Annual report pursuant to Section 13 and 15(d)

Segment Information

v3.22.1
Segment Information
 12 Months Ended
Dec. 31, 2021
Segment Reporting [Abstract]  
Segment Information

Note 15 – Segment Information

 

The Company has identified two operating segments, diagnostic services and consumer products, based on the manner in which the Company’s CEO as CODM assesses performance and allocates resources across the organization. The operating segments are organized in a manner that depicts the difference in revenue generating synergies that include the separate processes, profit generation and growth of each segment. The diagnostic services segment provides COVID-19 diagnostic information services to a broad range of customers in the United States, including health plans, third party payers and government organizations. The consumer products segment is engaged in the research, development, manufacture, distribution, marketing and sale of OTC consumer healthcare products and dietary supplements in the United States and also provides personal genomics products and services. The unallocated corporate expenses mainly included professional fees associated with the public company.

 

The following table is a summary of segment information for Fiscal 2021 and Fiscal 2020 (in thousands):

 

    December 31, 2021     December 31, 2020  
    For the years ended  
    December 31, 2021     December 31, 2020  
Net revenues                
Diagnostic services   $ 68,559     $ 1,277  
Consumer products     10,483       13,237  
Consolidated net revenue     79,042       14,514  
Cost of revenue                
Diagnostic services     29,415       644  
Consumer products     7,639       9,264  
Consolidated cost of revenue     37,054       9,908  
Depreciation and amortization expense                
Diagnostic services     1,976       37  
Consumer products     7       89  
Total Depreciation and amortization expense     1,983       126  
Operating and other expenses     34,700       6,818  
Income (loss) from continuing operations, before income taxes                
Diagnostic services     18,197       (270 )
Consumer products     (1,714 )     1,962  
Unallocated corporate     (11,178 )     (4,006 )
Total income (loss) from continuing operations, before income taxes     5,305       (2,314 )
Income tax benefit (expense)     968       (12 )
Total income (loss) from continuing operations, after income taxes     6,273       (2,326 )
Income from discontinued operations, before income taxes     -       201  
                 
Net income (loss)   $ 6,273     $ (2,125 )

 

 

The following table is a summary of segment information for Fiscal 2021 and Fiscal 2020 (in thousands):

 

    December 31,     December 31,  
    2021     2020  
             
ASSETS                
Diagnostic services   $ 51,150     $ 13,410  
Consumer products     24,139       6,261  
Unallocated corporate     14,006       11,734  
Total assets   $ 89,295     $ 31,405