Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | May 06, 2024 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001650696 | |
Entity Registrant Name | Laird Superfood, Inc. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2024 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 001-39537 | |
Entity Incorporation, State or Country Code | NV | |
Entity Tax Identification Number | 81-1589788 | |
Entity Address, Address Line One | 5303 Spine Road, Suite 204 | |
Entity Address, City or Town | Boulder | |
Entity Address, State or Province | CO | |
Entity Address, Postal Zip Code | 80301 | |
City Area Code | 541 | |
Local Phone Number | 588-3600 | |
Title of 12(b) Security | Common Stock, $0.001 par value | |
Trading Symbol | LSF | |
Security Exchange Name | NYSEAMER | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 9,611,544 |
Consolidated Condensed Balance
Consolidated Condensed Balance Sheets (Current Period Unaudited) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Assets | ||
Cash, cash equivalents, and restricted cash | $ 7,289,286 | $ 7,706,806 |
Accounts receivable, net | 2,064,745 | 1,022,372 |
Inventory, net | 5,633,124 | 6,322,559 |
Prepaid expenses and other current assets | 1,067,675 | 1,285,564 |
Total current assets | 16,054,830 | 16,337,301 |
Noncurrent assets | ||
Property and equipment, net | 102,881 | 122,595 |
Intangible assets, net | 1,033,510 | 1,085,231 |
Related party license agreements | 132,100 | 132,100 |
Right-of-use assets | 323,007 | 354,732 |
Total noncurrent assets | 1,591,498 | 1,694,658 |
Total assets | 17,646,328 | 18,031,959 |
Liabilities and Stockholders’ Equity | ||
Accounts payable | 1,718,574 | 1,647,673 |
Accrued expenses | 2,862,394 | 2,586,343 |
Related party liabilities | 28,167 | 2,688 |
Lease liabilities, current portion | 148,598 | 138,800 |
Total current liabilities | 4,757,733 | 4,375,504 |
Lease liabilities | 208,142 | 243,836 |
Total liabilities | 4,965,875 | 4,619,340 |
Stockholders’ equity | ||
Common stock, $0.001 par value, 100,000,000 shares authorized as of March 31, 2024 and December 31, 2023; 9,885,429 and 9,519,725 issued and outstanding at March 31, 2024, respectively; and 9,749,326 and 9,383,622 issued and outstanding at December 31, 2023, respectively. | 9,520 | 9,384 |
Additional paid-in capital | 119,985,604 | 119,701,384 |
Accumulated deficit | (107,314,671) | (106,298,149) |
Total stockholders’ equity | 12,680,453 | 13,412,619 |
Total liabilities and stockholders’ equity | $ 17,646,328 | $ 18,031,959 |
Consolidated Condensed Balanc_2
Consolidated Condensed Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2024 | Dec. 31, 2023 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 9,885,429 | 9,749,326 |
Common stock, shares outstanding (in shares) | 9,519,725 | 9,383,622 |
Consolidated Condensed Statemen
Consolidated Condensed Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Sales, net | $ 9,908,938 | $ 8,112,938 |
Cost of goods sold | (5,944,837) | (6,239,062) |
Gross profit | 3,964,101 | 1,873,876 |
General and administrative | ||
Salaries, wages, and benefits | 922,407 | 1,315,449 |
Other general and administrative | 1,235,341 | 1,766,861 |
Total general and administrative expenses | 2,157,748 | 3,082,310 |
Sales and marketing | ||
Marketing and advertising | 2,053,258 | 2,203,035 |
Selling expenses | 779,156 | 853,204 |
Related party marketing agreements | 62,501 | 37,809 |
Total sales and marketing expenses | 2,894,915 | 3,094,048 |
Total operating expenses | 5,052,663 | 6,176,358 |
Operating loss | (1,088,562) | (4,302,482) |
Other income | 110,997 | 170,994 |
Loss before income taxes | (977,565) | (4,131,488) |
Income tax expense | (38,957) | (12,422) |
Net loss | $ (1,016,522) | $ (4,143,910) |
Net loss per share: | ||
Net loss per share, basic and diluted (in dollars per share) | $ (0.11) | $ (0.45) |
Weighted average shares outstanding - basic and diluted (in shares) | 9,401,605 | 9,213,723 |
Consolidated Condensed Statem_2
Consolidated Condensed Statements of Stockholders' Equity (Unaudited) - USD ($) | Common Stock Outstanding [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balances (in shares) at Dec. 31, 2022 | 9,210,414 | |||
Balances at Dec. 31, 2022 | $ 9,210 | $ 118,636,834 | $ (96,135,032) | $ 22,511,012 |
Stock-based compensation | $ 0 | 147,635 | 147,635 | |
Common stock issuances, net of taxes (in shares) | 9,086 | |||
Common stock issuances, net of taxes | $ 10 | (4,420) | 0 | $ (4,410) |
Stock options exercised (in shares) | 0 | |||
Net loss | $ 0 | 0 | (4,143,910) | $ (4,143,910) |
Balances (in shares) at Mar. 31, 2023 | 9,219,500 | |||
Balances at Mar. 31, 2023 | $ 9,220 | 118,780,049 | (100,278,942) | 18,510,327 |
Balances (in shares) at Dec. 31, 2023 | 9,383,622 | |||
Balances at Dec. 31, 2023 | $ 9,384 | 119,701,384 | (106,298,149) | 13,412,619 |
Stock-based compensation | $ 0 | 279,565 | 0 | 279,565 |
Common stock issuances, net of taxes (in shares) | 131,103 | |||
Common stock issuances, net of taxes | $ 131 | (5,340) | 0 | $ (5,209) |
Stock options exercised (in shares) | 5,000 | 5,000 | ||
Stock options exercised | $ 5 | 9,995 | 0 | $ 10,000 |
Net loss | $ 0 | (1,016,522) | (1,016,522) | |
Balances (in shares) at Mar. 31, 2024 | 9,519,725 | |||
Balances at Mar. 31, 2024 | $ 9,520 | $ 119,985,604 | $ (107,314,671) | $ 12,680,453 |
Consolidated Condensed Statem_3
Consolidated Condensed Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash flows from operating activities | ||
Net loss | $ (1,016,522) | $ (4,143,910) |
Adjustments to reconcile net loss to net cash from operating activities | ||
Depreciation and amortization | 71,435 | 87,953 |
Stock-based compensation | 279,565 | 147,635 |
Provision for inventory obsolescence | 43,204 | 234,394 |
Allowance for credit losses | 26,865 | 23,668 |
Noncash lease costs | 38,083 | 38,546 |
Other operating activities, net | 0 | (32,007) |
Changes in operating assets and liabilities | ||
Accounts receivable | (1,069,238) | (1,438,063) |
Inventory | 646,231 | 72,007 |
Prepaid expenses and other current assets | 217,889 | 402,299 |
Operating lease liability | (32,254) | (31,315) |
Accounts payable | 84,880 | 1,312,821 |
Accrued expenses | 287,551 | (2,728,290) |
Net cash from operating activities | (422,311) | (6,054,262) |
Cash flows from investing activities | 0 | 135,737 |
Cash flows from financing activities | 4,791 | (4,410) |
Net change in cash and cash equivalents | (417,520) | (5,922,935) |
Cash, cash equivalents, and restricted cash, beginning of period | 7,706,806 | 17,809,802 |
Cash, cash equivalents, and restricted cash, end of period | 7,289,286 | 11,886,867 |
Supplemental disclosures of cash flow information | ||
Right-of-use assets obtained in exchange for operating lease liabilities | 0 | 344,382 |
Supplemental disclosures of non-cash investing activities | ||
Receivable from sale of assets held-for-sale included in other current assets at the end of the period | $ 0 | $ 581,835 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies and Estimates | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | 1. Financial Statement Preparation The accompanying unaudited consolidated condensed financial statements (the "balance sheet(s)," "statement(s) of operations," "statement(s) of stockholders' equity," "statement(s) of cash flows," and, collectively, the "financial statements") include the accounts of Laird Superfood, Inc., a Nevada corporation, and its wholly owned subsidiary, Picky Bars, LLC, (collectively, the “Company,” “Laird Superfood,” “we,” or "our"). In management's opinion, the financial statements contain all adjustments, which are normal recurring adjustments, necessary for a fair presentation of its financial position and its results of operations, changes in stockholders’ equity, and cash flows for the interim periods. Segment information is prepared on the same basis that the Company's Chief Executive Officer, who is deemed to be the Company's Chief Operating Decision Maker, reviews financial information for operational decision-making purposes. The financial statements and related financial information should be read in conjunction with the Company's Annual Report on Form 10 December 31, 2023 ( "2023 10 March 13, 2024. December 31, 2023 December 31, 2023 8 2023 10 10 10 Operating results for the three March 31, 2024 not December 31, 2024 Recently Issued Accounting Pronouncements In November 2023, 2023 07, Segment Reporting 280 December 31, 2024, 2025 not In December 2023, 2023 09, 740 Improvements to Income Tax Disclosures 2023 09" December 31, 2025. 2023 09 Subsequent Events Subsequent events are events or transactions that occur after the balance sheet date but before the financial statements are available to be issued. The Company has evaluated events and transactions subsequent to March 31, 2024 no On May 7, 2024, prime 10.0% 0.05% The Company has granted the Purchaser a security interest all of the Company’s personal property and fixtures, including, among other things, the Company’s accounts receivable, inventory, equipment, instruments, deposit accounts, general intangibles, and supporting obligations to secure the payment and performance of all obligations of the Company to the Purchaser under the Factoring Agreement. The Factoring Agreement also provides for customary provisions, including representations, warranties and covenants, indemnification, waiver of jury trial, and the exercise of remedies upon a breach or default |
