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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-K

(Mark One)

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, ~~2023~~2024

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____ to ____

Commission File Number: 000-55181

Twinlab Consolidated Holdings, Inc.

(Exact name of registrant as specified in its charter)

Nevada	46-3951742
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
4800 T-Rex Avenue, Suite 225
304 Indian Trace #438
Boca Raton, Florida	33431
Weston, Florida	33326
(Address of principal executive offices)	(Zip Code)

(561) 443-4301

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol	Name of each exchange on which registered

Securities registered pursuant to Section 12(g) of the Act:

Common Stock

(Title of Class)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ~~☒ No~~ ☐ No ☒

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒☐ No ☐☒

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer", "smaller reporting company," and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☐
		Smaller reporting company	☒
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262 (b)) by the registered public accounting firm that prepared or issued its audit report. ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

The aggregate market value of common stock held by non-affiliates of the registrant at June 30, ~~2023~~2024 was $31,~~257~~018,~~773~~ 614 (computed by reference to the high/low price on such date).

The number of shares of common stock, $0.001 par value, outstanding on March 152, ~~2024~~2026 was 259,092,833 shares.

DOCUMENTS INCORPORATED BY REFERENCE

None.

TABLE OF CONTENTS

		Page No.
PART I		4
Item 1.	Business.	6
Item 1A.	Risk Factors.	13
Item 1B.	Unresolved Staff Comments.	2223
Item 1C.	Cybersecurity.	2223
Item 2.	Properties.	2224
Item 3.	Legal Proceedings.	2224
Item 4.	Mine Safety Disclosures.	2224
PART II		2325
Item 5.	Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.	2325
Item 6.	Reserved.	2325
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.	2325
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk.	3031
Item 8.	Financial Statements and Supplementary Data.	3031
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.	3031
Item 9A.	Controls and Procedures.	3031
Item 9B.	Other Information.	3133
Item 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.	3133
PART III		3234
Item 10.	Directors, Executive Officers and Corporate Governance.	3234
Item 11.	Executive Compensation.	3436
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.	3739
Item 13.	Certain Relationships and Related Transactions, And Director Independence.	3840
Item 14.	Principal Accountant Fees and Services.	3941
PART IV		4042
Item 15.	Exhibits and Financial Statement	4042
Item 16.	Form 10-K Summary.	5153
SIGNATURES		5254

PART I

FORWARD-LOOKING STATEMENTS

Statements in this Annual Report on Form 10-K ("Report" or "10-K") that are not descriptions of historical facts are forward-looking statements that are based on management's current expectations and assumptions and are subject to risks and uncertainties. If such risks or uncertainties materialize or such assumptions prove incorrect, our business, operating results, financial condition and stock price could be materially negatively affected. In some cases, you can identify forward-looking statements by terminology including "anticipates," "believes," "can," "continue," "could," "estimates," "expects," "intends," "may," "plans," "potential," "predicts," "should," "will," "would" or the negative of these terms or other comparable terminology. Factors that could cause actual results to differ materially from those currently anticipated include those set forth in the section titled "Risk Factors" including, without limitation, risks relating to:

•

our need for substantial additional funds in order to continue our operations, and the uncertainty of whether we will be able to obtain the funding we need to continue as a going concern;

• we may file for bankruptcy protection, or an involuntary petition for bankruptcy may be filed against us, and a bankruptcy filing would subject our business and operations to various risks; • the departures of executive offices and directors and our ability to recruit and retain new executive officers and directors;

•

volatile conditions in the capital, credit and commodities markets and in the overall economy;

•

public health threats or outbreaks of communicable diseases could have a material adverse effect on the Company’s operations and financial results;

•

our ability to protect our intellectual property rights that are valuable to our business, including trademark and other intellectual property rights;

•

our dependence on third-party manufacturers, suppliers, distributors and other potential commercial partners;

• our ability to obtain favorable credit terms from material suppliers and other commercial partners; • transactions with related parties may not be on arm's-length terms, which could result in higher expenses or lower revenue than comparable transactions with third parties; • our leases, including our ability to assign or cancel such leases or find a mutually agreeable solution with any of our landlords, where there is a dispute or claim between the parties;

•

the size and growth of the potential markets for our products, and the rate and degree of market acceptance of any of our products;

•

competition in our industry;

•

regulatory developments in the United States and foreign countries;

•

consumer perception of our products due to adverse scientific research or findings, regulatory investigations, litigation, national media attention and other publicity regarding nutritional supplements;

•

potential slow or negative growth in the vitamin, mineral and supplement market;

` • increases in the cost of borrowings or unavailability of additional debt or equity capital, or both;

•

our dependency on retail stores for sales;

•

the loss of significant customers;

•

compliance with new and existing federal, state, local or foreign legislation or regulation, or adverse determination by regulators anywhere in the world (including the banning of products) and, in particular, Food and Drug Administration Good Manufacturing Practices ("cGMP"), Dietary Supplement Health and Education Act of 1994 ("DSHEA"), Food Safety Modernization Act ("FSMA") and California's Safe Drinking Water and Toxic Enforcement Act of 1986 ("Proposition 65") in the United States, the Natural Health Products Regulations in Canada, the Food Supplements Directive and Traditional Herbal Medicinal Products Directive (the "Herbal Products Directive") in Europe and greater enforcement by any such federal, state, local or foreign governmental entities;

•

material product liability claims and product recalls;

•

our inability to obtain or renew insurance, or to manage insurance costs;

•

international market exposure and compliance with anti-corruption laws in the U.S. and foreign jurisdictions;

•

difficulty entering new international markets;

•

legal proceedings initiated by regulators in the U.S. or abroad;

•

unavailability of, or our inability to consummate, advantageous acquisitions in the future, or our inability to integrate acquisitions into our business;

•

loss of certain third-party suppliers;

•

the availability and pricing of raw materials;

•

disruptions in manufacturing operations that produce nutritional supplements and loss of manufacturing certifications;

•

increased competition and failure to compete effectively;

•

our inability to respond to changing consumer preferences;

•

interruption of business or negative impact on sales and earnings due to acts of God, acts of war, weather, sabotage, terrorism, bioterrorism, civil unrest or disruption of delivery service;

•

work stoppages at our facilities or any supplier;

•

increased raw material, utility, and fuel costs;

•

fluctuations in foreign currencies, including, in particular, the Euro, the Canadian Dollar and the Chinese Renminbi;

•

interruptions in information processing systems and management information technology, including system interruptions and security breaches;

•

our failure to maintain and/or upgrade our information technology systems;

•

our exposure to, and the expense of defending and resolving, product liability claims, intellectual property claims and other litigation;

•

our failure to maintain effective controls over financial reporting;

•

other factors disclosed in this Report; and

•

other factors beyond our control.

We operate in a very competitive and rapidly changing environment and new risks emerge from time to time. As a result, it is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this Report may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance or events and circumstances reflected in the forward-looking statements will be achieved or occur. Moreover, neither we nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements. The forward-looking statements included in this Report speak only as of the date hereof, and except as required by law, we undertake no obligation to update publicly any forward-looking statements for any reason after the date of this Report to conform these statements to actual results or to changes in our expectations.

Item 1.

Business.

General Development of Business

Twinlab Consolidated Holdings, Inc. (references to “we”, “our”, “us”, the “company”, or “TCH”) was incorporated on October 24, 2013 under the laws of the State of Nevada.

In September 2014, TCH became a holding company with the completion of a Plan of Merger (“Merger”) between Twinlab Consolidation Corporation (“TCC”) and a subsidiary of TCH with TCC surviving the Merger as a wholly-owned subsidiary of TCH. Our operational focus redirected to TCC which, through its operating subsidiaries, developed, manufactured, and marketed high-quality, science-based nutritional supplements, as well as through our consolidation strategy of additional acquisitions and integration of acquired companies, as more fully described below under "Business Strategy." As part of such strategy, following the Merger, we focused significantly on successfully obtaining funding for and completing two acquisitions for which TCC had acquired options prior to the Merger, and which, in combination with the TCC operating businesses acquired in the Merger, form the foundation for our consolidation and growth strategy. The first was the acquisition of the customer relationships of Nutricap Labs, LLC ("Nutricap"), a provider of dietary supplement contract manufacturing services, into our subsidiary NutraScience Labs, Inc. (sometimes referred to herein as "NutraScience" or "NSL") on February 6, 2015. The second was the acquisition of 100% of the equity interests of Organic Holdings, LLC ("Organic Holdings"), a market leader in the healthy aging and beauty from within categories and owner of the award-winning Reserveage™ Nutrition brand, on October 5, 2015. With this acquisition, we significantly expanded our brand portfolio through the addition of a market leader for resveratrol and collagen supplements in the expanding healthy aging and beauty from within categories. The addition of innovative new brands and concepts is what ties together the TCC family of brands.

TCC was incorporated on October 1, 2013 in the state of Delaware. TCC was formed to affect a consolidation strategy in the fragmented vitamin, mineral, herbal and other nutritional supplements sectors of the health and wellness industry (the "H&W Industry"). Since TCC's formation, we have executed on this strategy to capitalize on the opportunity for consolidation that we believe exists in the H&W Industry.

In August 2014, TCC acquired Idea Sphere Inc., a Michigan corporation ("Idea Sphere"), and its subsidiaries. Also in August 2014, the name of Idea Sphere was changed to Twinlab Holdings, Inc. (“THI”), which is a holding company that owns and operates Twinlab Corporation, Inc., a marketer of high-quality, science-based nutritional supplements under a number of brand names.

THI was incorporated on April 10, 2001. In November 2005, THI completed the acquisition of Metabolife International, Inc. and its subsidiary Alpine Health Products, LLC. Through this acquisition, THI expanded its presence in the diet and energy category. In September 2006, THI acquired the assets of Cole Water Company, LLC ("Cole Water"), which owned an aquifer with a recharging spring of naturally calcium-enriched water. This transaction included the acquisition of real property at 51 Strawtown Pike, Peru, Indiana that holds the natural aquifer as well as a bottling facility. Cole Water has marketed calcium-enriched water under a number of brand names. In December 2013, THI discontinued operations of its water products line. The facility was later sold in March 2020.

~~We maintain our principal executive offices at 4800 T-Rex Avenue, Suite 225, Boca Raton, Florida, which we moved in September 2021.~~ TCC's wholly owned subsidiaries are THI, NutraScience, NutraScience Labs IP Corporation, and Organic Holdings. THI's wholly owned subsidiaries are Twinlab Corporation (sometimes referred to herein as "Twinlab"), which markets nutritional supplements under its own brands and for others, and ISI Brands, Inc. ("ISI"), which holds title to the intellectual property used in the marketing activities of Twinlab Corporation. Organic Holdings' wholly owned operating subsidiaries are CocoaWell, LLC, Fembody, LLC, InnoVitamin Organics, LLC, Joie Essance, LLC, Organics Management LLC d/b/a Reserveage Nutrition, Re-Body, LLC, Reserve Life Organics, LLC, ResVitale, LLC, Reserve Life Nutrition, L.L.C., and Innovita Specialty Distribution LLC. Reserveage Nutrition and ResVitale, LLC, both market nutritional supplements under their own respective brands. Reserveage Nutrition also markets a line of skincare products. InnoVitamin Organics, LLC, holds title to the intellectual property used in the marketing activities of Reserveage Nutrition and ResVitale, LLC.

In Q3the third quarter of 2023, due to a history of operating losses associated with the private label distributions business under the NSL brand name, the Company ~~has~~ decided to cease operations associated with NSL. As such, NutraScience's fixed assets ~~are~~were determined to have minimal economic value to the Company and ~~are~~were disposed of through abandonment concurrently with the ceased operation.

For convenience in this report, the terms "Company," "we" and "us" may be used to refer to Twinlab Consolidated Holdings, Inc. and/or its subsidiaries, except where indicated otherwise, and the term "TCC" may be used to refer to Twinlab Consolidation Corporation and/or its subsidiaries.

Business Overview

General

We are a marketer, distributor, and direct-to-consumer retailer of branded nutritional supplements and other natural products sold to and through domestic health and natural food stores, mass market retailers, specialty store retailers, on-line retailers, and websites. Internationally, we market and distribute branded nutritional supplements and other natural products to and through health and natural product distributors and retailers.

Through NutraScience Labs we also provided services between private label distributors and contract manufacturers. Our services business involved the facilitation of manufacture of custom products to the specifications of a customer who required finished products under the customer’s own brand name. We did not market these private label products as our business was to sell the products to the customer, who then marketed and sold the products to retailers or end consumers. The operations performed under NutraScience Labs ceased with the abandonment of operations ~~that began in July 2023~~.

Business Strategy

We target consumers searching for high quality nutritional supplements and other natural products. We believe many of these consumers shop in sales channels that offer meaningful education, service, and support to their customers.

The primary channel that offers this type of support to consumers in the United States has been the Specialty and Health and Natural Food channel ("HNF"). Our primary focus and strength has been, and remains on, this channel. This strategy has enabled us to benefit from the growth of the HNF channel. The HNF channel consists of approximately 35,500 retailers, including (i) independent health and natural food stores, (ii) health and natural food stores affiliated with local, regional and national health and natural food chains (including health and natural food store chains, such as Whole Foods Market, and vitamin store chains, such as The Vitamin Shoppe and Vitamin World) and (iii) GNC stores. The HNF channel principally caters to our primary target consumers: those who desire product education, service and high-quality nutritional supplements and other natural products.

We develop, market and distribute our branded products, particularly the Twinlab®, Reserveage™, ResVitale®, Alvita® and Metabolife® brands. We market our branded products through a combination of our own sales force and independent brokers. We continue to seek out partners that have strong customer relationships, reach into our target channels and have acted to realign our independent broker network to gain market share. We believe the key to the strength of our brands and market position is innovation, as we seek to be a market leader in the development of new and innovative products. We believe that we benefit more from greater customer and product diversification than many of our competitors due to our research and development, and sales and marketing capabilities.

We also believe that consumers seeking high quality products are also purchasing them through other channels, such as health care practitioners and direct to consumer channels. We continue to seek opportunities to reach our target consumers through these and additional channels.

An integral part of our business strategy has been to acquire, integrate and operate businesses in the natural products industry that manufacture, market and distribute branded nutritional supplements. We believe that the consolidation and integration of these acquired businesses provides ongoing financial and operational synergies through increased scale and market penetration, as well as strengthened customer relationships. Our near-term focus is on harnessing the respective strengths of our existing businesses, while continuing to seek longer-term opportunities that will either strengthen our product offering, and/or expand our distribution and geographic reach.

Industry

We believe that the wellness and beauty market reached its present size due to a number of factors, including (i) interest in immune health due to the pandemic as well as living longer and living well, (ii) the publication of research findings supporting the positive health effects of certain nutritional supplements, and (iii) the growth of the wellness conscious millennial population, combined with the aging of the "Baby Boom" and "Gen X" generations making a mindful choice to purchase more nutritional supplements and natural foods.

Products

We formulate and market nutritional supplements. Our products include vitamins, minerals, resveratrol, collagen, keratin, skincare and sports nutrition products primarily under the Twinlab®, Reserveage™ and ResVitale® brands. We also market and sell diet and energy products under the Metabolife® brand and a full line of herbal teas under the Alvita® brand. To accommodate consumer preferences, our products come in various formulations and delivery forms, including capsules, tablets, softgels, chewables, stick packs, liquids, and powders.

We currently market our products through a multiple brand strategy to offer more customer choice and to encourage retailers to allocate additional shelf space to our brands. We have worked to enhance the strength of our brands by instituting business strategies that have included (i) consolidating our product assortment to focus on top selling, profitable products, (ii) engaging independent brokers to support sales across the United States, (iii) conducting cost savings initiatives to identify opportunities for improved margin, (iv) reviewing competitive product pricing to make recommendations for market pricing alignment and (v) completing product certifications to increase our competitive position. We believe our current portfolio of products resonates well with target consumers and retailers and provides us with significant competitive differentiation.

Sales, Marketing and Promotion

Our marketing and sales efforts are directed to promote demand for our products by educating retailers, who in turn educate their customers, on the quality and attributes of our natural nutritional supplements and other products. Our branded products are sold globally, and our primary market is the United States where our key sales channel is HNF. We believe that our products are attractive to HNF retailers due to factors such as the strength of our brand names, the breadth of our product offerings, the quality and efficacy of our products and the availability of service, sales support and educational materials. We have developed numerous Internet sites (including www.alvita.com, www.metabolife.com, www.reserveage.com, www.resvitale.com, and www.twinlab.com) that provide information about our branded lines and the various products within each brand. We have included our Internet sites here and elsewhere only as an inactive textual reference. The information contained on our Internet sites are not incorporated by reference into this Report.

Sales

We employ a sales force dedicated to each of the individual sales channels in which we sell our products. The dynamics and buying patterns of the various channels require strategic initiatives and tactics. Our sales strategy includes several models that are applied to best serve the respective channels where our products are sold:

	(i)	Direct sales representatives regularly meet with their assigned customers in their respective areas to assist in the procurement of orders for products, provide related product sales assistance and introduce new products to buyers.
	(ii)	We also engage an independent broker network, where we leverage their particular expertise and relationships with customers.
	(iii)	Additionally, our products are sold through the sales force of distributors who carry select product lines.

