FitLife Brands (FTLF) 10-Q 15 May 23 2023 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2023	May 12, 2023
Document Information [Line Items]
Entity Central Index Key	0001374328
Entity Registrant Name	FITLIFE BRANDS, INC.
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	000-52369
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	20-3464383
Entity Address, Address Line One	5214 S. 136th Street
Entity Address, City or Town	Omaha
Entity Address, State or Province	NE
Entity Address, Postal Zip Code	68137
City Area Code	402
Local Phone Number	991-5618
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		4,446,161

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
CURRENT ASSETS
Cash and cash equivalents	$ 7,977	$ 13,277
Restricted cash	950	0
Accounts receivable, net of allowance of doubtful accounts of $36 and $50, respectively	2,045	705
Inventories, net of allowance for obsolescence of $110 and $107, respectively	8,791	9,105
Prepaid expense and other current assets	1,447	116
Total current assets	21,210	23,203
Property and equipment, net	118	46
Right of use asset	185	103
Intangibles, net of amortization of $82 and $72, respectively (provisional)	7,769	150
Goodwill (provisional)	10,787	358
Deferred tax asset	1,596	1,847
TOTAL ASSETS	41,665	25,707
CURRENT LIABILITIES:
Accounts payable	4,881	2,995
Accrued expense and other liabilities	1,897	631
Product returns	581	590
Term loan – current portion	2,500	0
Lease liability - current portion	90	54
Total current liabilities	9,949	4,270
Term loan, net of current portion	10,000	0
Long-term lease liability, net of current portion	108	49
TOTAL LIABILITIES	20,057	4,319
STOCKHOLDERS' EQUITY:
Common stock, $0.01 par value, 60,000 shares authorized; 4,446 and 4,507 issued and outstanding as of March 31, 2023 and December 31, 2022, respectively	44	45
Additional paid-in capital	30,099	30,056
Accumulated deficit	(8,557)	(8,713)
Foreign currency translation adjustment	22	0
TOTAL STOCKHOLDERS' EQUITY	21,608	21,388
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 41,665	$ 25,707

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Allowance of doubtful accounts	$ 36	$ 50
Allowance for obsolescence	110	107
Intangibles amortization	$ 82	$ 72
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000	10,000
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	60,000,000	60,000,000
Common stock, shares issued (in shares)	4,446,000	4,507,000
Common stock, shares outstanding (in shares)	4,446,000	4,507,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue	$ 10,738	$ 7,294
Cost of goods sold	6,330	4,183
Gross profit	4,408	3,111
OPERATING EXPENSES:
Selling, general and administrative	2,344	1,495
Merger and acquisition related expense	1,372	6
Depreciation and amortization	19	14
Total operating expenses	3,735	1,515
OPERATING INCOME	673	1,596
OTHER EXPENSE (INCOME)
Interest income	(84)	(7)
Interest expense	98	0
Foreign exchange (gain) loss	82	0
Total other expense (income)	96	(7)
NET INCOME BEFORE INCOME TAX PROVISION	577	1,603
PROVISION FOR INCOME TAXES	421	313
NET INCOME	$ 156	$ 1,290
NET INCOME PER SHARE
Basic (in dollars per share)	$ 0.03	$ 0.28
Diluted (in dollars per share)	$ 0.03	$ 0.26
Basic weighted average common shares (in shares)	4,483	4,554
Diluted weighted average common shares (in shares)	4,935	4,980

Condensed Consolidated Statem_2

Condensed Consolidated Statement of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Common Stock Outstanding [Member]	Common Stock [Member]	Treasury Stock, Common [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Foreign Currency Adjustment Attributable to Noncontrolling Interest [Member]	Total
Balance (in shares) at Dec. 31, 2021	4,552
Balance at Dec. 31, 2021		$ 46,000	$ (2,087)	$ 32,529	$ (13,142)	$ 0	$ 17,346
Stock-based compensation		0	0	107	0	0	107
Net income		0	0	0	1,290	0	1,290
Retirement of treasury shares		0	2,087	(2,087)	0	0	0
Exercise of stock options (in shares)	4
Exercise of stock options		0	0	29	0	0	20
Balance (in shares) at Mar. 31, 2022	4,556
Balance at Mar. 31, 2022		46,000	0	30,578	(11,852)	0	18,772
Balance (in shares) at Dec. 31, 2022	4,507
Balance at Dec. 31, 2022		45	0	30,056	(8,713)	0	$ 21,388
Shares surrendered in legal settlement (in shares)	(61)						(61,200)
Shares surrendered in legal settlement		(1)	0	1	0	0	$ 0
Stock-based compensation		0	0	42	0	0	42
Comprehensive (loss) income		0	0	0	0	22	22
Net income		0	0	0	156	0	$ 156
Exercise of stock options (in shares)							0
Balance (in shares) at Mar. 31, 2023	4,446
Balance at Mar. 31, 2023		$ (44)	$ 0	$ 30,099	$ (8,557)	$ 22	$ 21,608