Note 2 - Cash, Cash Equivalents
Note 2 - Cash, Cash Equivalents, and Restricted Cash | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Cash and Cash Equivalents Disclosure [Text Block] | 2. Cash, Cash Equivalents, and Restricted Cash Cash, cash equivalents, and restricted cash are highly liquid instruments with an original maturity of three three The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the balance sheets as of: March 31, December 31, 2024 2023 Cash and cash equivalents $ 7,099,755 $ 7,566,299 Restricted cash 189,531 140,507 Total cash, cash equivalents, and restricted cash $ 7,289,286 $ 7,706,806 Amounts in restricted cash represent those that are required to be set aside by the following contractual agreements: ● On December 3, 2020, three 19 March 31, 2024 December 31, 2023 three March 31, 2024 2023, ● Cash equivalents of $530,000 were pledged to secure Company credit card limits. As of March 31, 2024 December 31, 2023 Cash, cash equivalents, and restricted cash balances that exceeded the Federal Deposit Insurance Corporation (“FDIC”) and Securities Investor Protection Corporation ("SPIC") insurable limits as of March 31, 2024 December 31, 2023 not |
Note 3 - Inventory
Note 3 - Inventory | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 3. Inventory is stated at the lower of cost or net realizable value, or the value of consideration that can be received upon sale of said product, and approximate costs determined on the first first March 31, December 31, 2024 2023 Raw materials and packaging $ 2,470,319 $ 2,180,294 Finished goods 3,162,805 4,142,265 Total inventory, net $ 5,633,124 $ 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 three March 31, 2024 three March 31, 2023 As of March 31, 2024 December 31, 2023 As of March 31, 2024 December 31, 2023 |
Note 4 - Prepaid Expense and Ot
Note 4 - Prepaid Expense and Other Current Assets | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Prepaid Expenses and Other Current Assets [Text Block] | 4. The following table presents the components of prepaid expenses and other current assets, as of: March 31, December 31, 2024 2023 Prepaid insurance $ 237,508 $ 371,802 Prepaid inventory 310,265 449,242 Prepaid subscriptions and license fees 287,219 139,590 Deposits 166,647 238,719 Other current assets 66,036 86,211 Prepaid expenses and other current assets $ 1,067,675 $ 1,285,564 |
Note 5 - Revolving Lines of Cre
Note 5 - Revolving Lines of Credit | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 5. On September 2, 2021, not SOFR September 1, 2022, August 31, 2023, August 31, 2023, no not |
Note 6 - Property and Equipment
Note 6 - Property and Equipment | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 6. Property and Equipment Property and equipment, net is comprised of the following as of: March 31, 2024 December 31, 2023 Gross Carrying Amount Accumulated Depreciation Net Carrying Amount Gross Carrying Amount Accumulated Depreciation Net Carrying Amount Furniture and office equipment $ 184,242 $ (102,447 ) $ 81,795 $ 184,241 $ (85,093 ) $ 99,148 Leasehold improvements 46,276 (25,190 ) 21,086 46,276 (22,829 ) 23,447 $ 230,518 $ (127,637 ) $ 102,881 $ 230,517 $ (107,922 ) $ 122,595 Depreciation expense was $19,714 for the three March 31, 2024 three March 31, 2023 Assets Classified as Held-for-Sale In the fourth 2022, first 2023, 2023 March 31, 2024 December 31, 2023. |
Note 7 - Intangible Assets
Note 7 - Intangible Assets | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | 7. Intangible assets are comprised of the following: March 31, 2024 December 31, 2023 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Trade names ( 10 $ 890,827 $ (133,624 ) $ 757,203 $ 890,827 $ (106,899 ) $ 783,928 Recipes ( 10 330,000 (96,250 ) 233,750 330,000 (88,000 ) 242,000 Social media agreements ( 3 80,000 (77,778 ) 2,222 80,000 (71,111 ) 8,889 Software ( 3 131,708 (91,373 ) 40,335 131,708 (81,294 ) 50,414 Definite-lived intangible assets 1,432,535 (399,025 ) 1,033,510 1,432,535 (347,304 ) 1,085,231 Licensing agreements (indefinite) 132,100 — 132,100 132,100 — 132,100 Total intangible assets $ 1,564,635 $ (399,025 ) $ 1,165,610 $ 1,564,635 $ (347,304 ) $ 1,217,331 The weighted-average useful life of all the Company’s intangible assets is 6.8 years. For the three March 31, 2024 2023 Definite-lived intangible assets Definite life intangible assets are evaluated for impairment whenever events or changes in circumstances indicate the carrying value may not Based on the analysis of the qualitative factors above, management determined that there were no three March 31, 2024 Intangible assets are amortized using the straight-line method over estimated useful lives ranging from three ten five 2024 (excluding the three months ended March 31, 2024) $ 137,386 2025 149,994 2026 139,899 2027 139,899 2028 139,899 Thereafter 326,433 $ 1,033,510 Indefinite-lived intangible assets On August 3, 2015, March 31, 2024 December 31, 2023, no On May 2, 2018, March 31, 2024 December 31, 2023, no On November 19, 2018, No On May 26, 2020, “2020 ten one No |
Note 8 - Leases
Note 8 - Leases | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Leases [Text Block] | 8. Lessee The Company leased its warehouse space under a commercial lease with RII Lundgren Mill, LLC, dated March 1, 2018. March 1, 2018. ten two five The Company executed a second December 17, 2018. July 1, 2019. June 6, 2019. ten The Company executed a third October 1, 2021. October 1, 2021. ten The Company executed a lease cancellation agreement dated December 12, 2022. three January 31, 2023, 2022 first 2023. The Company assumed an operating lease in the acquisition of Picky Bars, LLC on May 3, 2021. two three The Company entered into a sublease agreement with Somatic Experiencing Trauma Institute with a commencement date of January 1, 2023, July 1, 2027. The components of lease expense were as follows: Three Months Ended Three Months Ended March 31, 2024 March 31, 2023 Operating leases Operating lease cost $ 38,085 $ 38,547 Variable lease cost 5,565 12,915 Operating lease expense 43,650 51,462 Short-term lease rent expense 64,229 115,763 Total rent expense $ 107,879 $ 167,225 Three Months Ended Three Months Ended March 31, 2024 March 31, 2023 Operating cash flows - operating leases $ 32,254 $ 31,315 Right-of-use assets obtained in exchange for operating lease liabilities $ - $ 344,382 March 31, 2024 March 31, 2023 Weighted-average remaining lease term – operating leases (in years) 2.9 3.9 Weighted-average discount rate – operating leases 6.81 % 6.51 % As of March 31, 2024 five 2024 (excluding the three months ended March 31, 2024) $ 106,545 2025 126,714 2026 109,145 2027 56,210 Total 398,614 Less imputed interest (41,874 ) Operating lease liabilities $ 356,740 Lessor The Company executed a sublease agreement of the Picky Bars, LLC operating lease on March 1, 2022. April 1, 2022. April 30, 2025. March 31, 2024 December 31, 2023 The components of rental income were as follows: Three Months Ended Three Months Ended March 31, 2024 March 31, 2023 Operating leases Operating lease income $ 14,055 $ 14,055 Variable lease income 5,317 5,318 Total rental income $ 19,372 $ 19,373 As of March 31, 2024 five 2024 (excluding the three months ended March 31, 2024) $ 46,532 2025 20,748 Total $ 67,280 |
Note 9 - Income Taxes