Marketing and Promotion

TCC markets to consumers shopping through numerous sales channels and online e-tailers. Each channel demands a different approach that meets its distinctive needs. The following is a brief overview of the channels in which we market our varied brands:

Sales Channel Specifics Specialty Retailers who specialize in supplements (i.e., The Vitamin Shoppe,; ~~Vitamin World~~ and GNC) Health and Natural Foods Health and Natural Food retailers such as Whole Foods and Sprouts to small health food stores and their associated online platforms Food, Drug and Mass Market Retailers ranging from national and regional grocery to ‘big box’ stores (such as Target) and their associated online platforms Direct to Consumer Company owned and operated websites eTailers Online e-tailers, ~~ranging~~such ~~from~~as Amazon ~~to Vitacost~~, whose primary store is digital International Distributors found in the countries in which we currently do business

Marketing Efforts by Brand

Reserveage™ Nutrition

Reserveage™ Nutrition uses consistent messaging to emphasize our use of premium and traceable ingredients that are backed by published clinical studies. The brand takes a 360-degree marketing approach to drive sales to our retail partners. The focus is to grow brand awareness and increase sales directed at both the retail community and our end consumers.

Marketing strategies for Reserveage™ Nutrition include two main initiatives: 1) introduce new users to our core categories – anti-aging and beauty from within – through innovation and expanded categories, product trial, advertising and promotional programs and 2) increase in-store education through dedicated brand ambassadors in strategic markets.

Marketing and promotional efforts for Reserveage™ Nutrition focus on both trade and consumer tactics:

Public Relations/Influencers – Outreach to media and influencers has resulted in features and reviews in online and print media channels. This channel is especially important in our beauty from within line of products, where online influencers can both positively or negatively affect the success of a product.

Sampling – Many products are immediately experiential either because of their taste or effect. We use samples and retail demo programs to allow for trial and education of our products. These are generally conducted in-store using our own brand ambassadors or third-party representatives.

Retail Activation – Utilizing on-shelf promotional tactics, including coupons and associate engagement tools, to generate awareness and differentiate our brand.

Consumer and Trade Print Ads – Print advertising is coordinated with product introductions.

Digital/Social Activation - Target and retarget prospective consumers through search engine optimization, search engine marketing, and social media campaigns.

ResVitale®

The ResVitale® brand of dietary supplements is marketed and sold to GNC and online. Marketing strategies for the ResVitale® brand include two main initiatives: 1) to introduce new users to our core categories – anti-aging and beauty from within – through awareness campaigns and product trial and 2) to increase in-store education in strategic markets.

Twinlab® Brand Vitamins

Twinlab® is a heritage brand of vitamins that has been in the market for over 50 years and carries a great deal of brand awareness amongst health and natural food consumers. Twinlab® is predominantly sold in HNF, eTailers and Internationally.

Marketing strategies for Twinlab® include two main initiatives: 1) awareness and trial of key existing products and 2) awareness, trial and education for new products.

Marketing and promotional efforts for Twinlab® focus on both trade and consumer tactics:

Public Relations and Bloggers – Outreach to media and blogger influencers has resulted in features and reviews in online and print media channels.

Retailer Promotions – In-store promotional programs can drive consumer awareness when they are making purchase decisions.

Consumer and Trade Print Ads – Print advertising is coordinated with product introductions.

Trade Shows – Retailer relations and new product launches are the main areas of focus during trade shows. Display and promotion of products at several industry trade shows annually is a key component of support for Twinlab®.

Alvita® Teas

Started in 1922, Alvita® Teas is an herbal therapeutic tea line with a rich history and loyal customer base. The herb alfalfa, long known for its beneficial nutrients, was packaged in tea bags and sold to an emerging health food market. This product became known as Alvita®. After reaching 100 years, Alvita® has become the oldest herbal tea brand. Today, Alvita® has more than 30 single ingredient high potency teas, each with distinct health benefits. Each tea is committed to third party certifications and offers the purity standards of Organic, Gluten-free, non-GMO, caffeine free and Kosher certifications.

Marketing tactics for Alvita® include retailer promotions, coupons and trade show participation.

NutraScience Labs, Inc.

NutraScience Labs helped dietary supplement companies bring high-quality formulations to the market by delivering best-in-class, turnkey manufacturing, packaging design, and fulfillment services “under one roof”. Marketing activities for NutraScience Labs focused on promoting the services it offered with a focus on acquiring new customers through digital marketing and trade media and not advertising of products. The services performed under NutraScience Labs ceased with the abandonment of operations that began in July 2023.

Research and Development; Quality Assurance

We have a commitment to research and development (“R&D”) and to introducing innovative products to correspond with consumer trends and scientific research. We believe that product quality and innovation are fundamental to our long-term growth and success. Through our R&D and quality assurance ("QA") efforts, as well as our relationships with select and current Good Manufacturing Practices (“cGMPs”) audited contract manufacturing partners, we seek to (i) test the safety, purity and potency of products, (ii) develop testing methods for ensuring and verifying the consistency of the dosage of ingredients included in our products, (iii) develop new, more effective product delivery forms and (iv) develop new products either by combining existing ingredients used in dietary supplements or identifying new ingredients that can be used in dietary supplements. Our efforts are designed to lead not only to the development of new and improved products, but also to ensure effective manufacturing quality assurance measures.

We conduct research and formulation aspects of R&D in-house, and also work with contract manufacturers and third-party laboratories to perform testing and other aspects of R&D. We currently employ various professionals in R&D and quality assurance with expertise in, among other things, nutrition, herbal medicine, and chemistry.

Our quality assurance and safety programs seek to ensure the safety and superior quality of our products and that they are manufactured in accordance with cGMPs. We have always had a focus on safety, quality, efficacy and compliance with law. We always conduct a comprehensive cGMP audit to qualify a contract manufacturer before conducting business with them.

Significant Customers

Sales to our top three customers aggregated to approximately 3153% and 2132% of total consolidated sales in ~~2023~~2024 and ~~2022~~2023, respectively. Sales to one of those customers were approximately 1524% and 815% of total sales in ~~2023~~2024 and ~~2022~~2023, respectively. Accounts receivable from these customers were approximately 3362% and 2842% of total accounts receivable as of December 31, ~~2023~~2024 and ~~2022~~2023, respectively.

Manufacturing

Our products are manufactured by highly qualified third-party providers located primarily in the U.S. These contract manufacturers do business with us under both short- and long-term contracts depending on our needs. We do not manufacture any of the basic materials used in packaging (bottles, boxes, shipping cartons, caps, tamper resistant films, etc.). We believe that increasing manufacturing capabilities through our contract manufacturer partners provides us with competitive advantages.

In 2018, we transitioned out of manufacturing in the Company’s Utah manufacturing facility and leveraged the supply chain of the Company’s subsidiary, NutraScience Labs., and third-party logistics providers. This allows us to utilize exclusive technologies and processes that contribute to product innovation, while still providing the high-quality products our customers know us for. The services performed under NutraScience Labs ceased with the abandonment of operations that began in July 2023.

Materials and Suppliers

We employ a supply chain staff that works with marketing, product development, formulations and quality assurance personnel to oversee contract manufacturers and source raw materials for products as well as other items purchased by us. Raw materials are sourced by a variety of domestically and internationally approved suppliers principally from the United States, Europe and China. We believe our relationships with our principal suppliers are good. Our top two suppliers accounted for 1832% of our purchases for the year ended December 31, ~~2023~~2024. Whenever possible, we have adopted dual sourcing for raw materials to mitigate the impact of raw materials shortages that happen from time to time.

Government Regulation

The formulation, manufacturing, packaging, labeling, advertising, distribution and sale of our products are subject to regulation by a number of United States federal agencies, including the Food and Drug Administration ("FDA"), the Federal Trade Commission ("FTC"), the Consumer Product Safety Commission ("CPSC"), the United States Department of Agriculture (“USDA”), Department of Labor Occupational Safety and Health Agency (“OSHA”), Department of Homeland Security Customs and Boarder Protection (“CBP”), Department of Transportation (“DOT”), and the Environmental Protection Agency (“EPA”), by various governmental agencies for the states and localities in which our products are sold, and by governmental agencies in countries outside the United States in which our products are sold.

The FDA regulates the formulation, manufacturing, packaging, labeling, distribution and sale of food, including dietary supplements, cosmetics, and over-the-counter ("OTC") drugs. The FTC regulates the advertising of these products. Federal agencies, primarily the FDA and the FTC, have a variety of procedures and enforcement remedies available to them, including initiating investigations, issuing warning letters and cease-and-desist orders, requiring corrective labeling or advertising, requiring consumer redress, seeking injunctive relief or product seizures, imposing civil penalties or commencing criminal prosecution. In addition, certain state agencies have similar authority.

The Dietary Supplement Health and Education Act (“DSHEA”) was enacted in 1994, amending the Federal Food, Drug, and Cosmetic Act (“FDCA”). Dietary ingredients marketed in the United States before October 15, 1994 may be marketed without the submission of a "new dietary ingredient" premarket notification to the FDA. New dietary ingredients, with some exceptions not marketed in the United States before October 15, 1994, are required to be submitted to the FDA at least seventy-five days before marketing. In addition, dietary ingredients and applicable excipients on the FDA’s GRAS list (Generally Regarded As Safe) may be included in dietary supplement formulations. Among other things, DSHEA prevents the FDA from regulating dietary ingredients in dietary supplements as "food additives" and allows the use of statements of structure function claims on product labels and in labeling, so long as those statements do not constitute disease claims and are truthful and sufficiently substantiated. Some of our products are also regulated as conventional foods under the Nutrition Labeling and Education Act of 1990 (“NLEA”).

The FDA issued a Final Rule on GMPs (Good Manufacturing Practices) for dietary supplements in June 2007. The GMPs cover manufacturers, packagers, labelers, distributors, and holders of finished dietary supplement products, including dietary supplement products manufactured outside the United States that are imported for sale into the United States. Among other things, these GMPs require identity testing on all incoming dietary ingredients, call for a "scientifically valid system" for ensuring finished products meet all specifications, include requirements related to process controls such as statistical sampling of finished batches for testing and requirements for written procedures and require extensive recordkeeping.

The Food Allergen Labeling and Consumer Protection Act of 2004 ("FALCPA") addresses, among other issues, the labeling of foods (including dietary supplements) that contain certain food allergens. Under FALCPA, a "major food allergen" is an ingredient that contains protein derived from one of the following: milk, egg, fish, Crustacean shellfish, tree nuts, wheat, peanuts or soybeans.

The Dietary Supplement and Nonprescription Drug Consumer Protection Act went into effect in December 2007. The law requires, among other things, that companies that manufacture or distribute nonprescription drugs or dietary supplements report serious adverse events allegedly associated with their products to the FDA and institute recordkeeping requirements for all adverse events (serious and non-serious).

The Consumer Product Safety Improvement Act of 2008 ("CPSIA") primarily addresses children's product safety but also improves the administrative process of the CPSC. Among other things, the CPSC/CPSIA impact on dietary supplements is principally in requirements for use of child resistant closures, performance validation of such closures, and requirements for packaging and labeling of iron-containing products. The CPSIA also requires testing and certification of certain products and enhances the CPSC's authority to order recalls.

The FDA Food Safety Modernization Act ("FSMA"), enacted in January 2011, amended the FDCA to significantly enhance the FDA's authority over various aspects of food regulation. The FSMA granted the FDA mandatory recall authority when the FDA determines there is a reasonable probability that a food is adulterated or misbranded and that the use of, or exposure to, the food will cause serious adverse health consequences or death to humans or animals. Other changes include, but are not limited to, the FDA's expanded access to records; the authority to suspend food facility registrations and require high risk imported food to be accompanied by a certification; stronger authority to administratively detain food; the authority to refuse admission of an imported food if it is from a foreign establishment to which a U.S. inspector is refused entry for an inspection; and the requirement that importers verify that the foods they import meet domestic standards.

Although dietary supplement facilities are exempt from preventive controls requirements, dietary ingredient facilities might not qualify for the exemption. FDA's proposed preventative controls regulations would require that facilities develop and implement preventive controls to assure that identified hazards are significantly minimized or prevented, monitor the effectiveness of the preventive controls, and maintain numerous records related to those controls.

California Proposition 65 (“Prop 65”) is particularly impactful and imposing among state regulations. Its impact on product formulations, testing, and labeling are extensive and significant. Because of national brand distribution, the impact of Prop 65 is far reaching. TCC has several Prop 65 consent agreements that afford compliance protections.

The sale of our products in countries outside the United States is regulated by the governments of those countries. Our plans to commence or expand sales in those countries may be prevented or delayed or even suspended by such regulations or regulators in those countries. In countries in which we have distributors, compliance with such regulations is generally undertaken by our distributors, but even in these cases we often cooperate by providing information to distributors. In the case of Canada, TCC complies with Health Canada’s Natural Health Products Directorate (“NHPD”) with “site licensing” of the TCC manufacturing plant and registration of products.

Competition

Health and Natural Foods

The Natural Products Market and the Vitamin, Minerals, and Supplements Market (the “VMS Market”) are highly competitive. Our principal competitors in the VMS Market that sell to the health and natural foods channel include a number of large, nationally-known brands (such as Bluebonnet, Country Life, Enzymatic Therapy, Garden of Life, Jarrow Formulas, Natural Factors, Nature's Plus, Nature's Way, Nordic Naturals, Now Foods, New Chapter and Solgar) and many smaller brands, manufacturers and distributors of nutritional supplements. Because both the health and natural foods market and the VMS Market generally have low barriers to entry, additional competitors enter the market regularly.

Private label products of our customers also provide competition to our products. Whole Foods Market, The Vitamin Shoppe, Sprouts Farmers Market, Natural Grocers and many health and natural food stores also sell a portion of their offerings under their own private labels. Private label products are often sold at a discount to branded products.

We believe that stores in the HNF channel are increasingly likely to align themselves with those companies that offer a wide variety of high-quality products, have a loyal consumer base, support their brands with strong marketing and education programs and provide consistently high levels of customer service. We believe that we compete favorably with other nutritional supplement companies because of our comprehensive line of products and brands, premium brand names, commitment to quality, ability to rapidly introduce innovative products, competitive pricing, strong and effective sales force, distribution strategy and sophisticated marketing and promotional support. The wide variety and diversity of the forms, potencies and categories of our products are important points of differentiation between us and many of our competitors.

Mass Market

Metabolife® is our primary focus in the mass market retail channel. It is possible that as an increasing number of companies (or brands) sell nutritional supplement products and other natural products in the mass market channels, such as Pharmavite (Nature Made), KKR & Co. L.P. (Nature's Bounty), Reckitt Benckiser Group (Schiff), Hain Celestial and Church & Dwight, our mass market brands will be negatively impacted. In addition, several major pharmaceutical companies continue to offer nutritional supplement lines in the mass market channel, including Pfizer (Centrum) and Bayer (One-A-Day).

Intellectual Property

We own numerous trademarks that have been registered with the United States Patent and Trademark Office and have filed applications to register additional trademarks. In addition, we claim domestic trademark and service mark rights in numerous additional marks that we use. We own a number of trademark registrations in countries outside the United States. Federally registered trademarks in the United States have a perpetual life, as long as they are maintained and renewed on a timely basis and used properly as trademarks, subject to the rights of third parties to seek cancellation of the trademarks if they claim priority or confusion of usage. Most foreign trademark offices use similar trademark renewal processes. Additionally, we hold several patents that have been registered with the United States Patent and Trademark Office and may file additional applications. We regard our trademarks, patents and other proprietary rights as valuable assets and believe they make a significant positive contribution to the marketing of our products.

We protect our legal rights concerning our intellectual property by taking appropriate legal action. We rely on common law trademark rights to protect our unregistered trademarks. Common law trademark rights do not provide us with the same level of protection as afforded by a United States federal registration of a trademark. In addition, common law trademark rights are limited to the geographic area in which the trademark is actually used. We have registered and intend to register certain trademarks in certain limited jurisdictions outside the United States where our products are sold, but we may not register all or even some of our trademarks in every country in which we conduct business or intend to conduct business.

We sell many products that include patented ingredients. We purchase these ingredients from parties that we believe are licensed by the patent owner to sell and manufacture goods with the patent ingredients. However, there are a large number of patents that have been granted or applied for in the dietary supplement industry, and there may be an increased possibility that third parties will seek to compel us and our competitors to purchase their "patented ingredients" directly from them under threat that patent ingredient we properly obtain, infringes on their patent rights. We generally obtain indemnification from the patent owner through separate end user licensing agreements to increase our protection from these third parties or “non-practicing entities,” should they try to enforce such claim through litigation. The cost of these patented ingredients is typically higher than the cost of non-patented ingredients.

Employees

As of March 153, ~~2024~~2026, we had approximately 176 full-time employees and 1 part-time employee. As of December 31, 2024, we had approximately 7 full-time employees and no part-time employees. None of our employees are represented by a labor union or covered by a collective bargaining agreement. We consider our relationship with our employees to be good.

