per common share: Net income (loss) available to common stockholders $ 257 11,424 $ 0.02 $ (105 ) 11,254 $ (0.01 ) Effect of dilutive securities: Non-vested restricted stock — 4 — — Diluted net income (loss) per common share: Net income (loss) available to common stockholders plus assumed dilution $ 257 11,428 $ 0.02 $ (105 ) 11,254 $ (0.01 ) |
Note 2 - Revenue (Tables)
Note 2 - Revenue (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Revenue from External Customers by Products and Services [Table Text Block] | Three Months Ended March 31, 2023 2022 Product sales $ 11,048 $ 10,322 Administrative fees, freight and other 845 1,257 Less: sales returns (32 ) (33 ) Total net sales $ 11,861 $ 11,546 |
Note 3 - Balance Sheet Compon_2
Note 3 - Balance Sheet Components (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Additional Balance Sheet Components [Table Text Block] | March 31, 2023 December 31, 2022 Cash, cash equivalents and restricted cash: Cash $ 11,460 $ 12,834 Cash equivalents 55,150 56,833 66,610 69,667 Restricted cash 38 79 $ 66,648 $ 69,746 Inventories: Finished goods $ 4,023 $ 3,653 Raw materials 992 890 Reserve for obsolescence (33 ) (18 ) $ 4,982 $ 4,525 Other accrued expenses: Sales returns $ 89 $ 70 Employee-related expense 508 737 Warehousing, inventory-related and other 508 374 $ 1,105 $ 1,181 Deferred revenue: Unshipped product and unredeemed product vouchers $ 3,880 $ 3,822 Auto ship advances 1,737 1,775 $ 5,617 $ 5,597 |
Note 4 - Fair Value Measureme_2
Note 4 - Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Debt Securities, Available-for-Sale [Table Text Block] | March 31, 2023 December 31, 2022 Fair Value Level 1 Adjusted Cost Gross Unrealized Losses Fair Value Adjusted Cost Gross Unrealized Losses Fair Value Money market funds Level 1 $ 7,622 $ — $ 7,622 $ 2,143 $ — $ 2,143 Government and municipal debt securities Level 2 — — — 6,759 — 6,759 Corporate debt securities Level 2 47,547 (19 ) 47,528 47,947 (16 ) 47,931 Total investments $ 55,169 $ (19 ) $ 55,150 $ 56,849 $ (16 ) $ 56,833 |
Note 5 - Leases (Tables)
Note 5 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended March 31, 2023 2022 Operating leases $ 330 $ 334 Short-term leases 37 46 Total lease cost $ 367 $ 380 Weighted-average remaining lease term (in years) 4.8 Weighted-average discount rate 4.2 % |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | Remainder of 2023 $ 909 2024 1,022 2025 963 2026 579 2027 299 Thereafter 679 Total lease payments 4,451 Less: imputed interest (424 ) Present value of lease liabilities $ 4,027 |
Note 8 - Stock-based Incentiv_2
Note 8 - Stock-based Incentive Plans (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Nonvested Restricted Stock Shares Activity [Table Text Block] | Shares Wtd. Avg. Price at Date of Issuance Nonvested at December 31, 2022 — $ — Granted 97,900 $ 4.84 Vested (8,162 ) $ 4.84 Nonvested at March 31, 2023 89,738 $ 4.84 |
Note 9 - Stockholders' Equity (
Note 9 - Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Foreign Currency Translation Adjustments Unrealized Losses on Available-For-Sale Investments Total Balance, December 31, 2022 $ (988 ) $ (16 ) $ (1,004 ) Other comprehensive loss (97 ) (3 ) (100 ) Balance, March 31, 2023 $ (1,085 ) $ (19 ) $ (1,104 ) |
Note 11 - Segment Information (
Note 11 - Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Three Months Ended March 31, 2023 2022 Net sales: Primary Reporting Segment $ 11,331 $ 10,877 China 416 481 Russia and Kazakhstan 114 188 Total net sales $ 11,861 $ 11,546 Income (loss) from operations: Primary Reporting Segment $ 1,827 $ 1,915 China (20 ) 8 Russia and Kazakhstan (58 ) (47 ) Income from operations for reportable segments, net 1,749 1,876 Unallocated corporate expenses (2,143 ) (2,259 ) Other income, net 681 110 Income (loss) before income taxes $ 287 $ (273 ) |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | Three Months Ended March 31, 2023 2022 Net sales from external customers: United States $ 279 $ 256 Canada 170 137 Peru 327 482 Hong Kong 1 9,673 8,776 China 416 481 Taiwan 454 569 Japan 82 235 Malaysia and Singapore 85 125 Russia and Kazakhstan 114 188 Europe 186 201 Other foreign countries 75 96 Total net sales $ 11,861 $ 11,546 |
