Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | May 08, 2024 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001757715 | |
Entity Registrant Name | Aterian, 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 | 001-38937 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 83-1739858 | |
Entity Address, Address Line One | 350 Springfield Avenue, Suite 200 | |
Entity Address, City or Town | Summit | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 07901 | |
City Area Code | 347 | |
Local Phone Number | 676-1681 | |
Title of 12(b) Security | Common Stock, $0.0001 par value per share | |
Trading Symbol | ATER | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 8,435,679 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | |
Current assets: | |||
Cash | $ 17,545 | $ 20,023 | |
Accounts receivable, net | 2,382 | 4,225 | |
Inventory | 18,520 | 20,390 | |
Prepaid and other current assets | 5,138 | 4,998 | |
Total current assets | 43,585 | 49,636 | |
Property and equipment, net | 748 | 775 | |
Other intangibles, net | 10,955 | 11,320 | |
Other non-current assets | 386 | 138 | |
Total assets | 55,674 | 61,869 | |
Current Liabilities: | |||
Credit facility | 9,396 | 11,098 | |
Accounts payable | 4,058 | 4,190 | |
Seller notes | 903 | 1,049 | |
Accrued and other current liabilities | 7,989 | 9,110 | |
Total current liabilities | 22,346 | 25,447 | |
Other liabilities | 378 | 391 | |
Total liabilities | 22,724 | 25,838 | |
Commitments and contingencies (Note 9) | |||
Stockholders' equity: | |||
Common stock, $0.0001 par value, 500,000,000 shares authorized and 7,508,246 and 7,656,044 shares outstanding at December 31, 2023 and March 31, 2024, respectively (*) | [1] | 9 | 9 |
Additional paid-in capital | 738,805 | 736,675 | |
Accumulated deficit | (704,977) | (699,815) | |
Accumulated other comprehensive loss | (887) | (838) | |
Total stockholders’ equity | 32,950 | 36,031 | |
Total liabilities and stockholders' equity | $ 55,674 | $ 61,869 | |
[1]The number of shares and per share amounts have been retroactively restated to reflect the one for twelve (1 for 12) reverse stock split, which was effective on March 22, 2024. |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2024 | Dec. 31, 2023 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock, issued (in shares) | 7,656,044 | 7,508,246 |
Common stock, outstanding (in shares) | 7,656,044 | 7,508,246 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | |||
Net revenue | $ 20,214 | $ 34,879 | ||
Cost of goods sold | 7,046 | 15,782 | ||
Gross profit | 13,168 | 19,097 | ||
Operating expenses: | ||||
Sales and distribution | 13,214 | 20,226 | ||
Research and development | 0 | 1,247 | ||
General and administrative | 5,232 | 5,959 | ||
Impairment loss on intangibles | 0 | [1] | 16,660 | |
Total operating expenses | 18,446 | 44,092 | ||
Operating loss | (5,278) | (24,995) | ||
Interest expense, net | 323 | 371 | ||
Change in fair value of warrant liability | (517) | 354 | ||
Other expense, net | 7 | 54 | ||
Loss before income taxes | (5,091) | (25,774) | ||
Provision for income taxes | 71 | 26 | ||
Net loss | $ (5,162) | $ (25,800) | ||
Net loss per share, basic and diluted (in dollars per share) | [2] | $ (0.76) | $ (4.03) | |
Weighted-average number of shares outstanding, basic and diluted (*) (in shares) | [2] | 6,789,955 | 6,394,905 | |
[1]On March 20, 2023, the Company made certain leadership changes in our essential oil business resulting in a change in strategy and outlook for the business which will result in a reduced portfolio offering. This reduction in the portfolio will be impactful to our essential oil business's future revenues and profitability and as a result the Company made revisions to our internal forecasts. The Company concluded that this change was an interim triggering event for the three months ending March 31, 2023 indicating the carrying value of our essential oil business's long-lived assets including trademarks may not be recoverable. Accordingly, the Company performed an interim impairment test of the trademark and assessed the recoverability of the related intangible assets by using level 3 inputs and comparing the carrying value of an asset group to the net undiscounted cash flow expected to be generated. The recoverability test indicated that certain definite-live trademark intangible assets were impaired. The Company concluded the carrying value of the trademark exceeded its estimated fair value which was determined utilizing the relief-from-royalty method to determine discounted projected future cash flows which resulted in an impairment charge. The Company recorded an intangible impairment charge of $16.7 million in the three months ending March 31, 2023 within impairment loss on intangibles on the condensed consolidated statement of operations.[2]The number of shares and per share amounts have been retroactively restated to reflect the one for twelve (1 for 12) reverse stock split, which was effective on March 22, 2024. |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net loss | $ (5,162) | $ (25,800) |
Other comprehensive loss: | ||
Foreign currency translation adjustments | (49) | 129 |
Other comprehensive loss | (49) | 129 |
Comprehensive loss | $ (5,211) | $ (25,671) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total | ||
BALANCE (in shares) at Dec. 31, 2022 | [1] | 6,729,533 | |||||
BALANCE at Dec. 31, 2022 | $ 8 | [1] | $ 728,339 | $ (625,251) | $ (1,144) | $ 101,952 | |
Net loss | $ 0 | [1] | 0 | (25,800) | 0 | (25,800) | |
Issuance of shares of restricted common stock (in shares) | [1] | 55,678 | |||||
Issuance of shares of restricted common stock | $ 0 | [1] | 0 | 0 | 0 | 0 | |
Forfeiture of shares of restricted common stock (in shares) | [1] | (48,860) | |||||
Issuance of common stock (in shares) | [1] | 25,000 | |||||
Issuance of common stock | $ 0 | [1] | 290 | 0 | 0 | 290 | |
Stock-based compensation expense | 0 | [1] | 2,196 | 0 | 0 | 2,196 | |
Other comprehensive income (loss) | $ 0 | [1] | 0 | 0 | 129 | 129 | |
BALANCE (in shares) at Mar. 31, 2023 | [1] | 6,761,351 | |||||
BALANCE at Mar. 31, 2023 | $ 8 | [1] | 730,825 | (651,051) | (1,015) | 78,767 | |
BALANCE (in shares) at Dec. 31, 2023 | [1] | 7,508,246 | |||||
BALANCE at Dec. 31, 2023 | $ 9 | [1] | 736,675 | (699,815) | (838) | 36,031 | |
Net loss | $ 0 | [1] | 0 | (5,162) | 0 | (5,162) | |
Issuance of shares of restricted common stock (in shares) | [1] | 11,668 | |||||
Issuance of shares of restricted common stock | $ 0 | [1] | 0 | 0 | 0 | 0 | |
Forfeiture of shares of restricted common stock (in shares) | [1] | (42,650) | |||||
Issuance of common stock (in shares) | [1] | 178,780 | |||||
Issuance of common stock | $ 0 | [1] | 670 | 0 | 0 | 670 | |
Stock-based compensation expense | 0 | [1] | 1,460 | 0 | 0 | 1,460 | |
Other comprehensive income (loss) | $ 0 | [1] | 0 | 0 | (49) | (49) | |
BALANCE (in shares) at Mar. 31, 2024 | [1] | 7,656,044 | |||||
BALANCE at Mar. 31, 2024 | $ 9 | [1] | $ 738,805 | $ (704,977) | $ (887) | $ 32,950 | |
[1]The number of shares and per share amounts have been retroactively restated to reflect the one for twelve (1 for 12) reverse stock split, which was effective on March 22, 2024. |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |||
OPERATING ACTIVITIES: | |||||
Net loss | $ (5,162) | $ (25,800) | |||
Adjustments to reconcile net loss to net cash used by operating activities: | |||||
Depreciation and amortization | 428 | 1,762 | |||
Provision for sales returns | 64 | (223) | |||
Amortization of deferred financing cost and debt discounts | 83 | 106 | |||
Stock-based compensation | 1,667 | 2,317 | |||
Change in deferred tax balance | (5) | 0 | |||
Change in inventory provisions | (976) | (1,023) | |||
Loss (gain) in connection with the change in warrant fair value | (517) | 354 | |||
Impairment of Intangible Assets, Finite-Lived | 0 | [1] | 16,660 | $ 39,728 | [1] |
Changes in assets and liabilities: | |||||
Accounts receivable | 1,843 | 1,028 | |||
Inventory | 2,846 | 4,312 | |||
Prepaid and other assets | 249 | 751 | |||
Accounts payable, accrued and other liabilities | (526) | (7,661) | |||
Cash used in operating activities | (6) | (7,417) | |||
INVESTING ACTIVITIES: | |||||
Purchase of intangibles and fixed assets | (36) | (33) | |||
Purchase of Step and Go assets | (125) | ||||
Purchase of minority equity investment | (200) | 0 | |||
Cash used in investing activities | (236) | (158) | |||
FINANCING ACTIVITIES: | |||||
Repayments on note payable to Smash | (153) | (398) | |||
Borrowings from MidCap credit facilities | 11,453 | 20,549 | |||
Repayments for MidCap credit facilities | (13,244) | (22,602) | |||
Insurance obligation payments | (254) | (534) | |||
Cash provided (used) by financing activities | (2,198) | (2,985) | |||
Foreign currency effect on cash, cash equivalents, and restricted cash | (49) | 129 | |||
Net change in cash and restricted cash for the year | (2,489) | (10,431) | |||
Cash and restricted cash at beginning of year | 22,195 | 46,629 | 46,629 | ||
Cash and restricted cash at end of year | 19,706 | 36,198 | 22,195 | ||
RECONCILIATION OF CASH AND RESTRICTED CASH: | |||||
Cash | 17,545 | 33,911 | |||
Restricted Cash—Prepaid and other current assets | 2,032 | 2,158 | |||
Restricted cash—Other non-current assets | 129 | 129 | |||
TOTAL CASH AND RESTRICTED CASH | 19,706 | 36,198 | $ 22,195 | ||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | |||||