Note 9 - Income Taxes | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 9. The Company had a tax net loss for the three March 31, 2024 2023 no 740, Income Taxes Three Months Ended March 31, 2024 March 31, 2023 Income tax benefit at statutory rates $ 205,289 $ 873,910 Valuation allowance for deferred tax assets (178,672 ) (856,116 ) Stock-based compensation (42,697 ) (6,328 ) Other expense, net (22,877 ) (23,888 ) Reported income tax expense $ (38,957 ) $ (12,422 ) Effective tax rate: 4.0 % 0.3 % The Company’s deferred tax assets consisted of the following as of: March 31, 2024 December 31, 2023 Deferred tax assets: Net operating loss carryforwards $ 20,346,129 $ 20,088,873 Intangible assets 2,217,760 2,258,079 Property and equipment 1,083,199 1,104,854 Research and development credits 251,540 235,514 Research and development 244,698 268,414 Inventory 202,206 246,182 Accrued expenses 477,870 496,695 Right of use asset 8,904 7,366 Bad debt allowance 116,570 64,250 Charitable contributions 34,172 40,773 Unexercised options 932,412 890,128 Total deferred tax assets 25,915,460 25,701,128 Valuation allowance (25,915,460 ) (25,701,128 ) Total net deferred tax assets $ — $ — As of March 31, 2024 not March 31, 2024 December 31, 2023, As of March 31, 2024 December 31, 2023, March 31, 2024 December 31, 2023, 2017 20 2036. March 31, 2024 December 31, 2023, 2018 March 31, 2024 December 31, 2023, 15 20 March 31, 2024 December 31, 2023, five March 31, 2024 December 31, 2023, one five The use of net operating losses may 382 may may The Company assesses its deferred tax assets and liabilities to determine if it is more likely than not, not, not not may not three March 31, 2024 2023 GAAP requires management to evaluate and report information regarding its exposure to various tax positions taken by the Company. The Company has determined whether there are any tax positions that have met the recognition threshold and has measured the Company’s exposure to those tax positions. Management believes that the Company has adequately addressed all relevant tax positions and that there are no The Company files income tax returns in the U.S. federal jurisdiction and various state jurisdictions. U.S. and state jurisdictions have statutes of limitations that generally range from 3 5 |
Note 10 - Stock Incentive Plan
Note 10 - Stock Incentive Plan | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 10. The Company adopted an incentive plan (the “2020 September 22, 2020, March 31, 2024 2020 March 31, 2024, Stock Options The following tables summarize the Company’s stock option activity during the three March 31, 2024 2023: Weighted Weighted Average Average Options Exercise Price Contractual Aggregate Activity (per share) Term (years) Intrinsic Value Balance at January 1, 2024 1,234,778 $ 4.52 7.91 $ 30,000 Granted 799,188 $ 0.73 — — Exercised/released (5,000 ) $ 2.00 — — Cancelled/forfeited (1,000 ) $ 12.32 — — Balance at March 31, 2024 2,027,966 $ 3.03 8.56 $ 2,657,292 Exercisable at March 31, 2024 681,464 $ 5.03 7.09 $ 559,810 Weighted Weighted Average Average Options Exercise Price Contractual Aggregate Activity (per share) Term (years) Intrinsic Value Balance at January 1, 2023 921,657 $ 6.86 8.00 $ — Granted — $ — — $ — Exercised/released — $ — — $ — Cancelled/forfeited (24,164 ) $ 9.99 — $ — Balance at March 31, 2023 897,493 $ 6.78 7.74 $ — Exercisable at March 31, 2023 318,041 $ 8.72 5.43 $ — The fair value of each stock option granted is estimated on the grant date using the Black-Scholes option valuation model. The assumptions used to calculate the fair value of options granted are evaluated and revised, as necessary, to reflect market conditions and our historical experience. Restricted Stock Units The following tables summarize the Company’s RSU activity during the three March 31, 2024 2023: Weighted Average Weighted Average Grant Date Fair Remaining Vesting Aggregate Number of RSUs Value (per share) Term (years) Fair Value Balance at January 1, 2024 771,885 $ 1.76 1.98 $ 1,361,696 Granted — $ — — $ — Exercised/released (33,779 ) $ 3.29 — $ — Cancelled/forfeited — $ — — $ — Balance at March 31, 2024 738,106 $ 1.69 1.81 $ 1,250,652 Weighted Average Weighted Average Grant Date Fair Remaining Vesting Aggregate Number of RSUs Value (per share) Term (years) Fair Value Balance at January 1, 2023 504,420 $ 4.22 2.94 $ 2,127,734 Granted — $ — — $ — Exercised/released (13,146 ) $ 11.30 — $ — Cancelled/forfeited (16,279 ) $ 5.98 — $ — Balance at March 31, 2023 474,995 $ 3.96 2.67 $ 1,881,278 The Company estimates the fair value of each RSU using the fair value of the Company’s common stock on the date of grant. Market-Based Stock Units ("MSUs") The following tables summarize the Company’s MSU activity during the three March 31, 2024 2023: Weighted Average Weighted Average Grant Date Fair Remaining Vesting Aggregate Number of MSUs Value (per share) Term (years) Fair Value Balance at January 1, 2024 621,314 $ 1.57 0.62 $ 977,558 Granted — $ — — $ — Exercised/released (100,000 ) $ 0.25 — $ — Cancelled/forfeited (21,314 ) $ 43.53 — $ — Balance at March 31, 2024 500,000 $ 0.05 0.37 $ 24,460 Weighted Average Weighted Average Grant Date Fair Remaining Vesting Aggregate Number of MSUs Value (per share) Term (years) Fair Value Balance at January 1, 2023 31,083 $ 43.53 0.60 $ 1,353,043 Granted — $ — — $ — Exercised/released — $ — — $ — Cancelled/forfeited (9,769 ) $ 43.53 — $ — Balance at March 31, 2023 21,314 $ 43.53 0.42 $ 927,798 The MSUs vest upon the 30 Stock-Based Compensation Stock-based compensation expense is recognized ratably over the requisite service period for all awards. The following tables summarize the Company’s stock-based compensation recorded as a result of applying the provisions of ASC Topic 718, Compensation - Stock Compensation Three Months Ended Unrecognized Compensation Cost Related to Non-Vested Awards as of Weighted-Average Remaining Vesting Period as of March 31, 2024 March 31, 2024 March 31, 2024 (years) Stock options $ 81,506 $ 939,421 3.19 RSUs 178,794 921,177 2.04 MSUs 19,265 9,063 0.37 Total stock-based compensation $ 279,565 $ 1,869,661 2.61 Cost of goods sold $ 682 $ 12,615 4.20 General and administrative 231,101 1,627,026 2.44 Sales and marketing 47,782 230,020 3.73 Total stock-based compensation $ 279,565 $ 1,869,661 2.61 Three Months Ended Unrecognized Compensation Cost Related to Non-Vested Awards as of Weighted-Average Remaining Vesting Period as of March 31, 2023 December 31, 2023 December 31, 2023 (years) Stock options $ 61,488 $ 654,313 2.36 RSUs 158,715 1,099,972 2.17 MSUs (72,568 ) 34,281 0.57 Total stock-based compensation $ 147,635 $ 1,788,566 2.21 Cost of goods sold $ (896 ) $ 2,976 1.62 General and administrative 135,242 1,666,980 2.29 Sales and marketing 13,289 118,610 0.99 Total stock-based compensation $ 147,635 $ 1,788,566 2.21 |
Note 11 - Earnings Per Share
Note 11 - Earnings Per Share | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 11. Basic earnings (loss) per share is determined by dividing the net loss attributable to the Company's common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted earnings (loss) per share is similarly determined, except that the denominator is increased to include the number of additional shares of common stock that would have been outstanding if all dilutive potential common shares had been issued. Dilutive potential common shares consist of employee stock options, RSUs, and MSUs. The dilutive effect of employee stock options, RSUs, and MSUs by the Company are calculated using the treasury stock method. Basic earnings per share is reconciled to diluted earnings per share in the following table: Three Months Ended March 31, 2024 2023 Net loss $ (1,016,522 ) $ (4,143,910 ) Weighted average shares outstanding - basic and diluted 9,401,605 9,213,723 Basic and diluted: Net loss per share, basic and diluted $ (0.11 ) $ (0.45 ) Common stock options, restricted stock awards, and market-based stock awards excluded due to anti-dilutive effect 3,266,072 1,393,802 |
Note 12 - Concentrations
Note 12 - Concentrations | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | 12. The following table details the concentration of vendor accounts payable balances in excess of 10% March 31, December 31, 2024 2023 Vendor A 10% * Vendor B * 14% Vendor C * 10% Vendor D * 23% Total 10% 47% * 10%. The following table details the concentration of customer accounts receivable balances in excess of 10% March 31, December 31, 2024 2023 Customer A 18% 45% Customer B 24% 21% Customer C 28% * Total 70% 67% * 10%. The following table details the concentration of sales to specific customers in excess of 10% As of and for the Three Months Ended March 31, 2024 March 31, 2023 Net Sales Accounts Receivable Net Sales Accounts Receivable Customer A 11% 461,132 16% 1,612,941 Customer B 19% 623,431 13% 675,743 Customer C 12% 710,504 12% 484,800 Total 42% 1,795,067 41% 2,773,484 The Company purchased a substantial portion of raw materials and packaging from certain suppliers. The following table details the concentration of purchases from specific suppliers in excess of 10% For the Three Months Ended March 31, 2024 2023 Supplier A 17% * Supplier B 11% * Supplier C 11% 15% Supplier D 10% * Supplier E 10% * Supplier F * 26% Total 59% 41% * 10%. The Company purchased a substantial portion of raw materials and packaging originating from certain geographical regions. The following table details the concentration of purchases from specific regions in excess of 10% For the Three Months Ended March 31, 2024 2023 Sri Lanka 17% * Vietnam * 14% China * 10% Indonesia * 12% Total 17% 36% * 10%. |