Note 1 - Nature of Operations_3
Note 1 - Nature of Operations, Basis of Presentation and Consolidation (Details Textual) | 3 Months Ended |
Mar. 31, 2023 USD ($) shares | |
Restricted Stock [Member] | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | shares | 169,690 |
UNITED STATES | |
Cash, Uninsured Amount | $ 803,000 |
HONG KONG | |
Cash, Uninsured Amount | 1,800,000 |
CHINA | |
Restricted Cash | $ 4,100,000 |
Note 1 - Nature of Operations_4
Note 1 - Nature of Operations, Basis of Presentation and Consolidation - Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Net income (loss) available to common stockholders | $ 257 | $ (105) |
Basic (in shares) | 11,424 | 11,254 |
Basic (in dollars per share) | $ 0.02 | $ (0.01) |
Non-vested restricted stock | $ 0 | $ 0 |
Non-vested restricted stock (in shares) | 4 | 0 |
Net income (loss) available to common stockholders plus assumed dilution | $ 257 | $ (105) |
Diluted (in shares) | 11,428 | 11,254 |
Net income (loss) available to common stockholders plus assumed dilution (in dollars per share) | $ 0.02 | $ (0.01) |
Note 2 - Revenue 1 (Details Tex
Note 2 - Revenue 1 (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenue from Contract with Customers, Sales Returns, Percent | 1% | 1% |
Contract with Customer, Liability | $ 3.9 | $ 3.9 |
Geographic Concentration Risk [Member] | Revenue Benchmark [Member] | ||
Number of Major Markets | 0 | 0 |
Number of Major Customers | 0 | 0 |
Minimum [Member] | ||
Revenue from Contract with Customer, Sales Returns Policy Term (Day) | 14 days | |
Revenue from Contract with Customers, Historical Sales Returns, Percent | 1% | |
Maximum [Member] | ||
Revenue from Contract with Customer, Sales Returns Policy Term (Day) | 1 year | |
Revenue from Contract with Customers, Historical Sales Returns, Percent | 4% |
Note 2 - Revenue 2 (Details Tex
Note 2 - Revenue 2 (Details Textual) | Mar. 31, 2023 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Month) | 12 months |
Note 2 - Revenue - Net Sales by
Note 2 - Revenue - Net Sales by Product and Service (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Net sales | $ 11,861 | $ 11,546 |
Less: sales returns | (32) | (33) |
Product [Member] | ||
Net sales | 11,048 | 10,322 |
Administrative Fees, Freight and Other [Member] | ||
Net sales | $ 845 | $ 1,257 |
Note 3 - Balance Sheet Compon_3
Note 3 - Balance Sheet Components - Summary of Balance Sheet Amounts (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Cash | $ 11,460 | $ 12,834 |
Cash equivalents | 55,150 | 56,833 |
Cash and cash equivalents | 66,610 | 69,667 |
Restricted cash | 38 | 79 |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents | 66,648 | 69,746 |
Inventories: | ||
Finished goods | 4,023 | 3,653 |
Raw materials | 992 | 890 |
Reserve for obsolescence | (33) | (18) |
Inventory, Net | 4,982 | 4,525 |
Other accrued expenses: | ||
Sales returns | 89 | 70 |
Employee-related expense | 508 | 737 |
Warehousing, inventory-related and other | 508 | 374 |
Accrued Liabilities, Current | 1,105 | 1,181 |
Deferred revenue: | ||
Deferred revenue | 5,617 | 5,597 |
Unshipped Product [Member] | ||
Deferred revenue: | ||
Deferred revenue | 3,880 | 3,822 |
Auto ship advances [Member] | ||
Deferred revenue: | ||
Deferred revenue | $ 1,737 | $ 1,775 |
Note 4 - Fair Value Measureme_3
Note 4 - Fair Value Measurements - Investments (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | |
Adjusted cost | [1] | $ 55,169 | $ 56,849 |
Gross unrealized losses | [1] | (19) | (16) |
Fair value | [1] | 55,150 | 56,833 |
Fair value | [1] | (55,150) | (56,833) |
Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | |||
Adjusted cost | [1] | 7,622 | 2,143 |
Gross unrealized losses | [1] | 0 | 0 |
Fair value | [1] | 7,622 | 2,143 |
Fair value | [1] | (7,622) | (2,143) |
Fair Value, Inputs, Level 2 [Member] | Municipal Bonds [Member] | |||
Adjusted cost | [1] | 0 | 6,759 |
Gross unrealized losses | [1] | 0 | 0 |
Fair value | [1] | 0 | 6,759 |
Fair value | [1] | 0 | (6,759) |
Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | |||
Adjusted cost | [1] | 47,547 | 47,947 |
Gross unrealized losses | [1] | (19) | (16) |
Fair value | [1] | 47,528 | 47,931 |