Cash paid for interest | 402 | 538 | |||
Cash paid for taxes | 3 | 0 | |||
NON-CASH INVESTING AND FINANCING ACTIVITIES: | |||||
Non-cash consideration paid to contractors | 620 | 321 | |||
Non-cash minority equity investment | $ 50 | $ 0 | |||
[1]On March 20, 2023, the Company made certain leadership changes in our essential oil business resulting in a change in strategy and outlook for the business which will result in a reduced portfolio offering. This reduction in the portfolio will be impactful to our essential oil business's future revenues and profitability and as a result the Company made revisions to our internal forecasts. The Company concluded that this change was an interim triggering event for the three months ending March 31, 2023 indicating the carrying value of our essential oil business's long-lived assets including trademarks may not be recoverable. Accordingly, the Company performed an interim impairment test of the trademark and assessed the recoverability of the related intangible assets by using level 3 inputs and comparing the carrying value of an asset group to the net undiscounted cash flow expected to be generated. The recoverability test indicated that certain definite-live trademark intangible assets were impaired. The Company concluded the carrying value of the trademark exceeded its estimated fair value which was determined utilizing the relief-from-royalty method to determine discounted projected future cash flows which resulted in an impairment charge. The Company recorded an intangible impairment charge of $16.7 million in the three months ending March 31, 2023 within impairment loss on intangibles on the condensed consolidated statement of operations. |
Note 1 - Company Overview
Note 1 - Company Overview | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. COMPANY OVERVIEW Aterian, Inc. (the "Company") is a technology-enabled consumer products company that predominantly operates through online retail channels such as Amazon and Walmart. The Company operates its owned brands, which were either incubated or purchased, selling products in multiple categories, including home and kitchen appliances, kitchenware, air quality appliances, health and beauty products and essential oils. Headquartered in New Jersey, Aterian also maintains offices in China, Philippines, and the United Kingdom. Liquidity and Going Concern As an emerging growth company in the early commercialization stage of its lifecycle, we are subject to inherent risks and uncertainties associated with the development of our enterprise. In this regard, substantially all of our efforts to date have been devoted to the development and sale of our products in the marketplace, which includes our investment in organic growth at the expense of short-term profitably, our investment in incremental growth through mergers & acquisitions (“M&A strategy”), our recruitment of management and technical staff, and raising capital to fund the development of our enterprise. As a result of these efforts, we have incurred significant losses and negative cash flows from operations since our inception and expect to continue to incur such losses, at a reduced level, and negative cash flows for the foreseeable future until such time that we reach a scale of profitability to sustain our operations. We have also experienced declining revenues due to macroeconomic factors, including increased interest rates and reduced consumer discretionary spending, and other factors, and we intend to focus our efforts on a more limited number of products. In addition, our recent financial performance has been adversely impacted by inflationary pressures and reduced consumer spending. In order to execute our growth strategy, we have historically relied on outside capital through the issuance of equity, debt, and borrowings under financing arrangements (collectively “outside capital”) to fund our cost structure, and we expect to continue to rely on outside capital for the foreseeable future, specifically for our M&A strategy. While we believe we will eventually reach a level of profitability to sustain our operations, there can be no not no As of the date the accompanying Consolidated Financial Statements were issued (the “issuance date”), we evaluated the significance of the following adverse financial conditions in accordance with Accounting Standard Codification 205 40, • Since our inception, we have incurred significant losses and used cash flows from operations to fund our enterprise. In this regard, during the three March 31, 2024, March 31, 2024, • We are required to remain in compliance with certain financial covenants required by the MidCap Credit facility (See Note 6, March 31, 2024 March 31, 2025. February 2024, December 2026 19 no may, may • As of the issuance date, we have no no may twelve • The Company's plan is to continue to closely monitor our operating forecast, to pursue our M&A strategy, to pursue additional sources of outside capital on terms that are acceptable to us, and to secure a waiver or forbearance from MidCap if we are unable to remain in compliance with one no not not may not may The Company has initiated two 12 three March 31, 2024, December 2026 ( 6, Although significant strides have been made in reducing our operating losses and strengthening our balance sheet, uncertainties persist in our business operations and the forecasting of our business. These uncertainties raise substantial doubt about our ability to continue as a going concern. The accompanying Consolidated Financial Statements have been prepared on the basis that we will continue to operate as a going concern, which contemplates that we will be able to realize assets and settle liabilities and commitments in the normal course of business for the foreseeable future. Accordingly, the accompanying Consolidated Financial Statements do not may Nasdaq Listing - April 24, 2023, 30 $1.00 5550 2 180 October 23, 2023, 5810 3 October 13, 2023, October 24, 2023, 180 April 22, 2024, On August 11, 2023, one 1 1 On March 20, 2024, 1 not not The Common Stock began trading on a Reverse Stock Split-adjusted basis on the Nasdaq on March 22, 2024. Restructuring - May 9, 2023, December 31, 2023, On February 8, 2024, three March 31, 2024. |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation Unaudited Interim Financial Information March 31, 2024 March 31, 2024 2023 three March 31, 2024 2023 three March 31, 2024 not December 31, 2024 The Condensed Consolidated Balance Sheet as of December 31, 2023, 10 December 31, 2023 2 not three March 31, 2024, 2, Use of Estimates Principles of Consolidation Restricted Cash December 31, 2023 As of March 31, 2024 Inventory and Cost of Goods Sold first first may no The “Cost of goods sold” line item in the consolidated statements of operations consists of the book value of inventory sold to customers during the reporting period. When circumstances dictate that the Company use net realizable value as the basis for recording inventory, it bases its estimates on expected future selling prices less expected disposal costs. Accounts Receivable not not December 31, 2023 March 31, 2024 Revenue Recognition 606, 606” For direct-to-consumer sales, the Company considers customer order confirmations to be a contract with the customer. Customer confirmations are executed at the time an order is placed through third For all of the Company’s sales and distribution channels, revenue is recognized when control of the product is transferred to the customer (i.e., when the Company’s performance obligation is satisfied), which typically occurs at shipment date. As a result, the Company has a present and unconditional right to payment and record the amount due from the customer in accounts receivable. Revenue from consumer product sales is recorded at the net sales price (transaction price), which includes an estimate of future returns based on historical return rates. There is judgment in utilizing historical trends for estimating future returns. The Company’s refund liability for sales returns was $0.2 million at December 31, 2023 March 31, 2024 The Company evaluated principal versus agent considerations to determine whether it is appropriate to record platform fees paid to Amazon as an expense or as a reduction of revenue. Platform fees are recorded as sales and distribution expenses and are not third Net Revenue by Category Three Months Ended March 31, 2023 (in thousands) Direct Wholesale/Other Total North America $ 31,962 $ 1,516 $ 33,478 Other 1,401 — 1,401 Total net revenue $ 33,363 $ 1,516 $ 34,879 Three Months Ended March 31, 2024 (in thousands) Direct Wholesale/Other Total North America $ 18,720 $ 145 $ 18,865 Other 1,349 — 1,349 Total net revenue $ 20,069 $ 145 $ 20,214 Net Revenue by Product Categories three March 31, 2024 2023 Three Months Ended March 31, 2023 2024 (in thousands) Heating, cooling and air quality $ 5,349 $ 3,204 Kitchen appliances 6,371 1,920 Health and beauty 4,857 3,313 Personal protective equipment 509 — Cookware, kitchen tools and gadgets 3,620 1,395 Home office 2,667 2,031 Housewares 6,209 4,885 Essential oils and related accessories 4,588 3,208 Other 709 258 Total net revenue $ 34,879 $ 20,214 Intangibles may not may not On March 20, 2023, three March 31, 2023 may not 3 three March 31, 2023 During the three June 30, 2023, three June 30, 2023, three June 30, 2023 may not 3 three June 30, 2023 During