Condensed Consolidated Statem_3

Condensed 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	$ 156	$ 1,290
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization	19	14
Right of use asset	16	13
Allowance for doubtful accounts	(14)	(3)
Allowance for inventory obsolescence	2	36
Stock compensation expense	42	107
Changes in operating assets and liabilities:
Accounts receivable - trade	(917)	(741)
Inventories	1,501	(611)
Deferred tax asset	251	309
Prepaid expense and other assets	(44)	157
Accounts payable	(1,045)	532
Lease liability	(16)	(13)
Accrued liabilities and other liabilities	290	22
Product returns	(9)	22
Net cash provided by operating activities	232	1,134
CASH FLOWS FROM INVESTING ACTIVITIES:
Cash paid for acquisition	(17,099)	0
Net cash used in investing activities	(17,099)	0
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from exercise of stock options	0	29
Borrowings on term loan	12,500	0
Net cash provided by financing activities	12,500	29
Foreign currency impact on cash	17	0
CHANGE IN CASH AND RESTRICTED CASH	(4,350)	1,163
CASH, BEGINNING OF PERIOD	13,277	9,897
CASH AND RESTRICTED CASH, END OF PERIOD	$ 8,927	$ 11,060

Note 1 - Description of Busines

Note 1 - Description of Business	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Nature of Operations [Text Block]	NOTE 1 Summary FitLife Brands, Inc. (the “ Company NDS Products iSatori Products MRC Products GNC FitLife Brands is headquartered in Omaha, Nebraska. For more information on the Company, please go to www.fitlifebrands.com. The Company’s Common Stock, par value $0.01 per share (“ Common Stock Recent Developments Acquisition of Mimi s Rock Corp On December 4, 2022, MRC February 28, 2023, 8 Inflation The Company has experienced inflationary pressure with regard to the procurement of many of its products. Thus far, the Company has been able to partially offset the impact of inflation through price increases to its customers. In the future, however, further inflationary pressure could adversely affect the Company’s operating performance if market conditions no

Note 2 - Basis of Presentation

Note 2 - Basis of Presentation	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Basis of Accounting [Text Block]	NOTE 2 The accompanying interim condensed unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10 8 X. not three March 31, 2023 not may December 31, 2023. not 10 December 31, 2022, SEC March 24, 2023.

