0001056358-23-000067 | 10-Q | XBRL Viewer

INCOME TAXES	9 Months Ended
INCOME TAXES	Sep. 30, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES For the three and nine months ended September 30, 2023, the Company’s effective tax rate was 43% and 166.1%, respectively. For the three and nine months ended September 30, 2022, the Company's effective tax rate was 28.4% and 22.0%, respectively. For the three and nine months ended September 30, 2023 and 2022, the Company's effective tax rate was determined based on the estimated annual effective income tax rate. The effective tax rate for the three and nine months ended September 30, 2023 was different from the federal statutory rate due to the mix of earnings across jurisdictions and the associated valuation allowances recorded on losses in certain jurisdictions. The effective tax rate for the three and nine months ended September 30, 2022 was different from the federal statutory rate due to the effect of changes in valuation allowances recorded in certain jurisdictions and the foreign derived intangible deduction in the US.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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+ Details

SHAREHOLDERS' EQUITY - Accumulated Other Comprehensive Income (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
45016	$ 14,176
45199	10,700
Accumulated Other Comprehensive Income, Net
AOCI Attributable to Parent, Net of Tax [Roll Forward]
45016	(208)
Current-period change	(2,339)
45199	(2,547)
Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
45016	(608)
Current-period change	(2,339)
45199	(2,947)
Pension Postretirement Benefit Obligation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
45016	400
Current-period change	0
45199	$ 400

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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+ Details

STOCK-BASED COMPENSATION

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

The Company currently has one active stock-based compensation plan, the Mannatech, Incorporated 2017 Stock Incentive Plan, which was adopted by the Company’s Board of Directors (the "Board") on April 17, 2017 and was approved by its shareholders on June 8, 2017, and subsequently amended by the Board at its February 2019 special meeting, which amendment was approved by the Company's shareholders on June 11, 2019 (as amended, the "2017 Plan"). The 2017 Plan supersedes the Mannatech, Incorporated 2008 Stock Incentive Plan (as amended, the "2008 Plan"), which was set to expire on February 20, 2018. The Board has reserved a maximum of 370,000 shares of our common stock that may be issued under the 2017 Plan (subject to adjustments for stock splits, stock dividends or other changes in corporate capitalization). As of September 30, 2023, the Company had a total of 108,468 shares available for grant under the 2017 Plan, which expires on April 16, 2027.

The 2017 Plan provides for grants of incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock, restricted stock units, performance stock and performance stock units to our employees, board members, and consultants. However, only employees of the Company and its corporate subsidiaries are eligible to receive incentive stock options. The exercise price per share for all stock options will be no less than the market value of a share of common stock on the date of grant. Any incentive stock option granted to an employee owning more than 10% of our common stock will have an exercise price of no less than 110% of our common stock’s market value on the grant date.

The majority of stock options vest over two or three years, and generally are granted with a term of ten years, or five years in the case of an incentive option granted to an employee who owns more than 10% of our common stock.

The Company records stock-based compensation expense related to granting stock options in selling and administrative expenses. During the nine months ended September 30, 2023 and 2022, the Company granted 5,000 and 11,807 stock options, respectively. The fair value of stock options granted during the nine months ended September 30, 2023 and 2022 was approximately $4.32 and $7.21 per share, respectively. The Company recognized compensation expense as follows for the three and nine months ended September 30 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Total gross compensation expense	$	8	$	11	$	36	$	66
Total tax benefit associated with compensation expense	2		2		8		15
Total net compensation expense	$	6	$	9	$	28	$	51

As of September 30, 2023, the Company expects to record compensation expense in the future as follows (in thousands):


	Three months ending December 31, 2023		Years ending December 31,
			2024		2025
Total gross unrecognized compensation expense	$	8	$	17	$	3
Tax benefit associated with unrecognized compensation expense	2		4		1
Total net unrecognized compensation expense	$	6	$	13	$	2

INVENTORIES

9 Months Ended

Sep. 30, 2023

Inventory Disclosure [Abstract]

INVENTORIES

Inventories consist of raw materials, finished goods, and promotional materials. The Company provides an allowance for any slow-moving or obsolete inventories. Inventories as of September 30, 2023 and December 31, 2022, consisted of the following (in thousands):


	September 30, 2023		December 31, 2022
Raw materials	$	4,574	$	3,302
Finished goods	11,144		11,841
Inventory reserves for obsolescence	(386)		(417)
Total	$	15,332	$	14,726

SEGMENT INFORMATION - Narrative (Details)	9 Months Ended
SEGMENT INFORMATION - Narrative (Details)	Sep. 30, 2023 region country
Segment Reporting [Abstract]
Number of countries in which entity network marketing and distribution channels operates	24
Number of countries in which company operates facilities	12
Number of countries in which entity sells products	25
Number of regions in which company sells products \| region	3
Minimum percentage of revenue considered for accounted of major customer	10.00%

CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY - (UNAUDITED) - USD ($) $ in Thousands	Total	Common stock Par value	Additional paid-in capital	Retained earnings (accumulated deficit)	Accumulated other comprehensive loss	Treasury Stock, Common
45016 at Dec. 31, 2021	$ 24,412	$ 0	$ 33,277	$ 7,708	$ 2,342	$ (18,915)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	134			134
Payment of cash dividends	(390)			(390)
Charge related to stock-based compensation	7		7
Issuance of unrestricted shares	240		97			143
Foreign currency translations	(673)				(673)
45199 at Mar. 31, 2022	23,730	0	33,359	7,452	1,669	(18,750)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Income Taxes Paid			22			(22)
45016 at Dec. 31, 2021	24,412	0	33,277	7,708	2,342	(18,915)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	2,019
Foreign currency translations	(5,395)
45199 at Sep. 30, 2022	18,611	0	33,418	8,567	(3,053)	(20,321)
45016 at Mar. 31, 2022	23,730	0	33,359	7,452	1,669	(18,750)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	694			694
Payment of cash dividends	(390)			(390)
Charge related to stock-based compensation	48		48
Repurchase of common stock	(643)					(643)
Foreign currency translations	(2,161)				(2,161)
45199 at Jun. 30, 2022	21,278	0	33,407	7,756	(492)	(19,393)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	1,191			1,191
Payment of cash dividends	(380)			(380)
Charge related to stock-based compensation	11		11
Repurchase of common stock	(928)					(928)
Foreign currency translations	(2,561)				(2,561)
45199 at Sep. 30, 2022	18,611	0	33,418	8,567	(3,053)	(20,321)
45016 at Dec. 31, 2022	14,176	0	33,377	1,686	(208)	(20,679)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	604			604
Payment of cash dividends	(375)			(375)
Charge related to stock-based compensation	11		11
Issuance of unrestricted shares	223		(76)			299
Foreign currency translations	(799)				(799)
45199 at Mar. 31, 2023	13,852	0	33,277	1,915	(1,007)	(20,333)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Income Taxes Paid	(12)		35			(47)
45016 at Dec. 31, 2022	14,176	0	33,377	1,686	(208)	(20,679)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(483)
Foreign currency translations	(2,339)
45199 at Sep. 30, 2023	10,700	0	33,301	455	(2,547)	(20,509)
45016 at Mar. 31, 2023	13,852	0	33,277	1,915	(1,007)	(20,333)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(1,105)			(1,105)
Payment of cash dividends	(373)			(373)
Charge related to stock-based compensation	17		17
Repurchase of common stock	(98)					(98)
Foreign currency translations	(651)				(651)
45199 at Jun. 30, 2023	11,642	0	33,294	437	(1,658)	(20,431)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	18			18
Charge related to stock-based compensation	7		7
Repurchase of common stock	(78)					(78)
Foreign currency translations	(889)				(889)
45199 at Sep. 30, 2023	$ 10,700	$ 0	$ 33,301	$ 455	$ (2,547)	$ (20,509)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

+ Details

EARNINGS (LOSS) PER SHARE	9 Months Ended
EARNINGS (LOSS) PER SHARE	Sep. 30, 2023
Earnings Per Share [Abstract]
EARNINGS (LOSS) PER SHARE	EARNINGS PER SHARE The Company calculates basic Earnings per Share ("EPS") by dividing net income by the weighted-average number of common shares outstanding for the period. Diluted EPS also reflects the potential dilution that could occur if common stock were issued for awards outstanding under the Mannatech, Incorporated 2017 Stock Incentive Plan (described below). In determining the potential dilutive effect of outstanding stock options for the three and nine months ended September 30, 2023, the Company used the quarterly and nine-month average common stock close price of $11.90 and $14.11, respectively. For the three months ended September 30, 2023, there were 1.86 million weighted-average common shares outstanding used for the basic EPS calculation. For the three months ended September 30, 2023, approximately 0.2 million shares were excluded from the diluted EPS calculation as their effect would have been antidilutive. The Company reported a net loss for the nine months ended September 30, 2023. In determining the potential dilutive effect of outstanding stock options for the three and nine months ended September 30, 2022, the Company used the quarterly and nine-month average common stock close price of $20.10 and $27.58 per share, respectively. For the three and nine months ended September 30, 2022, there were 1.91 million and 1.93 million weighted-average common shares outstanding used for the basic EPS calculation, respectively. For the three and nine months ended September 30, 2022, approximately 0.04 million and 0.09 million shares, respectively, subject to options were included in the calculation resulting in 1.95 million and 2.02 million dilutive shares, respectively, used to calculate diluted EPS. For the three months ended September 30, 2022, less than 0.1 million shares were excluded from the diluted EPS calculation, as the effect would have been antidilutive. For the nine months ended September 30, 2022, approximately 0.1 million shares were excluded from the diluted EPS calculation, as the effect would have been antidilutive.