Note 13 - Related Party
Note 13 - Related Party | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 13. FASB ASC Topic 850, Related Party Disclosures License Agreements On May 26, 2020, ten one No 2020 7 Marketing Agreements On October 26, 2022, December 31, 2023 one three March 31, 2024 2023, March 31, 2024 December 31, 2023 |
Note 14 - Revenue Recognition
Note 14 - Revenue Recognition | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 14. The Company’s primary source of revenue is sales of coffee creamers, hydration and beverage enhancing supplements, harvest snacks and other food items, and coffee, tea, and hot chocolate products. The Company recognizes revenue when control of the promised good is transferred to the customer and in amounts that the Company expects to collect. The timing of revenue recognition takes into consideration the various shipping terms applicable to the Company’s sales. Each delivery or shipment made to a customer is considered to satisfy a performance obligation. Performance obligations generally occur at a point in time and are satisfied when control of the goods passes to the customer. The Company is entitled to collect the sales price under normal credit terms. Additionally, the Company estimates the impact of certain common practices employed by us and other manufacturers of consumer products, such as scan-based trading, product rebate and other pricing allowances, product returns, trade promotions, sales broker commissions and slotting fees. These estimates are recorded at the end of each reporting period. In accordance with ASC Topic 606, Revenue from Contracts with Customers Three Months Ended March 31, 2024 2023 $ % of Total $ % of Total Coffee creamers $ 5,570,321 56 % $ 5,132,143 63 % Coffee, tea, and hot chocolate products 2,175,265 22 % 1,955,140 24 % Hydration and beverage enhancing supplements 2,025,272 20 % 670,851 8 % Harvest snacks and other food items 1,304,060 13 % 1,752,397 22 % Other 122,012 1 % 29,729 — % Gross sales 11,196,930 112 % 9,540,260 117 % Shipping income 111,428 1 % 303,226 4 % Returns and discounts (1,399,420 ) (13 )% (1,730,548 ) (21 )% Sales, net $ 9,908,938 100 % $ 8,112,938 100 % The Company generates revenue through two Three Months Ended March 31, 2024 2023 $ % of Total $ % of Total E-commerce $ 5,868,337 59 % $ 4,427,681 55 % Wholesale 4,040,601 41 % 3,685,257 45 % Sales, net $ 9,908,938 100 % $ 8,112,938 100 % Receivables from contracts with customers are included in accounts receivable. Contract assets include deferred cost of goods sold associated with deferred revenue and are included in finished goods inventories. Contract liabilities include deferred revenue, customer deposits, rewards programs, and refund liabilities, and are included in accrued expenses. All contract liabilities as of December 31, 2023 three March 31, 2024. January 1, December 31, March 31, 2023 2023 2024 Accounts receivable, net $ 1,494,469 $ 1,022,372 $ 2,064,745 Contract assets $ 57,249 $ — $ — Contract liabilities $ (729,667 ) $ (427,974 ) $ (512,635 ) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | 5. During the three March 31, 2024, none 10b5 1 10b5 1 408 Entry into an Accounts Receivable Factoring Agreement On May 7, 2024, The Factoring Agreement provides for the Company to have access to up to $2.0 70% The Factoring Agreement provides for the payment of certain fees by the Company, including, among others, a funds usage fee of prime plus 1.5% 10.0% 0.05% no The Factoring Agreement is for an initial term of 12 may 30 2.0% first 12 1.0% The Company has granted the Purchaser a security interest all of the Company’s personal property and fixtures, including, among other things, the Company’s accounts receivable, inventory, equipment, instruments, deposit accounts, general intangibles, and supporting obligations to secure the payment and performance of all obligations of the Company to the Purchaser under the Factoring Agreement. The Factoring Agreement also provides for customary provisions, including representations, warranties and covenants, indemnification, waiver of jury trial, and the exercise of remedies upon a breach or default. The foregoing summary of the Factoring Agreement does not 10.1 10 |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Financial Statement Preparation The accompanying unaudited consolidated condensed financial statements (the "balance sheet(s)," "statement(s) of operations," "statement(s) of stockholders' equity," "statement(s) of cash flows," and, collectively, the "financial statements") include the accounts of Laird Superfood, Inc., a Nevada corporation, and its wholly owned subsidiary, Picky Bars, LLC, (collectively, the “Company,” “Laird Superfood,” “we,” or "our"). In management's opinion, the financial statements contain all adjustments, which are normal recurring adjustments, necessary for a fair presentation of its financial position and its results of operations, changes in stockholders’ equity, and cash flows for the interim periods. Segment information is prepared on the same basis that the Company's Chief Executive Officer, who is deemed to be the Company's Chief Operating Decision Maker, reviews financial information for operational decision-making purposes. The financial statements and related financial information should be read in conjunction with the Company's Annual Report on Form 10 December 31, 2023 ( "2023 10 March 13, 2024. December 31, 2023 December 31, 2023 8 2023 10 10 10 Operating results for the three March 31, 2024 not December 31, 2024 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Pronouncements In November 2023, 2023 07, Segment Reporting 280 December 31, 2024, 2025 not In December 2023, 2023 09, 740 Improvements to Income Tax Disclosures 2023 09" December 31, 2025. 2023 09 |
Subsequent Events, Policy [Policy Text Block] | Subsequent Events Subsequent events are events or transactions that occur after the balance sheet date but before the financial statements are available to be issued. The Company has evaluated events and transactions subsequent to March 31, 2024 no On May 7, 2024, prime 10.0% 0.05% The Company has granted the Purchaser a security interest all of the Company’s personal property and fixtures, including, among other things, the Company’s accounts receivable, inventory, equipment, instruments, deposit accounts, general intangibles, and supporting obligations to secure the payment and performance of all obligations of the Company to the Purchaser under the Factoring Agreement. The Factoring Agreement also provides for customary provisions, including representations, warranties and covenants, indemnification, waiver of jury trial, and the exercise of remedies upon a breach or default |
Note 2 - Cash, Cash Equivalen_2
Note 2 - Cash, Cash Equivalents, and Restricted Cash (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Cash and Cash Equivalents [Table Text Block] | March 31, December 31, 2024 2023 Cash and cash equivalents $ 7,099,755 $ 7,566,299 Restricted cash 189,531 140,507 Total cash, cash equivalents, and restricted cash $ 7,289,286 $ 7,706,806 |
Note 3 - Inventory (Tables)
Note 3 - Inventory (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, December 31, 2024 2023 Raw materials and packaging $ 2,470,319 $ 2,180,294 Finished goods 3,162,805 4,142,265 Total inventory, net $ 5,633,124 $ 6,322,559 |
Note 4 - Prepaid Expense and _2
Note 4 - Prepaid Expense and Other Current Assets (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | March 31, December 31, 2024 2023 Prepaid insurance $ 237,508 $ 371,802 Prepaid inventory 310,265 449,242 Prepaid subscriptions and license fees 287,219 139,590 Deposits 166,647 238,719 Other current assets 66,036 86,211 Prepaid expenses and other current assets $ 1,067,675 $ 1,285,564 |
Note 6 - Property and Equipme_2