Note 3 - Summary of Significant

Note 3 - Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Significant Accounting Policies [Text Block]	NOTE 3 The Company prepares its financial statements in accordance with accounting principles generally accepted in the United States (“ GAAP Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. Intercompany accounts and transactions have been eliminated in the consolidated condensed financial statements. Foreign Currency Translation The functional currency of the Company is the U.S. dollar. The assets and liabilities of the Company’s foreign subsidiaries are translated into U.S. dollars using end of period exchange rates. Changes in reported amounts of assets and liabilities of foreign subsidiaries that occur as a result of changes in exchange rates between foreign subsidiaries’ functional currencies and the U.S. dollar are included in foreign currency translation adjustment. Foreign currency translation adjustment is included as a component of stockholders’ equity in the accompanying condensed consolidated balance sheets. Revenue and expense transactions use an average rate prevailing during the period of the related transaction. Transaction gains and losses that arise from exchange rate fluctuations denominated in a currency other than the functional currency of each subsidiary are included in the results of operations as incurred. Use of Estimates and Assumptions The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) the disclosure of contingent assets and liabilities known to exist as of the date the financial statements are published, and (iii) the reported amount of net sales and expense recognized during the periods presented. Those estimates and assumptions include estimates for reserves of uncollectible accounts receivable, allowance for inventory obsolescence, depreciable lives of property and equipment, purchase price allocations for business combinations, analysis of impairment of goodwill, realization of deferred tax assets, accruals for potential liabilities and assumptions made in valuing stock instruments issued for services. Management evaluates these estimates and assumptions on a regular basis. Actual results could differ from those estimates. Basic and Diluted Income Per Share Our computation of earnings per share (“ EPS may Three months ended March 31, 2023 2022 Net income available to common shareholders $ 156 $ 1,290 Weighted average common shares - basic 4,483 4,554 Dilutive effect of outstanding warrants and stock options 452 426 Weighted average common shares - diluted 4,935 4,980 Net income per common share: Basic $ 0.03 $ 0.28 Diluted $ 0.03 $ 0.26 Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity from the date of purchase of three Lease We lease certain corporate office space and office equipment under lease agreements with monthly payments over a period of 36 to 84 months. We determine if an arrangement is a lease at inception. Lease assets are presented as operating lease right-of-use assets and the related liabilities are presented as lease liabilities in our consolidated balance sheets. Fair Value Measurements The Company uses various inputs in determining the fair value of its investments and measures these assets on a recurring basis. Financial assets recorded at fair value in the balance sheets are categorized by the level of objectivity associated with the inputs used to measure their fair value. Financial Accounting Standards Board (“ FASB ASC 820, Fair Value Measurement three ● Level 1 ● Level 2 1 not ● Level 3 may The carrying amounts of financial assets and liabilities, such as cash and cash equivalents, accounts receivable and accounts payable, approximate their fair values because of the short maturity of these instruments. The carrying values of the line of credit and long-term financing obligations approximate their fair values due to the fact that the interest rates on these obligations are based on prevailing market interest rates. Acquisitions and Business Combinations The Company allocates the fair value of purchase consideration to the tangible assets acquired, liabilities assumed, and separately identified intangible assets acquired based on their estimated fair values. The excess of the fair value of purchase consideration over the fair values of these identifiable assets and liabilities is recorded as goodwill. Such valuations require management to make significant estimates and assumptions, especially with respect to intangible assets. Significant estimates in valuing certain intangible assets include, but are not may not one may Goodwill The Company has determined that it has a single reporting unit for purposes of performing its goodwill impairment test. The Company reviews goodwill for impairment on an annual basis or whenever events or changes in circumstances indicate the carrying value may not first not As the Company uses the market approach to determine fair value of the reporting unit, the price of its common stock is an important component of the fair value calculation. If the Company’s stock price experiences significant price and volume fluctuations, this will impact the fair value of the reporting unit, which can lead to potential impairment in future periods. Management determined there were no March 31, 2023 December 31, 2022. Customer Concentration Net sales to GNC during the three March 31, 2023 2022 March 31, 2023 2022 Revenue Recognition The Company’s revenue is comprised of sales of nutritional supplements and wellness products to consumers. The Company accounts for revenues in accordance with FASB ASC Topic 606, Revenue from Contracts with Customers ASC 606 606 606 five 1 2 3 4 5 606, All products sold by the Company are distinct individual products and consist of nutritional supplements and wellness products. The products are offered for sale solely as finished goods, and there are no The Company disaggregates revenue into geographical regions and distribution channels. The Company determines that disaggregating revenue into these categories achieves the disclosure objective to depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. Online revenue during the quarter ended March 31, 2023 March 31, 2022 2022. Sales to customers in the United States were approximately 97% and 99% during the quarters ended March 31, 2023 2022, Control of products we sell transfers to customers upon shipment or delivery from our facilities to our customers, and the Company’s performance obligations are satisfied at that time. Shipping and handling activities are performed before the customer obtains control of the goods and therefore represent a fulfillment activity rather than promised goods to the customer. Payments for sales are generally made by check, credit card, or wire transfer. Historically the Company has not For direct-to-consumer sales, the Company allows for returns within 30 may A right of return does not not Income Taxes Provision for income taxes consists of current and deferred tax expense. Current tax expense is the expected tax payable on the taxable income for the year, using tax rates enacted in the countries where the Company and its subsidiaries operate and generate taxable income. The Company accounts for income taxes using the asset and liability method, whereby deferred tax assets are recognized for deductible temporary differences, and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets may not not The income tax provision for interim periods is determined using an estimate of the annual effective tax rate, adjusted for discrete items, if any, that are taken into account in the relevant period. Each quarter, the estimate of the annual effective tax rate is updated, and if the estimated effective tax rate changes, a cumulative adjustment is made. There is potential for volatility of the effective tax rate due to several factors, including changes in the mix of the pre-tax income and the jurisdictions to which it relates. The effective income tax rate was 73.0% and 19.5% for the three March 31, 2023 2022, Recently Issued Accounting Pronouncements In June 2016, 2016 13, Financial Instruments Credit Losses (Topic 326 ASU 2016 13 2016 13 CECL 2016 13 2016 13 December 15, 2019. November 2019, 2019 10, 2016 13 December 15, 2022 January 1, 2023. not Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the SEC did not not

Note 4 - Inventories

Note 4 - Inventories	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Inventory Disclosure [Text Block]	NOTE 4 INVENTORIES The Company’s inventory is carried at the lower of cost or net realizable value using the first first FIFO The Company recognizes an allowance for obsolescence for expiring, excess, and slow-moving inventory. To calculate the allowance, the Company analyzes sales projections for each SKU relative to the remaining shelf life of the product. The value of any finished goods inventory projected to expire prior to sale is included in the allowance. The total allowance for expiring, excess and slow-moving inventory items as of March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 March 31, December 31, 2023 2022 (Unaudited) Finished goods $ 7,972 $ 8,347 Components 929 865 Allowance for obsolescence (110 ) (107 ) Total $ 8,791 $ 9,105

Note 5 - Property and Equipment

Note 5 - Property and Equipment	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	NOTE 5 The Company had property and equipment as of March 31, 2023 December 31, 2022 March 31, December 31, 2023 2022 (Unaudited) Equipment $ 897 $ 902 Accumulated depreciation (779 ) (856 ) Total $ 118 $ 46 Depreciation expense for the three March 31, 2023 2022