the three December 31, 2023, three December 31, 2023 may not 3 three December 31, 2023 These fair value measurements require significant judgements using Level 3 not not may March 31, 2024. For the three March 31, 2023, no three March 31, 2024. We will continue to closely monitor actual results versus expectations as well as whether and to what extent any significant changes in current events or conditions result in corresponding changes to our expectations about future estimated cash flows. If our adjusted expectations of the operating results do not may may Fair Value of Financial Instruments March 31, 2024 December 31, 2023 March 31, 2024 2 The fair value of the stock purchase warrants issued in connection with the Company’s common stock offering on March 1, 2022 480, Distinguishing Liabilities from Equity ( ASC 480 ) 815, Derivatives and Hedging ( ASC 815 ) Assets and liabilities recorded at fair value on a recurring basis in the Condensed Consolidated Balance Sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Fair value is defined as the exchange price that would be received for an asset or an exit price that would be paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The authoritative guidance on fair value measurements establishes a three Level 1 Level 2 not Level 3 no The following table summarizes the fair value of the Company’s financial assets that are measured at fair value as of December 31, 2023 March 31, 2024 December 31, 2023 Fair Value Measurement Category Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 20,023 $ — $ — Restricted Cash 2,172 — — Liabilities: Fair value of warrant liability — — 1,033 March 31, 2024 Fair Value Measurement Category Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 17,545 $ — $ — Restricted cash 2,161 — — Liabilities: Fair value of warrant liability — — 516 A summary of the activity of the Level 3 December 31, 2023 three March 31, 2024 December 31, 2023 Warrants liability as of January 1, 2023 $ 3,473 Change in fair value of warrants (2,440 ) Warrants liability as of December 31, 2023 $ 1,033 March 31, 2024 Warrants liability as of January 1, 2024 $ 1,033 Change in fair value of warrants (517 ) Warrants liability as of March 31, 2024 $ 516 Adopted Accounting Standards In June 2016, 2016 13: 326 July 2019, December 15, 2022, January 1, 2023, not In December 2019, 2019 12, December 15, 2021, December 15, 2022, January 1, 2023, not In September 2022, 2022 04, December 15, 2021, December 15, 2022, December 15, 2023. January 1, 2023, no Recent Accounting Pronouncements The JOBS Act permits an emerging growth company to take advantage of an extended transition period to comply with new or revised accounting standards applicable to public companies. We have elected to use this extended transition period until we are no may not In August 2023, 2023 09, 740 may eight 5 December 15, 2024. In November 2023, 2023 07, 2023 07” one December 15, 2023, December 15, 2024, 2023 07 |
Note 3 - Inventory
Note 3 - Inventory | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 3. INVENTORY Inventory consisted of the following as of December 31, 2023 March 31, 2024 December 31, 2023 March 31, 2024 Inventory on-hand $ 18,980 $ 17,609 Inventory in-transit 1,410 911 Inventory $ 20,390 $ 18,520 The Company’s inventory on-hand is held either with Amazon or the Company’s other third not December 31, 2023 March 31, 2024 |
Note 4 - Prepaid Expenses and O
Note 4 - Prepaid Expenses and Other Current Assets | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Prepaid Expenses And Other Current Assets [Text Block] | 4. PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid and other current assets consisted of the following as of December 31, 2023 March 31, 2024 December 31, 2023 March 31, 2024 Prepaid inventory $ 619 $ 820 Restricted cash 2,043 2,032 Prepaid insurance 1,355 866 Prepaid freight forwarder 100 158 Other 881 1,262 Prepaid and Other Current Assets $ 4,998 $ 5,138 |
Note 5 - Accrued and Other Curr
Note 5 - Accrued and Other Current Liabilities | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | 5. ACCRUED AND OTHER CURRENT LIABILITIES Accrued expenses and other current liabilities consisted of the following as of December 31, 2023 March 31, 2024 December 31, 2023 March 31, 2024 Accrued compensation costs $ 140 $ 169 Accrued professional fees and consultants 310 220 Accrued logistics costs 149 177 Product related accruals 644 579 Sales tax payable 1,019 1,011 Sales return reserve 233 297 Accrued fulfillment expense 821 705 Accrued insurance 187 38 Federal payroll taxes payable 1,243 1,243 Accrued interest payable 146 78 Warrant liability 1,033 516 All other accruals 3,185 2,956 Accrued and current liabilities $ 9,110 $ 7,989 The Company sponsors, through its professional employer organization provider, a 401 401 not 401 |
Note 6 - Credit Facility, Term
Note 6 - Credit Facility, Term Loans and Warrants | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 6. CREDIT FACILITY, TERM LOANS AND WARRANTS MidCap Credit Facility On December 22, 2021, three The obligations under the Credit Agreement are a senior secured obligation of the Company and rank senior to all indebtedness of the Company. Borrowings under the Credit Agreement bear interest at a rate of Term Secured Overnight Financing Rate ("Term SOFR"), which is defined as SOFR plus 0.10%, plus 5.50%. The Company will also be required to pay a commitment fee of 0.50% in respect of the undrawn portion of the commitments, which is generally based on average daily usage of the facility during the immediately preceding fiscal quarter. The Credit Agreement does not The Credit Agreement minimum liquidity covenant, which includes the Company’s unrestricted U.S. cash plus the revolving loan availability, requires that Midcap shall not February 1st May 31st The Midcap Warrant has an exercise price of $56.40 per share, subject to adjustment for stock splits, reverse stock splits, stock dividends and similar transactions, is immediately exercisable, has a term of ten On February 23, 2024, December 2026 The Company is in compliance with the financial covenants contained within the Credit Agreement as of December 31, 2023 March 31, 2024. The Company’s credit facility consisted of the following as of December 31, 2023 March 31, 2024 December 31, 2023 March 31, 2024 MidCap Credit Facility $ 11,515 $ 9,815 Less: deferred debt issuance costs (226 ) (265 ) Less: discount associated with issuance of warrants (191 ) (154 ) Total MidCap Credit Facility $ 11,098 $ 9,396 Interest Expense, Net Interest expense, net consisted of the following for the three March 31, 2023 2024 Three Months Ended March 31, 2023 2024 Interest expense $ 596 $ 393 Interest income (225 ) (70 ) Total interest expense, net $ 371 $ 323 Securities Purchase Agreement and Warrants On March 1, 2022, “2022 2022 30 March 28, 2022, April 8, 2022. Upon the issuance of the Prefunded Warrants and stock purchase warrants, the Company evaluated the terms of each Warrant to determine the appropriate accounting and classification pursuant to ASC 480 815. March 31, 2024 |
Note 7 - Stock-based Compensati
Note 7 - Stock-based Compensation | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 7. STOCK-BASED COMPENSATION The Company has four 2014 The board of directors of Aterian Group, Inc., a subsidiary of the Company (“AGI”), adopted, and AGI’s stockholders approved, the Aterian Group, Inc. 2014 June 11, 2014. March 1, 2017, 2014 2014 March 31, 2024 no 2014 2018 The Company’s board of directors (the “Board”) adopted the Aterian, Inc. 2018 “2018 October 11, 2018. 2018 May 24, 2019. March 31, 2024 2018 Options granted to date under the Aterian 2014 2018 four first thirty-six three 33 1/3% first 66 2/3% twenty-four Inducement Equity Incentive Plan On May 27, 2022, 2022 The Inducement Plan provides for the grant of equity-based awards in the form of stock options, stock appreciation rights, restricted stock, restricted stock units, performance units and performance shares solely to prospective employees of the Company or an affiliate of the Company provided that certain criteria are met. Awards under the Inducement Plan may not ten March 31, 2024 The Inducement Plan has not not 5635 4 first Reverse Stock Split On March 20, 2024, 1 not not The reverse stock split is deemed an equity restructuring pursuant to ASC 718, no no three March 31, 2024. The Common Stock began trading on a Reverse Stock Split-adjusted basis on the Nasdaq on March 22, 2024. The following is a summary of stock option activity during the three March 31, 2024 Options Outstanding Number of Options (*) Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (years) Aggregate Intrinsic Value Balance—January 1, 2024 16,365 $ 110.51 5.00 $ — Options granted — $ — — $ — Options exercised — $ — — $ — Options canceled (426 ) $ 93.71 — $ — Balance—March 31, 2024 15,939 $ 110.96 4.57 $ — Exercisable as of March 31, 2024 15,939 $ 110.96 4.57 $ — Vested and expected to vest as of March 31, 2024 15,939 $ 110.96 4.57 $ — (*) The number of options and exercise price per share have been retroactively restated to reflect the one twelve 1 12 March 22, 2024. As of March 31, 2024 A summary of restricted stock award activity within the Company’s equity plans and changes for the three March 31, 2024 Restricted Stock Awards Shares (*) Weighted Average Grant-Date Fair Value Nonvested at January 1, 2024 840,815 $ 9.73 Granted 11,668 $ 3.97 Vested (51,168 ) $ 25.58 Forfeited (42,650 ) $ 11.24 Nonvested at March 31, 2024 758,665 $ 8.49 (*) The number of shares and grant date fair value per share have been retroactively restated to reflect the one twelve 1 12 March 22, 2024. As of March 31, 2024 Stock-based compensation expense is allocated based on the cost center to which the award holder belongs. The following table summarizes the total stock-based compensation expense by function, including expense related to consultants, for the three March 31, 2023 2024 Three Months Ended March 31, 2023 2024 (in thousands) Sales and distribution expenses $ 671 $ 299 Research and development expenses 434 — General and administrative expenses 1,212 1,368 Total stock-based compensation expense $ 2,317 $ 1,667 |