Fair value | [1] | $ (47,528) | $ (47,931) |
[1]FASB Topic 820, Fair Value Measurements, establishes a fair value hierarchy that requires the use of observable market data, when available, and prioritizes the inputs to valuation techniques used to measure fair value in the following categories: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs that are not corroborated by market data. |
Note 5 - Leases (Details Textua
Note 5 - Leases (Details Textual) | 3 Months Ended | |
Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) ft² | |
Operating Lease, Payments | $ | $ 345,000 | $ 322,000 |
HONG KONG | ||
Area of Land (Square Foot) | 7,300 | |
Rolling Hills Estates [Member] | ||
Area of Land (Square Foot) | 4,900 | |
Richmond, British Columbia [Member] | ||
Area of Land (Square Foot) | 1,600 | |
Metuchen, New Jersey [Member] | ||
Area of Land (Square Foot) | 2,000 | |
CHINA | ||
Lessee, Number of Branches | 7 |
Note 5 - Leases - Lease Cost (D
Note 5 - Leases - Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Operating leases | $ 330 | $ 334 |
Short-term leases | 37 | 46 |
Total lease cost | $ 367 | $ 380 |
Weighted-average remaining lease term (in years) (Year) | 4 years 9 months 18 days | |
Weighted-average discount rate | 4.20% |
Note 5 - Leases - Maturity of L
Note 5 - Leases - Maturity of Lease Liabilities (Details) $ in Thousands | Mar. 31, 2023 USD ($) |
Remainder of 2023 | $ 909 |
2024 | 1,022 |
2025 | 963 |
2026 | 579 |
2027 | 299 |
Thereafter | 679 |
Total lease payments | 4,451 |
Less: imputed interest | (424) |
Present value of lease liabilities | $ 4,027 |
Note 6 - Income Taxes (Details
Note 6 - Income Taxes (Details Textual) | Mar. 31, 2023 USD ($) |
Tax Cuts and Jobs Act, Transition Tax for Accumulated Foreign Earnings, Liability, Total | $ 12,100,000 |
Tax Cuts and Jobs Act, Transition Tax for Accumulated Foreign Earnings, Liability, Noncurrent | 9,100,000 |
Domestic Tax Authority [Member] | |
Deferred Tax Assets, Valuation Allowance, Total | 0 |
State and Local Jurisdiction [Member] | |
Operating Loss Carryforwards | 438,000 |
Foreign Tax Authority [Member] | |
Operating Loss Carryforwards | $ 1,400,000 |
Note 8 - Stock-based Incentiv_3
Note 8 - Stock-based Incentive Plans (Details Textual) - USD ($) | 3 Months Ended | |||||
Feb. 07, 2023 | Feb. 06, 2023 | May 14, 2021 | Mar. 15, 2021 | Mar. 31, 2023 | Mar. 31, 2022 | |
Restricted Stock [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 97,900 | 97,900 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 3 years | |||||
Share-Based Payment Arrangement, Expense | $ 46,000 | |||||
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 427,000 | |||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 6 months | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 8,162 | |||||
Equity Incentive Plan 2016 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 2,500,000 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 1,121,683 | |||||
The Phantom Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | |||||
The Phantom Plan [Member] | Phantom Shares [Member] | Employees and Non-Employee Directors [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 212,937 | 223,307 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 3 years | |||||
Share-Based Payment Arrangement, Expense | $ 127,000 | $ 196,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Maximum Payment Per Share (in dollars per share) | $ 12 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 26,617 | 27,913 | ||||
The Phantom Plan [Member] | Phantom Shares [Member] | Employees and Non-Employee Directors [Member] | Vesting Increments [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 3 years | |||||
The Phantom Plan [Member] | Phantom Shares [Member] | Employees and Non-Employee Directors [Member] | Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Maximum Payment Per Share (in dollars per share) | $ 12 | |||||
The Phantom Plan [Member] | Phantom Shares [Member] | NewNonEmployeeDirectorsMember | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 9,074 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 9,074 |
Note 8 - Stock-based Incentiv_4
Note 8 - Stock-based Incentive Plans - Restricted Stock Activity (Details) - Restricted Stock [Member] - $ / shares | 3 Months Ended | |