Item 1A. Risk Factors

Our business, financial condition, results of operations, cash flows, prospects, and the prevailing market price and performance of our common stock may be adversely affected by a number of factors, including the matters discussed below. Certain statements and information set forth in this Annual Report on Form 10-K, including without limitation statements regarding our strategic initiatives and expectations for the future performance of our business, as well as other written or oral statements made from time to time by us, constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact, including statements that describe our objectives, plans, or goals, are, or may be deemed to be, forward-looking statements. Known and unknown risks, uncertainties, and other factors may cause our actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by these statements. The risks, uncertainties, and other factors that our stockholders and prospective investors should consider include the following:

Bankruptcy Risks

We may file for bankruptcy protection, or an involuntary petition for bankruptcy may be filed against us.

As described throughout this Form 10-K, we have a substantial amount of debt and we are currently in default under various debt agreements as well as obligations under various lease agreements. If we are unable to extend or refinance our debt and negotiate settlements or alternative lease agreements, or if our debt is accelerated due to a default by us, our assets may not be sufficient to repay our debt and obligations in full, and our available cash flow may not be adequate to maintain our current operation. Under those circumstances, or if we believe those circumstances are likely to occur, we may be required to seek protection under court supervision pursuant to a voluntary bankruptcy filing under Chapter 11 of the U.S. Bankruptcy Code. In addition, under certain circumstances creditors may file an an involuntary petition for bankruptcy against us.

If we file for bankruptcy protction, our business and operations will be subject to certain risks.

A bankruptcy filing under Chapter 11 of the U.S. Bankruptcy Code would subject our business and operations to various risks, including but not limited to, the following:

	●	our suppliers may attempt to cancel our contracts or restrict ordinary credit terms, require financial assurances of performance or refrain entirely from shipping goods;
	●	our employees may become distracted from performance of their duties or more easily attracted to other career opportunities;
	●	the coordination of a bankruptcy filing and operating under protection of the bankruptcy court would involve significant costs, including expenses of legal counsel and other professional advisors;
	●	we may have difficulty continuing to obtain and maintain contracts necessary to continue our operations and at affordable rates with competitive terms;
	●	we may have difficulty maintaining existing and building new relationships;
	●	transactions outside the ordinary course of business would be subject to the prior approval of the Bankruptcy Court, which may limit our ability to respond timely to certain events or take advantage of certain opportunities;
	●	we may not be able to obtain court approval or such approval may be delayed with respect to motions made in the bankruptcy proceedings;
	●	we may be unable to retain and motivate key executives and associates through the process of a Chapter 11 reorganization, and we may have difficulty attracting new employees;
	●	there can be no assurance as to our ability to maintain or obtain sufficient financing sources for operations or to fund any reorganization plan and meet future obligations;
	●	the value of our common stock could be affected as a result of a bankruptcy filing.

As with any judicial proceeding, a Chapter 11 proceeding (even if there is a pre-packaged or pre-arranged plan of reorganization) involves the potential for significant delays in reaching a final resolution. In a Chapter 11 proceeding, there are risks of delay with the confirmation of the plan of reorganization and there are risks of objections from certain stakeholders, including any creditors that vote to reject the plan, that could further delay the process and potentially cause a plan of reorganization to be rejected by the court. Any material delay in the confirmation of a Chapter 11 proceeding would compound the risks described above and add substantial expense and uncertainty to the process.

Market and Channel Risks

Geopolitical issues, conflicts and other global events could adversely affect our results of operations and financial condition.

Our business is subject to global political issues and conflicts. Such political issues and conflicts could have a material adverse effect on our results of operations and financial condition if they escalate in areas in which we do business or to the extent that they impact the global macroeconomic systems. In addition, changes in and adverse actions by governments in foreign markets in which we do business could have a material adverse effect on our results of operations and financial condition. For example, the continuing conflict arising from the Russian invasion into Ukraine, and the ongoing conflict in the Middle East, could adversely impact macroeconomic conditions, give rise to regional instability and result in heightened economic tariffs, sanctions and import-export restrictions from the U.S. and the international community in a manner that adversely affects us, our financial condition, results of operations, cash flows and performance.

1314

Adverse economic conditions related to the COVID-19 pandemic or future pandemic may harm our business.

Inflation and other changes in economic conditions related to the ongoing COVID-19 pandemic, and the future outbreak of other highly infectious or contagious diseases, could materially and adversely impact or disrupt our financial condition, results of operations, cash flows and performance.

The COVID-19 pandemic ~~has~~ had, and another pandemic in the future could have, repercussions across regional and global economies and financial markets. The outbreak of COVID-19 in many countries, including the United States, ~~has~~ significantly adversely impacted global economic activity and ~~has~~ contributed to significant volatility and negative pressure in financial markets. The global impact of the outbreak ~~has been rapidly evolving and, as cases of COVID-19 have continued to be identified~~ in ~~additional countries,~~ many countries, including the United States, ~~have~~resulted ~~reacted~~in ~~by instituting~~ quarantines, ~~mandating~~ business and school closures, and ~~restricting~~restrictions on travel.

Certain states and cities, including where our principal place of business is located, reacted by instituting quarantines, restrictions on travel, “shelter in place” rules, and/or restrictions on types of business that may continue to operate. While these restrictions have been lifted ~~or significantly curtailed~~, the Company cannot predict if future impacts of COVID-19, including the emergence of new variants, will lead to the reinstitution of similar restrictions or the implementation of new restrictions. The COVID-19 pandemic ~~has~~had negatively impacted almost every industry directly or indirectly, including industries in which the Company and our customers and business partners operate. The effects of an ongoing period of remote work, could strain our business continuity plans, introduce operational risk, including but not limited to cybersecurity risks, and impair our ability to manage our business. The COVID-19 pandemic, or a future pandemic, could also have material and adverse effects on our ability to successfully operate and on our financial condition, results of operations and cash flows due to, among other factors:

● the potential negative impact on the health of our personnel, particularly if a significant number of them are impacted, could result in a deterioration in our ability to ensure business continuity during this disruption; ● a complete or partial closure of, or other operational issues at our third-party logistics provider (“3PL”) resulting from government action; ● the reduced economic activity severely impacts our customers' businesses, financial condition and liquidity and may cause one or more of our customers to be unable to meet their obligations to us in full, or at all, or to otherwise seek modifications of such obligations; ● the reduced economic activity could result in a prolonged recession, which could negatively impact consumer discretionary spending and lead to reduced demand for our products and a decrease in sales; ● difficulty accessing debt and equity capital on attractive terms, or at all, impacts to our credit ratings, and a severe disruption and instability in the global financial markets or deteriorations in credit and financing conditions may affect our access to capital necessary to fund business operations or address maturing liabilities on a timely basis and our customers' ability to fund their business operations and meet their obligations to us; ● the financial impact of ~~the~~a ~~COVID-19~~ pandemic could negatively impact our future compliance with financial covenants of our ~~credit facility and other~~ debt agreements and result in a default and potentially an acceleration of indebtedness, which non-compliance could negatively impact our ability to make additional borrowings ~~under our revolving credit facility~~; ● any impairment in value of our tangible or intangible assets that could be recorded as a result of a weaker economic conditions; and ● a deterioration in our or our customers' ability to operate in affected areas or delays in the supply of products or services to us or our customers from vendors that are needed for our or our customers’ efficient operations could adversely affect our operations and those of our customers.

The extent to which the COVID-19 pandemic or another pandemic in the future may impact our operations and those of our customers will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures, among others. Any future closures by our customers of their stores could reduce our cash flows.

Our success is linked to the size and growth rate of the vitamin, mineral and supplement market and an adverse change in the size or growth rate of that market could have a material adverse effect on us.

An adverse change in the size or growth rate of the vitamin, mineral and supplement market could have a material adverse effect on us. Underlying market conditions are subject to change based on economic conditions, consumer preferences, the impact of wide spread health concerns or pandemics and other factors that are beyond our control, including media attention and scientific research, which may be positive or negative.

1415

Because a substantial portion of our sales are to or through health food stores, we are dependent to a large degree upon the success of this channel as well as the success of specific retailers in the channel.

We sell primarily in the United States and, in this market, a significant portion of our sales are through health food stores. Because of this, we are dependent to a large degree upon the success of that channel as well as the success of specific retailers in the channel. There are some large chains of health food stores, such as Whole Foods Market and The Vitamin Shoppe, but many health food stores are individual stores or very small chains. We rely on these health food stores to purchase, market, and sell our products. A fair portion of our success is dependent, to a large degree, on the growth and success of the health and natural foods channel, which is outside our control. There can be no assurance that the health and natural foods channel will be able to grow or prosper as it faces price and service pressure from other channels, including the mass market. There can be no assurance that retailers in the health and natural foods channel, in the aggregate, will respond or continue to respond to our stated loyalty to this channel.

We are highly dependent upon consumers' perception of the safety and quality of our products as well as similar products distributed by other companies in our industry, and adverse publicity and negative public perception regarding particular ingredients or products or our industry in general could limit our ability to increase revenue and grow our business.

Decisions about purchasing made by consumers of our products may be affected by adverse publicity or negative public perception regarding particular ingredients or products or our industry in general. This negative public perception may include publicity regarding the legality or quality of particular ingredients or products in general or of other companies or our products or ingredients specifically. Negative public perception may also arise from regulatory investigations, regardless of whether those investigations involve us. We are highly dependent upon consumers' perception of the safety and quality of our products as well as similar products distributed by other companies. Thus, the mere publication of reports asserting that such products may be harmful could have a material adverse effect on us, regardless of whether these reports are scientifically supported. Publicity related to nutritional supplements may also result in increased regulatory scrutiny of our industry and/or the ~~healthy~~health foods industry. Adverse publicity may have a material adverse effect on our business, financial condition and results of operations. There can be no assurance of future favorable scientific results and media attention or of the absence of unfavorable or inconsistent findings.

We face intense competition from competitors that are larger, more established and that possess greater resources than we do, and if we are unable to compete effectively, we may be unable to maintain sufficient market share to sustain profitability.

Numerous manufacturers and retailers compete actively for consumers. There can be no assurance that we will be able to compete in this intensely competitive environment. In addition, nutritional supplements can be purchased in a wide variety of channels of distribution. These channels include mass market retail stores and the Internet. Because these markets generally have low barriers to entry, additional competitors could enter the market at any time. Private label products of our customers also provide competition to our products. Additional national or international companies may seek in the future to enter or to increase their presence in the ~~healthy~~health foods industry or the vitamin, mineral and supplement market. Increased competition in either or both could have a material adverse effect on us.

The nutritional supplement industry increasingly relies on intellectual property rights and although we seek to ensure that we do not infringe the intellectual property rights of others, there can be no assurance that third parties will not assert intellectual property infringement claims against us, which claims may result in substantial costs and diversion of management and other resources and could have a material adverse effect on our business, financial condition and operating results. Our inability to acquire, protect or maintain our intellectual property could harm our ability to compete or grow.

Recently it has become more and more common for suppliers and competitors to apply for patents or develop proprietary technologies and processes. We seek to ensure that we do not infringe the intellectual property rights of others, but there can be no assurance that third parties will not assert intellectual property infringement claims against us. These developments could prevent us from offering or supplying competitive products or ingredients in the marketplace. They could also result in litigation or threatened litigation against us related to alleged or actual infringement of third-party rights. If an infringement claim is asserted or litigation is pursued, we may be required to obtain a license of rights, pay royalties on a retrospective or prospective basis or terminate our manufacturing and marketing of our products that are alleged to have infringed. Litigation with respect to such matters could result in substantial costs and diversion of management and other resources and could have a material adverse effect on our business, financial condition and results of operations. We have numerous United States and foreign trademarks and service marks. There can be no assurance that the protection afforded by these trademarks and service marks will provide us with a competitive advantage or that we will be able to assert our intellectual property rights in infringement actions.

1516

We may be affected adversely by future increases to utility and fuel costs.

Future increases in fuel costs may affect our results of operations adversely in that consumer traffic to health and natural food stores may be reduced and the costs of our sales may increase as we incur higher fuel costs in connection with ~~our manufacturing operations and~~ the transportation of goods from our warehouse and distribution facilities to health and natural food stores. Also, increases in oil costs can affect the cost of our raw materials and components and the competitive environment in which we operate may limit our ability to recover higher costs resulting from future increases in fuel prices.

Business Strategy and Operational Risks

If we are unable to retain key personnel and members of our Board of Directors, our ability to manage our business effectively could be negatively impacted.

Key management employees of the company and its subsidiaries include ~~Kyle~~Anthony ~~Casey~~Zolezzi as ~~the Interim~~ Chief Executive Officer and Chairman and Kyle Casey as Chief Financial Officer. ~~This~~These key management ~~employee~~employees isare primarily responsible for our day-to-day operations, and we believe our success depends in part on our ability to retain ~~him~~them and to continue to attract additional qualified individuals to our management team. We have experienced several resignations from management and the Board of Directors in 2022, including Craig Fabel who served as the Chief Executive Officer,. In 2023 Daniel DiPofi who previously served as Chief Executive Officer, and B. Thomas Golisano and Seth Ellis who were members of the Board of Directors resigned. In 2025, David L. Van Andel resigned from him position on the Board of Directors. The loss or limitation of the services of any of our key management employees or members of our Board of Directors or the inability to attract additional qualified management personnel could have a material adverse effect on our business, financial condition and results of operations.

As a part of our business strategy, we have completed and may pursue acquisitions in the future that could disrupt our operations and harm our operating results.

An element of our historical business strategy ~~includes~~has included expanding our product offerings, gaining shelf-space and gaining access to new skills and other resources through strategic acquisitions when attractive opportunities arise. Acquiring additional businesses and the implementation of other elements of our business strategy are subject to various risks and uncertainties. Some of these factors are within our control and some are outside our control. These risks and uncertainties include, but are not limited to, the following:

	•	any acquisition may result in significant expenditures of cash, stock and/or management resources,
	•	acquired businesses may not perform in accordance with expectations,
	•	we may encounter difficulties, delays and costs with the integration of the acquired businesses,

	•	we may be unable to achieve the anticipated operating and cost synergies or long-term strategic benefits we expect,
	•	management's attention may be diverted from other aspects of our business,
	•	we may face unexpected problems entering geographic and product markets in which we have limited or no direct prior experience,
	•	we may lose key employees of acquired or existing businesses,
	•	we may incur liabilities and claims arising out of acquired businesses,
	•	we may be unable to obtain financing,
	•	we may incur indebtedness or issue additional capital stock which could be dilutive to holders of our common stock, and
	•	we may acquire a substantial amount of goodwill and other intangible assets as a result of acquisitions and as a result, we may experience in the future impairments of goodwill or other intangible assets.

There can be no assurance that attractive acquisition opportunities will be available to us, that we will be able to obtain financing (on acceptable terms or at all) for or otherwise consummate any future acquisitions, including those described above, or that any acquisitions which are consummated will prove to be successful. There can be no assurance that we can successfully execute all aspects of our business strategy.

1617

Because we depend on outside suppliers with whom we may not have long-term agreements for raw materials, we may be unable to obtain adequate supplies of raw materials for our products at favorable prices or at all, which could result in product shortages and back orders for our products, with a resulting loss of net sales and profitability.

We acquire all our raw materials for the manufacture of our products from third-party suppliers. Currently, we rely on third-party co-packers for our products; our reliance on them has increased as the result of winding down our Utah manufacturing facility in 2018. We have selective agreements for the continued supply of materials and products. Several of our products contain one or more ingredients that may only be available from a single source or supplier. Any of our suppliers could discontinue selling to us at any time. In certain situations, we may be required to alter our products or substitute different materials from different alternative sources. Our suppliers or government regulators may interpret new regulations (including cGMP regulations) in such a way as to cause a disruption in our supply chain as these parties undertake increased scrutiny of raw materials and components of raw materials and products, causing certain suppliers or us to discontinue, change or suspend the sale of certain ingredients or components. Although we believe that we could establish alternate sources for most of these materials, any delay in locating and establishing relationships with other sources could result in product shortages and back orders for the products, with a resulting loss of net sales and profitability. We are also subject to delays associated with raw materials. These can be caused by conditions not within our control, including:

	•	burdensome tariffs,
	•	weather,
	•	crop conditions,
	•	transportation interruptions,
	•	strikes by supplier employees, and
	•	natural disasters, pandemics or other catastrophic events.

These factors could result in a delay in or disruption of the supply of certain raw materials. Any significant delay in or disruption of the supply of raw materials could have a material adverse effect upon us.

We rely on our information systems to conduct our business, and any failure to protect these systems against security breaches or failure of these systems themselves could adversely affect our business, results of operations and liquidity and could result in litigation and penalties. If these systems fail or become unavailable for any significant period of time, our business could be harmed. Additionally, the inappropriate use of social media vehicles could harm our reputation and adversely impact our business.