Note 6 - Property and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | March 31, 2024 December 31, 2023 Gross Carrying Amount Accumulated Depreciation Net Carrying Amount Gross Carrying Amount Accumulated Depreciation Net Carrying Amount Furniture and office equipment $ 184,242 $ (102,447 ) $ 81,795 $ 184,241 $ (85,093 ) $ 99,148 Leasehold improvements 46,276 (25,190 ) 21,086 46,276 (22,829 ) 23,447 $ 230,518 $ (127,637 ) $ 102,881 $ 230,517 $ (107,922 ) $ 122,595 |
Note 7 - Intangible Assets (Tab
Note 7 - Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | March 31, 2024 December 31, 2023 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Trade names ( 10 $ 890,827 $ (133,624 ) $ 757,203 $ 890,827 $ (106,899 ) $ 783,928 Recipes ( 10 330,000 (96,250 ) 233,750 330,000 (88,000 ) 242,000 Social media agreements ( 3 80,000 (77,778 ) 2,222 80,000 (71,111 ) 8,889 Software ( 3 131,708 (91,373 ) 40,335 131,708 (81,294 ) 50,414 Definite-lived intangible assets 1,432,535 (399,025 ) 1,033,510 1,432,535 (347,304 ) 1,085,231 Licensing agreements (indefinite) 132,100 — 132,100 132,100 — 132,100 Total intangible assets $ 1,564,635 $ (399,025 ) $ 1,165,610 $ 1,564,635 $ (347,304 ) $ 1,217,331 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 2024 (excluding the three months ended March 31, 2024) $ 137,386 2025 149,994 2026 139,899 2027 139,899 2028 139,899 Thereafter 326,433 $ 1,033,510 |
Note 8 - Leases (Tables)
Note 8 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended Three Months Ended March 31, 2024 March 31, 2023 Operating leases Operating lease cost $ 38,085 $ 38,547 Variable lease cost 5,565 12,915 Operating lease expense 43,650 51,462 Short-term lease rent expense 64,229 115,763 Total rent expense $ 107,879 $ 167,225 Three Months Ended Three Months Ended March 31, 2024 March 31, 2023 Operating cash flows - operating leases $ 32,254 $ 31,315 Right-of-use assets obtained in exchange for operating lease liabilities $ - $ 344,382 March 31, 2024 March 31, 2023 Weighted-average remaining lease term – operating leases (in years) 2.9 3.9 Weighted-average discount rate – operating leases 6.81 % 6.51 % |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | 2024 (excluding the three months ended March 31, 2024) $ 106,545 2025 126,714 2026 109,145 2027 56,210 Total 398,614 Less imputed interest (41,874 ) Operating lease liabilities $ 356,740 |
Operating Lease, Lease Income [Table Text Block] | Three Months Ended Three Months Ended March 31, 2024 March 31, 2023 Operating leases Operating lease income $ 14,055 $ 14,055 Variable lease income 5,317 5,318 Total rental income $ 19,372 $ 19,373 |
Lessor, Operating Lease, Payment to be Received, Maturity [Table Text Block] | 2024 (excluding the three months ended March 31, 2024) $ 46,532 2025 20,748 Total $ 67,280 |
Note 9 - Income Taxes (Tables)
Note 9 - Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Three Months Ended March 31, 2024 March 31, 2023 Income tax benefit at statutory rates $ 205,289 $ 873,910 Valuation allowance for deferred tax assets (178,672 ) (856,116 ) Stock-based compensation (42,697 ) (6,328 ) Other expense, net (22,877 ) (23,888 ) Reported income tax expense $ (38,957 ) $ (12,422 ) Effective tax rate: 4.0 % 0.3 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | March 31, 2024 December 31, 2023 Deferred tax assets: Net operating loss carryforwards $ 20,346,129 $ 20,088,873 Intangible assets 2,217,760 2,258,079 Property and equipment 1,083,199 1,104,854 Research and development credits 251,540 235,514 Research and development 244,698 268,414 Inventory 202,206 246,182 Accrued expenses 477,870 496,695 Right of use asset 8,904 7,366 Bad debt allowance 116,570 64,250 Charitable contributions 34,172 40,773 Unexercised options 932,412 890,128 Total deferred tax assets 25,915,460 25,701,128 Valuation allowance (25,915,460 ) (25,701,128 ) Total net deferred tax assets $ — $ — |
Note 10 - Stock Incentive Plan
Note 10 - Stock Incentive Plan (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Weighted Weighted Average Average Options Exercise Price Contractual Aggregate Activity (per share) Term (years) Intrinsic Value Balance at January 1, 2024 1,234,778 $ 4.52 7.91 $ 30,000 Granted 799,188 $ 0.73 — — Exercised/released (5,000 ) $ 2.00 — — Cancelled/forfeited (1,000 ) $ 12.32 — — Balance at March 31, 2024 2,027,966 $ 3.03 8.56 $ 2,657,292 Exercisable at March 31, 2024 681,464 $ 5.03 7.09 $ 559,810 Weighted Weighted Average Average Options Exercise Price Contractual Aggregate Activity (per share) Term (years) Intrinsic Value Balance at January 1, 2023 921,657 $ 6.86 8.00 $ — Granted — $ — — $ — Exercised/released — $ — — $ — Cancelled/forfeited (24,164 ) $ 9.99 — $ — Balance at March 31, 2023 897,493 $ 6.78 7.74 $ — Exercisable at March 31, 2023 318,041 $ 8.72 5.43 $ — |
Share-Based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | Weighted Average Weighted Average Grant Date Fair Remaining Vesting Aggregate Number of RSUs Value (per share) Term (years) Fair Value Balance at January 1, 2024 771,885 $ 1.76 1.98 $ 1,361,696 Granted — $ — — $ — Exercised/released (33,779 ) $ 3.29 — $ — Cancelled/forfeited — $ — — $ — Balance at March 31, 2024 738,106 $ 1.69 1.81 $ 1,250,652 Weighted Average Weighted Average Grant Date Fair Remaining Vesting Aggregate Number of RSUs Value (per share) Term (years) Fair Value Balance at January 1, 2023 504,420 $ 4.22 2.94 $ 2,127,734 Granted — $ — — $ — Exercised/released (13,146 ) $ 11.30 — $ — Cancelled/forfeited (16,279 ) $ 5.98 — $ — Balance at March 31, 2023 474,995 $ 3.96 2.67 $ 1,881,278 |
Share-Based Payment Arrangement, Activity [Table Text Block] | Weighted Average Weighted Average Grant Date Fair Remaining Vesting Aggregate Number of MSUs Value (per share) Term (years) Fair Value Balance at January 1, 2024 621,314 $ 1.57 0.62 $ 977,558 Granted — $ — — $ — Exercised/released (100,000 ) $ 0.25 — $ — Cancelled/forfeited (21,314 ) $ 43.53 — $ — Balance at March 31, 2024 500,000 $ 0.05 0.37 $ 24,460 Weighted Average Weighted Average Grant Date Fair Remaining Vesting Aggregate Number of MSUs Value (per share) Term (years) Fair Value Balance at January 1, 2023 31,083 $ 43.53 0.60 $ 1,353,043 Granted — $ — — $ — Exercised/released — $ — — $ — Cancelled/forfeited (9,769 ) $ 43.53 — $ — Balance at March 31, 2023 21,314 $ 43.53 0.42 $ 927,798 |
Share-Based Payment Arrangement, Cost by Plan [Table Text Block] | Three Months Ended Unrecognized Compensation Cost Related to Non-Vested Awards as of Weighted-Average Remaining Vesting Period as of March 31, 2024 March 31, 2024 March 31, 2024 (years) Stock options $ 81,506 $ 939,421 3.19 RSUs 178,794 921,177 2.04 MSUs 19,265 9,063 0.37 Total stock-based compensation $ 279,565 $ 1,869,661 2.61 Cost of goods sold $ 682 $ 12,615 4.20 General and administrative 231,101 1,627,026 2.44 Sales and marketing 47,782 230,020 3.73 Total stock-based compensation $ 279,565 $ 1,869,661 2.61 Three Months Ended Unrecognized Compensation Cost Related to Non-Vested Awards as of Weighted-Average Remaining Vesting Period as of March 31, 2023 December 31, 2023 December 31, 2023 (years) Stock options $ 61,488 $ 654,313 2.36 RSUs 158,715 1,099,972 2.17 MSUs (72,568 ) 34,281 0.57 Total stock-based compensation $ 147,635 $ 1,788,566 2.21 Cost of goods sold $ (896 ) $ 2,976 1.62 General and administrative 135,242 1,666,980 2.29 Sales and marketing 13,289 118,610 0.99 Total stock-based compensation $ 147,635 $ 1,788,566 2.21 |
Note 11 - Earnings Per Share (T
Note 11 - Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2024 2023 Net loss $ (1,016,522 ) $ (4,143,910 ) Weighted average shares outstanding - basic and diluted 9,401,605 9,213,723 Basic and diluted: Net loss per share, basic and diluted $ (0.11 ) $ (0.45 ) Common stock options, restricted stock awards, and market-based stock awards excluded due to anti-dilutive effect 3,266,072 1,393,802 |
Note 12 - Concentrations (Table
Note 12 - Concentrations (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | March 31, December 31, 2024 2023 Vendor A 10% * Vendor B * 14% Vendor C * 10% Vendor D * 23% Total 10% 47% March 31, December 31, 2024 2023 Customer A 18% 45% Customer B 24% 21% Customer C 28% * Total 70% 67% As of and for the Three Months Ended March 31, 2024 March 31, 2023 Net Sales Accounts Receivable Net Sales Accounts Receivable Customer A 11% 461,132 16% 1,612,941 Customer B 19% 623,431 13% 675,743 Customer C 12% 710,504 12% 484,800 Total 42% 1,795,067 41% 2,773,484 For the Three Months Ended March 31, 2024 2023 Supplier A 17% * Supplier B 11% * Supplier C 11% 15% Supplier D 10% * Supplier E 10% * Supplier F * 26% Total 59% 41% For the Three Months Ended March 31, 2024 2023 Sri Lanka 17% * Vietnam * 14% China * 10% Indonesia * 12% Total 17% 36% |
