Annual report pursuant to Section 13 and 15(d)

SEGMENT REPORTING (Tables)

v3.24.2
SEGMENT REPORTING (Tables)
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
SCHEDULE OF SEGMENT REPORTING INFORMATION, BY SEGMENT

 

(in thousands)   Consumer Goods     Industrial Goods     Total     Consumer Goods     Industrial Goods     Total  
    For the Year Ended December 31, 2023     For the Year Ended December 31, 2022  
(in thousands)   Consumer Goods     Industrial Goods     Total     Consumer Goods     Industrial Goods     Total  
Net sales   $ 28,737     $ 36,636     $ 65,373     $ 48,134     $ 88,951     $ 137,085  
Cost of sales     18,754       28,793       47,547       38,531       73,571       112,102  
Gross profit   $ 9,983     $ 7,843     $ 17,826     $ 9,603     $ 15,380     $ 24,983  

 

The following table sets forth specific asset categories which are reviewed by our CODM in the evaluation of operating segments:

 

(in thousands)   Consumer Goods     Industrial Goods     Total     Consumer Goods     Industrial Goods     Total  
    As of December 31, 2023     As of December 31, 2022  
(in thousands)   Consumer Goods     Industrial Goods     Total     Consumer Goods     Industrial Goods     Total  
Accounts receivable, net   $ 642     $ 1,051     $ 1,693     $ 967     $ 5,501     $ 6,468  
Inventories, net   $ 8,881     $ 11,648     $ 20,529     $ 19,259     $ 21,384     $ 40,643  
Vendor deposits   $ 1,958     $ 1,807     $ 3,765     $ 3,269     $ 3,027     $ 6,296  
SCHEDULE OF NET SALES BY MAJOR PRODUCT CATEGORY

The following table sets forth our net sales by major product category:

 

(in thousands)   2023     2022  
    For the year ended December 31,  
(in thousands)   2023     2022  
Industrial Vape Products   $ 26,803     $ 53,664  
Other Industrial Products     8,733       35,287  
Consumer Products - Greenlane Brands     5,072       15,063  
Consumer Products - 3rd Party Brands     24,765       33,071  
Total net sales   $ 65,373     $ 137,085  
SCHEDULE OF NET SALES DISAGGREGATED BY GEOGRAPHY

The following table sets forth net sales disaggregated by geography:

 

(in thousands)   2023     2022  
    For the year ended December 31,  
(in thousands)   2023     2022  
United States   $ 58,539     $ 126,333  
Canada     1,291       5,810  
Europe     5,543       4,942  
Total net sales   $ 65,373     $ 137,085  
SCHEDULE OF LONG-LIVED ASSETS BY GEOGRAPHIC AREA

The following table sets forth our long-lived assets by geographic area, which consist of property and equipment, net, and operating lease right-of-use assets:

 

(in thousands)   2023     2022  
    As of December 31,  
(in thousands)   2023     2022  
United States   $ 4,255     $ 7,077  
Canada     4       48  
Europe     153       279  
Total long-lived assets   $ 4,412     $ 7,404