The efficient operation of our business is dependent on computer hardware and software systems. Among other things, these systems collect and store certain personal information from customers, vendors and employees and process customer payment information. Our information systems and those maintained by our third-party vendors and the sensitive data they are designed to protect are vulnerable to security breaches by computer hackers, cyber terrorists and other cyber attackers. Cyber attacks are expected to accelerate on a global basis and threats are increasingly sophisticated in using techniques and tools, including artificial intelligence, that are designed to circumvent security controls and evade detection. We rely on industry accepted security measures and technology to securely maintain confidential and proprietary information maintained on our information systems, and we rely on our third-party vendors to take appropriate measures to protect the confidentiality of the information on those information systems. However, these measures and technology may not adequately prevent security breaches. Our information systems may become unavailable or fail to perform as anticipated for any reason, including viruses, loss of power or human error. Any significant interruption or failure of our information systems or those maintained by our third-party vendors or any significant breach of security could adversely affect our reputation with our customers, vendors and employees and could adversely affect our business, results of operations and liquidity and could result in litigation against us or the imposition of penalties. A significant interruption, failure or breach of the security of our information systems or those of our third-party vendors could also require us to expend significant resources to upgrade the security measures and technology that guard sensitive data against computer hackers, cyber terrorists and other cyber attackers.

1718

Additionally, we rely on search engine marketing and social media platforms to attract and retain customers as part of our marketing efforts. A variety of risks are associated with the use of social media, including the improper disclosure of proprietary information, negative comments about our company and our products, exposure of personally identifiable information, fraud, or outdated information. The inappropriate use of social media vehicles by our customers or employees could increase our costs, lead to litigation or result in negative publicity that could damage our reputation.

To the extent that we currently rely on third-party manufactures, now and in the future, we are dependent upon the uninterrupted and efficient operation of those third-party facilities, which may experience power failures, the breakdown, failure or substandard performance of equipment, the improper installation or operation of equipment, natural disasters, pandemic outbreaks or other disasters and the need to comply with the requirements or directives of government agencies, including the FDA.

We are dependent upon the uninterrupted and efficient operation of our third-party manufacturing partners. Those operations may experience power failures, the breakdown, failure or substandard performance of equipment, the improper installation or operation of equipment, natural disasters, pandemic outbreaks or other disasters and the need to comply with the requirements or directives of government agencies, including the FDA. There can be no assurance that the occurrence of these or any other operational problems at our facility would not have a material adverse effect on our business, financial condition and results of operations.

We are currently a party to a lawsuit and may become a party to additional lawsuits that arise in the ordinary course of business in the future.

We ~~may~~are currently a party to a lawsuit and may become a party to additional lawsuits that arise in the ordinary course of business in the future. We are currently a party to a lawsuit filed in state court in Florida by our landlord in connection with our lease for the property in St. Petersburg, Florida. As described in this Form 10-K, the landlord alleges we have breached the terms of the lease and is seeking damages in the amount of approximately $963,000. As of the date of this filing, we have not responded to the complaint. It is possible that our failure to respond to the complaint will result in a default judgement against us or alternatively that any response to the compliant or future actions on our part to defend against this litigation will be unsuccessful and result in an adverse judgment against us. Such a default or adverse judgment count result in the imposition of material damages and other costs and have a material adverse effect on us. The possibility of ~~such~~additional litigation, and its timing, is in large part outside our control. It is possible that future litigation could arise that could have material adverse effects on us.

If our goodwill or intangible assets become impaired, we may be required to record a significant charge to earnings.

Under generally accepted accounting principles, we review our amortizable intangible assets for impairment when events or changes in circumstances indicate the carrying value may not be recoverable. Goodwill and indefinite-lived intangible assets are tested for impairment at least annually. Factors that may indicate that the carrying value of our goodwill or intangible assets may not be recoverable include a decline in stock price and market capitalization, reduced future cash flow estimates and slower growth rates in our industry. ~~During~~Due to the ~~fourth~~nature ~~quarter~~and size of ~~fiscal~~our ~~2023~~remaining assets, ~~we completed our~~ annual impairment ~~test~~testing ofwas ~~goodwill~~not ~~and~~performed ~~intangible~~in ~~assets~~2023 ~~and~~or 2024, nor ~~recognized~~was an impairment loss ~~charges, see~~ recognized. See Note 5 in the Notes to Consolidated Financial Statements included in this report.

We may need additional capital in the future to finance our operations and to execute our business strategy, which we may not be able to raise, or it may only be available on terms unfavorable to us and or our stockholders. This may result in our inability to fund our working capital requirements and harm our operational results.

Our current cash on hand is insufficient to fund our operations beyond the next twelve months. We believe that cash flows from operations and other committed sources of additional liquidity will be sufficient to fund our operations in the ordinary course of business. However, if we experience extraordinary expenses or other events beyond our control, we will need to raise additional funds to continue our operations.

Additional financing might not be available on terms favorable to us, or at all. The economic impact of world events and inflation could make it more difficult or challenging to obtain additional financing or adversely affect the favorability of the terms of any available financing. If adequate funds were not available or were not available on acceptable terms, our ability to fund our operations, take advantage of unanticipated opportunities, develop, or enhance our business or otherwise respond to competitive pressures would be significantly limited.

Changes in accounting standards, especially those that relate to management estimates and assumptions, are unpredictable and may materially impact how we report and record our financial condition.

Our accounting policies and methods are fundamental to how we record and report our financial condition and results of operations. Some of these policies require use of estimates and assumptions that may affect the value of our assets or liabilities and financial results and are critical because they require management to make difficult, subjective and complex judgments about matters that are inherently uncertain. From time to time the Financial Accounting Standards Board ("FASB") and the Securities and Exchange Commission (the "SEC") change the financial accounting and reporting standards that govern the preparation of our financial statements. In addition, accounting standard setters and those who interpret the accounting standards (such as the FASB, the SEC, banking regulators and our outside auditors) may change or even reverse their previous interpretations or positions on how these standards should be applied. These changes can be hard to predict and can materially impact how we record and report our financial condition and results of operations. In some cases, we could be required to apply a new or revised standard retroactively, resulting in our restating prior period financial statements.

1819

Because of our history of accumulated deficits, recurring losses and negative cash flows from operating activities, we must improve profitability and may be required to obtain additional funding if we are to continue as a "going concern."

We had recurring net operating losses in fiscal year ~~2023~~2024. We had negative working capital at the end of fiscal year ~~2023~~2024 and ~~2022~~2023. As of December 31, ~~2023~~2024, and ~~2022~~2023, our accumulated deficit was $~~370~~379.16 million and $~~356~~370.41 million, respectively. These factors raise substantial doubt about our ability to continue as a going concern. The financial statements included with this report do not include any adjustments that might result from the outcome of this uncertainty. In order for us to remove substantial doubt about our ability to continue as a going concern, we must achieve profitability, generate positive cash flows from operating activities and obtain necessary debt or equity funding.

Our financial statements have been prepared on a going concern basis, which assumes continuity of operations and realization of assets and liabilities in the ordinary course of business. Our independent registered public accounting firm has issued its report dated March 193, ~~2024~~2026, which includes an explanatory paragraph stating that our recurring losses, among other things, raise substantial doubt about our ability to continue as a going concern. It has been necessary to rely upon debt and the sale of our equity securities to sustain operations. Our management anticipates that we may require additional capital over the next 12 months to fund ongoing operations. There can be no guarantee that we will be able to obtain such funds, or obtain them on satisfactory terms, and that such funds would be sufficient.

We are a fully remote company that does not maintain a physical office presence, which subjects us to unique operational risks.

Being a fully remote company subjects us to unique operational risks. For example, technologies in our employees' homes may not be as robust as in a corporate office, and could cause the networks, information systems, applications, and other tools available to employees and service providers to be more limited or less reliable than in a corporate office. Further, the security systems in place at our employees' homes may be less secure than those used in a corporate office, and whole we have implemented technical and administrative safeguards to help protect our systems as our employees and service providers work from home, we may be subject to increased cybersecurity risk, which could expose us to risks of data or financial loss and could disrupt our business operations. There is no guarantee that the data security and privacy safeguards we have put in place will be completely effective or that we will not encounter risks associated with employees accessing Company data and systems remotely. In addition, operating remotely may negatively impact our corporate culture, including employee engagement and productivity.

Regulatory, Product Liability and Insurance Risks

Our products are subject to government regulation, both in the United States and abroad, which could increase our costs significantly and limit or prevent the sale of our products.

The manufacture, packaging, labeling, advertising, promotion, distribution and sale of our products are subject to regulation by numerous national and local governmental agencies in the United States and other countries. The primary regulatory bodies in the United States are the FDA and FTC, and we are also subject to similar regulatory bodies in all the countries in which we do business. Failure to comply with regulatory requirements may result in various types of penalties or fines. These include injunctions, product withdrawals, recalls, product seizures, fines and criminal prosecutions. Individual U.S. states also regulate nutritional supplements. A state may seek to interpret claims or products presumptively valid under federal law as illegal under that state's regulations. For example, in February 2015, the New York Attorney General issued cease and desist letters to several national retailers regarding certain herbal supplements and since that time both the New York Attorney General and other states Attorneys General have engaged in inquiries regarding the manufacture and sale of various supplements, and pursuant to such inquiries could seek to take actions against industry participants or amend applicable regulations in their State. In markets outside the United States, we are usually required to obtain approvals, licenses, or certifications from a country's ministry of health or comparable agency, as well as labeling and packaging regulations, all of which vary from country to country. Approvals or licensing may be conditioned on reformulation of products or may be unavailable with respect to certain products or product ingredients. Any of these government agencies, as well as legislative bodies, can change existing regulations, or impose new ones, or could take aggressive measures, causing or contributing to a variety of negative consequences, including:

	•	requirements for the reformulation of certain or all products to meet new standards,
	•	the recall or discontinuance of certain or all products,
	•	additional record keeping,
	•	expanded documentation of the properties of certain or all products,
	•	expanded or different labeling,
	•	adverse event tracking and reporting, and
	•	additional scientific substantiation.

Any or all of these requirements could have a material adverse effect on us. There can be no assurance that the regulatory environment in which we operate will not change or that such regulatory environment, or any specific action taken against us, will not result in a material adverse effect on us.

If we experience regulatory investigations or product recalls, we may incur significant and unexpected costs, and our business reputation could be adversely affected.

We may be exposed to regulatory investigations or product recalls and adverse public relations if our products are alleged to cause injury or illness, or if we are alleged to have violated governmental regulations. A regulatory investigation or product recall could result in substantial and unexpected expenditures, which would reduce operating profit and cash flow. In addition, a regulatory investigation or product recall may require significant management attention. Regulatory investigations and product recalls may hurt the value of our brands and lead to decreased demand for our products. Regulatory investigations or product recalls also may lead to increased scrutiny by federal, state or international regulatory agencies of our operations and increased litigation and could have a material adverse effect on our business, results of operations, financial condition and cash flows. Regulatory investigations or product recalls could also result in our incurring substantial costs, losing revenues and implementing a change in the design, manufacturing process or the indications for which our products may be used, each of which could harm our business.

We may experience product liability claims and litigation to prosecute such claims, and although we maintain product liability insurance, which we believe to be adequate for our needs, there can be no assurance that our insurance coverage will be adequate or that we will be able to obtain adequate insurance coverage in the future. In addition, we may be subject to consumer fraud claims, including consumer class action claims regarding product labeling and advertising, and litigation to prosecute such claims; these claims are generally not covered by insurance.

As a distributor of products for human consumption, we experience from time to time product liability claims and litigation to prosecute such claims. Additionally, the sale and distribution of these products involves the risk of injury to consumers as a result of tampering by unauthorized third parties or product contamination. We carry insurance coverage in the types and amounts that we consider reasonably adequate to cover the risks we face from product liability claims. If insurance coverage is inadequate or unavailable or premium costs continue to rise, we may face additional claims not covered by insurance, and claims that exceed coverage limits or that are not covered could have a material adverse effect on us. Moreover, liability claims arising from a serious adverse event may in addition to increasing our costs through higher insurance premiums and deductibles, may make it more difficult to secure adequate insurance coverage in the future. In addition, consumer fraud claims, including consumer class action claims regarding product labeling and advertising, are increasingly common as to food and dietary supplement products. Because insurance is generally hard to obtain for such claims, these claims could have a material adverse effect on us. A product liability claim, regardless of its merit or ultimate outcome, could result in:

	•	injury to our reputation,
	•	decreased demand for our products,
	•	diversion of management’s attention,
	•	a change in the design, manufacturing process or the indications for which our marketed products may be used,
	•	loss of revenue, and
	•	an inability to commercialize product candidates.

We may be required to indemnify our contract manufacturing and/or retailer customers, the payment of which could have a material adverse effect on our business, financial condition and operating results.

We provide certain rights of indemnification to our contract manufacturing customers. In the past we have had a claim tendered to us to defend approximately forty putative class actions alleging primarily that two products failed to contain sufficient active ingredients to meet label claims. We accepted such tender subject to a reservation of various rights and vigorously ~~defend~~defended these cases. The matter culminated in a confidential settlement with the plaintiffs, which did not have a material adverse effect on our financial condition/results of operations or cash flows or liquidity at that time; however, any litigation involves risk and is inherently unpredictable. If any plaintiff is successful in certifying a class and thereafter prevailing on the merits of their complaint, such an adverse result could have a material adverse effect on us. In addition, due to the nature and scope of the indemnity and defense we will likely need to provide, the legal fees associated with such indemnification could be significant enough to have a material adverse effect on our cash flows until such matters are fully and finally resolved.

We may experience Lanham Act claims by competitors and litigation to prosecute such claims.

The Lanham Act empowers competitors to file suit regarding any promotional statements that the competitor believes to be false or misleading. If a competitor prevails, it could obtain monetary damages (including potentially treble damages and attorneys' fees). A court can also order corrective advertising, or even a product recall if the offending claims are found on the product's packaging and labeling. If we experience a Lanham Act claim filed against us, this could have a material adverse effect on us and on our products' reputation.

Risks Relating to Our Common Stock

Our common stock currently has very limited trading volume and holders of our securities may not be able to sell quickly any significant number of shares.

Our common stock is quoted on the OTC Markets PK ("OTCPK"). There has been very limited trading volume of our common stock. Because of this, holders of our securities may not be able to sell quickly any significant number of such shares, and any attempted sale of a large number of our shares will likely have a material adverse impact on the price of our common stock. The price per share of our common stock is subject to volatility and may be subject to rapid price swings in the future.

Because the trading price of our common stock is below $5.00 per share it is deemed a low-priced "Penny" stock and an investment in our common stock should be considered high risk and subject to marketability restrictions.

Since our common stock is a penny stock, as defined in Rule 3a51-1 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), it will be more difficult for investors to liquidate their investment even if and when a market develops for the common stock. Since the trading price of the common stock is below $5.00 per share, trading in the common stock will be subject to the penny stock rules of the Exchange Act. Those rules require broker-dealers, before effecting transactions in any penny stock, to:

	•	Approve the customer for the specific penny stock transaction and receive from the customer a written agreement to the transaction,
	•	Deliver to the customer, and obtain a written receipt for, a disclosure document describing risks of investing in penny stocks,
	•	Disclose certain recent price information about the stock,
	•	Disclose the amount of compensation received by the broker-dealer or any associated person of the broker-dealer,
	•	Send monthly statements to customers with market and price information about the penny stock, and
	•	In some circumstances, approve the purchaser's account under certain standards and deliver written statements to the customer with information specified in the rules.

Consequently, the penny stock rules may restrict the ability or willingness of broker-dealers to sell the common stock and may affect the ability of holders to sell their common stock in the secondary market and the price at which such holders can sell any such securities. These additional procedures could also limit our ability to raise additional capital in the future.

We have the ability to issue additional shares of our common stock and shares of preferred stock without asking for stockholder approval, which could cause your investment to be diluted.

Our Articles of Incorporation authorize the Board of Directors to issue up to 5,000,000,000 shares of common stock and 500,000,000 shares of preferred stock. The power of the Board of Directors to issue shares of common stock, preferred stock or warrants or options to purchase shares of common stock or preferred stock is generally not subject to stockholder approval. Shares of preferred stock could be given voting rights, dividend rights, liquidation rights or other similar rights superior to those of our shares of common stock. Additionally, any additional issuance of our common stock, or preferred stock that may be convertible into common stock, may have the effect of diluting your investment.

FINRA sales practice requirements may also limit a stockholder's ability to buy and sell our stock.

In addition to the "penny stock" rules described above, FINRA has adopted rules that require that in recommending an investment to a customer, a broker-dealer must have reasonable grounds for believing that the investment is suitable for that customer. Prior to recommending speculative low-priced securities to their non-institutional customers, broker-dealers must make reasonable efforts to obtain information about the customer's financial status, tax status, investment objectives and other information. Under interpretations of these rules, FINRA believes that there is a high probability that speculative low-priced securities will not be suitable for at least some customers. The FINRA requirements make it more difficult for broker-dealers to recommend that their customers buy our common stock, which may limit your ability to buy and sell our stock and have an adverse effect on the market for our shares.

Our controls and procedures may not timely institute proper controls, or compensating controls when necessary or our controls may fail, which may result in a material adverse effect on our business, financial condition and results of operations.

On May 14, 2021, the Company announced that an internal investigation had discovered that a recently terminated employee in the Company’s accounting department had been embezzling Company funds. The investigation indicated losses of approximately $500,000 occurring between 2016 and 2021. As a result of the findings of the investigation, the terminated employee returned the majority of the embezzled funds to the Company. The employee had taken advantage of a complex consolidation process between multiple enterprise resource planning ("ERP") systems, a lack of segregation of duties, weak internal controls, and a lack of managerial oversight. In the first quarter of 2021, the Company transitioned into a single ERP system which allows for establishment of increased segregation of duties and improvements of internal controls within the ERP system itself. Additionally, remediation of internal control weaknesses includes additional focus on managerial oversight and staffing changes within the accounting department.