Note 8 - Net Loss Per Share
Note 8 - Net Loss Per Share | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 8. NET LOSS PER SHARE Basic net loss per share is determined by dividing net loss by the weighted-average shares of common stock outstanding during the period. Diluted net loss per share is determined by dividing net loss by diluted weighted-average shares outstanding. Diluted weighted-average shares reflect the dilutive effect, if any, of potentially dilutive shares of common stock, such as options to purchase common stock calculated using the treasury stock method and convertible notes using the “if-converted” method. In periods with reported net operating losses, all options to purchase common stock are deemed anti-dilutive such that basic net loss per share and diluted net loss per share are equal. The Company’s shares of restricted common stock are entitled to receive dividends and hold voting rights applicable to the Company’s common stock, irrespective of any vesting requirement. Accordingly, although the vesting commences upon the elimination of the contingency, the shares of restricted common stock are considered a participating security and the Company is required to apply the two not two two The following table sets forth the computation of basic and diluted net loss per share (in thousands, except share and per share data): Three Months Ended March 31, 2023 2024 Net loss $ (25,800 ) $ (5,162 ) Weighted-average number of shares used in computing net loss per share, basic and diluted 6,394,905 6,789,955 Net loss per share, basic and diluted $ (4.03 ) $ (0.76 ) Anti-dilutive shares excluded from computation of net loss per share (in shares) 1,979,594 2,074,627 (*) The number of shares and per share amounts have been retroactively restated to reflect the one twelve 1 March 22, 2024. |
Note 9 - Commitments and Contin
Note 9 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 9. COMMITMENTS AND CONTINGENCIES Sales or Other Similar Taxes no not December 31, 2023 March 31, 2024 Legal Proceedings not no not no Settlement Agreement May 2, 2021, one three first May 31, 2021, second September 30, 2021, third November 30, 2021. September 30, 2021. not first December 31, 2022 December 31, 2023. March 31, 2024. Shareholder Derivative Actions Related to the Securities Class Action October 21, October 25 November 10, 2021, three September 2022 December 12, 2022, December 29, 2022, March 17, 2023. Mueller Action October 2021, April 2022, three March 31, 2022, August 3, 2023 May 8, 2024. Earn-out Payment Dispute February 24, 2022, May 5, 2021, £6,902,816 not. September 14, 2022, May 18, 2023. February 2024, no no Leases not three March 31, 2024 |
Note 10 - Intangibles
Note 10 - Intangibles | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | 10. INTANGIBLES The following tables summarize the changes in the Company’s intangible assets as of December 31, 2023 March 31, 2024 January 1, 2023 Year-Ended December 31, 2023 December 31, 2023 December 31, 2023 Gross Carrying Amount Additions Impairments (1) Accumulated Amortization Net Book Value Trademarks $ 62,202 $ — $ (39,728 ) $ (15,335 ) $ 7,140 Non-competition agreement 11 — — (11 ) — Transition services agreement 12 — — (12 ) — Customer relationships 5,700 — — (1,520 ) 4,180 Other 700 — — (700 ) — Total intangibles $ 68,625 $ — $ (39,728 ) $ (17,578 ) $ 11,320 January 1, 2024 Three Months Ended March 31, 2024 March 31, 2024 March 31, 2024 Gross Carrying Amount Additions Impairments Accumulated Amortization Net Book Value Trademarks $ 21,285 $ — $ — $ (14,406 ) $ 6,879 Non-competition agreement 11 — — (11 ) — Transition services agreement 12 — — (12 ) — Customer relationships 5,700 — — (1,662 ) 4,038 Software — 38 — — 38 Other 700 — — (700 ) — Total intangibles $ 27,708 $ 38 $ — $ (16,791 ) $ 10,955 ( 1 On March 20, 2023, three March 31, 2023 may not 3 three March 31, 2023 During the three June 30, 2023, three June 30, 2023, three June 30, 2023 may not 3 three June 30, 2023 During the three December 31, 2023, three December 31, 2023 may not 3 three December 31, 2023 The following table sets forth the estimated aggregate amortization of the Company’s intangible assets for the next five Remainder of 2024 $ 1,199 2025 1,564 2026 1,564 2027 1,554 2028 1,551 2029 1,551 Thereafter 1,972 Total $ 10,955 |
Note 11 - Restructuring
Note 11 - Restructuring | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | 11. RESTRUCTURING On May 9, 2023, December 31, 2023, On February 8, 2024, three March 31, 2024. The accounting for the restructuring costs follows the provisions of ASC 420, The following table provides a summary of the restructuring costs incurred: Three Months Ended March 31, 2024 (in thousands) Employee severance $ 551 Other restructuring costs 7 Total restructuring costs $ 558 The following table provides a summary of the Company's total restructuring reserve: Employee Severance Contract Termination Costs Other Total Balance – December 31, 2023 $ — $ 193 $ — $ 193 Charges 551 — 7 558 Usage-cash (309 ) — — (309 ) Usage-noncash — — (4 ) (4 ) Balance – March 31, 2024 $ 242 $ 193 $ 3 $ 438 As of March 31, 2024 three March 31, 2023. As of December 31, 2023, The Company will continue to assess the restructuring plan's progress and provide updates as required in future financial statements if there are material changes to the initial estimates or additional significant restructuring activities. |
Note 12 - Subsequent Events
Note 12 - Subsequent Events | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 12. SUBSEQUENT EVENTS On April 8, 2024, 5450 1 $1.00 March 22, 2024 April 5, 2024 $1.00 5450 1 |
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. Rule 10b 5 1 three March 31, 2024 no 10b5 1 10b5 1 408 |
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] | Basis of Presentation |
Unaudited Interim Financial Information Policy [Policy Text Block] | Unaudited Interim Financial Information March 31, 2024 March 31, 2024 2023 three March 31, 2024 2023 three March 31, 2024 not December 31, 2024 The Condensed Consolidated Balance Sheet as of December 31, 2023, 10 December 31, 2023 2 not three March 31, 2024, 2, |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restricted Cash December 31, 2023 As of March 31, 2024 |
Inventories And Cost Of Goods Sold [Policy Text Block] | Inventory and Cost of Goods Sold first first may no The “Cost of goods sold” line item in the consolidated statements of operations consists of the book value of inventory sold to customers during the reporting period. When circumstances dictate that the Company use net realizable value as the basis for recording inventory, it bases its estimates on expected future selling prices less expected disposal costs. |
Receivable [Policy Text Block] | Accounts Receivable not not December 31, 2023 March 31, 2024 |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition 606, 606” For direct-to-consumer sales, the Company considers customer order confirmations to be a contract with the customer. Customer confirmations are executed at the time an order is placed through third For all of the Company’s sales and distribution channels, revenue is recognized when control of the product is transferred to the customer (i.e., when the Company’s performance obligation is satisfied), which typically occurs at shipment date. As a result, the Company has a present and unconditional right to payment and record the amount due from the customer in accounts receivable. Revenue from consumer product sales is recorded at the net sales price (transaction price), which includes an estimate of future returns based on historical return rates. There is judgment in utilizing historical trends for estimating future returns. The Company’s refund liability for sales returns was $0.2 million at December 31, 2023 March 31, 2024 The Company evaluated principal versus agent considerations to determine whether it is appropriate to record platform fees paid to Amazon as an expense or as a reduction of revenue. Platform fees are recorded as sales and distribution expenses and are not third Net Revenue by Category Three Months Ended March 31, 2023 (in thousands) Direct Wholesale/Other Total North America $ 31,962 $ 1,516 $ 33,478 Other 1,401 — 1,401 Total net revenue $ 33,363 $ 1,516 $ 34,879 Three Months Ended March 31, 2024 (in thousands) Direct Wholesale/Other Total North America $ 18,720 $ 145 $ 18,865 Other 1,349 — 1,349 Total net revenue $ 20,069 $ 145 $ 20,214 Net Revenue by Product Categories three March 31, 2024 2023 Three Months Ended March 31, 2023 2024 (in thousands) Heating, cooling and air quality $ 5,349 $ 