Note 6 - Notes Payable

Note 6 - Notes Payable	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Debt Disclosure [Text Block]	NOTE 6 NOTES PAYABLE Debt obligations consisted of the following: March 31, 2023 December 31, 2022 Term loan – current portion $ 2,500 $ - Term loan, net of current portion 10,000 - Total $ 12,500 $ - Amended and Restated Credit Agreement – First Citizens Bank On February 23, 2023 ( Loan Closing Date Company Bank Credit Agreement September 24, 2019, Term Loan Line of Credit Loan Pursuant to the Credit Agreement: (A) the Term Loan (i) accrues interest at a per annum rate equal to 2.75% above the one Applicable Rate Term SOFR Rate two first Rate Adjustment Date March 10 th June 10 th September 10 th December 10 th June 10, 2023, February 28, 2028 ( Term Loan Maturity Date Advances April 1, 2023, 1 st December 23, 2023, LOC Termination Date may one The Agreement contains customary events of default (each an “ Event of Default may X 1.00 twelve March 31, 2023; ( not 1.00 twelve March 31, 2024; ( not not not March 31, 2023. As of March 31, 2023, Maturities of the Company's Term Loan are as follows: Year ending 2023 (remaining nine months) $ 1,875 2024 2,500 2025 2,500 2026 2,500 2027 2,500 2028 625 Total term loan outstanding as of March 31, 2023 $ 12,500

Note 7 - Equity

Note 7 - Equity	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Equity [Text Block]	NOTE 7 The Company is authorized to issue 60.0 million shares of Common Stock, $0.01 par value per share, of which 4,446 and 4,507 shares of Common Stock were issued and outstanding as of March 31, 2023 December 31, 2022, a. Common Stock Issued for Services In February 2021, RSUs three March 31, 2023 2022, March 31, 2023, b. Share Repurchase Program On March 17, 2023, During the three March 31, 2023, not 2023 March 31, 2023, may 2023 Treasury Shares In January 2022, March 31, 2023, Other During the quarter ended March 31, 2023, Options Information regarding options outstanding as of March 31, 2023 Number of Weighted Average Exercise Weighted Average Remaining Life Options Price (Years) Outstanding, December 31, 2022 379 $ 3.09 5.3 Issued - - Exercised - - Forfeited - - Outstanding, March 31, 2023 379 $ 3.09 5.1 Outstanding Exercisable Exercise Price Per share Total Number of Options Weighted Average Remaining Life (Years) Weighted Average Exercise Price Number of Vested Options Weighted Average Exercise Price $0.70 - 5.24 358 5.2 $ 2.25 326 $ 1.98 $11.55 - 30.31 21 2.9 $ 17.09 14 $ 17.87 379 5.1 $ 3.09 340 $ 2.63 The closing stock price for the Company’s stock on March 31, 2023 During the three March 31, 2023 2022, March 31, 2023 Warrants Total outstanding warrants to purchase shares of Common Stock as of March 31, 2023 December 31, 2022 March 31, 2023 three March 31, 2023 December 31, 2022 , Outstanding Exercise Price Issuance Date Expiration Date Vesting 143 $ 1.15 11/13/18 11/13/23 Yes

Note 8 - Acquisition of Mimi's

Note 8 - Acquisition of Mimi's Rock Corp	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Business Combination Disclosure [Text Block]	NOTE 8 Acquisition of Mimi s Rock Corp On December 4, 2022, MRC February 28, 2023. During the first 2023, The Company accounted for the acquisition as a business combination under Accounting Standards Codification (“ ASC 805, 10 not one Assets acquired: Accounts receivable $ 1,521 Inventories 1,181 Prepaid expenses and other assets 161 Right of use asset 100 Property and equipment 77 Intangible assets (provisional) 7,602 Goodwill (provisional) 10,386 Total assets 21,028 Liabilities assumed: Accounts payable and accrued expenses (2,911 ) Income tax payable (885 ) Product returns (23 ) Lease liabilities (110 ) Total liabilities (3,929 ) Purchase price $ 17,099 The purchase was intended to augment and diversify the Company’s product offerings and lineup. Key factors that contributed to the recorded intangible assets and goodwill were the opportunity to complement existing operations of the Company and the opportunity to generate future synergies within the nutritional supplement and wellness business Pro Forma Condensed Combined Financial Information (Unaudited) (In thousands) The following presents the Company’s unaudited pro forma financial information for the quarter ended March 31, 2023 2022, January 1, 2022. March 31, 2022, Three months ended March 31, 2023 2022 Revenue $ 15,793 $ 14,833 Net income $ 1,293 $ 1,372 Net income per share $ 0.26 $ 0.28 The pro forma adjustments do not not MRC revenues and net loss for the period from February 28, 2023 March 31, 2023

Note 9 - Commitments and Contin

Note 9 - Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	NOTE 9 COMMITMENTS AND CONTINGENCIES We are currently not no

Note 10 - Reclassifications

Note 10 - Reclassifications	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Reclassifications [Text Block]	NOTE 10 Certain prior year amounts have been reclassified to conform to current presentation. These reclassifications had no

Note 11 - Subsequent Events

Note 11 - Subsequent Events	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Subsequent Events [Text Block]	NOTE 11 SUBSEQUENT EVENTS The Company evaluated subsequent events for their potential impact on the condensed consolidated financial statements and disclosures through the date the condensed consolidated financial statements were issued and determined that, except as set forth below, no