Note 14 - Revenue Recognition (
Note 14 - Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended March 31, 2024 2023 $ % of Total $ % of Total Coffee creamers $ 5,570,321 56 % $ 5,132,143 63 % Coffee, tea, and hot chocolate products 2,175,265 22 % 1,955,140 24 % Hydration and beverage enhancing supplements 2,025,272 20 % 670,851 8 % Harvest snacks and other food items 1,304,060 13 % 1,752,397 22 % Other 122,012 1 % 29,729 — % Gross sales 11,196,930 112 % 9,540,260 117 % Shipping income 111,428 1 % 303,226 4 % Returns and discounts (1,399,420 ) (13 )% (1,730,548 ) (21 )% Sales, net $ 9,908,938 100 % $ 8,112,938 100 % |
Disaggregation of Revenue Based on Channels [Table Text Block] | Three Months Ended March 31, 2024 2023 $ % of Total $ % of Total E-commerce $ 5,868,337 59 % $ 4,427,681 55 % Wholesale 4,040,601 41 % 3,685,257 45 % Sales, net $ 9,908,938 100 % $ 8,112,938 100 % |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | January 1, December 31, March 31, 2023 2023 2024 Accounts receivable, net $ 1,494,469 $ 1,022,372 $ 2,064,745 Contract assets $ 57,249 $ — $ — Contract liabilities $ (729,667 ) $ (427,974 ) $ (512,635 ) |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies and Estimates (Details Textual) - USD ($) $ in Millions | May 07, 2024 | Sep. 02, 2021 |
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] | Prime Rate [Member] | Secured Overnight Financing Rate (SOFR) [Member] |
Subsequent Event [Member] | Alterna Capital Solutions (ACS) [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2 | |
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |
Debt Instrument, Term (Month) | 12 months |
Note 2 - Cash, Cash Equivalen_3
Note 2 - Cash, Cash Equivalents, and Restricted Cash (Details Textual) - USD ($) | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 03, 2020 | |
Cash, Uninsured Amount | $ 6,324,134 | $ 6,756,207 | ||
Asset Pledged as Collateral [Member] | Credit Card Limits [Member] | ||||
Cash Equivalents, at Carrying Value | 530,000 | |||
Restricted Cash Equivalents | 90,006 | 40,982 | ||
Danone Manifesto Ventures, PBC [Member] | Three COVID-19 Relief Projects [Member] | ||||
Other Commitment | $ 298,103 | |||
Restricted Cash | 99,525 | $ 99,525 | ||
Payments for Other Commitment | $ 0 | $ 0 |
Note 2 - Cash, Cash Equivalen_4
Note 2 - Cash, Cash Equivalents, and Restricted Cash - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Cash and cash equivalents | $ 7,099,755 | $ 7,566,299 |
Restricted cash | 189,531 | 140,507 |
Total cash, cash equivalents, and restricted cash | $ 7,289,286 | $ 7,706,806 |
Note 3 - Inventory (Details Tex
Note 3 - Inventory (Details Textual) - USD ($) | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Inventory Write-down | $ 43,204 | $ 234,394 | |
Inventory Valuation Reserves | 927,340 | $ 1,029,657 | |
Prepaid Supplies | 310,265 | 449,242 | |
Inventory Turnover, Quantities on Hand, and Expiration Dates [Member] | |||
Inventory Valuation Reserves | 248,587 | 385,069 | |
Products Quarantined for Quality Issues [Member] | |||
Inventory Valuation Reserves | 334,269 | 306,276 | |
Discontinued Inventories [Member] | |||
Inventory Valuation Reserves | $ 344,484 | $ 338,312 |
Note 3 - Inventory - Components
Note 3 - Inventory - Components of Inventory (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Raw materials and packaging | $ 2,470,319 | $ 2,180,294 |
Finished goods | 3,162,805 | 4,142,265 |
Total inventory, net | $ 5,633,124 | $ 6,322,559 |
Note 4 - Prepaid Expenses and O
Note 4 - Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Prepaid insurance | $ 237,508 | $ 371,802 |
Prepaid inventory | 310,265 | 449,242 |
Prepaid subscriptions and license fees | 287,219 | 139,590 |
Deposits | 166,647 | 238,719 |
Other current assets | 66,036 | 86,211 |
Prepaid expenses and other current assets | $ 1,067,675 | $ 1,285,564 |
Note 5 - Revolving Lines of C_2
Note 5 - Revolving Lines of Credit (Details Textual) - USD ($) | May 07, 2024 | Sep. 02, 2021 | Aug. 31, 2023 | Sep. 01, 2022 |
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] | Prime Rate [Member] | Secured Overnight Financing Rate (SOFR) [Member] | ||
Revolving Credit Facility [Member] | Wells Fargo National Association Line of Credit [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 9,500,000 | $ 5,000,000 | ||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |||
Long-Term Line of Credit | $ 0 |
Note 6 - Property and Equipme_3
Note 6 - Property and Equipment (Details Textual) - USD ($) | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Depreciation | $ 19,714 | $ 36,231 | ||
Production Equipment [Member] | ||||
Asset, Held-for-Sale, Not Part of Disposal Group | $ 0 | 581,835 | $ 0 | $ 800,000 |
Proceeds from Sale, Property, Held-for-Sale | $ 218,165 |
Note 6 - Property and Equipme_4
Note 6 - Property and Equipment - Schedule of Property and Equipment, Net (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Gross carrying amount | $ 230,518 | $ 230,517 |
Accumulated depreciation | (127,637) | (107,922) |
Property and equipment, net | 102,881 | 122,595 |
Factory and Office Equipment [Member] | ||
Gross carrying amount | 184,242 | 184,241 |
Accumulated depreciation | (102,447) | (85,093) |
Property and equipment, net | 81,795 | 99,148 |
Leasehold Improvements [Member] | ||
Gross carrying amount | 46,276 | 46,276 |
Accumulated depreciation | (25,190) | (22,829) |
Property and equipment, net | $ 21,086 | $ 23,447 |
Note 7 - Intangible Assets (Det
Note 7 - Intangible Assets (Details Textual) - USD ($) | 3 Months Ended | ||||
May 26, 2020 | Nov. 19, 2018 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Amortization of Intangible Assets | $ 51,721 | $ 51,722 | |||
License Agreement Terms [Member] | Laird Hamilton [Member] | |||||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | $ 132,000 | $ 132,000 | |||
Stock Issued During Period, Shares, Issued for Services (in shares) | 660,000 | ||||
License Agreement Terms [Member] | Gabrielle Reece [Member] | |||||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | $ 100 | $ 100 | |||
License Agreement Terms [Member] | Laird Hamilton and Gabrielle Riece [Member] | |||||
Term of License Agreement (Year) | 100 years | ||||
Additional Term of License Agreement (Year) | 10 years | ||||
Weighted Average [Member] | |||||
Finite-Lived Intangible Asset, Useful Life (Year) | 6 years 9 months 18 days | ||||
Minimum [Member] | |||||
Finite-Lived Intangible Asset, Useful Life (Year) | 3 years | ||||
Maximum [Member] | |||||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years |
Note 7 - Intangible Assets - Sc
Note 7 - Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Gross carrying amount | $ 1,432,535 | $ 1,432,535 |
Accumulated amortization | (399,025) | (347,304) |
Net carrying amount | 1,033,510 | 1,085,231 |
Total gross intangible assets | 1,564,635 | 1,564,635 |
Total intangible assets | 1,165,610 | 1,217,331 |
Licensing Agreements [Member] | ||
Licensing agreements (indefinite) | 132,100 | 132,100 |
Trade Names [Member] | ||
Gross carrying amount | 890,827 | 890,827 |
Accumulated amortization | (133,624) | (106,899) |
Net carrying amount | 757,203 | 783,928 |
Recipes [Member] | ||
Gross carrying amount | 330,000 | 330,000 |
Accumulated amortization | (96,250) | (88,000) |
Net carrying amount | 233,750 | 242,000 |
Social Media Agreement [Member] | ||
Gross carrying amount | 80,000 | 80,000 |
Accumulated amortization | (77,778) | (71,111) |
Net carrying amount | 2,222 | 8,889 |
Computer Software, Intangible Asset [Member] | ||
Gross carrying amount | 131,708 | 131,708 |
Accumulated amortization | (91,373) | (81,294) |
Net carrying amount | $ 40,335 | $ 50,414 |
Note 7 - Intangible Assets - _2
Note 7 - Intangible Assets - Schedule of Intangible Assets (Details) (Parentheticals) | Mar. 31, 2024 |
Trade Names [Member] | |
Finite useful life (Year) | 10 years |
Recipes [Member] | |
Finite useful life (Year) | 10 years |
Social Media Agreement [Member] | |
Finite useful life (Year) | 3 years |
Computer Software, Intangible Asset [Member] | |
Finite useful life (Year) | 3 years |
Note 7 - Intangible Assets - _3
Note 7 - Intangible Assets - Schedule of Future Amortization Expense (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
2024 (excluding the three months ended March 31, 2024) | $ 137,386 | |
2025 | 149,994 | |
2026 | 139,899 | |
2027 | 139,899 | |
2028 | 139,899 | |
Thereafter | 326,433 | |
Finite-Lived Intangible Assets, Net | $ 1,033,510 | $ 1,085,231 |
Note 8 - Leases (Details Textua
Note 8 - Leases (Details Textual) | 3 Months Ended | 12 Months Ended | ||||||||