SHAREHOLDERS' EQUITY

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

SHAREHOLDERS' EQUITY

SHAREHOLDERS’ EQUITY

Treasury Stock

During the three months ended September 30, 2023 and 2022, the Company repurchased 6,058 and 46,332 shares of its outstanding common stock, respectively.

During the nine months ended September 30, 2023 and 2022, the Company repurchased 13,454 and 77,743 shares of its outstanding common stock, respectively.

As of September 30, 2023, the Company had 1,860,154 shares of common stock outstanding. As of September 30, 2022, the Company had 1,874,930 shares of common stock outstanding.

Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss, reflected in the Consolidated Statement of Shareholders’ Equity, represents net income plus the results of certain shareholders’ equity changes not reflected in the Consolidated Statements of Operations, such as foreign currency translation and certain pension and post-retirement benefit obligations. The after-tax components of accumulated other comprehensive loss are as follows (in thousands):


	Foreign Currency Translation		Pension Postretirement Benefit Obligation		Accumulated Other Comprehensive Income (Loss), Net
Balance as of December 31, 2022	$	(608)	$	400	$	(208)
Current-period change (1)	(2,339)		—		(2,339)
Balance as of September 30, 2023	$	(2,947)	$	400	$	(2,547)

(1) No material amounts reclassified from accumulated other comprehensive loss.

Dividends

On March 5, 2023, the Board declared a dividend of $0.20 per share that was paid on March 30, 2023 to shareholders of record on March 16, 2023, for an aggregate amount of $0.4 million.

On May 25, 2023, the Board declared a dividend of $0.20 per share that was paid on June 29, 2023 to shareholders of record on June 15, 2023, for an aggregate amount of $0.4 million.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

CONSOLIDATED BALANCE SHEETS - (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
ASSETS
Accounts receivable, allowance for doubtful accounts	$ 1,315	$ 973
Shareholders' equity:
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	1,000,000	1,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	99,000,000	99,000,000
Common stock, shares issued (in shares)	2,742,857	2,742,857
Common stock, shares outstanding (in shares)	1,860,154	1,858,800
Treasury Stock, Common, Shares	882,703	884,057

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Sales Returns (Details) - Allowance for Sales Returns - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Sales reserves, beginning balance	$ 59	$ 55
Provision related to sales made in current period	562	783
Adjustment related to sales made in prior periods	219	(4)
Actual returns or credits related to current period	(520)	(730)
Actual returns or credits related to prior periods	(271)	(45)
Sales reserves, ending balance	$ 49	$ 59

EARNINGS (LOSS) PER SHARE (Details) - $ / shares	3 Months Ended		9 Months Ended
EARNINGS (LOSS) PER SHARE (Details) - $ / shares	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Apr. 17, 2017
Earnings Per Share [Abstract]
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements		40,000.00		90,000.00
Diluted (in shares)	1,863,000	1,949,000	1,868,000	2,017,000
Average common stock closing price (in dollars per share)	$ 11.90	$ 20.10	$ 14.11	$ 27.58
Basic (in shares)	1,863,000	1,906,000	1,868,000	1,932,000
Antidilutive securities excluded from earnings per share, amount (in shares)	200,000	100,000		100,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross			5,000	11,807
Number of shares authorized (in shares)					370,000

CONSOLIDATED STATEMENTS OF CASH FLOWS - (UNAUDITED) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ (483)	$ 2,019
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation and amortization	1,224	1,349
Operating Right Of Use Lease Liabilities Net	1,232	1,550
Provision for inventory losses	279	465
Provision for (reversal of) allowance for credit losses	345	(132)
Gain (Loss) on Disposition of Assets	(7)	3
Charge related to stock-based compensation	259	306
Deferred income taxes	303	(145)
Changes in operating assets and liabilities:
Accounts receivable	(276)	(48)
Income tax receivable	5	(26)
Inventories	(885)	(3,696)
Prepaid expenses and other current assets	946	1,583
Deferred commissions	697	(205)
Deferred Freight	(213)	(656)
Other assets	(482)	612
Accounts payable	(247)	(3,459)
Increase (Decrease) in Other Operating Liabilities	(854)	3
Taxes payable	(1,970)	(246)
Commissions and incentives payable	(205)	(1,209)
Deferred revenue	(1,157)	1,085
Net cash (used in) provided by operating activities	(1,049)	459
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of property and equipment	(540)	(889)
Proceeds from Sale of Productive Assets	1	0
Net cash used in investing activities	(539)	(889)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repurchase of common stock	(176)	(1,571)
Payment of cash dividends	(748)	(1,160)
Repayment of finance lease obligations and other long-term liabilities	(717)	(583)
Net cash used in financing activities	(1,629)	(3,314)
Effect of currency exchange rate changes on cash and cash equivalents	(2,293)	(5,417)
Net decrease in cash, cash equivalents, and restricted cash	(5,510)	(9,161)
Cash, cash equivalents, and restricted cash at the beginning of the period	15,197	25,632
Cash, cash equivalents, and restricted cash at the end of the period	9,687	16,471
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	284	1,739
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability	1,305	92
Interest Paid, Excluding Capitalized Interest, Operating Activities	72	24
Income Taxes Paid, Net	2,511	690
Capital Expenditures Incurred but Not yet Paid	597	638
Treasury shares exchanged for stock options exercised	0	22
Proceeds from Stock Options Exercised	$ 12	$ 0

SEGMENT INFORMATION

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

SEGMENT INFORMATION

The Company's sole reporting segment is one where we sell proprietary nutritional supplements, skin care and anti-aging products, and weight-management and fitness products through network marketing distribution channels operating in twenty-four countries. Each of the business units receives associate fees or sells similar packs (in the case of Mexico and South Korea, where packs have not been replaced with associate fees, see Note 1, Organization and Summary of Significant Accounting Policies) and possesses similar economic characteristics, such as selling prices and gross margins. In each country, the Company markets its products and pays commissions and incentives in similar market environments. The Company’s management reviews its financial information by country and focuses its internal reporting and analysis of revenues by pack sales, associate fees and product sales. The Company sells its products through its independent associates who occupy positions in our network and distribute products through similar distribution channels in each country. No single independent associate has ever accounted for more than 10% of the Company’s consolidated net sales. The Company also operates a non-direct selling business in mainland China. Our subsidiary in China, Meitai, is operating as a traditional retailer under a cross-border e-commerce model. Meitai cannot legally conduct a direct selling business in China unless it acquires a direct selling license in China.

The Company has operations in twelve countries and sells product in twenty-five countries around the world. These operations are located in the United States, Canada, Australia, the Netherlands, the United Kingdom, Japan, the Republic of Korea (South Korea), Taiwan, South Africa, Mexico, Hong Kong and China. We currently sell our products in three regions: (i) the Americas (the United States, Canada and Mexico); (ii) EMEA (Austria, the Czech Republic, Denmark, Estonia, Finland, Germany, the Republic of Ireland, Namibia, the Netherlands, Norway, South Africa, Spain, Sweden and the United Kingdom); and (iii) Asia/Pacific (Australia, Japan, New Zealand, the Republic of Korea, Singapore, Taiwan, Hong Kong and China). We also ship our products to customers in the following countries: Belgium, France, Greece, Italy, Luxembourg, and Poland.