Significant Accounting Policies

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Consolidation, Policy [Policy Text Block]	Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. Intercompany accounts and transactions have been eliminated in the consolidated condensed financial statements.
Foreign Currency Transactions and Translations Policy [Policy Text Block]	Foreign Currency Translation The functional currency of the Company is the U.S. dollar. The assets and liabilities of the Company’s foreign subsidiaries are translated into U.S. dollars using end of period exchange rates. Changes in reported amounts of assets and liabilities of foreign subsidiaries that occur as a result of changes in exchange rates between foreign subsidiaries’ functional currencies and the U.S. dollar are included in foreign currency translation adjustment. Foreign currency translation adjustment is included as a component of stockholders’ equity in the accompanying condensed consolidated balance sheets. Revenue and expense transactions use an average rate prevailing during the period of the related transaction. Transaction gains and losses that arise from exchange rate fluctuations denominated in a currency other than the functional currency of each subsidiary are included in the results of operations as incurred.
Use of Estimates, Policy [Policy Text Block]	Use of Estimates and Assumptions The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) the disclosure of contingent assets and liabilities known to exist as of the date the financial statements are published, and (iii) the reported amount of net sales and expense recognized during the periods presented. Those estimates and assumptions include estimates for reserves of uncollectible accounts receivable, allowance for inventory obsolescence, depreciable lives of property and equipment, purchase price allocations for business combinations, analysis of impairment of goodwill, realization of deferred tax assets, accruals for potential liabilities and assumptions made in valuing stock instruments issued for services. Management evaluates these estimates and assumptions on a regular basis. Actual results could differ from those estimates.
Earnings Per Share, Policy [Policy Text Block]	Basic and Diluted Income Per Share Our computation of earnings per share (“ EPS may Three months ended March 31, 2023 2022 Net income available to common shareholders $ 156 $ 1,290 Weighted average common shares - basic 4,483 4,554 Dilutive effect of outstanding warrants and stock options 452 426 Weighted average common shares - diluted 4,935 4,980 Net income per common share: Basic $ 0.03 $ 0.28 Diluted $ 0.03 $ 0.26
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity from the date of purchase of three
Lessee, Leases [Policy Text Block]	Lease We lease certain corporate office space and office equipment under lease agreements with monthly payments over a period of 36 to 84 months. We determine if an arrangement is a lease at inception. Lease assets are presented as operating lease right-of-use assets and the related liabilities are presented as lease liabilities in our consolidated balance sheets.
Fair Value Measurement, Policy [Policy Text Block]	Fair Value Measurements The Company uses various inputs in determining the fair value of its investments and measures these assets on a recurring basis. Financial assets recorded at fair value in the balance sheets are categorized by the level of objectivity associated with the inputs used to measure their fair value. Financial Accounting Standards Board (“ FASB ASC 820, Fair Value Measurement three ● Level 1 ● Level 2 1 not ● Level 3 may The carrying amounts of financial assets and liabilities, such as cash and cash equivalents, accounts receivable and accounts payable, approximate their fair values because of the short maturity of these instruments. The carrying values of the line of credit and long-term financing obligations approximate their fair values due to the fact that the interest rates on these obligations are based on prevailing market interest rates.
Business Combinations Policy [Policy Text Block]	Acquisitions and Business Combinations The Company allocates the fair value of purchase consideration to the tangible assets acquired, liabilities assumed, and separately identified intangible assets acquired based on their estimated fair values. The excess of the fair value of purchase consideration over the fair values of these identifiable assets and liabilities is recorded as goodwill. Such valuations require management to make significant estimates and assumptions, especially with respect to intangible assets. Significant estimates in valuing certain intangible assets include, but are not may not one may
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block]	Goodwill The Company has determined that it has a single reporting unit for purposes of performing its goodwill impairment test. The Company reviews goodwill for impairment on an annual basis or whenever events or changes in circumstances indicate the carrying value may not first not As the Company uses the market approach to determine fair value of the reporting unit, the price of its common stock is an important component of the fair value calculation. If the Company’s stock price experiences significant price and volume fluctuations, this will impact the fair value of the reporting unit, which can lead to potential impairment in future periods. Management determined there were no March 31, 2023 December 31, 2022.
Concentration Risk, Credit Risk, Policy [Policy Text Block]	Customer Concentration Net sales to GNC during the three March 31, 2023 2022 March 31, 2023 2022
Revenue from Contract with Customer [Policy Text Block]	Revenue Recognition The Company’s revenue is comprised of sales of nutritional supplements and wellness products to consumers. The Company accounts for revenues in accordance with FASB ASC Topic 606, Revenue from Contracts with Customers ASC 606 606 606 five 1 2 3 4 5 606, All products sold by the Company are distinct individual products and consist of nutritional supplements and wellness products. The products are offered for sale solely as finished goods, and there are no The Company disaggregates revenue into geographical regions and distribution channels. The Company determines that disaggregating revenue into these categories achieves the disclosure objective to depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. Online revenue during the quarter ended March 31, 2023 March 31, 2022 2022. Sales to customers in the United States were approximately 97% and 99% during the quarters ended March 31, 2023 2022, Control of products we sell transfers to customers upon shipment or delivery from our facilities to our customers, and the Company’s performance obligations are satisfied at that time. Shipping and handling activities are performed before the customer obtains control of the goods and therefore represent a fulfillment activity rather than promised goods to the customer. Payments for sales are generally made by check, credit card, or wire transfer. Historically the Company has not For direct-to-consumer sales, the Company allows for returns within 30 may A right of return does not not
Income Tax, Policy [Policy Text Block]	Income Taxes Provision for income taxes consists of current and deferred tax expense. Current tax expense is the expected tax payable on the taxable income for the year, using tax rates enacted in the countries where the Company and its subsidiaries operate and generate taxable income. The Company accounts for income taxes using the asset and liability method, whereby deferred tax assets are recognized for deductible temporary differences, and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets may not not The income tax provision for interim periods is determined using an estimate of the annual effective tax rate, adjusted for discrete items, if any, that are taken into account in the relevant period. Each quarter, the estimate of the annual effective tax rate is updated, and if the estimated effective tax rate changes, a cumulative adjustment is made. There is potential for volatility of the effective tax rate due to several factors, including changes in the mix of the pre-tax income and the jurisdictions to which it relates. The effective income tax rate was 73.0% and 19.5% for the three March 31, 2023 2022,
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Issued Accounting Pronouncements In June 2016, 2016 13, Financial Instruments Credit Losses (Topic 326 ASU 2016 13 2016 13 CECL 2016 13 2016 13 December 15, 2019. November 2019, 2019 10, 2016 13 December 15, 2022 January 1, 2023. not Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the SEC did not not