Feb. 06, 2023 | Mar. 31, 2023 | |
Balance (in shares) | 0 | |
Balance, weighted avg. price (in dollars per share) | $ 0 | |
Granted (in shares) | 97,900 | 97,900 |
Granted, wtd. avg. price (in dollars per share) | $ 4.84 | |
Vested (in shares) | (8,162) | |
Vested, wtd. avg. price (in dollars per share) | $ 4.84 | |
Balance (in shares) | 89,738 | |
Balance, weighted avg. price (in dollars per share) | $ 4.84 |
Note 9 - Stockholders' Equity_2
Note 9 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Jan. 12, 2016 | Jul. 28, 2015 | |
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.20 | $ 0.20 | ||
Dividends, Common Stock | $ 2.3 | $ 2.3 | ||
Stock Repurchase Program, Authorized Amount | $ 70 | $ 15 | ||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 21.9 |
Note 9 - Stockholders' Equity -
Note 9 - Stockholders' Equity - Changes in Accumulated Other Comprehensive Loss (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Balance | $ 50,151 |
Balance | 48,050 |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | |
Balance | (988) |
Other comprehensive loss | (97) |
Balance | (1,085) |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member] | |
Balance | (16) |
Other comprehensive loss | (3) |
Balance | (19) |
AOCI Attributable to Parent [Member] | |
Balance | (1,004) |
Other comprehensive loss | (100) |
Balance | $ (1,104) |
Note 10 - Related Party Trans_2
Note 10 - Related Party Transactions (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Director [Member] | Related Party [Member] | ||
Common Stock, Percentage of Beneficial Stock Outstanding | 5% | |
BHS [Member] | Royalty Agreement and License [Member] | ||
Related Party Transaction, Automatic Renewal Period of Agreement (Year) | 1 year | |
Number of Days Termination Notice (Day) | 90 days | |
BHS [Member] | Related Party [Member] | Royalty Agreement and License [Member] | ||
Royalty Expense | $ 11,000 | $ 13,000 |
Note 11 - Segment Information -
Note 11 - Segment Information - Operating Information by Geographic Area (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Net sales | $ 11,861 | $ 11,546 |
Income (loss) from operations | (394) | (383) |
Other income, net | 681 | 110 |
Income (loss) before income taxes | 287 | (273) |
Operating Segments [Member] | ||
Income (loss) from operations | 1,749 | 1,876 |
Intersegment Eliminations [Member] | ||
Income (loss) from operations | (2,143) | (2,259) |
CHINA | ||
Net sales | 416 | 481 |
CHINA | Operating Segments [Member] | ||
Income (loss) from operations | (20) | 8 |
Russia and Kazakhstan [Member] | ||
Net sales | 114 | 188 |
Russia and Kazakhstan [Member] | Operating Segments [Member] | ||
Income (loss) from operations | (58) | (47) |
Primary Reporting Segment [Member] | ||
Net sales | 11,331 | 10,877 |
Primary Reporting Segment [Member] | Operating Segments [Member] | ||
Income (loss) from operations | $ 1,827 | $ 1,915 |
Note 11 - Segment Information_2
Note 11 - Segment Information - Net Sales by Geographic Area (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Net sales | $ 11,861 | $ 11,546 | |
UNITED STATES | |||
Net sales | 279 | 256 | |
CANADA | |||
Net sales | 170 | 137 | |
PERU | |||
Net sales | 327 | 482 | |
HONG KONG | |||
Net sales | [1] | 9,673 | 8,776 |
CHINA | |||
Net sales | 416 | 481 | |
TAIWAN | |||
Net sales | 454 | 569 | |
JAPAN | |||
Net sales | 82 | 235 | |
Malaysia and Singapore [Member] | |||
Net sales | 85 | 125 | |
Russia and Kazakhstan [Member] | |||
Net sales | 114 | 188 | |
Europe [Member] | |||
Net sales | 186 | 201 | |
Other Foreign Countries [Member] | |||
Net sales | $ 75 | $ 96 | |
[1]Substantially all of our Hong Kong revenues are derived from the sale of products that are delivered to members in China. See “Item 1A. Risk Factors” in this report and in our most recent Annual Report on Form 10-K. |
Note 12 - Subsequent Event (Det
Note 12 - Subsequent Event (Details Textual) - $ / shares | 3 Months Ended | ||
May 01, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | |
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.20 | $ 0.20 | |
Subsequent Event [Member] | |||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.20 |