Consolidated net sales shipped to customers in these regions, along with pack or associate fee and product information for the three and nine months ended September 30, were as follows (in millions, except percentages):


	Three Months Ended September 30,								Nine Months Ended September 30,
Region	2023				2022				2023				2022
Americas	$	10.7	32.8	%	$	11.1	31.3	%	$	31.8	32.0	%	$	30.6	29.8	%
Asia/Pacific	19.6		60.1	%	21.4		60.2	%	60.0		60.4	%	63.2		61.4	%
EMEA	2.3		7.1	%	3.0		8.5	%	7.5		7.6	%	9.1		8.8	%
Totals	$	32.6	100.0	%	$	35.5	100.0	%	$	99.3	100.0	%	$	102.9	100.0	%


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Consolidated product sales	$	31.0	$	33.6	$	93.9	$	97.5
Consolidated pack sales and associate fees	1.2		1.7		4.7		4.8
Consolidated other	0.4		0.2		0.7		0.6
Consolidated total net sales	$	32.6	$	35.5	$	99.3	$	102.9

Long-lived assets, which include property and equipment and construction in process for the Company and its subsidiaries, as of September 30, 2023 and December 31, 2022, reside in the following regions, as follows (in millions):


Region	September 30, 2023		December 31, 2022
Americas	$	3.9	$	3.2
Asia/Pacific	0.4		0.6
EMEA	—		—
Total	$	4.3	$	3.8

Inventory balances, which consist of raw materials, finished goods, and promotional materials, as offset by the allowance for slow moving or obsolete inventories, reside in the following regions (in millions):


Region	September 30, 2023		December 31, 2022
Americas	$	8.1	$	7.5
Asia/Pacific	5.5		5.4
EMEA	1.7		1.8
Total	$	15.3	$	14.7

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

INVENTORIES (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 4,574	$ 3,302
Finished goods	11,144	11,841
Inventory reserves for obsolescence	(386)	(417)
Total	$ 15,332	$ 14,726

STOCK-BASED COMPENSATION - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands					3 Months Ended		9 Months Ended
	Jun. 15, 2023	May 25, 2023	Mar. 16, 2023	Mar. 05, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Apr. 17, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)									370,000
Number of shares available for grant (in shares)					108,468		108,468
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross							5,000	11,807
Treasury Stock, Shares, Acquired					6,058	46,332	13,454	77,743
Dividend payable per share (in dollars per share)		$ 0.20		$ 0.20
Dividends paid	$ 400		$ 400
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value							$ 4.32	$ 7.21
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentages of stock option ownership considered for higher exercise price of option							10.00%
Vesting period of stock options							2 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option exercise price as percentages of closing exercise price of stock for specific shareholders							110.00%
Vesting period of stock options							3 years
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period of stock option plan							10 years
Incentive Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period of stock option plan							5 years

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2023	Oct. 31, 2023
Entity Information [Line Items]
Entity Shell Company	false
Document Quarterly Report	true
Document Transition Report	false
Entity Registrant Name	MANNATECH, INCORPORATED
Entity Central Index Key	0001056358
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Document Type	10-Q
Document Period End Date	Sep. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		1,860,154
Entity Address, Postal Zip Code	75028
Entity Incorporation, State or Country Code	TX
Entity Tax Identification Number	75-2508900
Entity Address, Address Line One	1410 Lakeside Parkway, Suite 200,
Entity Address, State or Province	TX
Entity Address, City or Town	Flower Mound,
City Area Code	(972)
Local Phone Number	471-7400
Entity File Number	000-24657
Title of 12(b) Security	Common Stock,
Trading Symbol	MTEX
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes
Entity Current Reporting Status	Yes

SHAREHOLDERS' EQUITY (Tables)

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Components of accumulated other comprehensive income

The after-tax components of accumulated other comprehensive loss are as follows (in thousands):


	Foreign Currency Translation		Pension Postretirement Benefit Obligation		Accumulated Other Comprehensive Income (Loss), Net
Balance as of December 31, 2022	$	(608)	$	400	$	(208)
Current-period change (1)	(2,339)		—		(2,339)
Balance as of September 30, 2023	$	(2,947)	$	400	$	(2,547)

(1) No material amounts reclassified from accumulated other comprehensive loss.

FAIR VALUE (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Amounts included in:
Restricted cash	$ 1,800	$ 1,400
Recurring Basis
Assets
Money Market Funds – JPMorgan Chase, US	1,701
Interest bearing deposits – various banks	1,198	3,855
Amounts included in:
Cash and cash equivalents	1,701	3,014
Restricted cash	674	680
Long-term restricted cash	524	161
Total	2,899	3,855
Recurring Basis \| Level 1
Assets
Money Market Funds – JPMorgan Chase, US	1,701
Interest bearing deposits – various banks	1,198	3,855
Amounts included in:
Cash and cash equivalents	1,701	3,014
Restricted cash	674	680
Long-term restricted cash	524	161
Total	2,899	3,855
Recurring Basis \| Level 2
Assets
Money Market Funds – JPMorgan Chase, US	0
Interest bearing deposits – various banks	0	0
Amounts included in:
Cash and cash equivalents	0	0
Restricted cash	0	0
Long-term restricted cash	0	0
Total	0	0
Recurring Basis \| Level 3
Assets
Money Market Funds – JPMorgan Chase, US	0
Interest bearing deposits – various banks	0	0
Amounts included in:
Cash and cash equivalents	0	0
Restricted cash	0	0
Long-term restricted cash	0	0
Total	$ 0	$ 0

Leases (Notes)

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

Leases of Lessee Disclosure [Text Block]

LEASES

The Company has entered into contractual lease arrangements to rent office space and equipment from third-party lessors. See Note 5 to the consolidated financial statements in our 2022 Annual Report. On March 10, 2023, the Company entered into a five-year agreement to sublease 10,000 rentable square feet of the Company's leased office space in Flower Mound, Texas to a subtenant. There was no modification or impairment by entering into the sublease agreement because the Company was not released from its obligations under the head lease. As of September 30, 2023, the Company had earned less than $0.1 million income from the sublease, which is presented as a component of net sales on the Company's Consolidated Statements of Operations.

As of September 30, 2023, the Company had net operating lease right-of-use assets of $3.7 million and net finance lease right-of-use assets of $1.3 million. At September 30, 2023, our operating lease liabilities were $4.7 million and our finance lease liabilities were $1.3 million.

The weighted-average remaining lease term and discount rate related to the Company’s operating lease liabilities as of September 30, 2023 were 3.50 years and 4.6%, respectively. The weighted-average remaining lease term and discount rate related to the Company’s finance lease liabilities as of September 30, 2023 were 4.42 years and 6.5%, respectively. The Company uses the discount rates implicit in each lease, or an estimate of the Company's incremental borrowing rate if the rate implicit in a lease cannot be readily determined.

As of September 30, 2023 and December 31, 2022 our right-of-use assets and lease liabilities consisted of the following (in thousands):


Leases	Classification	September 30, 2023		December 31, 2022
Right-of-use assets
Operating leases	Other assets	$	3,674	$	4,649
Finance leases	Property and equipment, net	1,311		182
Total right-of-use assets		$	4,985	$	4,831


Current portion of lease liabilities
Operating leases	Accrued expenses	$	1,698	$	1,600
Finance leases	Current portion of finance leases	272		61
Long-term portion of lease liabilities
Operating leases	Other long-term liabilities	2,970		4,153
Finance leases	Finance leases, excluding current portion	1,022		88
Total lease liabilities		$	5,962	$	5,902

As of September 30, 2023, the Company's future sublease income and minimum future lease payments on operating and finance leases were as follows (in thousands):


	September 30, 2023
Future Maturities of Leases	Operating Leases		Finance Leases		Sublease Income

Remaining 2023	524		89		(33)
2024	1,795		337		(132)
2025	1,115		327		(132)
2026	719		327		(132)
Thereafter	917		405		(187)

Total minimum lease payments	$	5,070	$	1,485	$	(616)
Imputed interest	(402)		(191)		—
Present value of minimum lease payments	$	4,668	$	1,294	$	(616)

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

9 Months Ended

Sep. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Principles of Consolidation

The consolidated financial statements and footnotes include the accounts of Mannatech and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

Use of Estimates

The preparation of the Company’s consolidated financial statements in accordance with GAAP requires the use of estimates that affect the reported value of assets, liabilities, revenues and expenses. These estimates are based on historical experience and various other factors. The Company continually evaluates the information used to make these estimates as the business and economic environment changes. Historically, actual results have not varied materially from the Company’s estimates and the Company does not currently anticipate a significant change in its assumptions related to these estimates. However, actual results may differ from these estimates under different assumptions or conditions.

The use of estimates is pervasive throughout the consolidated financial statements, but the accounting policies and estimates considered the most significant are described in this note to the consolidated financial statements, Organization and Summary of Significant Accounting Policies.

