Note 3 - Inventory

12 Months Ended

Dec. 31, 2024

Notes to Financial Statements

Inventory Disclosure [Text Block]

3. Inventory

The following table presents the components of inventory, net of reserves:

	December 31,		December 31,
	2024		2023
Raw materials and packaging	$	3,049,399	$	2,180,294
Finished goods		2,926,277		4,142,265
Total Inventory	$	5,975,676	$	6,322,559

The Company periodically reviews the value of items in inventory and provides write-offs of inventory based on current market assessment, which are charged to cost of goods sold. For the years ended December 31, 2024 and 2023, the Company recorded $599,902 and $1,273,171, respectively, of costs related to the disposal of and reserve for obsolete inventory included in costs of goods sold. The elevated inventory obsolescence in 2023 was the result of the product withdrawal occurring in the first quarter of 2023.

The following table presents the components of inventory reserves as of: 

	December 31,		December 31,
	2024		2023
Estimated based on inventory turnover, quantities on hand, and expiration dates	$	132,557	$	385,069
Discontinued product		293,235		338,312
Product quarantined for product quality		—		306,276
Total inventory reserves	$	425,792	$	1,029,657

As of December 31, 2024 and 2023, the Company had a total of $871,406 and $449,242, respectively, of prepayments for future raw materials inventory, which is included in prepaid expenses on the consolidated balance sheets.