Note 3 - Summary of Significa_2

Note 3 - Summary of Significant Accounting Policies (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 Net income available to common shareholders $ 156 $ 1,290 Weighted average common shares - basic 4,483 4,554 Dilutive effect of outstanding warrants and stock options 452 426 Weighted average common shares - diluted 4,935 4,980 Net income per common share: Basic $ 0.03 $ 0.28 Diluted $ 0.03 $ 0.26

Note 4 - Inventories (Tables)

Note 4 - Inventories (Tables)	3 Months Ended
	Mar. 31, 2023
Notes Tables
Schedule of Inventory, Current [Table Text Block]	March 31, December 31, 2023 2022 (Unaudited) Finished goods $ 7,972 $ 8,347 Components 929 865 Allowance for obsolescence (110 ) (107 ) Total $ 8,791 $ 9,105

Note 5 - Property and Equipme_2

Note 5 - Property and Equipment (Tables)	3 Months Ended
	Mar. 31, 2023
Notes Tables
Property, Plant and Equipment [Table Text Block]	March 31, December 31, 2023 2022 (Unaudited) Equipment $ 897 $ 902 Accumulated depreciation (779 ) (856 ) Total $ 118 $ 46

Note 6 - Notes Payable (Tables)

Note 6 - Notes Payable (Tables)	3 Months Ended
	Mar. 31, 2023
Notes Tables
Schedule of Debt [Table Text Block]	March 31, 2023 December 31, 2022 Term loan – current portion $ 2,500 $ - Term loan, net of current portion 10,000 - Total $ 12,500 $ -
Schedule of Maturities of Long-Term Debt [Table Text Block]	Year ending 2023 (remaining nine months) $ 1,875 2024 2,500 2025 2,500 2026 2,500 2027 2,500 2028 625 Total term loan outstanding as of March 31, 2023 $ 12,500

Note 7 - Equity (Tables)

Note 7 - Equity (Tables)	3 Months Ended
	Mar. 31, 2023
Notes Tables
Share-Based Payment Arrangement, Option, Activity [Table Text Block]	Number of Weighted Average Exercise Weighted Average Remaining Life Options Price (Years) Outstanding, December 31, 2022 379 $ 3.09 5.3 Issued - - Exercised - - Forfeited - - Outstanding, March 31, 2023 379 $ 3.09 5.1
Share-Based Payment Arrangement, Option, Exercise Price Range [Table Text Block]	Outstanding Exercisable Exercise Price Per share Total Number of Options Weighted Average Remaining Life (Years) Weighted Average Exercise Price Number of Vested Options Weighted Average Exercise Price $0.70 - 5.24 358 5.2 $ 2.25 326 $ 1.98 $11.55 - 30.31 21 2.9 $ 17.09 14 $ 17.87 379 5.1 $ 3.09 340 $ 2.63
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]	Outstanding Exercise Price Issuance Date Expiration Date Vesting 143 $ 1.15 11/13/18 11/13/23 Yes