Cash and Cash Equivalents

Cash, Cash Equivalents, and Restricted Cash

The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. The Company includes in its cash and cash equivalents credit card receivables due from its credit card processor, as the cash proceeds from credit card receivables are received within 24 to 72 hours. At each of September 30, 2023 and December 31, 2022, credit card receivables were $1.9 million. As of September 30, 2023 and December 31, 2022, cash and cash equivalents held in bank accounts in foreign countries totaled $3.8 million and $11.3 million, respectively. The Company invests cash in liquid instruments, such as money market funds and interest-bearing deposits. The Company holds cash in high quality financial institutions and does not believe it has an excessive exposure to credit concentration risk.

A significant portion of our cash and cash equivalent balances were concentrated within the Republic of Korea, with total net assets within this foreign location totaling $26.2 million and $21.3 million at September 30, 2023 and December 31, 2022, respectively. In addition, for the three and nine months ended September 30, 2023 and 2022, a concentrated portion of our operating cash flows were earned from operations within the Republic of Korea. An adverse change in economic conditions within the Republic of Korea could negatively affect the Company’s results of operations.

Restricted Cash

The Company is required to restrict cash for: (i) direct selling insurance premiums and credit card sales in the Republic of Korea; (ii) reserve on credit card sales in the United States and Canada; and (iii) the Australia building lease collateral. At September 30, 2023 and December 31, 2022, our total restricted cash was $1.8 million and $1.4 million, respectively.

Accounts Receivable

Accounts receivable are carried at their estimated collectible amounts. Receivables are created upon shipment of an order if the credit card payment is rejected or does not match the order total. As of September 30, 2023 and December 31, 2022, receivables consisted primarily of amounts due from preferred customers and associates. At September 30, 2023 and December 31, 2022, the Company's accounts receivable balances (net of allowance) were $0.1 million and $0.2 million, respectively. Upon adoption of ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"), the Company assesses collectability by reviewing accounts receivable on a collective basis where similar characteristics exist and on an individual basis when the Company identifies specific customers with known disputes or collectability issues. Expected loss estimates are determined utilizing an aging schedule. In determining the amount of the allowance for credit losses, the Company considers historical collectability based on past due status and makes judgments about the creditworthiness of customers based on ongoing credit evaluations. The Company also considers customer-specific information, current market conditions and reasonable and supportable forecasts of future economic conditions to inform adjustments to historical loss data. At September 30, 2023 and December 31, 2022, the Company held an allowance for credit losses of $1.3 million and $1.0 million, respectively.


	December 31, 2022		Charged to Cost and Expenses		Deductions		September 30, 2023
Allowance for credit losses ( 000's)	$	973	$	344	$	(2)	$	1,315

Inventories

Inventories consist of raw materials, finished goods, and promotional materials that are stated at the lower of cost (using standard costs that approximate average costs) or net realizable value. The Company periodically reviews inventories for obsolescence and any inventories identified as obsolete are reserved or written off.

Other Assets

As of September 30, 2023 and December 31, 2022, other assets were $7.3 million and $8.4 million, respectively. These amounts primarily consisted of right-of-use assets related to operating leases for office space and equipment, net of lease incentives, of $3.7 million and $4.6 million as of September 30, 2023 and December 31, 2022, respectively. See Note 8, Leases, for more information on these assets. Also included in Other Assets were deposits for building leases in various locations of $1.3 million for each of September 30, 2023 and December 31, 2022. Additionally, included in the September 30, 2023 and December 31, 2022 balances was $2.1 million and $2.3 million, respectively, representing a deposit with Mutual Aid Cooperative and Consumer in the Republic of Korea, an organization established by the Republic of Korea’s Fair Trade Commission to protect consumers who participate in network marketing activities. Finally, each of the September 30, 2023 and December 31, 2022 balances included $0.2 million of indefinite lived intangible assets relating to the Manapol® powder trademark.

Notes Payable

Notes payable were $0.3 million at each of September 30, 2023 and December 31, 2022, as a result of short-term financing arrangements for insurance policies. At each of September 30, 2023 and December 31, 2022, the current portion were $0.3 million. There was no long-term portion at either period.

Revenue Recognition

The Company’s revenue is derived from sales of individual products and associate fees or, in certain geographic markets, starter packs. Substantially all of the Company’s product sales are made at published wholesale prices to associates and preferred customers. The Company records revenue net of any sales taxes and records a reserve for expected sales returns based on its historical experience. The Company recognizes revenue from shipped products when control of the product transfers to the customer, thus the performance obligation is satisfied. Corporate-sponsored event revenue is recognized when the event is held.

Revenues from associate fees relate to providing associates with the right to earn commissions, benefits and incentives for an annual period. Revenue from software tools included in the first contractual year is recognized over three months and revenue from associate fees is recognized over twelve months (see Contracts with Multiple Performance Obligations for recognition guidelines). Almost all orders are paid via credit card. See Note 10, Segment Information, for disaggregation of revenues by geographic segment and type.

The Company collected associate fees within the United States, Canada, South Africa, Japan, Australia, New Zealand, Singapore, Hong Kong, Taiwan, Austria, the Czech Republic, Denmark, Estonia, Finland, Germany, the Republic of Ireland, the Netherlands, Norway, Spain, Sweden and the United Kingdom.

Contracts with Multiple Performance Obligations

Orders placed by associates or preferred customers constitute our contracts. Product sales placed in the form of an automatic order contain two performance obligations: (a) the sale of the product and (b) the loyalty program. For these contracts, the Company accounts for each of these obligations separately as they are each distinct. The transaction price is allocated between the product sale and the loyalty program on a relative standalone selling price basis. Sales placed through a one-time order contain only the first performance obligation noted above, the sale of the product.

The Company provides associates with access to a complimentary three-month package for the Success TrackerTM and Mannatech+ online business tools with the first payment of an associate fee. The first payment of an associate fee contains three performance obligations: (a) the associate fee, whereby the Company provides an associate with the right to earn commissions, bonuses and incentives for a year; (b) three months of complimentary access to utilize the Success Tracker™ online tool; and (c) three months of complimentary access to utilize the Mannatech+ online business tool. The transaction price is allocated between the three performance obligations on a relative standalone selling price basis. Associates do not have complimentary access to online business tools after the first contractual period.

Commissions and Incentives

Associates earn commissions and incentives based on their direct and indirect commissionable net sales over each month of the fiscal year. The Company accrues commissions and incentives when earned by associates and pays commissions on product and pack sales on a monthly cycle.

Comprehensive Income and Accumulated Other Comprehensive Income

Comprehensive income is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources and includes all changes in equity during a period except those resulting from investments by owners and distributions to owners. The Company’s comprehensive income consists of the Company’s net income, foreign currency translation adjustments from its Japan, Republic of Korea, Taiwan, Denmark, Norway, Sweden, Mexico and China operations, remeasurement of intercompany balances classified as equity in its Korea, and Mexico operations, and changes in the pension obligation for its Japanese employees.

Recently Adopted and Issued But Not Yet Effective Accounting Pronouncements

Recently Adopted Accounting PronouncementsThe Company adopted ASU 2016-13 as of January 1, 2023. This new standard adds to U.S. GAAP an impairment model (known as the current expected credit loss ("CECL") model) that is based on expected losses rather than incurred losses. Under the new guidance, an entity recognizes as an allowance its estimate of expected credit losses, which is intended to result in the more timely recognition of losses. Under the CECL model, entities estimate credit losses over the entire contractual term of the instrument (considering estimated prepayments, but not expected extensions or modifications) from the date of initial recognition of the financial instrument. Measurement of expected credit losses are based on relevant forecasts that affect collectability. The scope of financial assets within the CECL methodology is broad and includes trade receivables from certain revenue transactions and certain off-balance sheet credit exposures. ASU 2016-13 only applies to our receivables from revenue transactions. Under ASC 606, revenue is recognized when, among other criteria, it is probable that the entity will collect the consideration to which it is entitled for goods or services transferred to a customer. At the point that trade receivables are recorded, they become subject to the CECL model and estimates of expected credit losses on trade receivables over their contractual life are required to be recorded at inception based on historical information, current conditions, and reasonable and supportable forecasts. The Company adopted the accounting standard using the prospective transition approach as of January 1, 2023. The cumulative effect upon adoption did not have a material impact on our consolidated financial statements or existing internal controls.

Fair Value

The Company utilizes fair value measurements to record fair value adjustments to certain financial assets and to determine fair value disclosures.

Fair Value Measurements and Disclosure (Topic 820) of the Financial Accounting Standards Board (“FASB”) establishes a fair value hierarchy that requires the use of observable market data, when available, and prioritizes the inputs to valuation techniques used to measure fair value in the following categories:

•Level 1 – Quoted unadjusted prices for identical instruments in active markets.