3,204 Kitchen appliances 6,371 1,920 Health and beauty 4,857 3,313 Personal protective equipment 509 — Cookware, kitchen tools and gadgets 3,620 1,395 Home office 2,667 2,031 Housewares 6,209 4,885 Essential oils and related accessories 4,588 3,208 Other 709 258 Total net revenue $ 34,879 $ 20,214 |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | Intangibles may not may not On March 20, 2023, three March 31, 2023 may not 3 three March 31, 2023 During the three June 30, 2023, three June 30, 2023, three June 30, 2023 may not 3 three June 30, 2023 During the three December 31, 2023, three December 31, 2023 may not 3 three December 31, 2023 These fair value measurements require significant judgements using Level 3 not not may March 31, 2024. For the three March 31, 2023, no three March 31, 2024. We will continue to closely monitor actual results versus expectations as well as whether and to what extent any significant changes in current events or conditions result in corresponding changes to our expectations about future estimated cash flows. If our adjusted expectations of the operating results do not may may |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments March 31, 2024 December 31, 2023 March 31, 2024 2 The fair value of the stock purchase warrants issued in connection with the Company’s common stock offering on March 1, 2022 480, Distinguishing Liabilities from Equity ( ASC 480 ) 815, Derivatives and Hedging ( ASC 815 ) Assets and liabilities recorded at fair value on a recurring basis in the Condensed Consolidated Balance Sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Fair value is defined as the exchange price that would be received for an asset or an exit price that would be paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The authoritative guidance on fair value measurements establishes a three Level 1 Level 2 not Level 3 no The following table summarizes the fair value of the Company’s financial assets that are measured at fair value as of December 31, 2023 March 31, 2024 December 31, 2023 Fair Value Measurement Category Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 20,023 $ — $ — Restricted Cash 2,172 — — Liabilities: Fair value of warrant liability — — 1,033 March 31, 2024 Fair Value Measurement Category Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 17,545 $ — $ — Restricted cash 2,161 — — Liabilities: Fair value of warrant liability — — 516 A summary of the activity of the Level 3 December 31, 2023 three March 31, 2024 December 31, 2023 Warrants liability as of January 1, 2023 $ 3,473 Change in fair value of warrants (2,440 ) Warrants liability as of December 31, 2023 $ 1,033 March 31, 2024 Warrants liability as of January 1, 2024 $ 1,033 Change in fair value of warrants (517 ) Warrants liability as of March 31, 2024 $ 516 |
New Accounting Pronouncements, Policy [Policy Text Block] | Adopted Accounting Standards In June 2016, 2016 13: 326 July 2019, December 15, 2022, January 1, 2023, not In December 2019, 2019 12, December 15, 2021, December 15, 2022, January 1, 2023, not In September 2022, 2022 04, December 15, 2021, December 15, 2022, December 15, 2023. January 1, 2023, no Recent Accounting Pronouncements The JOBS Act permits an emerging growth company to take advantage of an extended transition period to comply with new or revised accounting standards applicable to public companies. We have elected to use this extended transition period until we are no may not In August 2023, 2023 09, 740 may eight 5 December 15, 2024. In November 2023, 2023 07, 2023 07” one December 15, 2023, December 15, 2024, 2023 07 |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended March 31, 2023 (in thousands) Direct Wholesale/Other Total North America $ 31,962 $ 1,516 $ 33,478 Other 1,401 — 1,401 Total net revenue $ 33,363 $ 1,516 $ 34,879 Three Months Ended March 31, 2024 (in thousands) Direct Wholesale/Other Total North America $ 18,720 $ 145 $ 18,865 Other 1,349 — 1,349 Total net revenue $ 20,069 $ 145 $ 20,214 Three Months Ended March 31, 2023 2024 (in thousands) Heating, cooling and air quality $ 5,349 $ 3,204 Kitchen appliances 6,371 1,920 Health and beauty 4,857 3,313 Personal protective equipment 509 — Cookware, kitchen tools and gadgets 3,620 1,395 Home office 2,667 2,031 Housewares 6,209 4,885 Essential oils and related accessories 4,588 3,208 Other 709 258 Total net revenue $ 34,879 $ 20,214 |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | December 31, 2023 Fair Value Measurement Category Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 20,023 $ — $ — Restricted Cash 2,172 — — Liabilities: Fair value of warrant liability — — 1,033 March 31, 2024 Fair Value Measurement Category Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 17,545 $ — $ — Restricted cash 2,161 — — Liabilities: Fair value of warrant liability — — 516 |
Fair Value, Liabilities Measured on Recurring Basis [Table Text Block] | December 31, 2023 Warrants liability as of January 1, 2023 $ 3,473 Change in fair value of warrants (2,440 ) Warrants liability as of December 31, 2023 $ 1,033 March 31, 2024 Warrants liability as of January 1, 2024 $ 1,033 Change in fair value of warrants (517 ) Warrants liability as of March 31, 2024 $ 516 |
Note 3 - Inventory (Tables)
Note 3 - Inventory (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | December 31, 2023 March 31, 2024 Inventory on-hand $ 18,980 $ 17,609 Inventory in-transit 1,410 911 Inventory $ 20,390 $ 18,520 |
Note 4 - Prepaid Expenses and_2
Note 4 - Prepaid Expenses and Other Current Assets (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule Of Prepaid Expenses And Other Current Assets [Table Text Block] | December 31, 2023 March 31, 2024 Prepaid inventory $ 619 $ 820 Restricted cash 2,043 2,032 Prepaid insurance 1,355 866 Prepaid freight forwarder 100 158 Other 881 1,262 Prepaid and Other Current Assets $ 4,998 $ 5,138 |
Note 5 - Accrued and Other Cu_2
Note 5 - Accrued and Other Current Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | December 31, 2023 March 31, 2024 Accrued compensation costs $ 140 $ 169 Accrued professional fees and consultants 310 220 Accrued logistics costs 149 177 Product related accruals 644 579 Sales tax payable 1,019 1,011 Sales return reserve 233 297 Accrued fulfillment expense 821 705 Accrued insurance 187 38 Federal payroll taxes payable 1,243 1,243 Accrued interest payable 146 78 Warrant liability 1,033 516 All other accruals 3,185 2,956 Accrued and current liabilities $ 9,110 $ 7,989 |
Note 6 - Credit Facility, Ter_2
Note 6 - Credit Facility, Term Loans and Warrants (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | December 31, 2023 March 31, 2024 MidCap Credit Facility $ 11,515 $ 9,815 Less: deferred debt issuance costs (226 ) (265 ) Less: discount associated with issuance of warrants (191 ) (154 ) Total MidCap Credit Facility $ 11,098 $ 9,396 |
Interest Income and Interest Expense Disclosure [Table Text Block] | Three Months Ended March 31, 2023 2024 Interest expense $ 596 $ 393 Interest income (225 ) (70 ) Total interest expense, net $ 371 $ 323 |
Note 7 - Stock-based Compensa_2
Note 7 - Stock-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Options Outstanding Number of Options (*) Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (years) Aggregate Intrinsic Value Balance—January 1, 2024 16,365 $ 110.51 5.00 $ — Options granted — $ — — $ — Options exercised — $ — — $ — Options canceled (426 ) $ 93.71 — $ — Balance—March 31, 2024 15,939 $ 110.96 4.57 $ — Exercisable as of March 31, 2024 15,939 $ 110.96 4.57 $ — Vested and expected to vest as of March 31, 2024 15,939 $ 110.96 4.57 $ — |
Nonvested Restricted Stock Shares Activity [Table Text Block] | Restricted Stock Awards Shares (*) Weighted Average Grant-Date Fair Value Nonvested at January 1, 2024 840,815 $ 9.73 Granted 11,668 $ 3.97 Vested (51,168 ) $ 25.58 Forfeited (42,650 ) $ 11.24 Nonvested at March 31, 2024 758,665 $ 8.49 |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended March 31, 2023 2024 (in thousands) Sales and distribution expenses $ 671 $ 299 Research and development expenses 434 — General and administrative expenses 1,212 1,368 Total stock-based compensation expense $ 2,317 $ 1,667 |
Note 8 - Net Loss Per Share (Ta
Note 8 - Net Loss 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, 2023 2024 Net loss $ (25,800 ) $ (5,162 ) Weighted-average number of shares used in computing net loss per share, basic and diluted 6,394,905 6,789,955 Net loss per share, basic and diluted $ (4.03 ) $ (0.76 ) Anti-dilutive shares excluded from computation of net loss per share (in shares) 1,979,594 2,074,627 |
Note 10 - Intangibles (Tables)
Note 10 - Intangibles (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | January 1, 2023 Year-Ended December 31, 2023 December 31, 2023 December 31, 2023 Gross Carrying Amount Additions Impairments (1) Accumulated Amortization Net Book Value Trademarks $ 62,202 $ — $ (39,728 ) $ (15,335 ) $ 7,140 Non-competition agreement 11 — — (11 ) — Transition services agreement 12 — — (12 ) — Customer relationships 5,700 — — (1,520 ) 4,180 Other 700 — — (700 ) — Total intangibles $ 68,625 $ — $ (39,728 ) $ (17,578 ) $ 11,320 January 1, 2024 Three Months Ended March 31, 2024 March 31, 2024 March 31, 2024 Gross Carrying Amount Additions Impairments Accumulated Amortization Net Book Value Trademarks $ 21,285 $ — $ — $ (14,406 ) $ 6,879 Non-competition agreement 11 — — (11 ) — Transition services agreement 12 — — (12 ) — Customer relationships 5,700 — — (1,662 ) 4,038 Software — 38 — — 38 Other 700 — — (700 ) — Total intangibles $ 27,708 $ 38 $ — $ (16,791 ) $ 10,955 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Remainder of 2024 $ 1,199 2025 1,564 2026 1,564 2027 1,554 2028 1,551 2029 1,551 Thereafter 1,972 Total $ 10,955 |