Note 8 - Acquisition of Mimi'_2

Note 8 - Acquisition of Mimi's Rock Corp (Tables)	3 Months Ended
	Mar. 31, 2023
Notes Tables
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]	Assets acquired: Accounts receivable $ 1,521 Inventories 1,181 Prepaid expenses and other assets 161 Right of use asset 100 Property and equipment 77 Intangible assets (provisional) 7,602 Goodwill (provisional) 10,386 Total assets 21,028 Liabilities assumed: Accounts payable and accrued expenses (2,911 ) Income tax payable (885 ) Product returns (23 ) Lease liabilities (110 ) Total liabilities (3,929 ) Purchase price $ 17,099
Business Acquisition, Pro Forma Information [Table Text Block]	Three months ended March 31, 2023 2022 Revenue $ 15,793 $ 14,833 Net income $ 1,293 $ 1,372 Net income per share $ 0.26 $ 0.28

Note 1 - Description of Busin_2

Note 1 - Description of Business (Details Textual)	Mar. 31, 2023 $ / shares	Dec. 31, 2022 $ / shares	Sep. 23, 2019 $ / shares
Preferred Stock, Par or Stated Value Per Share (in dollars per share)	$ 0.01	$ 0.01
Series A Preferred Stock [Member]
Preferred Stock, Par or Stated Value Per Share (in dollars per share)			$ 0.01
Minimum [Member] | iSatori Products [Member]
Number of Stores		17,000

Note 3 - Summary of Significa_3

Note 3 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Restricted Cash	$ 950		$ 0
Effective Income Tax Rate Reconciliation, Percent	73%	19.50%
Product Concentration Risk [Member] | Revenue Benchmark [Member] | Online Sales [Member]
Concentration Risk, Percentage	47%	27%
Product Concentration Risk [Member] | Revenue Benchmark [Member] | Wholesale Sales [Member]
Concentration Risk, Percentage	53%	73%
Geographic Concentration Risk [Member] | Revenue Benchmark [Member] | UNITED STATES
Concentration Risk, Percentage	97%	99%
GNC [Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member]
Concentration Risk, Percentage	49%	70%
GNC [Member] | Customer Concentration Risk [Member] | Accounts Receivable [Member]
Concentration Risk, Percentage	32%	82%
Minimum [Member]
Lessee, Operating Lease, Term of Contract (Month)	36 months
Maximum [Member]
Lessee, Operating Lease, Term of Contract (Month)	84 months
Asset Pledged as Collateral [Member] | Financing Arrangements [Member]
Restricted Cash	$ 950

Note 3 - Summary of Significa_4

Note 3 - Summary of Significant Accounting Policies - Basic and Diluted Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Net income	$ 156	$ 1,290
Weighted average common shares - basic (in shares)	4,483	4,554
Dilutive effect of outstanding warrants and stock options (in shares)	452	426
Weighted average common shares - diluted (in shares)	4,935	4,980
Basic (in dollars per share)	$ 0.03	$ 0.28
Diluted (in dollars per share)	$ 0.03	$ 0.26

Note 4 - Inventories (Details T

Note 4 - Inventories (Details Textual) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Inventory Valuation Reserves	$ 110	$ 107

Note 4 - Inventories - Summary

Note 4 - Inventories - Summary of Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Finished goods	$ 7,972	$ 8,347
Components	929	865
Allowance for obsolescence	(110)	(107)
Total	$ 8,791	$ 9,105

Note 5 - Property and Equipme_3

Note 5 - Property and Equipment (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Depreciation	$ 19	$ 14

Note 5 - Property and Equipme_4

Note 5 - Property and Equipment - Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Equipment	$ 897	$ 902
Accumulated depreciation	(779)	(856)
Total	$ 118	$ 46

Note 6 - Notes Payable (Details

Note 6 - Notes Payable (Details Textual) - USD ($) $ in Thousands	Feb. 23, 2023	Mar. 31, 2023	Dec. 31, 2022
Long-Term Debt		$ 12,500	$ 0
Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 3,500
Long-Term Line of Credit		0
Revolving Credit Facility [Member] | Applicable Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	2.75%
Term Loan [Member]
Debt Instrument, Face Amount	$ 12,500
Debt Instrument, Additional Interest Rate, Default	2%
Fixed Charge Coverage Ratio	1.25
Funded Debt to EBITDA Ratio	2.50
Debt Instrument, Covenant, Maximum Purchase Fixed Assets and Leases	$ 100,000
Long-Term Debt		$ 12,500

Note 6 - Notes Payable - Debt O

Note 6 - Notes Payable - Debt Obligations (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Term loan – current portion	$ 2,500	$ 0
Term loan, net of current portion	10,000	0
Total	$ 12,500	$ 0

Note 6 - Notes Payable - Maturi

Note 6 - Notes Payable - Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
2023 (remaining nine months)	$ 1,875
2024	2,500
2025	2,500
2026	2,500
2027	2,500
2028	625
Total	$ 12,500	$ 0