•Level 2 – Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-derived valuations in which all observable inputs and significant value drivers are observable in active markets.

•Level 3 – Model-derived valuations in which one or more significant inputs or significant value drivers are unobservable, including assumptions developed by the Company.

The primary objective of the Company’s investment activities is to preserve principal while maximizing yields without significantly increasing risk. The investment instruments held by the Company are money market funds and interest-bearing deposits for which quoted market prices are readily available. The Company considers these highly liquid investments to be cash equivalents. These investments are classified within Level 1 of the fair value hierarchy because they are valued based on quoted market prices in active markets.

Accrued Expenses

Accrued Expenses At each of September 30, 2023 and December 31, 2022, accrued expenses were $7.5 million. These amounts primarily consisted of $2.1 million and $1.4 million representing employee benefits, which included accrued wages, bonus and severance at September 30, 2023 and December 31, 2022, respectively. Also included in the September 30, 2023 and December 31, 2022 balances were non-inventory accrued liabilities of $1.7 million and $2.8 million, respectively. Additionally, included in the September 30, 2023 and December 31, 2022 balances were $1.7 million and $1.6 million for the current portion of operating lease liabilities, respectively. At September 30, 2023 and December 31, 2022, also included in the balances were $0.8 million and $1.0 million for accrued auditing and accounting fees, respectively. As of September 30, 2023 and December 31, 2022, other accrued expenses were $1.2 million and $0.7 million, respectively.

INCOME TAXES (Details)	3 Months Ended		9 Months Ended
INCOME TAXES (Details)	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Effective tax rate	43.00%	28.40%	166.10%	22.00%

SEGMENT INFORMATION (Tables)

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Net sales shipped to customers by geographic region


	Three Months Ended September 30,								Nine Months Ended September 30,
Region	2023				2022				2023				2022
Americas	$	10.7	32.8	%	$	11.1	31.3	%	$	31.8	32.0	%	$	30.6	29.8	%
Asia/Pacific	19.6		60.1	%	21.4		60.2	%	60.0		60.4	%	63.2		61.4	%
EMEA	2.3		7.1	%	3.0		8.5	%	7.5		7.6	%	9.1		8.8	%
Totals	$	32.6	100.0	%	$	35.5	100.0	%	$	99.3	100.0	%	$	102.9	100.0	%

Product and pack information


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Consolidated product sales	$	31.0	$	33.6	$	93.9	$	97.5
Consolidated pack sales and associate fees	1.2		1.7		4.7		4.8
Consolidated other	0.4		0.2		0.7		0.6
Consolidated total net sales	$	32.6	$	35.5	$	99.3	$	102.9

Long-lived assets, by geographic region


Region	September 30, 2023		December 31, 2022
Americas	$	3.9	$	3.2
Asia/Pacific	0.4		0.6
EMEA	—		—
Total	$	4.3	$	3.8

Inventory balances, by region


Region	September 30, 2023		December 31, 2022
Americas	$	8.1	$	7.5
Asia/Pacific	5.5		5.4
EMEA	1.7		1.8
Total	$	15.3	$	14.7

Leases (Tables)

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

Schedule Of Maturities Of Operating And Finance Leases Liabilities [Table Text Block]

As of September 30, 2023, the Company's future sublease income and minimum future lease payments on operating and finance leases were as follows (in thousands):


	September 30, 2023
Future Maturities of Leases	Operating Leases		Finance Leases		Sublease Income

Remaining 2023	524		89		(33)
2024	1,795		337		(132)
2025	1,115		327		(132)
2026	719		327		(132)
Thereafter	917		405		(187)

Total minimum lease payments	$	5,070	$	1,485	$	(616)
Imputed interest	(402)		(191)		—
Present value of minimum lease payments	$	4,668	$	1,294	$	(616)

FAIR VALUE

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

FAIR VALUE

The Company utilizes fair value measurements to record fair value adjustments to certain financial assets and to determine fair value disclosures.

•Level 1 – Quoted unadjusted prices for identical instruments in active markets.

•Level 3 – Model-derived valuations in which one or more significant inputs or significant value drivers are unobservable, including assumptions developed by the Company.

The table below presents the recorded amount of financial assets measured at fair value (in thousands) on a recurring basis as of September 30, 2023 and December 31, 2022.


September 30, 2023	Level 1		Level 2		Level 3		Total
Assets
Money Market Funds – JPMorgan Chase, US	$	1,701	$	—	$	—	$	1,701
Interest bearing deposits – various banks	$	1,198	—		—		$	1,198
Total assets	$	2,899	$	—	$	—	$	2,899
Amounts included in:
Cash and cash equivalents	$	1,701	$	—	$	—	$	1,701
Restricted cash	674		—		—		674
Long-term restricted cash	524		—		—		524
Total	$	2,899	$	—	$	—	$	2,899


December 31, 2022	Level 1		Level 2		Level 3		Total
Assets

Interest bearing deposits – various banks	$	3,855	—		—		$	3,855
Total assets	$	3,855	$	—	$	—	$	3,855
Amounts included in:
Cash and cash equivalents	$	3,014	$	—	$	—	$	3,014
Restricted cash	680		—		—		680
Long-term restricted cash	161		—		—		161
Total	$	3,855	$	—	$	—	$	3,855

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Organization, Consolidation and Presentation of Financial Statements

9 Months Ended

Sep. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization, Consolidation and Presentation of Financial Statements Disclosure

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Mannatech, Incorporated (together with its subsidiaries, the “Company”), located in Flower Mound, Texas, was incorporated in the state of Texas on November 4, 1993 and is listed on the Nasdaq Global Select Market under the symbol “MTEX”. The Company develops, markets, and sells high-quality, proprietary nutritional supplements, topical and skin care and anti-aging products, and weight-management products. We currently sell our products into three regions: (i) the Americas (the United States, Canada and Mexico); (ii) EMEA (Austria, the Czech Republic, Denmark, Estonia, Finland, Germany, the Republic of Ireland, Namibia, the Netherlands, Norway, South Africa, Spain, Sweden and the United Kingdom); and (iii) Asia/Pacific (Australia, Japan, New Zealand, the Republic of Korea, Singapore, Taiwan, Hong Kong, and China).

Active business building associates ("independent associates" or "associates" or "distributors") and preferred customers purchase the Company’s products at published wholesale prices. The Company cannot distinguish products sold for personal use from other sales when sold to associates, because it is not involved with the products after delivery, other than usual and customary product warranties and returns. Only associates are eligible to earn commissions and incentives. We also ship our products to customers in the following countries: Belgium, France, Greece, Italy, Luxembourg, and Poland. The Company operates a non-direct selling business in mainland China. Our subsidiary in China, Meitai Daily Necessity & Health Products Co., Ltd. (“Meitai”), is operating as a traditional retailer under a cross-border e-commerce model in China. Meitai cannot legally conduct a direct selling business in China unless it acquires a direct selling license in China.

The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and with instructions for Form 10-Q and Article 8-03 of Regulation S-X. Accordingly, the Company’s consolidated financial statements and footnotes contained herein do not include all of the information and footnotes required by GAAP to be considered “complete financial statements”. However, in the opinion of the Company’s management, the accompanying unaudited consolidated financial statements and footnotes contain all adjustments, including normal recurring adjustments, considered necessary for a fair presentation of the Company’s consolidated financial information as of, and for, the periods presented. The Company cautions that its consolidated results of operations for an interim period are not necessarily indicative of its consolidated results of operations to be expected for its fiscal year. The December 31, 2022 consolidated balance sheet was included in the audited consolidated financial statements in the Company’s annual report on Form 10-K for the year ended December 31, 2022 and filed with the United States Securities and Exchange Commission (the “SEC”) on March 17, 2023 (the “2022 Annual Report”), which includes all disclosures required by GAAP. Therefore, these unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements of the Company included in the 2022 Annual Report.

