Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

v3.22.1
Summary of Significant Accounting Policies (Tables)
 3 Months Ended
Mar. 31, 2022
Accounting Policies [Abstract]  
Summary of Components of Marketable Securities

The following is a summary of the components of our marketable debt securities and the underlying fair value input level tier hierarchy (in thousands) (see fair value of financial instruments):

 

    As of March 31, 2022  
    Amortized     Unrealized     Unrealized     Fair  
    Cost     Gains     Losses     Value  
U.S. government obligations   $ 667     $ 123     $ (44 )   $ 746  
Corporate obligations     2,839       -       (42 )     2,797  
    $ 3,506     $ 123     $ (86 )   $ 3,543  

 

    As of December 31, 2021  
    Amortized     Unrealized     Unrealized     Fair  
    Cost     Gains     Losses     Value  
U.S. government obligations   $ 650     $ 17     $ -     $ 667  
Corporate obligations     8,304       -       (192 )     8,112  
    $ 8,954     $ 17     $ (192 )   $ 8,779  
Schedule of Accounts Receivable Net

Accounts are written off as uncollectible at the time we determine that collections are unlikely. Accounts receivable, net is comprised of the following (in thousands):

 

    March 31, 2022     December 31, 2021  
Trade accounts receivable   $ 24,727     $ 18,520  
Unbilled accounts receivable     14,944       23,089  
 Accounts receivable, gross     39,671       41,609  
Less allowances     (2,977 )     (3,901 )
Total accounts receivable   $ 36,694     $ 37,708  
Schedule of Components of Inventory

At March 31, 2022 and December 31, 2021, the components of inventory are as follows (in thousands):

 

    March 31,     December 31,  
    2022     2021  
Diagnostic services testing material   $ 3,103     $ 2,989  
Raw materials     1,238       1,514  
Work in process     476       260  
Finished goods     322       272  
Inventory   $ 5,139     $ 5,035  
Inventory valuation reserve     (459 )     (435 )
Inventory, net   $ 4,680     $ 4,600  
Schedule of Fair Value of Financial Instruments

 

    As of March 31, 2022  
    Level 1     Level 2     Level 3     Total  
U.S. government obligations   $ -     $ 746     $ -     $ 746  
Corporate obligations     -       2,797       -       2,797  
    $ -     $ 3,543     $ -     $ 3,543  

 

 

ProPhase Labs, Inc. and Subsidiaries

Notes to Condensed Consolidated Financial Statements

(unaudited)

 

    As of December 31, 2021  
    Level 1     Level 2     Level 3     Total  
U.S. government obligations   $ -     $ 667     $ -     $ 667  
Corporate obligations     -       8,112       -       8,112  
Marketable equity securities     76       -       -       76  
    $ 76     $ 8,779     $ -     $ 8,855  
Schedule of Deferred Revenue

The following table disaggregates our deferred revenue by recognition period (in thousands):

 

    March 31,     December 31,  
    2022     2021  
Recognition Period                
0-12 Months   $ 2,246     $ 2,034  
13-24 Months     598       530  
Over 24 Months     260       375  
Total   $ 3,104     $ 2,939  
Schedule of Disaggregation by Revenue

The following table disaggregates the Company’s revenue by revenue source for the three months ended March 31, 2022 and 2021 (in thousands):

 

    For the three months ended  
Revenue by Customer Type   March 31, 2022     March 31, 2021  
Diagnostic services   $ 44,913     $ 12,738  
Contract manufacturing     1,154       1,908  
Retail and others     546       625  
Genomic products and services     918       -  
Total revenue, net   $ 47,531     $ 15,271