Note 3 - Revenues

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

(3) REVENUES:

The Company operates in one business segment, which primarily focuses on the development and commercialization of innovative cyclodextrin-based products for the treatment of people with serious and life-threatening rare diseases and medical conditions. However, substantially all of the Company’s revenues are derived from the sale of cyclodextrins and related products to the pharmaceutical, nutritional, and other industries, primarily for use in diagnostics and specialty drugs.

The Company considers there to be revenue concentration risks for regions where net product revenues exceed 10% of consolidated net product revenues. During 2023, approximately 12% of the Company’s net product revenues were made to foreign customers. Based on geographical, there were no revenue concentrations in 2022. The concentration of the Company’s net product revenues within the regions below may have a material adverse effect on the Company’s revenues and results of operations if sales in the respective regions experience difficulties. As of December 31, 2023, approximately 39% of the Company’s total accounts receivable were due from one foreign customer. There were no concentrations of accounts receivable from foreign customers as of December 31, 2022.

Revenues by product are summarized as follows:

	Years Ended
	December 31,
	2023		2022
Trappsol® Cyclo™	$	1,282	$	5,118
Trappsol® HPB		649,863		851,756
Trappsol® Fine Chemical		411,404		501,295
Aquaplex®		10,216		5,460
Other		3,640		12,131
Total revenues	$	1,076,405	$	1,375,760