Note 7 - Equity (Details Textua

Note 7 - Equity (Details Textual) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		1 Months Ended	3 Months Ended
	Mar. 17, 2023	Feb. 28, 2021	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Common Stock, Shares Authorized (in shares)			60,000		60,000
Common Stock, Par or Stated Value Per Share (in dollars per share)			$ 0.01		$ 0.01
Common Stock, Shares, Issued (in shares)			4,446		4,507
Treasury Stock, Common, Shares (in shares)			0
Shares Forfeited During Period, Shares (in shares)			61,200
Shares Forfeited During Period, Value			$ 0
Share Price (in dollars per share)			$ 16.75
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Intrinsic Value			$ 5,231
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount			$ 143
Class of Warrant or Right, Outstanding (in shares)			143		143
Warrants and Rights Outstanding			$ 2,238
Class of Warrant or Right, Issued During Period (in shares)			0
Class of Warrant or Right, Expired During Period (in shares)			0
Share Repurchase Program [Member]
Stock Repurchase Program, Authorized Amount	$ 5,000		$ 5,000
Stock Repurchase Program Expiration Period (Month)	24 months
Treasury Stock, Shares, Acquired (in shares)			0
Share-Based Payment Arrangement, Option [Member]
Share-Based Payment Arrangement, Expense			$ 17	$ 12
Chief Executive Officer [Member] | Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)		160
Share-Based Payment Arrangement, Expense			25	$ 95
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount			$ 6

Note 7 - Equity - Stock Option

Note 7 - Equity - Stock Option Activity (Details) - $ / shares shares in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Outstanding, number of options (in shares)	379
Outstanding, weighted average exercise price (in dollars per share)	$ 3.09
Outstanding, weighted average remaining life (Year)	5 years 1 month 6 days	5 years 3 months 18 days
Issued, number of options (in shares)	0
Issued, weighted average exercise price (in dollars per share)	$ 0
Exercised, number of options (in shares)	0
Exercised, weighted average exercise price (in dollars per share)	$ 0
Forfeited, number of options (in shares)	0
Forfeited, weighted average exercise price (in dollars per share)	$ 0
Outstanding, number of options (in shares)	379	379
Outstanding, weighted average exercise price (in dollars per share)	$ 3.09	$ 3.09

Note 7 - Equity - Exercise Pric

Note 7 - Equity - Exercise Price Range (Details) shares in Thousands	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Total number of options (in shares) | shares	379
Weighted average remaining life (Year)	5 years 1 month 6 days
Outstanding, weighted average exercise price (in dollars per share)	$ 3.09
Number of vested options (in shares) | shares	340
Exercisable, weighted average exercise price (in dollars per share)	$ 2.63
Range One [Member]
Lower range limit (in dollars per share)	0.70
Upper range limit (in dollars per share)	$ 5.24
Total number of options (in shares) | shares	358
Weighted average remaining life (Year)	5 years 2 months 12 days
Outstanding, weighted average exercise price (in dollars per share)	$ 2.25
Number of vested options (in shares) | shares	326
Exercisable, weighted average exercise price (in dollars per share)	$ 1.98
Range Two [Member]
Lower range limit (in dollars per share)	11.55
Upper range limit (in dollars per share)	$ 30.31
Total number of options (in shares) | shares	21
Weighted average remaining life (Year)	2 years 10 months 24 days
Outstanding, weighted average exercise price (in dollars per share)	$ 17.09
Number of vested options (in shares) | shares	14
Exercisable, weighted average exercise price (in dollars per share)	$ 17.87

Note 7 - Equity - Warrants (Det

Note 7 - Equity - Warrants (Details) - $ / shares shares in Thousands	Mar. 31, 2023	Dec. 31, 2022
Outstanding (in shares)	143	143
Exercise Price (in dollars per share)	$ 1.15

Note 8 - Acquisition of Mimi'_3

Note 8 - Acquisition of Mimi's Rock Corp (Details Textual) - Mimi’s Rock Corp [Member] - USD ($) $ in Thousands		1 Months Ended
	Dec. 04, 2022	Mar. 31, 2023
Business Combination, Consideration Transferred	$ 17,099
Business Combination, Acquisition Related Costs	$ 1,356
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual		$ 2,639
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual		$ (747)

Note 8 - Acquisition of Mimi'_4

Note 8 - Acquisition of Mimi's Rock Corp - Fair Value of Assets Assumed (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Dec. 04, 2022
Goodwill (provisional)	$ 10,787	$ 358
Mimi’s Rock Corp [Member]
Accounts receivable			$ 1,521
Inventories			1,181
Prepaid expenses and other assets			161
Right of use asset			100
Property and equipment			77
Intangible assets (provisional)			7,602
Goodwill (provisional)			10,386
Total assets			21,028
Accounts payable and accrued expenses			2,911
Income tax payable			885
Product returns			23
Lease liabilities			110
Total liabilities			(3,929)
Purchase price			$ 17,099

Note 8 - Acquisition of Mimi'_5

Note 8 - Acquisition of Mimi's Rock Corp - Pro Forma Information (Details) - Mimi’s Rock Corp [Member] - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue	$ 15,793	$ 14,833
Net income	$ 1,293	$ 1,372
Net income per share (in dollars per share)	$ 0.26	$ 0.28