Our management is responsible for establishing and maintaining adequate internal control over financial reporting. As defined in Exchange Act Rule 13a-15(f) and 15d-15(f), internal control over financial reporting is a process designed by, or under the supervision of, the principal executive and principal financial officer and effected by the board of directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles and includes those policies and procedures that: (i) pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the Company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company's assets that could have a material effect on the financial statements.

Concurrent with year-end reporting, under the supervision and with the participation of our management, including our ~~interim~~ chief executive officer and chief financial officer, we conducted an evaluation of the effectiveness of the overall design of our system of internal control over financial reporting based on the framework in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission 2013 (COSO). Under standards established by the Public Company Accounting Oversight Board of the United States, a material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis.

~~Management~~We ~~and~~have identified a material weakness in our ~~audit~~internal ~~committee~~control ~~will~~over ~~continue~~financial toreporting. The ~~monitor~~control deficiencies identified increase the ~~effectiveness~~risk ofthat errors in our ~~internal~~financial ~~controls~~reporting may occur and ~~procedures~~remain undetected. The ~~Other~~existence ~~than~~of asa ~~described~~material ~~above,~~weakness ~~there~~may ~~were~~also nonegatively ~~changes~~affect our business in ~~our~~other ~~internal~~ways. Investors ~~controls~~and ~~over~~potential financing sources may view the presence of material weaknesses as increasing the risk of inaccurate financial reporting, ~~during~~which ~~the~~can ~~year~~reduce ~~ended December~~their 31willingness to invest in our securities or extend credit on favorable terms. As a result, ~~2023 that~~our ~~have~~ability ~~materially~~to ~~affected~~raise capital, obtain debt financing, or ~~are~~maintain ~~reasonably~~existing ~~likely~~financing toarrangements ~~materially~~could ~~affect~~be adversely affected. In addition, ~~our~~the perception of weak internal controls ~~over~~may ~~financial~~negatively ~~reporting~~impact the market price of our common stock and investor confidence in our Company.

21An excess of a majority of our outstanding voting securities are beneficially owned by two individuals, and these two individuals can elect all directors who in turn elect all officers, without the votes of any other stockholders.

AnTwo stockholders ~~excess~~beneficially ofown aover ~~majority~~80% of our outstanding voting securities ~~are~~and, ~~beneficially~~accordingly, ~~owned~~have byeffective ~~two~~control ~~individuals,~~of us and ~~these~~may ~~two~~have ~~individuals~~effective ~~can~~control ~~elect~~of ~~all~~us ~~directors~~for ~~(except~~the ~~for~~near- ~~one~~and ~~director~~long-term ~~that~~future. ~~may~~Votes beof ~~appointed~~other bystockholders acan ~~lender~~have ~~pursuant~~little toeffect awhen ~~loan~~we ~~agreement)~~are ~~who~~managed inby ~~turn~~our ~~elect~~Board ~~all~~of Directors and operated through our officers, ~~without~~all ~~the~~of ~~votes~~whom ofcan ~~any~~be ~~other~~elected ~~stockholders~~by two individuals.

The Chairman of our Board of Directors and one other stockholder beneficially own over 80% of our outstanding voting securities and, accordingly, have effective control of us and may have effective control of us for the near- and long-term future. Votes of other stockholders can have little effect when we are managed by our Board of Directors and operated through our officers, all of whom can be elected by two individuals.

We do not expect to pay dividends in the near future.

We do not expect to declare or pay any dividends on our common stock in the foreseeable future. The declaration and payment in the future of any cash or stock dividends on the common stock will be at the discretion of our Board of Directors and will depend upon a variety of factors, including our ability to service our outstanding indebtedness, if any, and to pay dividends on securities ranking senior to the common stock, our future earnings, if any, capital requirements, financial condition and such other factors as our Board of Directors may consider to be relevant from time to time. Our earnings, if any, are expected to be retained for use in expanding our business.

Item 1B. Unresolved Staff Comments.

Not Applicable.

Item 1C.

Cybersecurity

We recognize the critical importance of maintaining the safety and security of our systems and data and have a holistic process for overseeing and managing cybersecurity and related risks. This process is supported by both management and our Board of Directors .

As of the date of this Form 10-K, the Company is not aware of any cybersecurity incidents that have materially affected or are reasonably likely to materially affect the Company, including its business strategy, results of operations, or financial condition and that are required to be reported in this Form 10-K.

Item 2.

Properties

We ~~occupy~~occupied approximately 1,500 rentable square feet on the 2nd floor of an office building in Boca Raton, Florida under a lease that ~~expires~~was scheduled to expire in October ~~2024~~2025. We ~~lease~~leased approximately 13,000 rentable square feet on the 3rd floor of office space within the same building of ~~our current office~~ in Boca Raton, Florida under a lease agreement that expires February 2026. OnThese ~~October~~leases 1,were ~~2021,~~forfeited weto ~~entered~~the ~~into~~landlord aon ~~sublease~~March ~~agreement~~26, ~~for the 3rd floor~~2025.

We ~~occupied~~had ~~certain~~possession of approximately 30,600 rentable square feet of office space, atevenly ~~NutraScience's~~split ~~offices~~between the 5th and 6th floor of an office building in ~~Farmingdale~~St. Petersburg, ~~New~~Florida ~~York~~ under a lease ~~agreement~~that is scheduled to expire on April 30, 2027. On December 1, 2019, we entered into a sublease for the 6th floor space that is scheduled to expire on April 2027, and on December 1, 2016, we entered into a sublease for the 5th floor space which expired on June 30, 2022. On November 14, 2025, we received a notice of default from counsel regarding this lease for overdue rent payments and the sublease was surrendered to the landlord. On December 10, as2025, ~~part~~the oflandlord filed a compliant for damages in the ~~abandonment of~~Circuit ~~operations,~~Court onfor ~~May~~the 12Sixth Judicial Circuit in and for Pinellas and Pasco Counties, ~~2023~~Florida, Civil Division. See Note 13 in the Notes to the Consolidated Financial Statements included in this report for a discussion of the notice of default and the lawsuit.

We ~~also~~do ~~occupied~~not ~~additional~~currently ~~space~~own ~~at NutraScience's facilities~~or inlease ~~Hauppauge~~any properties, ~~New~~but ~~York~~utilize ~~under~~ a ~~lease~~mailbox ~~agreement~~service ~~that~~in ~~was~~Weston, ~~forfeited~~ Florida to ~~the~~function ~~landlord,~~ as ~~part~~our ofmailing ~~the abandonment of operations, on September 30, 2023~~address.

We ~~had~~believe ~~possession~~that ofour ~~approximately~~lack ~~30,600 rentable square feet~~ of formal office space, ~~evenly~~is ~~split~~sufficient ~~between~~to ~~the~~meet ~~5th~~our ~~and~~current ~~6th~~needs ~~floor~~and ~~of an office building in St. Petersburg, Florida under a lease~~ that ~~expires~~suitable ~~April~~additional ~~30, 2027. On December 1, 2019, we entered into a sublease for the 6th floor~~ space ~~that~~will ~~expires~~be ~~April~~available ~~2027,~~as and onwhen ~~December 1, 2016, we entered into a sublease for the 5th floor space which expired on June 30, 2022~~needed. ~~Currently the Company is seeking new sub tenant opportunities to fill the 5th floor space.~~

We believe that our facilities are sufficient to meet our current needs and that suitable additional space will be available as and when needed.

TCH Properties

Twinlab Executive Offices (Marketing, Sales and Legal) Leased Boca Raton, Florida Additional Office Space Leased St. Petersburg, Florida

Item 3.

Legal Proceedings

~~The~~We ~~Company is~~are, from time to time, a party to legal proceedings that arise in the ordinary course of business. ~~We do not believe that the outcome of these matters will have a material adverse effect on the Company.~~

On November 14, 2025, counsel to First Central Tower Limited Partnership ("Landlord") remitted a notice of Default, Demand to Cure and for Acceleration of Rent to us seeing $979,885 in unpaid rent. We did not respond to this notice.

On December 10, 2025, the Landlord filed a complain for damages in the Circuit Court for the Sixth Judicial Circuit in and for Pinellas and Pasco Counties, Florida, Civil Division, for past due rent. The landlord alleges that we defaulted on the lease by failing to pay rent on the date rent was due. The landlord is seeing to recover damages from us in the amount of $963,363, comprised of past due rent and late fees through December 2025, totaling $1,394,221, less our security deposit in the amount of $1,000,000, plus accelerated rent due for the remainder of the lease term reduced to the net present value in the amount of $360,713 plus costs associated with reletting the premises in the amount of $208,428. As of the date of filing this Form 10-K, we have not responded to this complain. It is possible that our failure to respond to the complain will result in a default judgment against us or alternatively that any response to the complaint or future actions on our part to defend against this litigation will be unsuccessful and result in an adverse judgment against us. Such a default or adverse judgment could result in the imposition of material damages and other costs and could have a material adverse effect on us. See Note 13 in the Notes to Consolidated Financial Statements included in this report for additional information.

Item 4.

Mine Safety Disclosures.

Not Applicable.

2224

PART II

Item 5.

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.

Market Information

Our common stock is traded in the OTCPK, under the symbol "TLCC". We have been eligible to participate in the OTCPK since June 25, 2014 and from that time until the date of this Report our common stock has had only minimal trading. Over-the-counter market quotations of our common stock reflect inter-dealer prices, without retail mark-up, mark-down or commission and may not necessarily represent actual transactions.

Holders of Common Stock

As of March 152, ~~2024~~2026, there were approximately 375 stockholders of record of our common stock. This number does not include shares held by brokerage clearing houses, depositories or others in unregistered form.

Dividends

We have not declared or paid any cash dividends on our common stock during our two most recent fiscal years. Any decisions regarding dividends will be made by our Board of Directors. We currently intend to retain and use any future earnings for the development and expansion of our business and do not anticipate paying any cash dividends in the foreseeable future. Our Board of Directors has complete discretion on whether to pay dividends. Even if our Board of Directors decides to pay dividends, the form, frequency and amount will depend upon our future operations and earnings, capital requirements and surplus, general financial condition, contractual restrictions and other factors that the Board of Directors may deem relevant.

Item 6.

[Reserved]

Item 7.

Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes appearing elsewhere in this Annual Report on Form 10-K. Some of the information contained in this discussion and analysis or set forth elsewhere in this Annual Report on Form 10-K, including information with respect to our plans and strategy for our business, includes forward looking statements that involve risks and uncertainties. As a result of many factors, including those factors set forth in the ‘‘Risk Factors’’ section of this Annual Report on Form 10-K, our actual results could differ materially from the results described in or implied by these forward-looking statements.

Overview

We are an integrated formulator, marketer, distributor and retailer of branded nutritional supplements and other natural products sold to and through domestic health and natural food stores, mass market retailers, specialty retailers, on-line retailers and websites. Internationally, we market and distribute branded nutritional supplements and other natural products to and through health and natural product distributors and retailers.

Our products include vitamins, minerals, specialty supplements and sports nutrition products primarily under the Twinlab®, Reserveage and ResVitale ® brands. We also formulate, market and sell diet and energy products under the Metabolife® brand and a full line of herbal teas under the Alvita® brand. To accommodate consumer preferences, our products come in various formulations and delivery forms, including capsules, tablets, softgels, chewables, liquids, sprays, powders and whole herbs. These products are sold primarily through health and natural food stores and on-line retailers, supermarkets, and mass-market retailers.

We distribute ~~one of the broadest~~ branded product lines ~~in the industry~~ with approximately 77 stock keeping units, or SKUs. We believe that as a result of our ~~emphasis~~history onof ~~innovation,~~top quality, ~~loyalty,~~products ~~education~~ and ~~customer~~past ~~service,~~recognition of our brands ~~are widely recognized~~ in health and natural food stores ~~and~~as ~~among~~quality ~~their~~products, ~~customers~~there remains an operational path forward, though potentially as a smaller, leaner company. In most periods since our formation, we have generated losses from operations.

We also performed services between private label distributors and contract manufacturers under the NutraScience Labs ("NSL") brand name. NSL facilitated the production of new supplements to market and reformulates existing products to include scientifically-backed ingredients. We provided our customers with numerous production services, including manufacturing, testing, label and packaging design, order fulfillment, and regulatory compliance.

2325

NSL facilitated the contract manufacture of a variety of high-quality vitamin and supplement products, including but not limited to, immune support supplements, cognitive support products, prebiotics and probiotics, supplements for weight management, and sports nutrition supplements. Our role in the production of these products was to help our customers manufacture or reformulate dietary supplements for sale and distribution. We did this by working with contract manufacturers to build scientifically backed formulas for resale to our end customers. We also simplified the production process by providing quality control checks, storing inventory on site, labeling and designing finished products, and drop shipping finished products ready for sale to our end customers. We did not market these private label products, but rather sold the products to the customer, who was then responsible for the marketing, distribution, and sale to retailers or to their end customers.

In Q3the third quarter of 2023, due to history of operating losses associated with private label distributions business under NSL brand name, the Company ~~has~~ decided to cease operations associated with NSL. As such, NutraScience’s fixed assets were determined to have minimal economic value to the Company and were disposed of through abandonment concurrently with the ceased operation.

Going Concern Uncertainty

The accompanying consolidated financial statements have been prepared on a going concern basis, which assumes continuity of operations and realization of assets and liabilities in the ordinary course of business. In most periods since our formation, we have generated losses from operations. At December 31, ~~2023~~2024, we had an accumulated deficit of $~~370~~379.16 million. Historical losses are primarily attributable to lower than planned sales resulting from low fill rates on demand due to limitations of our working capital, delayed product introductions and postponed marketing activities, merger-related and other restructuring costs, interest and refinancing charges associated with our debt refinancing, and impairment of goodwill and intangible assets. Losses have been funded primarily through issuance of common stock and third-party or related party debt.

~~Because~~The ofCompany ~~our~~is ~~history~~currently ofa ~~operating~~defendant ~~losses~~in ~~and~~litigation ~~significant~~described ~~interest~~in ~~expense~~Note on13. ~~our~~The ~~debt, we~~plaintiff ~~have~~seeks adamages ~~working~~of ~~capital~~approximately ~~deficiency~~$963,363, ofwhich ~~$140.1~~significantly ~~million~~exceeds atthe ~~December~~Company’s ~~31,~~available ~~2023~~liquidity. The Wepotential ~~also~~exposure ~~have~~from ~~$93.6~~the ~~million~~litigation, ofif ~~debt~~resolved unfavorably, ~~presented~~could inmaterially ~~current~~exceed ~~liabilities.~~the ~~These~~Company’s ~~continuing~~available ~~conditions,~~financial ~~among~~resources. These ~~others,~~conditions raise substantial doubt about ~~our~~the Company’s ability to continue as a going concern within one year after the date these financial statements are issued. Management is evaluating various strategic alternatives, including settlement negotiations, additional capital raising, refinancing arrangements, and other restructuring options. There can be no assurance that these efforts will be successful. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

~~Management~~Because ~~has~~of ~~addressed~~our ~~operating~~history ~~issues~~of ~~through~~operating ~~the~~losses ~~following actions: focusing on growing the core business~~ and ~~brands;~~significant ~~continuing~~interest ~~emphasis~~expense on ~~major~~our ~~customers~~debt, we ~~and~~have ~~key~~a ~~products;~~working ~~reducing~~capital ~~manufacturing~~deficiency ~~and~~of ~~operating~~$149.9 ~~costs~~million ~~and~~at ~~continuing~~December to31, ~~negotiate lower prices from major suppliers~~2024. We ~~believe~~also ~~that~~have we$93.9 ~~will~~million ~~need~~of ~~additional~~debt, ~~capital~~presented toin ~~execute~~current ~~our business plan~~liabilities. ~~There~~These ~~can~~continuing beconditions, noamong ~~assurance~~others, ~~that~~raise ~~sources~~substantial ofdoubt ~~funding~~about ~~will~~our beability ~~available~~to ~~when~~continue ~~needed~~as ona ~~acceptable~~going ~~terms or at all~~concern.

Management is addressing operating issues through the following actions: focusing on maintaining the most profitable core business and brands through emphasis on major customers and key products whereby the company can sell the most product with the least internal costs; winding down or selling less profitable brand; reducing operating costs; restructuring debt, potentially through bankruptcy filings; and continuing to negotiate lower prices from major suppliers in an effort to maintain the core business in the face of increasing financial pressures. We believe that we will need additional capital to execute our business plan. There can be no assurance that sources of funding will be available when needed on acceptable terms or at all.

The consolidated financial statements do not include any adjustments that might result from the outcome of these uncertainties.

Critical Accounting Policies and Estimates

Our management’s discussion and analysis of our consolidated financial condition and results of operations are based on our consolidated financial statements, which have been prepared in accordance with U.S. generally accepted accounting principles. The preparation of these consolidated financial statements requires us to make judgments and estimates that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities in our consolidated financial statements. We base our estimates on historical experience, known trends and events, and various other factors that are believed to be reasonable under the circumstances. Actual results may differ from these estimates under different assumptions or conditions. On an ongoing basis, we evaluate our judgments and estimates in light of changes in circumstances, facts and experience. The effects of material revisions in estimates, if any, will be reflected in the financial statements prospectively from the date of change in estimates.

