Segment Information

12 Months Ended

Dec. 31, 2024

Segment Information [Abstract]

SEGMENT INFORMATION

16. SEGMENT INFORMATION

Our business operations (being the development, manufacture and sale of products that improve the health and productivity of dairy and beef cattle) are described in Note 1. Pursuant to Codification Topic 280, Segment Reporting, we operate in the following two reportable business segments: i) Scours and ii) Mastitis. The Scours segment consists of the First Defense^® product line. The core technology underlying the Scours segment is focused on polyclonal antibodies. The Mastitis segment includes our products, CMT and Re-Tain^®. Re-Tain^® is projected to be the driver of this segment when approved for sale. The core technology underlying the Mastitis segment is focused on a bacteriocin called Nisin. The category we define as “Other” includes unallocated administrative and overhead expenses and other products. The significant accounting policies of these segments are described in Note 2. Product sales are the primary factor we use in determining our reportable segments. The governing regulatory authority (Center for Veterinary Biologics, U.S. Department of Agriculture for First Defense^® or Center for Veterinary Medicine, U.S. Food and Drug Administration for Re-Tain^®) is also a factor in determining our reportable segments. Management monitors and evaluates segment performance from sales to net operating income (loss) closely. We are not organized by geographic region. No segments have been aggregated. The revenues and expenses allocated to each segment are in some cases direct and in other cases involve reasonable and consistent estimations by management. Each operating segment is defined as the component of our business for which financial information is available and evaluated regularly by our chief operating decision-maker in deciding how to allocate resources and in assessing performance. Our chief operating decision-maker is our President and CEO.

	During the Year Ended December 31, 2024
	Scours		Mastitis			Other			Total
Product sales	$	26,314,251	$	178,918		$	—		$	26,493,169
Costs of goods sold		18,382,949		169,176			—			18,552,125
Gross margin		7,931,302		9,742			—			7,941,044
Product development expenses		243,578		3,493,298			161,706			3,898,582
Sales and marketing expenses		2,909,799		556,273			—			3,466,072
Administrative expenses		—		—			2,216,549			2,216,549
Operating expenses		3,153,377		4,049,571			2,378,255			9,581,203
NET OPERATING INCOME (LOSS)	$	4,777,925	$	(4,039,829	)	$	(2,378,255	)	$	(1,640,159	)

	During the Year Ended December 31, 2023
	Scours		Mastitis			Other			Total
Product sales	$	17,293,933	$	177,736		$	—		$	17,471,669
Costs of goods sold		13,453,514		148,871			—			13,602,385
Gross margin		3,840,419		28,865			—			3,869,284
Product development expenses		11,103		4,242,329			141,420			4,394,852
Sales and marketing expenses		2,447,137		641,078			—			3,088,215
Administrative expenses		—		—			2,134,295			2,134,295
Operating expenses		2,458,240		4,883,407			2,275,715			9,617,362
NET OPERATING INCOME (LOSS)	$	1,382,179	$	(4,854,542	)	$	(2,275,715	)	$	(5,748,078	)

	Scours		Mastitis		Other		Total
Total Assets as of December 31, 2024	$	24,644,294	$	16,523,048	$	3,933,135	$	45,100,477
Total Assets as of December 31, 2023	$	24,735,413	$	17,827,839	$	1,244,850	$	43,808,102
Depreciation and amortization expense during the year ended December 31, 2024	$	1,373,815	$	1,277,218	$	78,814	$	2,729,847
Depreciation and amortization expense during the year ended December 31, 2023	$	1,365,988	$	1,287,600	$	86,032	$	2,739,620
Capital Expenditures during the year ended December 31, 2024	$	409,696	$	53,721	$	2,308	$	465,725
Capital Expenditures during the year ended December 31, 2023	$	1,096,819	$	795,694	$	—	$	1,892,513