Note 11 - Restructuring (Tables
Note 11 - Restructuring (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Restructuring and Related Costs [Table Text Block] | Three Months Ended March 31, 2024 (in thousands) Employee severance $ 551 Other restructuring costs 7 Total restructuring costs $ 558 |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | Employee Severance Contract Termination Costs Other Total Balance – December 31, 2023 $ — $ 193 $ — $ 193 Charges 551 — 7 558 Usage-cash (309 ) — — (309 ) Usage-noncash — — (4 ) (4 ) Balance – March 31, 2024 $ 242 $ 193 $ 3 $ 438 |
Note 1 - Company Overview (Deta
Note 1 - Company Overview (Details Textual) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||
Mar. 22, 2024 | Mar. 20, 2024 $ / shares shares | Feb. 08, 2024 | Aug. 11, 2023 $ / shares | May 09, 2023 | Mar. 31, 2024 USD ($) $ / shares | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) $ / shares | Dec. 22, 2021 $ / shares | |
Net Income (Loss) Attributable to Parent | $ (5,162) | $ (25,800) | |||||||
Net Cash Provided by (Used in) Operating Activities | (6) | (7,417) | |||||||
Cash and Cash Equivalents, at Carrying Value | 17,545 | 33,911 | |||||||
Retained Earnings (Accumulated Deficit) | $ (704,977) | $ (699,815) | |||||||
Number of Restructuring Plans | 2 | ||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||
Restructuring Charges | $ 558 | $ 0 | |||||||
Employee Severance [Member] | |||||||||
Restructuring Charges | $ 551 | $ 1,600 | |||||||
Employee Severance [Member] | Employees [Member] | |||||||||
Restructuring and Related Cost, Number of Positions Eliminated | 17 | 50 | |||||||
Employee Severance [Member] | Contractors [Member] | |||||||||
Restructuring and Related Cost, Number of Positions Eliminated | 26 | 15 | |||||||
Fractional Shares [Member] | |||||||||
Stock Issued During Period, Shares, Reverse Stock Splits (in shares) | shares | 0 | ||||||||
Reverse Stock Split [Member] | |||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 12 | 12 | |||||||
Reverse Stock Split [Member] | Minimum [Member] | |||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 2 | ||||||||
Reverse Stock Split [Member] | Maximum [Member] | |||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 30 |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Mar. 31, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2023 | |||
Accounts Receivable, Allowance for Credit Loss | $ 100 | $ 100 | $ 100 | ||||
Contract with Customer, Refund Liability | 300 | 200 | 200 | ||||
Impairment of Intangible Assets, Finite-Lived | 0 | [1] | $ 16,660 | 39,728 | [1] | ||
Paper Business and Kitchen Appliance Business [Member] | |||||||
Impairment of Intangible Assets, Finite-Lived | 300 | $ 22,800 | |||||
Other Noncurrent Assets [Member] | |||||||
Security Deposit | 100 | 100 | 100 | ||||
Other Noncurrent Assets [Member] | Letter of Credit [Member] | |||||||
Security Deposit | $ 2,000 | $ 2,000 | $ 2,000 | ||||
[1]On March 20, 2023, the Company made certain leadership changes in our essential oil business resulting in a change in strategy and outlook for the business which will result in a reduced portfolio offering. This reduction in the portfolio will be impactful to our essential oil business's future revenues and profitability and as a result the Company made revisions to our internal forecasts. The Company concluded that this change was an interim triggering event for the three months ending March 31, 2023 indicating the carrying value of our essential oil business's long-lived assets including trademarks may not be recoverable. Accordingly, the Company performed an interim impairment test of the trademark and assessed the recoverability of the related intangible assets by using level 3 inputs and comparing the carrying value of an asset group to the net undiscounted cash flow expected to be generated. The recoverability test indicated that certain definite-live trademark intangible assets were impaired. The Company concluded the carrying value of the trademark exceeded its estimated fair value which was determined utilizing the relief-from-royalty method to determine discounted projected future cash flows which resulted in an impairment charge. The Company recorded an intangible impairment charge of $16.7 million in the three months ending March 31, 2023 within impairment loss on intangibles on the condensed consolidated statement of operations. |
Note 2 - Summary of Significa_4
Note 2 - Summary of Significant Accounting Policies - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Total net revenue | $ 20,214 | $ 34,879 |
Heating, Cooling, and Air Quality [Member] | ||
Total net revenue | 3,204 | 5,349 |
Kitchen Appliances [Member] | ||
Total net revenue | 1,920 | 6,371 |
Health and Beauty [Member] | ||
Total net revenue | 3,313 | 4,857 |
Personal Protective Equipment [Member] | ||
Total net revenue | 0 | 509 |
Cookware, Kitchen Tools, and Gadgets [Member] | ||
Total net revenue | 1,395 | 3,620 |
Home Office [Member] | ||
Total net revenue | 2,031 | 2,667 |
Housewares [Member] | ||
Total net revenue | 4,885 | 6,209 |
Essential Oils and Related Accessories [Member] | ||
Total net revenue | 3,208 | 4,588 |
Product and Service, Other [Member] | ||
Total net revenue | 258 | 709 |
Sales Channel, Directly to Consumer [Member] | ||
Total net revenue | 20,069 | 33,363 |
Sales Channel, Through Intermediary [Member] | ||
Total net revenue | 145 | 1,516 |
North America [Member] | ||
Total net revenue | 18,865 | 33,478 |
North America [Member] | Sales Channel, Directly to Consumer [Member] | ||
Total net revenue | 18,720 | 31,962 |
North America [Member] | Sales Channel, Through Intermediary [Member] | ||
Total net revenue | 145 | 1,516 |
Other Than North America [Member] | ||
Total net revenue | 1,349 | 1,401 |
Other Than North America [Member] | Sales Channel, Directly to Consumer [Member] | ||
Total net revenue | 1,349 | 1,401 |
Other Than North America [Member] | Sales Channel, Through Intermediary [Member] | ||
Total net revenue | $ 0 | $ 0 |
Note 2 - Summary of Significa_5
Note 2 - Summary of Significant Accounting Policies - Financial Assets Measured at Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Inputs, Level 1 [Member] | Warrant Liability [Member] | ||
Fair value of warrant liability | $ 0 | $ 0 |
Fair Value, Inputs, Level 2 [Member] | Warrant Liability [Member] | ||
Fair value of warrant liability | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Warrant Liability [Member] | ||
Fair value of warrant liability | 516 | 1,033 |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents, fair value | 17,545 | 20,023 |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cash and cash equivalents, fair value | 0 | 0 |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Cash and cash equivalents, fair value | 0 | 0 |
Restricted Cash [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents, fair value | 2,161 | 2,172 |
Restricted Cash [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cash and cash equivalents, fair value | 0 | 0 |
Restricted Cash [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Cash and cash equivalents, fair value | $ 0 | $ 0 |
Note 2 - Summary of Significa_6
Note 2 - Summary of Significant Accounting Policies - Fair Value Liabilities Measured on Recurring Basis (Details) - Warrant Liability [Member] - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Warrants liability | $ 1,033 | $ 3,473 |
Change in fair value of warrants | (517) | (2,440) |
Warrants liability | $ 516 | $ 1,033 |
Note 3 - Inventory (Details Tex
Note 3 - Inventory (Details Textual) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Other Inventory, Warehouse, Gross | $ 3.6 | $ 5 |
Note 3 - Inventory - Schedule o
Note 3 - Inventory - Schedule of Inventory (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Inventory on-hand | $ 17,609 | $ 18,980 |
Inventory in-transit | 911 | 1,410 |
Total inventory | $ 18,520 | $ 20,390 |
Note 4 - Prepaid Expenses and_3
Note 4 - Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Prepaid inventory | $ 820 | $ 619 |
Restricted cash | 2,032 | 2,043 |
Prepaid insurance | 866 | 1,355 |
Prepaid freight forwarder | 158 | 100 |
Other prepaid current assets | 1,262 | 881 |
Prepaid and Other Current Assets | $ 5,138 | $ 4,998 |
Note 5 - Accrued and Other Cu_3
Note 5 - Accrued and Other Current Liabilities - Schedule of Accrued and Other Current Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Accrued compensation costs | $ 169 | $ 140 |
Accrued professional fees and consultants | 220 | 310 |
Accrued logistics costs | 177 | 149 |
Product related accruals | 579 | 644 |
Sales tax payable | 1,011 | 1,019 |
Sales return reserve | 297 | 233 |
Accrued fulfillment expense | 705 | 821 |
Accrued insurance | 38 | 187 |
Federal payroll taxes payable | 1,243 | 1,243 |
Accrued interest payable | 78 | 146 |
Warrant liability | 516 | 1,033 |
All other accruals | 2,956 | 3,185 |
Accrued and current liabilities | $ 7,989 | $ 9,110 |
Note 6 - Credit Facility, Ter_3