While our significant accounting policies are described in more detail in the notes to our consolidated financial statements appearing elsewhere in this Annual Report on Form 10-K, we believe the following accounting policies used in the preparation of our consolidated financial statements require the most significant judgments and estimates.

Revenue Recognition

Revenue from product and service sales and the related cost of sales are recognized when the performance obligations are satisfied. The performance obligations are typically satisfied upon shipment of physical goods or as the services are performed over time. In addition to the satisfaction of the performance obligations, the following conditions are required for revenue recognition: an arrangement exists, there is a fixed price, and collectability is reasonably assured. Discounts, returns and allowances related to sales, including an estimated reserve for the returns and allowances, are recorded as reduction of revenue.

Accounts Receivable and Allowances

We grant credit to customers and generally do not require collateral or other security. We perform credit evaluations of our customers and provide for expected claims, related to promotional items; customer discounts; shipping shortages and damages; and ~~doubtful~~credit ~~accounts~~losses based upon historical bad debt and claims experience.

Inventories

Inventories are stated at the lower of cost or net realizable value and are reduced by an estimated reserve for obsolete inventory.

Value of Warrants Issued with Debt

We estimate the grant date value of certain warrants issued with debt using a valuation method, such as the Black-Scholes option pricing model, or, if the terms are more complex, using an outside professional valuation firm, which uses the Monte Carlo option lattice model. We record the amounts as interest expense or debt discount, depending on the terms of the agreement. These estimates involve multiple inputs and assumptions, including the market price of the Company’s common stock, stock price volatility and other assumptions to project earnings before interest, taxes, depreciation and amortization (“EBITDA”) and other reset events. These inputs and assumptions are subject to management’s judgment and can vary materially from period to period.

Share-Based Compensation

We record share-based compensation, including grants of restricted stock units, based on their grant date fair values and record compensation expense over the vesting period of the restricted stock awards.

Income Taxes

We account for income taxes using an asset and liability approach. Deferred income taxes are determined by applying currently enacted tax laws and rates to the cumulative temporary differences between the carrying values of assets and liabilities for financial statement and income tax purposes. Valuation allowances against deferred income tax assets are recorded when we are unable to conclude that it is more likely than not that such deferred income tax assets will be realized.

2527

Results of Operations

The following table summarizes our results of operations for the years ended December 31, ~~2023~~2024 and December 31, ~~2022~~2023:

	For the Years Ended December 31,							Increase		%
	2023			2022				(Decrease)		Change
	2024			2023				(Decrease)		Change
Net sales	$	1311,~~617~~665		$	1713,~~208~~617		$	(31,~~591~~952	)	(2114)	%
Cost of sales		87,~~605~~740			98,~~024~~605			( ~~419~~865	)	(510)	%
Gross profit		53,~~012~~925			85,~~184~~012			(31,~~172~~087	)	(3922)	%
Operating costs and expenses:
Selling expenses		~~1,161~~459			21,~~656~~161			(~~1,495~~702	)	(5660)	%
General and administrative expenses		5,~~240~~242			65,~~970~~240			~~(1,730~~2	)	~~(25)~~0	%
Impairment of goodwill and intangible assets		-			340			(340)		(100)	%
Loss from operations		(1,776	)		(1,389	)		(387	)	28	%
Loss from operations		(1,389	)		(1,782	)		393		22	%
Other expense:
Interest expense, net		(87,~~271~~996	)		(78,~~902~~271	)		~~(369~~275	)	53	%
Other income		418			~~1,676~~41			(~~1,635~~33	)	9880	%
Total other expense		(87,~~230~~988	)		(68,~~226~~230	)		~~(2,004~~242	)	323	%
Loss before income taxes		(9,~~619~~764	)		(89,~~008~~619	)		(~~1,611~~145	)	202	%
Provision for income taxes		(43	)		(2543	)		~~(18~~-	)	720	%
Net loss from continuing operations		(9,~~662~~807	)		(89,~~033~~662	)		(~~1,629~~145	)	202	%
Net loss from discontinued operations, net of income taxes		(4,052	)		(189	)		(3,863	)	2,044	%
Net (income) loss from discontinued operations, net of income taxes		308			(4,052	)		4,360		(108)	%
Total net loss	$	(139,~~714~~499	)	$	(813,~~222~~714	)		(54,~~492~~215	)	6731	%
Weighted average number of common shares outstanding - basic		259,092,833			259,092,833
Net loss per common share - basic	$	(0.0504	)	$	(0.0305	)
Weighted average number of common shares outstanding - diluted		259,092,833			259,092,833
Net loss per common share - diluted (See Note 2)	$	(0.0504	)	$	(0.0305	)

Net Sales

The decrease in our net sales by 2114% for the year ended December 31, ~~2023~~2024 compared to ~~2022~~2023, is primarily due to production backlogs at manufacturers, resulting in extended lead-time for production and fulfillment of sales, as well as a reduction in demand from some of our major customers and retailers for some of our branded products.

Gross Profit

Our overall gross profit decrease of 3922% for the year ended December 31, ~~2023~~2024 compared to ~~2022~~2023, is primarily due to ~~reduced demand from some of our major customers and~~ increased product input costs at the supplier and manufacturing levels.

Selling Expenses

Our selling expenses decreased by 5660% for the year ended December 31, ~~2023~~2024 compared to ~~2022~~2023, primarily due to the reduction of certain advertising costs, such as print marketing, ~~consultants~~public relations, and brand ambassadors, as we did not have a major product launch in ~~2023 as occurred in the prior year~~2024.

2628

General and Administrative Expenses

~~General~~Our general and ~~Administrative~~administrative ~~Expenses~~expenses increased by 0% for the year ended December 31, 2024 compared to 2023, primarily due to proactively assessing all costs and ensuring that expenses are right-sized for a leaner company and not taking on new expenses.

Our general and administrative expenses decreased by 25% for the year ended December 31, 2023 compared to 2022, primarily due to modifications to staffing levels resulting in decreased salary costs, as well as a reduction in other costs such as insurance, made by proactively assessing all costs and ensuring that expenses are right-sized for a leaner company.

Impairment of Goodwill and Intangible Assets

Due to the immaterial net book value of our remaining intangible assets, annual impairment testing was not performed nor was an impairment loss recognized in ~~2023. During~~2024 ~~the~~or ~~fourth quarter of fiscal 2022, we completed our annual impairment test of goodwill and intangible assets and recognized impairment of $0~~2023.~~3 million as of December 31, 2022.~~

Interest Expense, Net

Our interest expense ~~increased~~decreased by $0.43 million or 53% for the year ended December 31, ~~2023~~2024 compared to ~~2022~~2023. The increase is primarily due to rising interest rates on existing debt.

Other Income

The decrease in other income of 9880% is related to the ~~forgiveness~~ sale of ~~our~~unused ~~remaining~~web ~~PPP~~domains ~~Loans~~in 2023 which did not also occur in ~~2022~~2024. Other income for the year ended December 31, ~~2023~~2024 related toinsurance ~~the~~premium ~~sale~~refunds ofresulting ~~certain~~from ~~domain~~an ~~names~~annual nofees ~~longer in use~~audit.

Liquidity and Capital Resources

At December 31, ~~2023~~2024, we had an accumulated deficit of $~~370~~379.16 million primarily because of our history of operating losses. We had a working capital deficiency of $~~140~~149.19 million at December 31, ~~2023~~2024. Losses have been funded primarily through the issuance of common stock and warrants, borrowings from our stockholders and third-party debt. As of December 31, ~~2023~~2024, we had cash of $1969 thousand. On an ongoing basis, we also seek to improve operating cash through trade receivables and payables management as well as inventory stocking levels. Net cash used in operating activities for the year ended December 31, ~~2023~~2024 was $20.93 million. During the year ended December 31, ~~2023~~2024, we incurred net repayment on borrowings from our revolving credit facility of $30.67 million.

Our total liabilities increased by $16.85 million to $~~148~~154.05 million at December 31, ~~2023~~2024 from $~~146~~148.20 million at December 31, ~~2022~~2023. This increase in our total liabilities was primarily due to the increase of $06.6 million in accrued interest and $0.46 million in accounts payable, partially offset by an ~~increase~~decrease of $~~0.2~~4 million in accrued expenses, ~~and~~lease ~~other~~liabilities, and current liabilities related to discontinued operations.

As a result of ongoing liquidity constraints, recurring operating losses, and the Company’s limited access to capital, management has taken actions to wind down certain operations and reduce the Company’s cost structure. These actions have included the cessation of operations of NutraScience Labs, the abandonment or forfeiture of leased facilities, workforce reductions, and the elimination of operating activities that were no longer economically sustainable.

Cash Flows from Operating, Investing and Financing Activities

Net cash used in operating activities was $20.93 million for the year ended December 31, ~~2023~~2024 as a result of our net loss of $139.75 million, other non-cash expenses totaling $0.1 0 million net, and an increase in net operating assets and liabilities of $20.80 million. By comparison, for the year ended December 31, ~~2022~~2023, net cash used in operating activities was $42.39 million as a result of our net loss of $813.2 7 million, forgiveness of PPP loan of $10.70 million, a non-cash impairment of goodwill and intangible assets of $0.3 0 million, other non-cash expenses totaling $10.1 million net, and an increase in net operating assets and liabilities of $4.2 .8 million.

Net cash used in financing activities was $30.73 million for the year ended December 31, ~~2023~~2024, consisting of net payments of $30.67 million under our revolving credit facility. Net cash provided by financing activities was $13.67 million for the year ended December 31, ~~2022~~2023, consisting of net borrowings on our revolving credit facility of $1.6 million.

27Wind-Down and Cost Reduction Actions

The Company has surrendered multiple office locations and no longer maintains dedicated corporate office space. These actions resulted in the impairment of certain assets and the recognition of remaining lease obligations, which are reflected in the consolidated financial statements. While these measures were undertaken to reduce ongoing cash outflows, the Company continues to have significant obligations, including lease liabilities, accrued interest, and debt obligations that are classified as current due to existing defaults.

The Company’s liquidity position remains constrained, and its ability to satisfy its obligations as they become due is subject to significant uncertainty. Additional information regarding these matters is included in Note 1 and other notes to the consolidated financial statements.

Ongoing Funding Requirements

As set forth above, we obtained additional debt financing in the year ended December 31, ~~2023~~2024 to support operations. We will need additional funding ~~from our revolving credit facility~~ to continue supporting our operations during the next twelve months. However, we cannot predict whether future borrowings will be available to us ~~under our credit facility~~ and future developments associated with the current economic environment will materially affect our long-term liquidity position.

In response to COVID-19 and to protect our liquidity and cash position, we have taken a number of steps. In August of 2020, we obtained deferment letters from each of Great Harbor (defined below), Little Harbor (defined below) and Golisano Holdings (defined below) pursuant to which each lender agreed to defer all payments due under outstanding notes held by each lender through October 22, 2021 and agreed to refrain from declaring a default and/or exercising any remedies under the outstanding notes. Amendments to extend the maturity date and related payment deferrals of the aforementioned notes have not been executed and these notes are currently in default. We continue to anticipate extending the maturity dates and related payment deferrals with the lending parties, but we cannot guarantee that such extensions and payment deferrals will be successfully obtained on a timely basis or at all.29

In response to COVID-19 and to protect our liquidity and cash position, we have taken a number of steps. In August of 2020, we obtained deferment letters from each of Great Harbor (defined below), Little Harbor (defined below) and Golisano Holdings (defined below) pursuant to which each lender agreed to defer all payments due under outstanding notes held by each lender through October 22, 2021 and agreed to refrain from declaring a default and/or exercising any remedies under the outstanding notes. Amendments to extend the maturity date and related payment deferrals of the aforementioned notes have not been executed and these notes are currently in default. As discussed in Note 6 - Debt, Akretive LLC is now the lender of the notes previously held by Great Harbor, Little Harbor and Golisano Holdings. We continue to anticipate extending the maturity dates and related payment deferrals with the lending parties, but we cannot guarantee that such extensions and payment deferrals will be successfully obtained on a timely basis or at all.

On May 7, 2020, TCC, the operating subsidiary of the Company, received the proceeds of a loan from Fifth Third Bank, National Association in the amount of $1.7 million obtained under the Paycheck Protection Program under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), which was enacted March 27, 2020 (the "PPP Loan”). The PPP Loan, evidenced by a promissory note dated May 5, 2020 (the “Note”), had a two-year term and bore interest at a rate of 1.0% per annum, with the monthly principal and interest payments due beginning December 1, 2020. TCC used the proceeds of the PPP Loan for payroll, office rent, and utilities which allowed the Company to seek forgiveness of this loan. The Company submitted its application for 100% forgiveness for this loan in November 2021. In January 2022, the full amount of the PPP Loan was forgiven by the Small Business Administration ("SBA"). As a result, the Company recorded a gain on the forgiveness of the loan in the amount of $1.7 million.

On January 25, 2021, TCC applied for another PPP loan with Fifth Third Bank in the amount of $1.3 million (the "Second PPP Loan”). The Second PPP Loan, evidenced by a promissory note dated February 5, 2021 (the "Second PPP Note”), had a two-year term and bore interest at a rate of 1.0% per annum, with expected monthly principal and interest payments that were due to begin September 1, 2021. TCC used the proceeds of the Second PPP Loan for payroll, which allowed the Company to seek forgiveness for this loan. The Company submitted its application for 100% forgiveness for this loan in November 2021. In December 2021, the full amount of the Second PPP Loan was forgiven by the SBA. As a result, the Company recorded a gain on the forgiveness of the loan in the amount of $1.3 million.

Until such time, if ever, as we can generate substantial product revenues, we intend to finance our cash needs through a combination of equity offerings, debt financing, collaborations, strategic alliances and licensing arrangements. There can be no assurance that any of those sources of funding will be available when needed on acceptable terms or at all. To the extent that we raise additional capital through the sale of equity or convertible debt securities, the ownership interests of existing stockholders will be diluted, and the terms of these securities may include liquidation or other preferences that adversely affect the rights of existing stockholders. Debt financing, if available, may involve agreements that include covenants limiting or restricting our ability to take specific actions, such as incurring additional debt, making capital expenditures or declaring dividends. If we raise funds through collaborations, strategic alliances or licensing arrangements with third parties, we may have to relinquish valuable rights to our technologies, future revenue streams, research programs or product candidates or to grant licenses on terms that may not be favorable to us. If we are unable to raise additional funds through equity or debt financing or relationships with third parties when needed or on acceptable terms, we may be required to delay, limit, reduce or terminate our product development or future commercialization efforts; or grant rights to develop and market product candidates that we would otherwise prefer to develop and market ourselves.

Accounting Pronouncements

In November ~~March 2020~~2023, the Financial Accounting Standards Board ("FASB") issued ~~ASU~~Accounting ~~2020~~Standards Update (ASU) 2023-0407, ~~Reference~~Segment ~~Rate~~Reporting ~~Reform~~ (Topic ~~848~~ 280): ~~Facilitation~~Improvements ofto ~~the~~Reportable ~~Effects~~Segment ofDisclosures, ~~Reference~~which ~~Rate~~enhances ~~Reform~~reporting ~~on Financial~~requirements ~~Reporting~~under Topic 280. The ~~ASU~~enhanced ~~2020-04~~disclosure ~~provides~~requirements ~~optional~~include: ~~guidance~~title toand ~~companies~~position toof ~~ease~~ the ~~potential~~Chief ~~burden~~Operating ~~associated~~Decision ~~with~~Maker ~~transitioning~~(CODM), ~~away~~significant ~~from~~segment ~~reference rates~~expenses ~~that~~provided ~~are expected~~ to bethe ~~discontinued.~~CODM, ~~The~~extending ~~new~~certain ~~guidance~~annual ~~provides~~disclosures ~~optional~~to ~~expedients~~interim ~~and~~periods, ~~exceptions~~clarifying tosingle ~~apply~~reportable ~~GAAP~~segment toentities ~~contract~~must ~~modifications~~apply ~~and~~ASC ~~hedging~~280 in ~~relationships~~its entirety, ~~subject~~and topermitting ~~certain~~more ~~criteria,~~than one measure ~~that~~of ~~reference~~segment ~~London~~profit ~~Interbank~~or ~~Offered~~loss ~~Rate~~to ~~("LIBOR")~~be orreported ~~another~~under ~~reference~~certain ~~rate~~circumstances. ~~expected~~This tochange ~~be discontinued.~~is Weeffective ~~adopted~~for ~~this~~fiscal ~~ASU~~years ~~prospectively on~~beginning after December 1415, ~~2022,~~2023 onand ~~one~~interim ofperiods ~~our~~beginning ~~Term~~after ~~Loan~~December ~~Notes~~15, ~~and~~2024. ~~Agreements~~This ~~which~~change ~~was~~will ~~amended on~~apply ~~this~~retrospectively ~~date~~ to ~~transition~~all ~~from~~periods ~~LIBOR~~presented. toManagement ~~the Secured~~is ~~Overnight~~currently ~~Financing~~assessing ~~Rate~~the ~~("SOFR").~~impact ~~The~~of the adoption of this ASU ~~did not have a material impact~~ on ~~our~~the ~~consolidated~~ financial statements of the Company.

