Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v3.21.2
Segment Information
 6 Months Ended
Jun. 30, 2021
Segment Reporting [Abstract]  
Segment Information

Note 14 – 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. The unallocated corporate expenses mainly included professional fees associated with the public company.

 

The following table is a summary of segment information for three and six months ended June 30, 2021 and 2020 (amounts in thousands):

                 
    For the three months ended     For the six months ended  
    June 30, 2021     June 30, 2020     June 30, 2021     June 30, 2020  
Net revenues                                
Diagnostic services   $ 7,537     $ -     $ 20,274     $ -  
Consumer products     1,605       3,623       4,139       5,511  
Consolidated net revenue     9,142       3,623       24,413       5,511  
Cost of revenue                                
Diagnostic services     3,479       -       7,824       -  
Consumer products     1,197       2,344       3,196       3,817  
Consolidated cost of revenue     4,676       2,344       11,020       3,817  
Depreciation and amortization expense                                
Diagnostic services     392       -       737       -  
Consumer products     3       5       6       10  
Total Depreciation and amortization expense     395       5       743       10  
Operating and other expenses     5,466       1,204       12,988       2,423  
Income (loss) from continuing operations, before income taxes                                
Diagnostic services     1,164       -       4,004       -  
Consumer products     540       1,274       505       1,684  
Unallocated corporate     (3,099 )     (1,204 )     (4,847 )     (2,423 )
Total income (loss) from continuing operations, before income taxes     (1,395 )     70       (338 )     (739 )
Net income (loss)   $ (1,395 )   $ 70     $ (338 )   $ (739 )

 

The following table is a summary of segment balance sheets information as of June 30, 2021 and December 31, 2020 (in thousands):

 

    June 30,     December 31,  
    2021     2020  
             
ASSETS                
Diagnostic services   $ 32,222     $ 13,410  
Consumer products     5,294       6,261  
Unallocated corporate     38,807       11,734  
Total assets   $ 76,323     $ 31,405