Principles of Consolidation

Use of Estimates

Cash, Cash Equivalents, and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Company's consolidated balance sheets to the total amount presented in the consolidated statement of cash flows (in thousands):


	September 30, 2023		December 31, 2022
Cash and cash equivalents at beginning of period	$	13,777	$	24,185
Current restricted cash at beginning of period	944		944
Long-term restricted cash at beginning of period	476		503
Cash, cash equivalents, and restricted cash at beginning of period	$	15,197	$	25,632

Cash and cash equivalents at end of period	$	7,928	$	13,777
Current restricted cash at end of period	938		944
Long-term restricted cash at end of period	821		476
Cash, cash equivalents, and restricted cash at end of period	$	9,687	$	15,197

Accounts Receivable


	December 31, 2022		Charged to Cost and Expenses		Deductions		September 30, 2023
Allowance for credit losses ( 000's)	$	973	$	344	$	(2)	$	1,315

Inventories

Other Assets

Accrued Expenses

At each of September 30, 2023 and December 31, 2022, accrued expenses were $7.5 million. These amounts primarily consisted of $2.1 million and $1.4 million representing employee benefits, which included accrued wages, bonus and severance at September 30, 2023 and December 31, 2022, respectively. Also included in the September 30, 2023 and December 31, 2022 balances were non-inventory accrued liabilities of $1.7 million and $2.8 million, respectively. Additionally, included in the September 30, 2023 and December 31, 2022 balances were $1.7 million and $1.6 million for the current portion of operating lease liabilities, respectively. At September 30, 2023 and December 31, 2022, also included in the balances were $0.8 million and $1.0 million for accrued auditing and accounting fees, respectively. As of September 30, 2023 and December 31, 2022, other accrued expenses were $1.2 million and $0.7 million, respectively.

Notes Payable

Other Long-Term Liabilities

Other long-term liabilities were $4.2 million and $5.0 million as of September 30, 2023 and December 31, 2022, respectively. As of September 30, 2023 and December 31, 2022, the balance is primarily composed of long-term operating lease obligations of $3.0 million and $4.2 million, respectively. See Note 8, Leases, for more information. Certain operating leases for the Company’s regional office facilities contain a restoration clause that requires the Company to restore the premises to its original condition. At each of September 30, 2023 and December 31, 2022, accrued restoration costs related to these leases amounted to $0.3 million. At each of September 30, 2023 and December 31, 2022, the Company also recorded a long-term liability for estimated defined benefit obligation related to a non-U.S. defined benefit plan for its Japan operations of $0.2 million (see Note 9, Employee Benefit Plans, of the Company’s 2022 Annual Report).

Revenue Recognition

Contracts with Multiple Performance Obligations

Deferred Commissions

The Company defers commissions on (i) the sales of products shipped but not received by customers by the end of the respective period and (ii) the loyalty program. Deferred commissions are incremental costs and are amortized to expense consistent with how the related revenue is recognized. Deferred commissions were $2.5 million for the year ended December 31, 2022. Of this balance, $0.8 million was amortized to commissions expense for the nine months ended September 30, 2023. At September 30, 2023, deferred commissions were $1.8 million.

Deferred Revenue

The Company defers certain components of its revenue. Deferred revenue consisted of: (i) sales of products shipped but not received by customers by the end of the respective period; (ii) revenue from the loyalty program; (iii) prepaid registration fees from customers planning to attend a future corporate-sponsored event; and (iv) prepaid annual associate fees. At December 31, 2022, the Company’s deferred revenue was $5.1 million. Of this balance, $1.8 million was recognized as revenue for the nine months ended September 30, 2023. At September 30, 2023, the Company’s deferred revenue was $3.9 million.

The Company’s customer loyalty program conveys a material right to the customer as it provides the promise to redeem loyalty points for the purchase of products, which is based on earning points through placing consecutive qualified orders. The Company factors in breakage rates, which is the percentage of the loyalty points that are expected to be forfeited or expire, for purposes of revenue recognition. Breakage rates are estimated based on historical data and can be reasonably and objectively determined.

During the preparation of our consolidated financial statements for the three-months ended June 30, 2023, an immaterial error was identified in the calculation of breakage relating to our loyalty program. To correct the error, we recognized an out of period adjustment resulting in an accumulated increase in revenues of $1.4 million for the nine months ended September 30, 2023. The out of period adjustment also resulted in an accumulated increase in commission expense of $0.5 million for the nine months ended September 30, 2023.

The deferred revenue associated with the loyalty program at each of September 30, 2023 and December 31, 2022 was $2.9 million and $4.2 million, respectively.


Loyalty program	(in thousands)
Loyalty deferred revenue as of January 1, 2022	$	4,292
Loyalty points forfeited or expired	(3,387)
Loyalty points used	(10,543)
Loyalty points vested	12,773
Loyalty points unvested	1,032
Loyalty deferred revenue as of December 31, 2022	$	4,167


Loyalty deferred revenue as of January 1, 2023	$	4,167
Loyalty points forfeited or expired	(3,176)
Loyalty points used	(6,846)
Loyalty points vested	7,880
Loyalty points unvested	867
Loyalty deferred revenue as of September 30, 2023	$	2,892

Sales Refunds and Allowances

The Company utilizes the expected value method, as set forth by Accounting Standard Codification ("ASC") Topic 606 Revenue from Contracts with Customers ("ASC 606"), to estimate the sales returns and allowance liability by taking the weighted average of the sales return rates over a rolling six-month period. The Company allocates the total amount recorded within the sales return and allowance liability as a reduction of the overall transaction price for the Company’s product sales. The Company deems the sales refund and allowance liability to be a variable consideration.

Historically, sales returns have not materially changed through the years, as the majority of our customers who return their merchandise do so within the first 90 days after the original sale. Sales returns have historically averaged 1.5% or less of our gross sales. As of each of the periods set forth below, our sales return reserve consisted of the following (in thousands):


Sales reserve as of January 1, 2022	$	55
Provision related to sales made in current period	783
Adjustment related to sales made in prior periods	(4)
Actual returns or credits related to current period	(730)
Actual returns or credits related to prior periods	(45)
Sales reserve as of December 31, 2022	$	59

Sales reserve as of January 1, 2023	$	59
Provision related to sales made in current period	562
Adjustment related to sales made in prior periods	219
Actual returns or credits related to current period	(520)
Actual returns or credits related to prior periods	(271)
Sales reserve as of September 30, 2023	$	49

Shipping and Handling Costs

The Company records inbound freight as a component of inventory and cost of sales. The Company records freight and shipping fees collected from its customers as fulfillment costs. In accordance with ASC 606-10-25-18a, freight and shipping fees are not deemed to be separate performance obligations as these activities occur before the customer receives the product.

Commissions and Incentives

Comprehensive Income and Accumulated Other Comprehensive Income

Recently Adopted Accounting Pronouncements

The Company adopted ASU 2016-13 as of January 1, 2023. This new standard adds to U.S. GAAP an impairment model (known as the current expected credit loss ("CECL") model) that is based on expected losses rather than incurred losses. Under the new guidance, an entity recognizes as an allowance its estimate of expected credit losses, which is intended to result in the more timely recognition of losses. Under the CECL model, entities estimate credit losses over the entire contractual term of the instrument (considering estimated prepayments, but not expected extensions or modifications) from the date of initial recognition of the financial instrument. Measurement of expected credit losses are based on relevant forecasts that affect collectability. The scope of financial assets within the CECL methodology is broad and includes trade receivables from certain revenue transactions and certain off-balance sheet credit exposures. ASU 2016-13 only applies to our receivables from revenue transactions. Under ASC 606, revenue is recognized when, among other criteria, it is probable that the entity will collect the consideration to which it is entitled for goods or services transferred to a customer. At the point that trade receivables are recorded, they become subject to the CECL model and estimates of expected credit losses on trade receivables over their contractual life are required to be recorded at inception based on historical information, current conditions, and reasonable and supportable forecasts. The Company adopted the accounting standard using the prospective transition approach as of January 1, 2023. The cumulative effect upon adoption did not have a material impact on our consolidated financial statements or existing internal controls.

SEGMENT INFORMATION - Revenue by Geographic Location (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Revenue from External Customer [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 32,553	$ 35,513	$ 99,261	$ 102,873
Percent of total revenue	100.00%	100.00%	100.00%	100.00%
Long-lived assets	$ 4,300		$ 4,300		$ 3,800
Inventories, net	15,332		15,332		14,726
Consolidated product sales
Revenue from External Customer [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	31,000	$ 33,600	93,900	$ 97,500
Consolidated pack sales and associate fees
Revenue from External Customer [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	1,200	1,700	4,700	4,800
Consolidated other
Revenue from External Customer [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	400	200	700	600
Americas
Revenue from External Customer [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 10,700	$ 11,100	$ 31,800	$ 30,600
Percent of total revenue	32.80%	31.30%	32.00%	29.80%
Asia/Pacific
Revenue from External Customer [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 19,600	$ 21,400	$ 60,000	$ 63,200
Percent of total revenue	60.10%	60.20%	60.40%	61.40%
EMEA
Revenue from External Customer [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 2,300	$ 3,000	$ 7,500	$ 9,100
Percent of total revenue	7.10%	8.50%	7.60%	8.80%
Reportable Geographical Components \| Americas
Revenue from External Customer [Line Items]
Long-lived assets	$ 3,900		$ 3,900		3,200
Inventories, net	8,100		8,100		7,500
Reportable Geographical Components \| Asia/Pacific
Revenue from External Customer [Line Items]
Long-lived assets	400		400		600
Inventories, net	5,500		5,500		5,400
Reportable Geographical Components \| EMEA
Revenue from External Customer [Line Items]
Long-lived assets	0		0		0
Inventories, net	$ 1,700		$ 1,700		$ 1,800