28Although there are several new accounting pronouncements issued or proposed by the FASB, which we have adopted or will adopt, as applicable, we do not believe any of these accounting pronouncements have had or will have a material impact on our consolidated financial position or results of operations.

In June 2016, the FASB issued ASU 2016-13, Financial Instruments- Credit losses (Topic 326): Measurement of Credit losses on Financial Instruments. ASU 2016-13 requires an organization to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. We adopted this standard prospectively on the first day of our 2023 fiscal year. The adoption of this standard did not have a material impact on our consolidated financial statements.

Although there are several other new accounting pronouncements issued or proposed by the FASB, which we have adopted or will adopt, as applicable, we do not believe any of these accounting pronouncements have had or will have a material impact on our consolidated financial position or results of operations.

Material Contractual Obligations

As of December 31, ~~2023~~2024, we had total debt of $93.69 million, of which $9091.87 million is considered to be related-party debt. For discussion of our debt financing, see Notes 6 and 7 in the Notes to Consolidated Financial Statements included in this report.

Effective April 7, 2015, we entered into an operating lease agreement for approximately 31,000 square feet of office space in St. Petersburg, Florida (the "St. Petersburg Lease"). The agreement expires in April 2027 and has a monthly base rent of $59 thousand for year 1 to $76 thousand for year 12.

On November 30, 2016, we entered into a sublease agreement to sublease half of the 31,000 square feet of office space in St. Petersburg, Florida. The sublease term commenced on February 1, 2017 and expired on June 30, 2022. ~~Currently the Company is seeking new sub tenant opportunities to fill the space.~~

On December 15, 2016, we entered into an operating lease agreement for approximately 13,000 square feet of office space in Boca Raton, Florida. The agreement expires in February 2026 and has a monthly base rent of $17 thousand in year 1 to $21 thousand in year 8. The commencement date was August 2017.

On June 2, 2017, we entered into an operating lease agreement for approximately 18,700 square feet of office space in Farmingdale, New York. The lease agreement was surrendered to the landlord as part of the abandonment of operations of NutraScience Labs on May 12, 2023.

On July 12, 2019, we entered into a sublease agreement to sublease the other half of the 31,000 square feet of office space in St. Petersburg, Florida. The sublease term commenced on December 1, 2019 and ~~expires~~is scheduled to expire on April 30, 2027.

On April 22, 2021, we entered into an operating lease agreement for approximately 13,500 square feet of office space in Hauppauge, New York. The agreement was surrendered to the landlord as part of the abandonment of operations of NutraScience Labs on September 30, 2023.

On August 26, 2021, we entered into an operating lease agreement for an additional 1,500 square feet approximately of office space in Boca Raton, Florida. The agreement ~~expires~~was scheduled to expire in October 2024 and has a monthly base rent of $5 thousand. The commencement date was September 2021, the date on which we moved our main executive offices from 4800 T-Rex Avenue, Suite 305, Boca Raton, Florida 33431 to 4800 T-Rex Avenue, Suite 225, Boca Raton, Florida 33431.

On September 12, 2021, we entered into sublease agreement to sublease the approximately 13,000 square feet of office space in Boca Raton, Florida. The sublease term commenced on October 1, 2021 and ~~expires~~was scheduled to expire on February 28, 2026.

On November 14, 2025, we surrendered the lease and sublease for 31,000 square feet of office space in St. Petersburg, Florida, to the landlord. The Company is currently in default for past due rent.

On March 26, 2025, we surrendered the leases and subleases at 4800 T-Rex Avenue in Boca Raton, Florida to the landlord.

Manufacturing and Distribution Licensing Agreement

On April 24, 2019, the Company entered into a manufacturing and distribution licensing agreement with Amherst Industries, Inc. (“Amherst”) to manufacture and distribute the Alvita Tea brand of products worldwide. On October 20, 2021, the Company ended the licensing agreement with Amherst and began production and distribution of Alvita in 2022.

Off-Balance Sheet Arrangements

None.

Item 7A.

Quantitative and Qualitative Disclosures About Market Risk.

This item is not applicable as we are currently considered a smaller reporting company.

Item 8.

Financial Statements and Supplementary Data.

The financial statements required to be filed pursuant to Item 8 are appended to this report. An index of those financial statements is found in Item 15.

Item 9.

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.

None.

Item 9A.

Controls and Procedures.

Internal Control Over Financial Reporting

Background

We previously reported a material weakness in internal control over financial reporting for the year ended December 31, ~~2022~~2023 related to the following:

• Selection and testing of our third-party logistics and fulfillment provider

•	Lack of appropriate staffing in our accounting and information technology departments to address the Company’s ability to continue to close the books both timely and accurately and to meet internal control documents.

We ~~have addressed the material weakness related to our third-party logistics and fulfillment provider in 2022. However, we~~ are still addressing the material weakness related to staffing and the ability to close the books timely and accurately.

Evaluation of Disclosure Controls and Procedures

Our management, with the participation of our ~~interim~~ chief executive officer and chief financial officer, evaluated the effectiveness of our disclosure controls and procedures as of December 31, ~~2023~~2024 pursuant to Rule 13a-15(e) and 15d-15(e) under the Exchange Act. The term “disclosure controls and procedures,” as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, means controls and other procedures of a company that are designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the company’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure. On the basis of this review, our management, including our interim chief executive officer and chief financial officer, has concluded that as of the end of the period covered by this report, our disclosure controls and procedures were not effective to give reasonable assurance that the information required to be disclosed in our reports filed with the SEC under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC, and to ensure that the information required to be disclosed in the reports filed or submitted under the Exchange Act is accumulated and communicated to our management, including our ~~interim~~ chief executive officer and chief financial officer, in a manner that allows timely decisions regarding required disclosure.

Management’s Annual Report on Internal Control over Financial Reporting

Our management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined by Rule 13a-15(f) and 15d-15(f) under the Securities Exchange Act). ~~In assessing the effectiveness~~ of our internal control over financial reporting as of December 31, 2023, our management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework)1934.

~~The~~Management ~~Company~~conducted ~~has~~an ~~a lack~~evaluation of ~~appropriate~~the ~~staffing~~effectiveness inof ~~our accounting and information technology departments to address~~ the Company’'s ~~ability~~internal tocontrol ~~continue~~over tofinancial ~~close~~reporting ~~the~~as ~~books~~of ~~both~~December ~~timely~~31, ~~and~~2024 ~~accurately~~based ~~and~~on tothe ~~meet~~criteria ~~internal~~set ~~control~~forth ~~documents.~~in Internal ~~The~~Control ~~Company’s~~- ~~ability~~Integrated toFramework ~~address~~(2013) ~~this~~issued ~~material~~by ~~weakness~~the isCommittee ~~limited~~of ~~due~~Sponsoring toOrganization of the ~~lack~~Treadway ofCommission ~~financing~~(COSO).

30Based on this evaluation, management concluded that the Company's internal control over financial reporting was not effective as of December 31, 2024 due to the existence of the material weakness described below.

Although the Company is working to remediate this material weaknesses, it currently has not been resolved. Any failure to maintain or implement required new or improved controls, or any difficulties that may be encountered in their implementation, could result in additional material weaknesses, cause us to fail to meet our periodic or annual reporting obligations or result in material misstatements in our financial statements. Any such failure could also adversely affect the results of periodic management evaluations regarding the effectiveness of our internal control over financial reporting required under Section 404 of the Sarbanes Oxley Act of 2002 and the rules promulgated thereunder. The existence of material weaknesses could result in errors in our financial statements that could result in a restatement of those financial statements.

Inherent Limitation on the Effectiveness of Internal Control

The effectiveness of any system of internal control over financial reporting, including ours, is subject to inherent limitations, including the exercise of judgment in designing, implementing, operating, and evaluating the controls and procedures, and the inability to eliminate misconduct completely. Accordingly, any system of internal control over financial reporting, including ours, no matter how well designed and operated, can only provide reasonable, not absolute assurances. In addition, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. We intend to continue to monitor and upgrade our internal controls as necessary or appropriate for our business, but we cannot assure you that such improvements will be sufficient to provide us with effective internal control over financial reporting.

~~Remediation~~Material inWeakness ~~Internal~~and ~~Control over Financial Reporting~~Remediation

ToManagement ~~address~~identified ~~the~~a material weakness related to ~~appropriate~~insufficient ~~staffing,~~accounting ~~the Company made efforts to hire, train~~ and ~~retain the appropriate staffing in the accounting,~~ finance ~~and~~personnel ~~information technology departments including technical accountants~~ to support ~~and alleviate~~ the ~~workload~~timely onpreparation ~~the current team. The additional staffing should proactively identify~~ and ~~account~~review ~~for transactions~~ of afinancial ~~complex~~information ~~or non-routine nature, identify~~ and ~~reduce inefficiencies, and better identify weaknesses in internal controls. Furthermore,~~ the ~~additional~~maintenance ~~staffing should be responsible for managing the day-to-day responsibilities~~ of ~~Sarbanes Oxley~~ ~~compliance,~~effective ~~including~~internal ~~enhanced documentation of process and general~~ controls. ~~However, the Company has not yet been able to complete all of the training and additional staffing may still be required.~~

Management has taken steps to address this material weakness; however, the Company's ability to fully remediate the material weakness is limited by its current liquidity constraints and lack of financing. As a result, the material weakness had not been remediated as of December 31, 2024.

Changes in Internal Control over Financial Reporting

Except as discussed above, there were no changes in our internal control over financial reporting that occurred during ~~2023~~ 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

We have determined that our internal controls over financial reporting during the year ended December 31, ~~2023~~2024 continues to be ineffective.

Item 9B.

Other Information.

~~None~~On June 27, 2025, Mr. David L. Van Andel notified the Board of Directors of the Company of his decision to resign as a member of the Board, effective June 27, 2025. The resignation was not the result of any disagreement with the Company on any matter relating to the Company’s operations, policies, or practices.

During the quarter ended December 31, 2024, none of our directors or executive officers adopted or terminated a Rule 10b5-1 trading plan or a non-Rule 10b5-1 trading arrangement (as defined in Item 408(c) of Regulation (S-K).

Item 9C.

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.

Not Applicable.

3133

PART III

Item 10.

Directors, Executive Officers and Corporate Governance.

(a)	Identification of Directors

The current members of the Board of Directors are as follows:

Name	Age		Served as aDirector Since	Positions with Twinlab Consolidated Holdings, Inc.
David L. Van Andel		63	2015	Chairman of the Board/Director
Anthony Zolezzi		71	2018	Chairman of the Board/Director
Anthony Zolezzi		70	2018	Director

The principal occupations and business experience, for at least the past five years, of each Director are as follows:

~~DAVID~~ANTHONY L.ZOLEZZI ~~VAN ANDEL~~ Age 6371

Mr. ~~Van Andel~~ Zolezzi was appointed to the Board on ~~February~~May 238, ~~2015~~2018. ~~and~~He ~~elected~~served ~~Chairman~~as onthe ~~February~~Company's ~~26,~~Chief ~~2016.~~Executive HeOfficer ~~is Chairman~~ and ~~CEO~~President offrom ~~the~~July ~~Van Andel Institute~~2018 ~~for~~to ~~Education~~August 2019 and ~~Medical~~was ~~Research.~~reappointed HeChief ~~currently~~Executive ~~serves~~Officer on ~~the~~December ~~Board~~12, of2025. ~~Directors~~Prior ofto ~~Amway~~joining ~~Corporation~~the ~~and~~Company ~~serves~~as onChief ~~its~~ Executive, ~~Governance~~Officer and ~~Audit~~President, ~~Committees~~Mr. ~~and~~Zolezzi ~~prior~~spent to5 ~~leading~~years ~~the~~serving ~~Van Andel Institute~~as ~~held~~an ~~various~~Operating ~~positions~~Partner at ~~Amway~~Pegasus ~~since~~Capital ~~1977.~~Advisors, Hea ~~was~~private aalternative ~~shareholder~~asset ~~and~~management ~~member~~firm, ofwhere ~~the~~he ~~Board~~was ofalso ~~Directors~~Co-Chair of ~~Twinlab Holdings, Inc.~~ ~~("THI")~~its ~~from~~Wellness ~~January~~Committee. 1In the past, ~~2013~~Mr. ~~through~~Zolezzi ~~August~~has 7,been ~~2014~~the ~~when~~Chief ~~THI~~Executive ~~was~~Officer ~~acquired~~of byseveral ~~and~~successful, ~~became~~health aand ~~subsidiary~~wellness ~~of Twinlab Consolidated~~companies ~~Corporation~~including ~~("TCC").~~Wild HeOats ~~co-founded IdeaSphere Inc.~~Marketplace, aCode ~~predecessor~~Blue ofInnovations, ~~THI.~~Natural HePet ~~holds~~Nutrition, aThe ~~Bachelor~~New ofOrganics ~~Art~~Company inand ~~Business~~Pacific ~~Administration~~Basin ~~from Hope College~~Foods. Mr. ~~Van Andel~~ Zolezzi has analso ~~extensive~~served ~~history~~ as aan ~~director~~advisor ~~and~~for ~~stockholder~~New ofChapter ~~certain~~Whole ofFoods ~~the~~Supplements, ~~Company’s~~Wild ~~predecessors.~~Oats InPrivate ~~addition~~Label Supplements, heWaste ~~has~~Management, ~~extensive~~Nestle ~~experience~~and asWhole aFoods ~~corporate~~on ~~executive~~several health, wellness and ~~investor~~sustainability programs and projects. Mr. Zolezzi has his Bachelor of Science degree in ~~numerous~~Biology ~~industries~~from Loyola Marymount University, Los Angeles, California. The Board believes this ~~public~~health ~~company~~ and ~~legacy~~wellness experience qualifies him to serve as a director.

ANTHONY ZOLEZZI Age 70

Mr. Zolezzi was appointed to the Board on May 8, 2018. He served as the Company's Chief Executive Officer and President from July 2018 to August 2019. Prior to joining the Company as Chief Executive Officer and President, Mr. Zolezzi spent 5 years serving as an Operating Partner at Pegasus Capital Advisors, a private alternative asset management firm, where he is also Co-Chair of its Wellness Committee. In the past, Mr. Zolezzi has been the Chief Executive Officer of several successful, health and wellness companies including Wild Oats Marketplace, Code Blue Innovations, Natural Pet Nutrition, The New Organics Company and Pacific Basin Foods. Mr. Zolezzi has also served as an advisor for New Chapter Whole Foods Supplements, Wild Oats Private Label Supplements, Waste Management, Nestle and Whole Foods on several health, wellness and sustainability programs and projects. Mr. Zolezzi has his Bachelor of Science degree in Biology from Loyola Marymount University, Los Angeles, California. The Board believes this health and wellness experience qualifies him to serve as a director.

DANIEL DIPOFI Age 62

Mr. DiPofi was appointed to the Board on January 1, 2021. He served as the Company's Chief Executive Officer from January 2020 to August 2022. Mr. DiPofi resigned from the Board, effective November 30, 2023.

We believe that all of our current Board members possess the professional and personal qualifications necessary for Board service and have highlighted particularly noteworthy attributes for each Board member in the individual biographies above.

(b) Identification of Executive Officers

The following table identifies our current executive officer(s):

Name	Age	Position
Kyle Casey	40	Chief Executive Officer (Interim) and Chief Financial Officer
Anthony Zolezzi	71	Chief Executive Officer
Kyle Casey	42	Chief Financial Officer

3234

KYLE CASEY Age 4042

Mr. Casey joined the Company in April 2019 and served as the Company’s Controller prior to his appointment as interim Chief Financial Officer of the Company, effective October 8, 2019. He was then appointed Chief Financial Officer as of January 13, 2020. Mr. Casey was appointed Interim Chief Executive Officer and Chief Financial Officer as of January 26, 2023. On December 12, 2025, he stepped down as Chief Executive Officer when Mr. Zolezzi was appointed Chief Executive Officer. Before joining the Company, Mr. Casey was with Gulfstream Park Racetrack and Casino from December 2015 through November 2018, most recently serving as the Vice President of Finance. Prior to his employment with Gulfstream Park Racetrack and Casino, Mr. Casey served as Chief Auditing Officer for the Florida Department of Business and Professional Regulation from March 2014 through December 2015. Mr. Casey holds a Bachelor of Science in Accounting and Finance, as well as a Master of Science in Taxation, from Florida State University. Mr. Casey is a licensed Certified Public Accountant.

Not applicable.

(d) Family Relationships

There are no family relationships among our executive officers and directors.

(e) Business Experience

The business experience of each of our current directors and executive officers is set forth in Part III, Item 10(a), “Identification of Directors” and Part III, Item 10(b), “Identification of Executive Officers,” respectively.

The directorships currently held, and held during the past five years, by each of our directors in any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended, or subject to Section 15 of such Act or any company registered as an investment company under the Investment Company Act of 1940, as amended, are set forth in Part III, Item 10(a), “Identification of Directors.”