Oct. 01, 2021 | May 03, 2021 | Jul. 01, 2019 | Mar. 01, 2018 | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) | Jan. 31, 2023 USD ($) | Jan. 01, 2023 ft² | |
Operating Lease, Cancellation Payment | $ 1,550,000 | |||||||||
Operating Lease, Payment of Cancellation Fee | $ 1,050,000 | $ 500,000 | ||||||||
Sublease Rental Assets | $ 9,994 | $ 11,881 | ||||||||
Commericial Lease with RII Lundgren Mill, LLC [Member] | ||||||||||
Operating Lease, Term (Year) | 10 years | |||||||||
Second Commercial Lease with RII Lundgren Mill, LLC [Member] | ||||||||||
Operating Lease, Term (Year) | 10 years | |||||||||
Third Commercial Lease with RII Lundgren Mill, LLC [Member] | ||||||||||
Operating Lease, Term (Year) | 10 years | |||||||||
Picky Bars, LLC Lease [Member] | ||||||||||
Operating Lease, Term (Year) | 62 months | |||||||||
Somatic Experiencing Trauma Institute Sublease [Member] | ||||||||||
Area of Real Estate Property (Square Foot) | ft² | 5,257 |
Note 8 - Leases - Lease Costs (
Note 8 - Leases - Lease Costs (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Operating lease cost | $ 38,085 | $ 38,547 | |
Variable lease cost | 5,565 | 12,915 | |
Operating lease expense | 43,650 | 51,462 | |
Short-term lease rent expense | 64,229 | 115,763 | |
Total rent expense | 107,879 | 167,225 | |
Operating cash flows - operating leases | 32,254 | 31,315 | |
Right-of-use assets obtained in exchange for operating lease liabilities | $ 0 | $ 344,382 | |
Weighted-average remaining lease term – operating leases (in years) (Year) | 2 years 10 months 24 days | 3 years 10 months 24 days | |
Weighted-average discount rate – operating leases | 6.81% | 6.51% |
Note 8 - Leases - Future Minimu
Note 8 - Leases - Future Minimum Lease Payments (Details) | Mar. 31, 2024 USD ($) |
2024 (excluding the three months ended March 31, 2024) | $ 106,545 |
2025 | 126,714 |
2026 | 109,145 |
2027 | 56,210 |
Total | 398,614 |
Less imputed interest | (41,874) |
Operating lease liabilities | $ 356,740 |
Note 8 - Leases - Lease Income
Note 8 - Leases - Lease Income (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Operating lease income | $ 14,055 | $ 14,055 |
Variable lease income | 5,317 | 5,318 |
Total rental income | $ 19,372 | $ 19,373 |
Note 8 - Leases - Future Mini_2
Note 8 - Leases - Future Minimum Lease Income (Details) | Mar. 31, 2024 USD ($) |
2024 (excluding the three months ended March 31, 2024) | $ 46,532 |
2025 | 20,748 |
Total | $ 67,280 |
Note 9 - Income Taxes (Details
Note 9 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Tax Credit Carryforward, Amount | $ 300,000 | $ 200,000 | |
Deferred Tax Assets, Other Loss Carryforwards | 600,000 | ||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 200,000 | $ 900,000 | |
State and Local Jurisdiction [Member] | |||
Taxes Payable, Current | 21,478 | 7,373 | |
Operating Loss Carryforwards | 57,800,000 | 57,100,000 | |
Domestic Tax Jurisdiction [Member] | |||
Operating Loss Carryforwards | 138,500,000 | 136,800,000 | |
Domestic Tax Jurisdiction [Member] | Expiring in 2036 [Member] | |||
Operating Loss Carryforwards | 1,900,000 | 1,900,000 | |
Domestic Tax Jurisdiction [Member] | Indefinitely [Member] | |||
Operating Loss Carryforwards | $ 78,800,000 | $ 77,800,000 |
Note 9 - Income Taxes - Income
Note 9 - Income Taxes - Income Tax Reconciliation (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income tax benefit at statutory rates | $ 205,289 | $ 873,910 |
Valuation allowance for deferred tax assets | (178,672) | (856,116) |
Stock-based compensation | (42,697) | (6,328) |
Other expense, net | (22,877) | (23,888) |
Reported income tax expense | $ (38,957) | $ (12,422) |
Effective tax rate: | 4% | 0.30% |
Note 9 - Income Taxes - Schedul
Note 9 - Income Taxes - Schedule of Deferred Tax Assets (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Net operating loss carryforwards | $ 20,346,129 | $ 20,088,873 |
Intangible assets | 2,217,760 | 2,258,079 |
Property and equipment | 1,083,199 | 1,104,854 |
Research and development credits | 251,540 | 235,514 |
Research and development | 244,698 | 268,414 |
Inventory | 202,206 | 246,182 |
Accrued expenses | 477,870 | 496,695 |
Right of use asset | 8,904 | 7,366 |
Bad debt allowance | 116,570 | 64,250 |
Charitable contributions | 34,172 | 40,773 |
Unexercised options | 932,412 | 890,128 |
Total deferred tax assets | 25,915,460 | 25,701,128 |
Valuation allowance | (25,915,460) | (25,701,128) |
Total net deferred tax assets | $ 0 | $ 0 |
Note 10 - Stock Incentive Pla_2
Note 10 - Stock Incentive Plan (Details Textual) - Employee Stock Purchase Plan [Member] | Mar. 31, 2024 shares |
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 0 |
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 2,159,886 |
Note 10 - Stock Incentive Pla_3
Note 10 - Stock Incentive Plan - Stock Option Activity (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Balance, options (in shares) | 1,234,778 | 921,657 | 921,657 | |
Balance, options, weighted average exercise price (in dollars per share) | $ 4.52 | $ 6.86 | $ 6.86 | |
Balance, options, weighted average contractual term (Year) | 8 years 6 months 21 days | 7 years 8 months 26 days | 7 years 10 months 28 days | 8 years |
Balance, options, aggregate intrinsic value | $ 2,657,292 | $ 0 | $ 30,000 | $ 0 |
Granted, options (in shares) | 799,188 | 0 | ||
Granted, options, weighted average exercise price (in dollars per share) | $ 0.73 | $ 0 | ||
Exercised/released, options (in shares) | (5,000) | 0 | ||
Exercised/released, options, weighted average exercise price (in dollars per share) | $ 2 | $ 0 | ||
Cancelled/forfeited, options (in shares) | (1,000) | (24,164) | ||
Cancelled/forfeited, options, weighted average exercise price (in dollars per share) | $ 12.32 | $ 9.99 | ||
Balance, options (in shares) | 2,027,966 | 897,493 | 1,234,778 | 921,657 |
Balance, options, weighted average exercise price (in dollars per share) | $ 3.03 | $ 6.78 | $ 4.52 | $ 6.86 |
Exercisable, options (in shares) | 681,464 | 318,041 | ||
Exercisable, options, weighted average exercise price (in dollars per share) | $ 5.03 | $ 8.72 | ||
Exercisable, options, weighted average contractual term (Year) | 7 years 1 month 2 days | 5 years 5 months 4 days | ||
Exercisable, options, aggregate intrinsic value | $ 559,810 | $ 0 |
Note 10 - Stock Incentive Pla_4
Note 10 - Stock Incentive Plan - RSU Activities (Details) - Restricted Stock Units (RSUs) [Member] - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Balance, other than options (in shares) | 771,885 | 504,420 | 504,420 | |
Balance, other than options, weighted average grant date fair value (in dollars per share) | $ 1.76 | $ 4.22 | $ 4.22 | |
Balance, other than options, weighted average vesting term (Year) | 1 year 9 months 21 days | 2 years 8 months 1 day | 1 year 11 months 23 days | 2 years 11 months 8 days |
Balance, other than options, aggregate fair value | $ 1,250,652 | $ 1,881,278 | $ 1,361,696 | $ 2,127,734 |
Granted, other than options (in shares) | 0 | 0 | ||
Granted, other than options, weighted average grant date fair value (in dollars per share) | $ 0 | $ 0 | ||
Exercised/released, other than options (in shares) | (33,779) | (13,146) | ||
Exercised/released, other than options, weighted average grant date fair value (in dollars per share) | $ 3.29 | $ 11.3 | ||
Cancelled/forfeited, other than options (in shares) | 0 | (16,279) | ||
Cancelled/forfeited, other than options, weighted average grant date fair value (in dollars per share) | $ 0 | $ 5.98 | ||
Balance, other than options (in shares) | 738,106 | 474,995 | 771,885 | 504,420 |
Balance, other than options, weighted average grant date fair value (in dollars per share) | $ 1.69 | $ 3.96 | $ 1.76 | $ 4.22 |
Note 10 - Stock Incentive Pla_5
Note 10 - Stock Incentive Plan - MSU Activities (Details) - Market Based Stock Units [Member] - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Balance, other than options (in shares) | 621,314 | 31,083 | 31,083 | |
Balance, other than options, weighted average grant date fair value (in dollars per share) | $ 1.57 | $ 43.53 | $ 43.53 | |
Balance, other than options, weighted average vesting term (Year) | 4 months 13 days | 5 months 1 day | 7 months 13 days | 7 months 6 days |
Balance, other than options, aggregate fair value | $ 24,460 | $ 927,798 | $ 977,558 | $ 1,353,043 |
Granted, other than options (in shares) | 0 | 0 | ||
Granted, other than options, weighted average grant date fair value (in dollars per share) | $ 0 | |||
Exercised/released, other than options (in shares) | (100,000) | |||