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
ASSETS
Cash and cash equivalents	$ 7,928	$ 13,777
Restricted cash	938	944
Accounts receivable, net of allowance of $1,315 and $973 in 2023 and 2022, respectively	149	218
Income tax receivable	418	423
Inventories, net	15,332	14,726
Prepaid expenses and other current assets	2,040	2,389
Deferred commissions	1,779	2,476
Total current assets	28,584	34,953
Property and equipment, net	4,326	3,759
Long-term restricted cash	821	476
Other assets	7,277	8,439
Deferred tax assets, net	1,198	1,501
Total assets	42,206	49,128
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current portion of finance leases	272	61
Accounts payable	3,879	4,361
Accrued expenses	7,547	7,510
Commissions and incentives payable	9,051	9,256
Taxes payable	1,311	3,281
Current notes payable	303	263
Deferred revenue	3,949	5,106
Total current liabilities	26,312	29,838
Finance leases, excluding current portion	1,022	88
Other long-term liabilities	4,172	5,026
Total liabilities	31,506	34,952
Commitments and contingencies
Shareholders’ equity:
Preferred stock, $0.01 par value, 1,000,000 shares authorized, no shares issued or outstanding	0	0
Common stock, $0.0001 par value, 99,000,000 shares authorized, 2,742,857 shares issued and 1,860,154 shares outstanding as of September 30, 2023 and 2,742,857 shares issued and 1,858,800 shares outstanding as of December 31, 2022	0	0
Additional paid-in capital	33,301	33,377
Retained earnings	455	1,686
Accumulated other comprehensive (loss)	(2,547)	(208)
Treasury stock, at average cost, 882,703 shares as of September 30, 2023 and 884,057 shares as of December 31, 2022	(20,509)	(20,679)
Total shareholders’ equity	10,700	14,176
Total liabilities and shareholders’ equity	$ 42,206	$ 49,128

INVENTORIES (Tables)

9 Months Ended

Sep. 30, 2023

Inventory Disclosure [Abstract]

Schedule of inventory

Inventories as of September 30, 2023 and December 31, 2022, consisted of the following (in thousands):


	September 30, 2023		December 31, 2022
Raw materials	$	4,574	$	3,302
Finished goods	11,144		11,841
Inventory reserves for obsolescence	(386)		(417)
Total	$	15,332	$	14,726

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 18	$ 1,191	$ (483)	$ 2,019
Foreign currency translations	(889)	(2,561)	(2,339)	(5,395)
Comprehensive loss	$ (871)	$ (1,370)	$ (2,822)	$ (3,376)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Sep. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Reconciliation of cash, cash equivalents, and restricted cash


	September 30, 2023		December 31, 2022
Cash and cash equivalents at beginning of period	$	13,777	$	24,185
Current restricted cash at beginning of period	944		944
Long-term restricted cash at beginning of period	476		503
Cash, cash equivalents, and restricted cash at beginning of period	$	15,197	$	25,632

Cash and cash equivalents at end of period	$	7,928	$	13,777
Current restricted cash at end of period	938		944
Long-term restricted cash at end of period	821		476
Cash, cash equivalents, and restricted cash at end of period	$	9,687	$	15,197

Loyalty deferred revenue

The deferred revenue associated with the loyalty program at each of September 30, 2023 and December 31, 2022 was $2.9 million and $4.2 million, respectively.


Loyalty program	(in thousands)
Loyalty deferred revenue as of January 1, 2022	$	4,292
Loyalty points forfeited or expired	(3,387)
Loyalty points used	(10,543)
Loyalty points vested	12,773
Loyalty points unvested	1,032
Loyalty deferred revenue as of December 31, 2022	$	4,167


Loyalty deferred revenue as of January 1, 2023	$	4,167
Loyalty points forfeited or expired	(3,176)
Loyalty points used	(6,846)
Loyalty points vested	7,880
Loyalty points unvested	867
Loyalty deferred revenue as of September 30, 2023	$	2,892

Sales return reserve

, our sales return reserve consisted of the following (in thousands):


Sales reserve as of January 1, 2022	$	55
Provision related to sales made in current period	783
Adjustment related to sales made in prior periods	(4)
Actual returns or credits related to current period	(730)
Actual returns or credits related to prior periods	(45)
Sales reserve as of December 31, 2022	$	59

Sales reserve as of January 1, 2023	$	59
Provision related to sales made in current period	562
Adjustment related to sales made in prior periods	219
Actual returns or credits related to current period	(520)
Actual returns or credits related to prior periods	(271)
Sales reserve as of September 30, 2023	$	49

Other Noncurrent Liabilities

Other Long-Term LiabilitiesOther long-term liabilities were $4.2 million and $5.0 million as of September 30, 2023 and December 31, 2022, respectively. As of September 30, 2023 and December 31, 2022, the balance is primarily composed of long-term operating lease obligations of $3.0 million and $4.2 million, respectively. See Note 8, Leases, for more information. Certain operating leases for the Company’s regional office facilities contain a restoration clause that requires the Company to restore the premises to its original condition. At each of September 30, 2023 and December 31, 2022, accrued restoration costs related to these leases amounted to $0.3 million. At each of September 30, 2023 and December 31, 2022, the Company also recorded a long-term liability for estimated defined benefit obligation related to a non-U.S. defined benefit plan for its Japan operations of $0.2 million (see Note 9, Employee Benefit Plans, of the Company’s 2022 Annual Report).

STOCK-BASED COMPENSATION (Tables)

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of compensation cost

Company recognized compensation expense as follows for the three and nine months ended September 30 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Total gross compensation expense	$	8	$	11	$	36	$	66
Total tax benefit associated with compensation expense	2		2		8		15
Total net compensation expense	$	6	$	9	$	28	$	51

Schedule of unrecognized compensation expense

As of September 30, 2023, the Company expects to record compensation expense in the future as follows (in thousands):


	Three months ending December 31, 2023		Years ending December 31,
			2024		2025
Total gross unrecognized compensation expense	$	8	$	17	$	3
Tax benefit associated with unrecognized compensation expense	2		4		1
Total net unrecognized compensation expense	$	6	$	13	$	2

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Loyalty Deferred Revenue (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Loyalty program
Loyalty deferred revenue, beginning balance	$ 4,167	$ 4,292
Loyalty points forfeited or expired	(3,176)	(3,387)
Loyalty points used	(6,846)	(10,543)
Loyalty points vested	7,880	12,773
Loyalty points unvested	867	1,032
Loyalty deferred revenue, ending balance	2,892	4,167
Deferred commissions	1,779	$ 2,476
Deferred revenue, revenue recognized during the period	$ 1,800

SUBSEQUENT EVENTS (Notes)	9 Months Ended
SUBSEQUENT EVENTS (Notes)	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Events [Text Block]	SUBSEQUENT EVENTS

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($) region	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of regions in which company sells products \| region	3
Credit card receivables	$ 1,900		$ 1,900
Cash and cash equivalents held in foreign bank accounts	3,800		11,300
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Restricted cash	1,800		1,400
Accounts receivable, net of allowance	149		218
Other assets	7,277		8,439
Deposits for building leases	1,300		1,300
Fair trade commission deposits	2,100		2,300
Indefinite lived intangible assets	200		200
Notes payable	300		300
Notes payable, current portion	303		263
Other long-term liabilities	4,172		5,026
Accrued lease restoration costs	300		300
Defined benefit plan obligation	200		200
Deferred commissions	1,779		2,476
Amortization of deferred commissions	800
Deferred revenue	3,949		5,106
Deferred revenue, revenue recognized during the period	1,800
Loyalty deferred revenue, ending balance	$ 2,892
Percentage of sale returns	1.50%
Accrued expenses	$ 7,547	$ 7,500	7,510
Accrued Employee Benefits, Current	2,100		1,400
Non-inventory accrual, current	1,700		2,800
Other Accrued Liabilities, Current	1,200		700
Accrued expenses	7,547	$ 7,500	7,510
Other Assets, Current	7,300		8,400
Allowance for doubtful accounts	1,315		1,000
Accrued Professional Fees, Current	800		1,000
Accounts receivable, allowance for doubtful accounts	1,315		973
Accounts Receivable, Allowance for Credit Loss, Period Increase (Decrease)	344
Accounts Receivable, Allowance for Credit Loss, Recovery	(2)
South Korea
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Net assets	$ 26,200		$ 21,300
Software Tools
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	3 months
Associate Fees
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	12 months