Note 6 - Credit Facility, Term Loans and Warrants (Details Textual) - USD ($) $ / shares in Units, $ in Millions | Mar. 01, 2022 | Dec. 22, 2021 | Mar. 31, 2024 | Mar. 20, 2024 | Feb. 23, 2024 | Dec. 31, 2023 | Aug. 11, 2023 | Dec. 22, 2022 |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 16,667 | |||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||
Warrant Liability | $ 19 | $ 0.5 | ||||||
Securities Purchase Agreement [Member] | Private Placement [Member] | ||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 536,361 | |||||||
Stock and Warrants, Combined Issuance Price (in dollars per share) | $ 34.92 | |||||||
Proceeds from Issuance or Sale of Equity | $ 27.5 | |||||||
Midcap Warrant [Member] | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 56.4 | |||||||
Warrants and Rights Outstanding, Term (Year) | 10 years | |||||||
Common Stock Warrants and Prefunded Warrants [Member] | Securities Purchase Agreement [Member] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 402,271 | |||||||
Class of Warrant or Right, Sale Price (in dollars per share) | $ 34.92 | |||||||
Prefunded Warrants [Member] | Securities Purchase Agreement [Member] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 251,155 | |||||||
Common Stock Warrant [Member] | Securities Purchase Agreement [Member] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 188,366 | |||||||
Line of Credit [Member] | Midcap Credit Facility [Member] | ||||||||
Debt Instrument, Term (Year) | 3 years | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 40 | $ 30 | ||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.50% | |||||||
Line Of Credit Facility, Maximum Liquidity Requirements During Period | $ 12.5 | |||||||
Line Of Credit Facility, Maximum Liquidity Requirements At All Other Times | $ 15 | 6.8 | $ 15 | |||||
Line of Credit Facility, Current Borrowing Capacity | 17 | |||||||
Line of Credit [Member] | Midcap Credit Facility [Member] | Term Secured Overnight Financing Rate [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.10% | |||||||
Line of Credit [Member] | Midcap Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 5.50% | |||||||
Asset Backed Credit Facility [Member] | Midcap Credit Facility [Member] | Maximum [Member] | ||||||||
Debt Instrument, Fee Amount | $ 0.1 |
Note 6 - Credit Facility, Ter_4
Note 6 - Credit Facility, Term Loans and Warrants - Schedule of Credit Facility and Term Loans (Details) - Midcap Credit Facility [Member] - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
MidCap Credit Facility | $ 9,815 | $ 11,515 |
Less: deferred debt issuance costs | (265) | (226) |
Less: discount associated with issuance of warrants | (154) | (191) |
Total MidCap Credit Facility | $ 9,396 | $ 11,098 |
Note 6 - Credit Facility, Ter_5
Note 6 - Credit Facility, Term Loans and Warrants - Schedule of Interest Expense, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Interest expense | $ 393 | $ 596 |
Interest income | (70) | (225) |
Total interest expense, net | $ 323 | $ 371 |
Note 7 - Stock-based Compensa_3
Note 7 - Stock-based Compensation (Details Textual) $ / shares in Units, $ in Millions | 3 Months Ended | |||||
Mar. 22, 2024 | Mar. 20, 2024 $ / shares shares | Mar. 31, 2024 USD ($) $ / shares shares | Dec. 31, 2023 $ / shares | Aug. 11, 2023 $ / shares | Dec. 22, 2021 $ / shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year) | 10 years | |||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | |
Restricted Stock [Member] | ||||||
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ | $ 5.4 | |||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 1 month 6 days | |||||
Fractional Shares [Member] | ||||||
Stock Issued During Period, Shares, Reverse Stock Splits (in shares) | 0 | |||||
Reverse Stock Split [Member] | ||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 12 | 12 | ||||
Share-Based Payment Arrangement, Tranche One [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 4 years | |||||
Share-Based Payment Arrangement, Tranche One [Member] | Vesting on First Anniversary [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage | 25% | |||||
Share-Based Payment Arrangement, Tranche One [Member] | Vesting On Pro Rata Basis Over Remaining Period [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage | 75% | |||||
Share-Based Payment Arrangement, Tranche Two [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 3 years | |||||
Share-Based Payment Arrangement, Tranche Two [Member] | Vesting on First Anniversary [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage | 33.33% | |||||
Share-Based Payment Arrangement, Tranche Two [Member] | Vesting On Pro Rata Basis Over Remaining Period [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage | 66.66% | |||||
Aterian 2014 Equity Incentive Plan [Member] | ||||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 0 | |||||
Aterian 2018 Equity Incentive Plan [Member] | ||||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 1,549,096 | |||||
Inducement Equity Incentive Plan [Member] | ||||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 189,586 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year) | 10 years | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 225,000 |
Note 7 - Stock-based Compensa_4
Note 7 - Stock-based Compensation - Schedule of Option Activity (Details) - $ / shares | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | ||
Balance, options (in shares) | [1] | 16,365 | |
Balance, options, weighted average exercise price (in dollars per share) | [1] | $ 110.51 | |
Balance, options, remaining contractual term (Year) | 4 years 6 months 25 days | 5 years | |
Options granted (in shares) | [1] | 0 | |
Options granted, weighted average exercise price (in dollars per share) | [1] | $ 0 | |
Options exercised (in shares) | [1] | 0 | |
Options exercised, weighted average exercise price (in dollars per share) | [1] | $ 0 | |
Options canceled (in shares) | [1] | (426) | |
Options canceled, weighted average exercise price (in dollars per share) | [1] | $ 93.71 | |
Balance, options (in shares) | [1] | 15,939 | 16,365 |
Balance, options, weighted average exercise price (in dollars per share) | [1] | $ 110.96 | $ 110.51 |
Exercisable, options3 (in shares) | [1] | 15,939 | |
Exercisable, options, weighted average exercise price (in dollars per share) | [1] | $ 110.96 | |
Exercisable, options, remaining contractual term (Year) | 4 years 6 months 25 days | ||
Vested and expected to vest, options (in shares) | [1] | 15,939 | |
Vested and expected to vest, options, , weighted average exercise price (in dollars per share) | [1] | $ 110.96 | |
Vested and expected to vest, options, remaining contractual term (Year) | 4 years 6 months 25 days | ||
[1]The number of options and exercise price per share have been retroactively restated to reflect the one for twelve (1 for 12) reverse stock split, which was effective on March 22, 2024. |
Note 7 - Stock-based Compensa_5
Note 7 - Stock-based Compensation - Restricted Stock Activity (Details) - Restricted Stock [Member] | 3 Months Ended | |
Mar. 31, 2024 $ / shares shares | [1] | |
Nonvested (in shares) | shares | 840,815 | |
Nonvested, weighted average grant-date fair value (in dollars per share) | $ / shares | $ 9.73 | |
Granted (in shares) | shares | 11,668 | |
Granted, weighted average grant-date fair value (in dollars per share) | $ / shares | $ 3.97 | |
Vested (in shares) | shares | (51,168) | |
Vested, weighted average grant-date fair value (in dollars per share) | $ / shares | $ 25.58 | |
Forfeited (in shares) | shares | (42,650) | |
Forfeited, weighted average grant-date fair value (in dollars per share) | $ / shares | $ 11.24 | |
Nonvested (in shares) | shares | 758,665 | |
Nonvested, weighted average grant-date fair value (in dollars per share) | $ / shares | $ 8.49 | |
[1]The number of shares and grant date fair value per share have been retroactively restated to reflect the one for twelve (1 for 12) reverse stock split, which was effective on March 22, 2024. |
Note 7 - Stock-based Compensa_6
Note 7 - Stock-based Compensation - Schedule of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Total stock-based compensation expense | $ 1,667 | $ 2,317 |
Selling and Marketing Expense [Member] | ||
Total stock-based compensation expense | 299 | 671 |
Research and Development Expense [Member] | ||
Total stock-based compensation expense | 0 | 434 |
General and Administrative Expense [Member] | ||
Total stock-based compensation expense | $ 1,368 | $ 1,212 |
Note 8 - Net Loss Per Share (De
Note 8 - Net Loss Per Share (Details Textual) | Mar. 22, 2024 | Mar. 20, 2024 |
Reverse Stock Split [Member] | ||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 12 | 12 |
Note 8 - Net Loss Per Share - S
Note 8 - Net Loss Per Share - Schedule of Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Net loss | $ (5,162) | $ (25,800) | |
Weighted-average number of shares outstanding, basic and diluted (*) (in shares) | [1] | 6,789,955 | 6,394,905 |
Net loss per share, basic and diluted (in dollars per share) | [1] | $ (0.76) | $ (4.03) |
Anti-dilutive shares excluded from computation of net loss per share (in shares) (in shares) | 2,074,627 | 1,979,594 | |
[1]The number of shares and per share amounts have been retroactively restated to reflect the one for twelve (1 for 12) reverse stock split, which was effective on March 22, 2024. |
Note 9 - Commitments and Cont_2