Exercised/released, other than options, weighted average grant date fair value (in dollars per share) | $ 0.25 | |||
Cancelled/forfeited, other than options (in shares) | (21,314) | (9,769) | ||
Cancelled/forfeited, other than options, weighted average grant date fair value (in dollars per share) | $ 43.53 | $ 43.53 | ||
Balance, other than options (in shares) | 500,000 | 21,314 | 621,314 | 31,083 |
Balance, other than options, weighted average grant date fair value (in dollars per share) | $ 0.05 | $ 43.53 | $ 1.57 | $ 43.53 |
Granted, other than options (in shares) | 0 | 0 | ||
Cancelled/forfeited, other than options (in shares) | (21,314) | (9,769) |
Note 10 - Stock Incentive Pla_6
Note 10 - Stock Incentive Plan - Schedule of Stock Based Compensation (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Total stock-based compensation | $ 279,565 | $ 147,635 | |
Unrecognized compensation cost | $ 1,869,661 | $ 1,788,566 | |
Vesting period (Year) | 2 years 7 months 9 days | 2 years 2 months 15 days | |
Share-Based Payment Arrangement, Option [Member] | |||
Total stock-based compensation | $ 81,506 | 61,488 | |
Unrecognized compensation cost | $ 939,421 | $ 654,313 | |
Vesting period (Year) | 3 years 2 months 8 days | 2 years 4 months 9 days | |
Restricted Stock Units (RSUs) [Member] | |||
Total stock-based compensation | $ 178,794 | 158,715 | |
Unrecognized compensation cost | $ 921,177 | $ 1,099,972 | |
Vesting period (Year) | 2 years 14 days | 2 years 2 months 1 day | |
Market Based Stock Units [Member] | |||
Total stock-based compensation | $ 19,265 | (72,568) | |
Unrecognized compensation cost | $ 9,063 | $ 34,281 | |
Vesting period (Year) | 4 months 13 days | 6 months 25 days | |
Award With Cost to be Recognized in Cost of Goods Sold [Member] | |||
Total stock-based compensation | $ 682 | (896) | |
Unrecognized compensation cost | $ 12,615 | $ 2,976 | |
Vesting period (Year) | 4 years 2 months 12 days | 1 year 7 months 13 days | |
Award With Cost to be Recognized in General and Administrative [Member] | |||
Total stock-based compensation | $ 231,101 | 135,242 | |
Unrecognized compensation cost | $ 1,627,026 | $ 1,666,980 | |
Vesting period (Year) | 2 years 5 months 8 days | 2 years 3 months 14 days | |
Award With Cost to be Recognized in Sales and Marketing [Member] | |||
Total stock-based compensation | $ 47,782 | $ 13,289 | |
Unrecognized compensation cost | $ 230,020 | $ 118,610 | |
Vesting period (Year) | 3 years 8 months 23 days | 11 months 26 days |
Note 11 - Earnings Per Share -
Note 11 - Earnings Per Share - Earnings Per Share (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net loss | $ (1,016,522) | $ (4,143,910) |
Weighted average shares outstanding - basic and diluted (in shares) | 9,401,605 | 9,213,723 |
Net loss per share, basic and diluted (in dollars per share) | $ (0.11) | $ (0.45) |
Common stock options, restricted stock awards, and market-based stock awards excluded due to anti-dilutive effect (in shares) | 3,266,072 | 1,393,802 |
Note 12 - Concentrations - Sche
Note 12 - Concentrations - Schedule of Concentration Risk (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer A [Member] | ||
Concentration risk | 11% | 16% |
Concentration risk | $ 461,132 | $ 1,612,941 |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer B [Member] | ||
Concentration risk | 19% | 13% |
Concentration risk | $ 623,431 | $ 675,743 |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer C [Member] | ||
Concentration risk | 12% | 12% |
Concentration risk | $ 710,504 | $ 484,800 |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customers A,B, and C [Member] | ||
Concentration risk | 42% | 41% |
Concentration risk | $ 1,795,067 | $ 2,773,484 |
Accounts Payable [Member] | Vendors Concentration Risk Member [Member] | Vendor A [Member] | ||
Concentration risk | 10% | |
Accounts Payable [Member] | Vendors Concentration Risk Member [Member] | Vendor B [Member] | ||
Concentration risk | 14% | |
Accounts Payable [Member] | Vendors Concentration Risk Member [Member] | Vendor C [Member] | ||
Concentration risk | 10% | |
Accounts Payable [Member] | Vendors Concentration Risk Member [Member] | Vendor D [Member] | ||
Concentration risk | 23% | |
Accounts Payable [Member] | Vendors Concentration Risk Member [Member] | Vendor A, B, C, D, E [Member] | ||
Concentration risk | 10% | 47% |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer A [Member] | ||
Concentration risk | 18% | 45% |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer B [Member] | ||
Concentration risk | 24% | 21% |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer C [Member] | ||
Concentration risk | 28% | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customers A,B, and C [Member] | ||
Concentration risk | 70% | 67% |
Cost of Goods and Service Benchmark [Member] | Supplier Concentration Risk [Member] | Supplier A [Member] | ||
Concentration risk | 17% | |
Cost of Goods and Service Benchmark [Member] | Supplier Concentration Risk [Member] | Supplier B [Member] | ||
Concentration risk | 11% | |
Cost of Goods and Service Benchmark [Member] | Supplier Concentration Risk [Member] | Supplier C [Member] | ||
Concentration risk | 11% | 15% |
Cost of Goods and Service Benchmark [Member] | Supplier Concentration Risk [Member] | Supplier D [Member] | ||
Concentration risk | 10% | |
Cost of Goods and Service Benchmark [Member] | Supplier Concentration Risk [Member] | Supplier E [Member] | ||
Concentration risk | 10% | |
Cost of Goods and Service Benchmark [Member] | Supplier Concentration Risk [Member] | Supplier F [Member] | ||
Concentration risk | 26% | |
Cost of Goods and Service Benchmark [Member] | Supplier Concentration Risk [Member] | Supplier A, B, C, D, E, and F [Member] | ||
Concentration risk | 59% | 41% |
Cost of Goods and Service Benchmark [Member] | Geographic Concentration Risk [Member] | SRI LANKA | ||
Concentration risk | 17% | |
Cost of Goods and Service Benchmark [Member] | Geographic Concentration Risk [Member] | VIET NAM | ||
Concentration risk | 14% | |
Cost of Goods and Service Benchmark [Member] | Geographic Concentration Risk [Member] | CHINA | ||
Concentration risk | 10% | |
Cost of Goods and Service Benchmark [Member] | Geographic Concentration Risk [Member] | INDONESIA | ||
Concentration risk | 12% | |
Cost of Goods and Service Benchmark [Member] | Geographic Concentration Risk [Member] | Specific Regions in Excess of 10% [Member] | ||
Concentration risk | 17% | 36% |
Note 13 - Related Party (Detail
Note 13 - Related Party (Details Textual) - USD ($) | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Accounts Payable, Current | $ 1,718,574 | $ 1,647,673 | |
Gabby Reece [Member] | |||
Advertising Expense | 62,501 | $ 37,809 | |
Accounts Payable, Current | $ 28,167 | $ 2,688 |
Note 14 - Revenue Recognition -
Note 14 - Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenue | $ 9,908,938 | $ 8,112,938 |
Percentage of revenue | 100% | 100% |
Coffee Creamer [Member] | ||
Revenue | $ 5,570,321 | $ 5,132,143 |
Percentage of revenue | 56% | 63% |
Coffee Tea and Hot Chocolate Products [Member] | ||
Revenue | $ 2,175,265 | $ 1,955,140 |
Percentage of revenue | 22% | 24% |
Hydration and Beverage Enhancing Supplements [Member] | ||
Revenue | $ 2,025,272 | $ 670,851 |
Percentage of revenue | 20% | 8% |
Harvest Snacks and Other Food Items [Member] | ||
Revenue | $ 1,304,060 | $ 1,752,397 |
Percentage of revenue | 13% | 22% |
Other [Member] | ||
Revenue | $ 122,012 | $ 29,729 |
Percentage of revenue | 1% | 0% |
Gross Sales [Member] | ||
Revenue | $ 11,196,930 | $ 9,540,260 |
Percentage of revenue | 112% | 117% |
Shipping Income [Member] | ||
Revenue | $ 111,428 | $ 303,226 |
Percentage of revenue | 1% | 4% |
Returns and Discount [Member] | ||
Revenue | $ (1,399,420) | $ (1,730,548) |
Percentage of revenue | (13.00%) | (21.00%) |
Note 14 - Revenue Recognition_2
Note 14 - Revenue Recognition - Disaggregation of Revenue Based on Channels (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenue | $ 9,908,938 | $ 8,112,938 |
Percentage of revenue | 100% | 100% |
Online [Member] | ||
Revenue | $ 5,868,337 | $ 4,427,681 |
Percentage of revenue | 59% | 55% |
Wholesale [Member] | ||
Revenue | $ 4,040,601 | $ 3,685,257 |
Percentage of revenue | 41% | 45% |
Note 14 - Revenue Recognition_3
Note 14 - Revenue Recognition - Summary of Receivables (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 | Jan. 01, 2023 |
Accounts receivable, net | $ 2,064,745 | $ 1,022,372 | $ 1,494,469 |
Contract assets | 0 | 0 | 57,249 |
Contract liabilities | $ (512,635) | $ (427,974) | $ (729,667) |