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Cash And Cash Equivalents, Resticted Cash And Restricted Cash Equivalents [Roll Forward]
Cash and cash equivalents	$ 7,928	$ 13,777		$ 24,185
Restricted Cash and Cash Equivalents, Current	938	944		944
Restricted Cash and Cash Equivalents, Noncurrent	821	476		503
Cash, cash equivalents and restricted cash	$ 9,687	$ 15,197	$ 16,471	$ 25,632

SHAREHOLDERS' EQUITY - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands					3 Months Ended				9 Months Ended
	Jun. 15, 2023	May 25, 2023	Mar. 16, 2023	Mar. 05, 2023	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2022	Jun. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Common Stock
Treasury Stock, Shares, Acquired					6,058		46,332		13,454	77,743
Common stock, par value (in dollars per share)					$ 0.0001				$ 0.0001		$ 0.0001
Common stock, shares outstanding (in shares)					1,860,154		1,874,930		1,860,154	1,874,930	1,858,800
Dividends [Abstract]
Dividend payable per share (in dollars per share)		$ 0.20		$ 0.20
Dividends paid	$ 400		$ 400
Treasury Stock, Value, Acquired, Cost Method					$ 78	$ 98	$ 928	$ 643

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
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-Subparagraph (b)
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Publisher FASB
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 946
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+ Details

FAIR VALUE (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Fair value, assets measured on recurring basis

The table below presents the recorded amount of financial assets measured at fair value (in thousands) on a recurring basis as of September 30, 2023 and December 31, 2022.


September 30, 2023	Level 1		Level 2		Level 3		Total
Assets
Money Market Funds – JPMorgan Chase, US	$	1,701	$	—	$	—	$	1,701
Interest bearing deposits – various banks	$	1,198	—		—		$	1,198
Total assets	$	2,899	$	—	$	—	$	2,899
Amounts included in:
Cash and cash equivalents	$	1,701	$	—	$	—	$	1,701
Restricted cash	674		—		—		674
Long-term restricted cash	524		—		—		524
Total	$	2,899	$	—	$	—	$	2,899


December 31, 2022	Level 1		Level 2		Level 3		Total
Assets

Interest bearing deposits – various banks	$	3,855	—		—		$	3,855
Total assets	$	3,855	$	—	$	—	$	3,855
Amounts included in:
Cash and cash equivalents	$	3,014	$	—	$	—	$	3,014
Restricted cash	680		—		—		680
Long-term restricted cash	161		—		—		161
Total	$	3,855	$	—	$	—	$	3,855

CONSOLIDATED STATEMENTS OF OPERATIONS - (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 32,553	$ 35,513	$ 99,261	$ 102,873
Cost of sales	6,625	7,416	21,042	22,427
Gross profit	25,928	28,097	78,219	80,446
Operating expenses:
Commissions and incentives	13,178	14,242	40,200	41,487
Selling and administrative expenses	6,946	6,656	20,619	20,479
Depreciation and amortization expense	450	716	1,224	1,349
Other operating costs	5,182	5,126	16,245	14,886
Total operating expenses	25,756	26,740	78,288	78,201
Income (loss) from operations	172	1,357	(69)	2,245
Interest (expense) income, net	(17)	19	(3)	57
Other income, net	320	287	803	288
Income before income taxes	475	1,663	731	2,590
Income tax provision	(457)	(472)	(1,214)	(571)
Net income (loss)	$ 18	$ 1,191	$ (483)	$ 2,019
Income (loss) per common share:
Basic (in dollars per share)	$ 0.01	$ 0.62	$ (0.26)	$ 1.05
Diluted (in dollars per share)	$ 0.01	$ 0.61	$ (0.26)	$ 1.01
Weighted-average common shares outstanding:
Basic (in shares)	1,863	1,906	1,868	1,932
Diluted (in shares)	1,863	1,949	1,868	2,017

Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Lessor, Lease, Description [Line Items]
Finance and Operating Lease Assets	$ 4,985	$ 4,831
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year	524
Finance Lease, Liability, Payments, Remainder of Fiscal Year	89
Lessee, Operating Lease, Liability, Payments, Due in Rolling Year Two	1,795
Lessee, Operating Lease, Liability, Payments, Due Year Three	1,115
Finance Lease, Liability, Payments, Due Year Three	337
Finance Lease, Liability, Payments, Due Year Four	327
Lessee, Operating Lease, Liability, Payments, Due Year Five	719
Finance Lease, Liability, Payments, Due Year Five	327
Lessee Operating Lease Liability Payments Due After Year Six	917
Finance Lease, Liability, Payments, Due after Year Five	405
Lessee, Operating Lease, Liability, Payments, Due	5,070
Finance Lease, Liability, Payment, Due	1,485
Lessee, Operating Lease, Liability, Undiscounted Excess Amount	(402)
Finance Lease, Liability, Undiscounted Excess Amount	(191)
Operating Lease, Liability	4,668
Finance Lease, Liability	1,294
Finance and Operating Lease Liabilities	5,962	5,902
Operating Leases, Future Minimum Payments Receivable, Thereafter	(187)
Operating Leases, Future Minimum Payments Receivable	(616)
Operating Leases, Future Minimum Payments Receivable, in Two Years	(132)
Operating Leases, Future Minimum Payments Receivable, in Three Years	(132)
Operating Leases, Future Minimum Payments Receivable, in Four Years	(132)
Operating Leases, Future Minimum Payments Receivable, Current	$ (33)
Operating Lease, Weighted Average Remaining Lease Term	3 years 6 months
Operating Lease, Weighted Average Discount Rate, Percent	4.60%
Finance Lease, Weighted Average Remaining Lease Term	4 years 5 months 1 day
Finance Lease, Weighted Average Discount Rate, Percent	6.50%
Property, Plant and Equipment, Type [Domain]
Lessor, Lease, Description [Line Items]
Finance Lease, Right-of-Use Asset	$ 1,311	182
Accrued Expenses [Member]
Lessor, Lease, Description [Line Items]
Operating Lease, Liability, Current	1,698	1,600
Current portion of capital leases [Member]
Lessor, Lease, Description [Line Items]
Finance Lease, Liability, Current	272	61
Other longterm liabilities [Member]
Lessor, Lease, Description [Line Items]
Operating Lease, Liability, Noncurrent	2,970	4,153
Finance Lease, Liability, Noncurrent	1,022	88
Other Assets [Member]
Lessor, Lease, Description [Line Items]
Operating Lease, Right-of-Use Asset	$ 3,674	$ 4,649

LITIGATION	9 Months Ended
LITIGATION	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
LITIGATION	LITIGATION Litigation in General The Company has incurred several claims in the normal course of business. The Company believes such claims can be resolved without any material adverse effect on its consolidated financial position, results of operations, or cash flows. The Company maintains certain liability insurance; however, certain costs of defending lawsuits are not covered by or only partially covered by its insurance policies, including claims that are below insurance deductibles. Additionally, insurance carriers could refuse to cover certain claims, in whole or in part. The Company accrues costs to defend itself from litigation as they are incurred. The outcome of litigation is uncertain, and despite management’s views of the merits of any litigation, or the reasonableness of the Company’s estimates and reserves, the Company’s financial statements could nonetheless be materially affected by an adverse judgment. The Company believes it has adequately reserved for the contingencies arising from current legal matters where an outcome was deemed to be probable, and the loss amount could be reasonably estimated. No legal reserve was deemed necessary at September 30, 2023.

- Definition

The entire disclosure for loss and gain contingencies. Describes any existing condition, situation, or set of circumstances involving uncertainty as of the balance sheet date (or prior to issuance of the financial statements) as to a probable or reasonably possible loss incurred by an entity that will ultimately be resolved when one or more future events occur or fail to occur, and typically discloses the amount of loss recorded or a range of possible loss, or an assertion that no reasonable estimate can be made.

+ References + Details

STOCK-BASED COMPENSATION - Recognized Compensation Expense (Details) - Stock Options - 2017 Plan - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total gross compensation expense	$ 8	$ 11	$ 36	$ 66
Total tax benefit associated with compensation expense	2	2	8	15
Total net compensation expense	6	$ 9	28	$ 51
Total gross unrecognized compensation expense
Six months ending December 31, 2018	8		8
2019	17		17
2020	3		3
Tax benefit associated with unrecognized compensation expense
Six months ending December 31, 2018	2		2
2019	4		4
2020	1		1
Total net unrecognized compensation expense
Six months ending December 31, 2018	6		6
2019	13		13
2020	$ 2		$ 2