Note 9 - Commitments and Contingencies (Details Textual) $ in Thousands | 1 Months Ended | 3 Months Ended | ||||||||||
Mar. 17, 2023 USD ($) | Dec. 12, 2022 USD ($) | Feb. 24, 2022 USD ($) | Feb. 24, 2022 GBP (£) | Nov. 10, 2021 | May 02, 2021 USD ($) | Feb. 29, 2024 USD ($) | Oct. 30, 2021 USD ($) | Mar. 31, 2022 USD ($) | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Sales and Excise Tax Payable, Current | $ 1,011 | $ 1,019 | ||||||||||
Shareholder Derivative Actions Related to the Securities Class Action [Member] | ||||||||||||
Loss Contingency, New Claims Filed, Number | 3 | |||||||||||
Litigation Settlement, Fee Expense | $ 300 | |||||||||||
Payments for Legal Settlements | $ 300 | |||||||||||
Mueller Action [Member] | ||||||||||||
Litigation Settlement In Cash | $ 500 | |||||||||||
Litigation Settlement, Coupons Awarded | $ 300 | |||||||||||
Litigation Settlement, Amount Awarded to Other Party | $ 800 | |||||||||||
Earn-out Payment Dispute [Member] | ||||||||||||
Earn Out Payment Amount | $ 8,800 | £ 6,902,816 | ||||||||||
Litigation Settlement, Amount Awarded from Other Party | $ 0 | |||||||||||
Settlement Agreement [Member] | ||||||||||||
Proceeds to be Received From Settlement Agreement | $ 3,000 | |||||||||||
Line of Credit Facility, Number of Installments | 3 | |||||||||||
Settlement Agreement [Member] | Prepaid Expenses and Other Current Assets [Member] | ||||||||||||
Prepaid Expense, Current | $ 4,100 | $ 4,100 | ||||||||||
Settlement Agreement [Member] | Supplier Installments Receivable [Member] | ||||||||||||
Proceeds to be Received From Settlement Agreement | $ 1,000 | |||||||||||
Loss Contingency, Receivable | $ 1,000 |
Note 10 - Intangibles (Details
Note 10 - Intangibles (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Mar. 31, 2024 | [1] | Dec. 31, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2023 | [1] | |
Impairment of Intangible Assets, Finite-Lived | $ 0 | $ 16,660 | $ 39,728 | ||||
Paper Business and Kitchen Appliance Business [Member] | |||||||
Impairment of Intangible Assets, Finite-Lived | $ 300 | $ 22,800 | |||||
[1]On March 20, 2023, the Company made certain leadership changes in our essential oil business resulting in a change in strategy and outlook for the business which will result in a reduced portfolio offering. This reduction in the portfolio will be impactful to our essential oil business's future revenues and profitability and as a result the Company made revisions to our internal forecasts. The Company concluded that this change was an interim triggering event for the three months ending March 31, 2023 indicating the carrying value of our essential oil business's long-lived assets including trademarks may not be recoverable. Accordingly, the Company performed an interim impairment test of the trademark and assessed the recoverability of the related intangible assets by using level 3 inputs and comparing the carrying value of an asset group to the net undiscounted cash flow expected to be generated. The recoverability test indicated that certain definite-live trademark intangible assets were impaired. The Company concluded the carrying value of the trademark exceeded its estimated fair value which was determined utilizing the relief-from-royalty method to determine discounted projected future cash flows which resulted in an impairment charge. The Company recorded an intangible impairment charge of $16.7 million in the three months ending March 31, 2023 within impairment loss on intangibles on the condensed consolidated statement of operations. |
Note 10 - Intangibles - Schedul
Note 10 - Intangibles - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | ||||
Intangible assets, gross | $ 27,708 | $ 68,625 | ||||
Intangible assets, additions | 38 | 0 | ||||
Intangibles assets, impairments | 0 | [1] | $ (16,660) | (39,728) | [1] | |
Intangible assets, accumulated amortization | (16,791) | (17,578) | ||||
Intangible assets, net | 10,955 | 11,320 | ||||
Trademarks [Member] | ||||||
Intangible assets, gross | 21,285 | 62,202 | ||||
Intangible assets, additions | 0 | 0 | ||||
Intangibles assets, impairments | [1] | 0 | (39,728) | |||
Intangible assets, accumulated amortization | (14,406) | (15,335) | ||||
Intangible assets, net | 6,879 | 7,140 | ||||
Noncompete Agreements [Member] | ||||||
Intangible assets, gross | 11 | 11 | ||||
Intangible assets, additions | 0 | 0 | ||||
Intangibles assets, impairments | [1] | 0 | 0 | |||
Intangible assets, accumulated amortization | (11) | (11) | ||||
Intangible assets, net | 0 | 0 | ||||
Transition Services Agreement [Member] | ||||||
Intangible assets, gross | 12 | 12 | ||||
Intangible assets, additions | 0 | 0 | ||||
Intangibles assets, impairments | [1] | 0 | 0 | |||
Intangible assets, accumulated amortization | (12) | (12) | ||||
Intangible assets, net | 0 | 0 | ||||
Customer Relationships [Member] | ||||||
Intangible assets, gross | 5,700 | 5,700 | ||||
Intangible assets, additions | 0 | 0 | ||||
Intangibles assets, impairments | [1] | 0 | 0 | |||
Intangible assets, accumulated amortization | (1,662) | (1,520) | ||||
Intangible assets, net | 4,038 | 4,180 | ||||
Other Intangible Assets [Member] | ||||||
Intangible assets, gross | 700 | 700 | ||||
Intangible assets, additions | 0 | 0 | ||||
Intangibles assets, impairments | [1] | 0 | 0 | |||
Intangible assets, accumulated amortization | (700) | (700) | ||||
Intangible assets, net | 0 | $ 0 | ||||
Computer Software, Intangible Asset [Member] | ||||||
Intangible assets, gross | 0 | |||||
Intangible assets, additions | 38 | |||||
Intangibles assets, impairments | 0 | |||||
Intangible assets, accumulated amortization | 0 | |||||
Intangible assets, net | $ 38 | |||||
[1]On March 20, 2023, the Company made certain leadership changes in our essential oil business resulting in a change in strategy and outlook for the business which will result in a reduced portfolio offering. This reduction in the portfolio will be impactful to our essential oil business's future revenues and profitability and as a result the Company made revisions to our internal forecasts. The Company concluded that this change was an interim triggering event for the three months ending March 31, 2023 indicating the carrying value of our essential oil business's long-lived assets including trademarks may not be recoverable. Accordingly, the Company performed an interim impairment test of the trademark and assessed the recoverability of the related intangible assets by using level 3 inputs and comparing the carrying value of an asset group to the net undiscounted cash flow expected to be generated. The recoverability test indicated that certain definite-live trademark intangible assets were impaired. The Company concluded the carrying value of the trademark exceeded its estimated fair value which was determined utilizing the relief-from-royalty method to determine discounted projected future cash flows which resulted in an impairment charge. The Company recorded an intangible impairment charge of $16.7 million in the three months ending March 31, 2023 within impairment loss on intangibles on the condensed consolidated statement of operations. |
Note 10 - Intangibles - Sched_2
Note 10 - Intangibles - Schedule of Future Amortization Expense (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Remainder of 2024 | $ 1,199 | |
2025 | 1,564 | |
2026 | 1,564 | |
2027 | 1,554 | |
2028 | 1,551 | |
2029 | 1,551 | |
Thereafter | 1,972 | |
Total | $ 10,955 | $ 11,320 |
Note 11 - Restructuring (Detail
Note 11 - Restructuring (Details Textual) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Feb. 08, 2024 | May 09, 2023 | Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
Restructuring Charges | $ 558 | $ 0 | |||
Restructuring Reserve | 438 | $ 193 | |||
Accrued Expenses and Other Current Liabilities [Member] | |||||
Restructuring Reserve | 300 | 100 | |||
Other Liabilities [Member] | |||||
Restructuring Reserve | 100 | 100 | |||
Employee Severance [Member] | |||||
Restructuring Charges | 551 | 1,600 | |||
Restructuring Reserve | $ 242 | $ 0 | |||
Employee Severance [Member] | Employees [Member] | |||||
Restructuring and Related Cost, Number of Positions Eliminated | 17 | 50 | |||
Employee Severance [Member] | Contractors [Member] | |||||
Restructuring and Related Cost, Number of Positions Eliminated | 26 | 15 |
Note 11 - Restructuring - Sched
Note 11 - Restructuring - Schedule of Restructuring Costs (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Total restructuring costs | $ 558 |
Employee Severance [Member] | |
Total restructuring costs | 551 |
Other Restructuring [Member] | |
Total restructuring costs | $ 7 |
Note 11 - Restructuring - Summa
Note 11 - Restructuring - Summary of Restructuring Reserve (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Balance – December 31, 2023 | $ 193 | ||
Charges | 558 | $ 0 | |
Usage-cash | (309) | ||
Usage-noncash | (4) | ||
Balance – March 31, 2024 | 438 | $ 193 | |
Employee Severance [Member] | |||
Balance – December 31, 2023 | 0 | ||
Charges | 551 | 1,600 | |
Usage-cash | (309) | ||
Usage-noncash | 0 | ||
Balance – March 31, 2024 | 242 | 0 | |
Contract Termination [Member] | |||
Balance – December 31, 2023 | 193 | ||
Charges | 0 | ||
Usage-cash | 0 | ||
Usage-noncash | 0 | ||
Balance – March 31, 2024 | 193 | 193 | |
Other Restructuring [Member] | |||
Balance – December 31, 2023 | 0 | ||
Charges | 7 | ||
Usage-cash | 0 | ||
Usage-noncash | (4) | ||
Balance – March 31, 2024 | $ 3 | $ 0 |