(f) Involvement in Certain Legal Proceedings

To the best of our knowledge, none of our directors or executive officers that served during the year ended December 31, ~~2023~~2024 ("Fiscal ~~2023~~2024") or currently has been involved during the past ten years in any legal proceedings required to be disclosed pursuant to Item 401(f) of Regulation S-K.

(g) Promoters and Control Persons

Not applicable.

(h) and (i) Audit Committee and Audit Committee Financial Expert

The member of the standing Audit Committee is Anthony Zolezzi, ancurrently ~~independent~~the ~~director~~only asmember ~~determined~~of by the ~~Nasdaq~~Board ~~Rules.~~of Directors. The responsibilities and duties of the Audit Committee consist of, but are not limited to:

● appointing, compensating, retaining and overseeing our independent registered public accounting firm;

● at least annually obtaining and reviewing our independent registered public accounting firms' report on independence and quality control;

● reviewing with our independent registered public accounting firm the scope and results of their audit, any audit problems or difficulties and management's response to any problems or difficulties;

● pre-approving all audit and permissible non-audit services to be performed by our independent registered public accounting firm;

● overseeing the financial reporting process and discussing with management and our independent registered public accounting firm the interim and annual financial statements that we file with the SEC;

● reviewing the facts and circumstances of each related party transaction under the Company's Related Party Transaction Policy and Procedures and either approve or disapprove of each related party transaction;

~~● reviewing and monitoring compliance with laws, rules, regulations and the Company's Code of Ethics and Business Conduct; and~~35

●reviewing ~~establishing procedures for the receipt, retention~~ and ~~treatment~~monitoring ofcompliance ~~complaints~~with ~~regarding accounting~~laws, ~~internal controls or auditing matters~~rules, regulations and ~~for~~ the ~~confidential and anonymous submission by~~ Company's ~~employees~~Code of ~~concerns~~Ethics ~~regarding~~and ~~questionable~~Business ~~accounting~~Conduct; ~~or auditing matters.~~and

33establishing procedures for the receipt, retention and treatment of complaints regarding accounting, internal controls or auditing matters, and for the confidential and anonymous submission by Company employees of concerns regarding questionable accounting or auditing matters.

Our Board has determined that Anthony Zolezzi qualifies as an “Audit Committee financial expert” within the meaning of applicable regulations of the Securities and Exchange Commission, promulgated pursuant to the Sarbanes-Oxley Act of 2002. Our board of directors has adopted a written charter for the Audit Committee which the Audit Committee reviews and reassesses for adequacy on an annual basis. A copy of the Audit Committee’s charter is located on our website at www.tchhome.com.

(j) Procedures for Stockholder Nominations to the Board of Directors

No material changes to the procedures for nominating directors by our stockholders were made during Fiscal ~~2023~~2024.

(k) Code of Conduct and Ethics

The Company has adopted a Code of Ethics and Business Conduct that applies to all of its directors, officers (including its Chief Executive Officer, Chief Financial Officer and any person performing similar functions) and employees. The Company has made this Code of Ethics and Business Conduct available on its website at www.tchhome.com/code-of- ethics. The Company intends to satisfy the disclosure requirements under applicable SEC rules relating to amendments to the Code of Ethics or waivers from any provisions thereof applicable to the Company's principal executive officer, principal financial officer and principal accounting officer by posting such information on the Company's website pursuant to SEC rules.

(l) Insider Trading Policy

As of the date of this report, the Company has not adopted an Insider Trading Policy due to the limited number of directors and officers and limited trading in the Company's stock. The absence of such a policy is not reflective of disregard for the principles of fair and ethical trading practices.

Item 11.

Executive Compensation

This section discusses the material components of the executive compensation program for our executive officers who are named in the "~~2023~~ 2024 Summary Compensation Table" below. In ~~2023~~2024, our "named executive officer" consisted of the following:

~~Craig~~Kyle ~~Fabel~~Casey, Interim Chief Executive Officer (former) and Chief ~~Executive~~Financial Officer

~~Kyle Casey, Interim Chief Executive Officer and~~2024 ~~Chief~~Summary ~~Financial~~Compensation ~~Officer~~Table

~~2023 Summary~~The ~~Compensation~~following ~~Table~~table sets forth information concerning the compensation of our named executive officers for the years ended December 31, 2024 and December 31, 2023.

The following table sets forth information concerning the compensation of our named executive officers for the years ended December 31, 2023 and December 31, 2022.

Name and principal position	Year	Salary ($)		Bonus ($)		All Other Compensation		Total ($)
Kyle Casey	2024		334,590		—		—		334,590
Chief Financial Officer and former Chief Executive Officer	2023		324,734		—		—		324,734

Name and principal position	Year	Salary ($)		Bonus ($)		All Other Compensation		Total ($)
Craig Fabel(1)	2023		41,539		—		—		41,539
Former Chief Executive Officer	2022		360,000		—		—		360,000
Kyle Casey (3)	2023		324,734		—		—		324,734
Interim Chief Executive Officer and Chief Financial Officer	2022		302,311		—		—		302,311

Mr. Casey was appointed Chief Financial Officer of the Company effective January 13, 2020. Mr. Casey was appointed as Interim Chief Executive Officer and Chief Financial Officer of the Company effective August 1, 2022 and his compensation was modified to receive an annual base salary of $345,000. On December 2, 2022 Mr. Casey remained as Chief Financial Officer of the Company and his annual base salary was adjusted back to $262,000. On January 26, 2023, Mr. Casey was re-appointed as Interim Chief Executive Officer, in addition to his regular position as Chief Financial Officer, and his salary was modified to a base salary of $345,000. On December 12, 2025, Mr. Casey stepped down as Chief Executive Officer but remained as Chief Financial Officer of the Company, however no adjustments were made to his annual base salary. Mr. Casey has provided notice to the Company of his resignation from his position as Chief Financial Officer of the Company effective March 3, 2026.

1 Mr. Fabel was appointed as Chief Executive Officer of the Company effective December 2, 2022. Mr. Fabel resigned from his position as Chief Executive Officer of the Company effective January 26, 2023. 36

2JuDisclosure Mr. Casey was appointed Chief Financial Officer of the Company effective January 13, 2020. Mr. Casey was appointed as Interim Chief Executive Officer and Chief Financial Officer of the Company effective August 1, 2022 and his compensation was modified to ~~receive~~Summary anCompensation annual base salary of $345,000. On December 2, 2022 Mr. Casey remained as Chief Financial Officer of the Company and his annual base salary was adjusted back to $262,000. On January 26, 2023, Mr. Casey was re-appointed as Interim Chief Executive Officer, in addition to his regular position as Chief Financial Officer, and his salary was modified to a base salary of $345,000.Table

Narrative Disclosure to Summary Compensation Table

Employment Agreement with Craig Fabel

Employment Term and Position

On December 2, 2022, the Company and Mr. Fabel entered into an at-will employment agreement to serve as the Chief Executive Officer of the Company. There is no set employment term or notice period required prior to termination of employment. Mr. Fabel resigned from his position as Chief Executive Officer of the Company effective January 26, 2023.

Base Salary, Annual Bonus, Benefits

Pursuant to the employment agreement, Mr. Fabel's base annual salary was $41,539 in 2023 and $360,000 in 2022. There was no discretionary bonus in 2023 or 2022. In addition, Mr. Fabel was eligible to participate in the Company’s standard employee benefits programs available to senior executives.

Restrictive Covenants

Pursuant to the employment agreement, Mr. Fabel was subject to (i) non-disclosure of confidential information restrictions while employed and for a period of two (2) years following the termination of employment, (ii) non-solicitation restrictions while employed and for a period of two (2) years following the termination of employment, and (iii) non-competition restrictions while employed and for a period of six (6) months following the termination of employment.

Employment Agreement with Daniel DiPofi

Employment Term and Position

On January 13, 2020, the Company and Mr. DiPofi entered into an at-will employment agreement to serve as the Chief Executive Officer of the Company. There was no set employment term or notice period required prior to termination of employment. Mr. DiPofi resigned form his position as Chief Executive Officer of the Company effective August 1, 2022.

Base Salary, Annual Bonus, Benefits

Pursuant to the employment agreement, Mr. DiPofi's base annual salary was $0 in 2023 and $200,000 in 2022. There was no discretionary bonus in 2022. In addition, Mr. DiPofi was eligible to participate in the Company’s standard employee benefits programs available to senior executives. Mr. DiPofi did not serve as an executive director of the Company at any time during fiscal year 2023, and therefore did not receive any compensation from the Company in fiscal year 2023.

Restrictive Covenants

Pursuant to the employment agreement, Mr. DiPofi was subject to (i) non-disclosure of confidential information restrictions while employed and for a period of two (2) years following the termination of employment, (ii) non-solicitation restrictions while employed and for a period of two (2) years following the termination of employment, and (iii) non-competition restrictions while employed and for a period of six (6) months following the termination of employment.

Employment Agreement with Kyle Casey

Employment Term and Position

On January 13, 2020, the Company and Mr. Casey entered into an at-will employment agreement to serves as the Chief Financial Officer of the Company. There is no set employment term or notice period required prior to termination of employment.

Base Salary, Annual Bonus, Benefits

Pursuant to the employment agreement, Mr. Casey's base annual salary went up from $~~262~~324,~~000~~734 in ~~2022~~2023 to $~~324,734~~0 in ~~2023~~2024. Mr. Casey was appointed as Interim Chief Executive Officer, in addition to his regular position as Chief Financial Officer, of the Company effective August 1, 2022 and his compensation was modified to receive an annual base salary of $345,000. From December 2, 2022 until January 26, 2023, Mr. Casey did not serve as the Interim Chief Executive Officer and his salary was adjusted back to $262,000. As of January 26, 2023, Mr. Casey iswas again serving as Interim Chief Executive Officer of the Company, in addition to his regular role as Chief Financial Officer, with an annual base salary of $345,000. Mr. Casey was eligible to participate in the Company's standard employee benefits program. There was no discretionary bonus paid in either ~~2022~~ 2023 or ~~2023~~2024.

Restrictive Covenants

Pursuant to the employment agreement, Mr. Casey is subject to (i) non-disclosure of confidential information restrictions while employed and for a period of two (2) years following the termination of employment, (ii) non-solicitation restrictions while employed and for a period of two (2) years following the termination of employment, and (iii) non-competition restrictions while employed and for a period of six (6) months following the termination of employment.

Equity-Based Compensation Awards

The only equity compensation plan currently in effect is the Twinlab Consolidation Corporation 2013 Stock Incentive Plan (the “TCC Plan”), which was assumed by the Company on September 16, 2014. The TCC Plan originally established a pool of 20,000,000 shares of common stock for issuance as incentive awards to employees for the purposes of attracting and retaining qualified employees who will aid in our success. During 2018 and 2017, we granted Restricted Stock Units ("RSUs"), to certain employees pursuant to the TCC Plan. Each RSU relates to one share of the Company’s common stock. The RSU awards vested 25% each annually on various dates through 2019. We estimated the grant date fair market value per share of the RSUs and amortized the total estimated grant date value over the vesting periods. As of December 31, ~~2023~~2024, a total of 7,194,412 shares remain available for use in the TCC Plan.

Other Elements of Compensation

Retirement Plans

Until June 2016, the Company maintained a defined contribution retirement plan (the “Plan”) which qualified under Section 401(k) of the Internal Revenue Code of 1986, as amended. All employees over the age of 18 were eligible for participation in the Plan, on the 1st day of the 1st month following 30 days of employment with the Company. The Plan was a safe harbor plan, requiring the Company to match 100% of the first 1% of eligible salary contributed per pay period by participating employees, and to match 50% on the next 5% of eligible salary contributed per pay period by participating employees (with matching capped at 6% per pay period). Currently, we no longer offer matching contributions but do allow our employees to contribute to a 401(k) portfolio. The Company recognized no expenses related to the Plan in ~~2023~~2024 and ~~2022~~2023.

Outstanding Equity Awards at Fiscal Year-End

The outstanding equity awards at fiscal year-end table has been omitted as there is no required information to be disclosed for the fiscal year ended December 31, ~~2023~~2024.

DIRECTOR COMPENSATION

The director compensation table has been omitted as no compensation was received by the directors during the year ended December 31, ~~2023~~2024. We do not currently have an established compensation package for Board members.

Compensation Committee

Due to the ~~recent~~prior resignations of B. Thomas Golisano and Seth Ellis, who headed the Compensation Committee, there are currently no members of the Board of Directors that serve on the Compensation Committee. In the meantime, any compensation decisions relating to our executive officers or directors will be handled by the ~~independent members of the~~ Board of Directors. The Compensation Committee is responsible for, among other matters:

● reviewing and approving the compensation of our Chief Executive Officer ~~(either alone or, if directed by the Board of Directors, in conjunction with a majority of independent directors)~~ and reviewing and setting or making recommendations to the Board of Directors on the compensation of our other executive officers;

● reviewing and making recommendations to the Board of Directors on the compensation of our directors, if applicable;

● appointing and overseeing any compensation consultants, legal counsel or other advisers;

● reviewing and approving or making recommendations to the Board of Directors regarding incentive compensation and equity-based plans and arrangements; and

● reviewing and discussing with management the Company's "Compensation Discussion & Analysis" to the extent required to be included in filings with the SEC.

We believe our compensation policies present no risks that are reasonably likely to have a material adverse effect on our Company. The Compensation Committee has not retained a compensation consultant to review our policies and procedures with respect to executive compensation. A copy of the Compensation Committee's charter is located on our website at www.tchhome.com.

3638

Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.

The following table presents information about the beneficial ownership of the Company's Common Stock as of March 152, ~~2024~~2026 by those persons known to beneficially own more than 5% of our capital stock and by our directors, named executive officers, and current executive officers and directors as a group. The percentage of beneficial ownership for the following table is based on 259,092,833 shares of Common Stock outstanding as of March 152, ~~2024~~2026.

Beneficial ownership is determined in accordance with the rules of the SEC and does not necessarily indicate beneficial ownership for any other purpose. Under these rules, beneficial ownership includes those shares of Common Stock over which the stockholder has sole or shared voting or investment power. It also includes shares of Common Stock that the stockholder has a right to acquire within 60 days after March 152, ~~2024~~2026, pursuant to options, warrants, restricted stock units or other rights. The percentage of ownership of the outstanding Common Stock, however, is based on the assumption, expressly required by the rules of the SEC, that only the person or entity whose ownership is being reported has vested restricted stock units or converted options or warrants into shares of our Common Stock.

	Beneficial Ownership
	Shares of Common		Percentage of
Name and Address of beneficial owner 1	Stock		Class
5% Stockholders
Little Harbor LLC2		33,168,948		12.80	%
Great Harbor Capital, LLC3		52,832,266		18.65	%
David L. Van Andel Trust u/a dated November 19934		34,791,814		13.43	%
Golisano Holdings LLC5		90,255,084		34.84	%
Akretive Holdings, LLC5		90,255,084		34.84	%
David L. Van Andel
Named Executive Officers and Directors
Kyle Casey		-		-
Anthony Zolezzi6		-		-
David L. Van Andel7		120,793,028		44.88	%
All executive officers and directors as a group (2 persons)		-		-	%
Craig Fabel		-		-
All executive officers and directors as a group (4 persons)		120,793,028		44.88	%

*	Less than 1% of the applicable class or combined voting power.
1	Except as otherwise provided, each party's address is care of the Company at ~~4800~~304 ~~T-Rex~~Indian ~~Avenue,~~Trace ~~Suite 225~~#438, ~~Boca Raton~~Weston, Florida ~~33431~~33326.
2	By Schedule 13D/A, filed with the SEC on January 24, 2019, Little Harbor LLC reported that as of July 27, 2018, it has sole voting power and sole dispositive power over 33,168,948 shares. Little Harbor LLC is a Nevada limited liability company of which David L. Van Andel is the sole manager and a holder as sole trustee of the David L. Van Andel Trust u/a dated November 30, 1993 of 80.5% of the membership interests. This number does not include a warrant issued into escrow in favor of Little Harbor LLC on July 21, 2016 and exercisable for up to 2,168,178 shares of the Company's common stock but which only become exercisable if removed from escrow upon the failure of the Company to make payment in full of the promissory note at maturity, as the same may be accelerated in accordance with the terms of the note. The business address of Little Harbor LLC is 3133 Orchard Vista Drive SE, Grand Rapids, Michigan 49546.
3	By Schedule 13D/A, filed with the SEC on January 24, 2019, Great Harbor Capital, LLC reported that as of July 27, 2018, it has sole voting power and sole dispositive power over 52,832,266 shares. Great Harbor Capital, LLC is a Delaware limited liability company of which David L. ~~Van~~VanAndelis ~~Andel is~~ the sole manager and a holder as sole trustee of the David L. ~~Van~~VanAndelTrust ~~Andel Trust~~ of 100% of the membership interests. This number includes 4,500,000 shares that are issuable upon the exercise of warrants that have vested or will vest within 60 days ~~after~~afterMarch ~~March~~ 24, 2023. This number does not include warrants issued into escrow in favor of Great Harbor Capital, LLC on January 28, 2016, March 21, 2016, December 30, 2016, August 30, 2017 and February 6, 2018 and exercisable for up to 1,136,363, 3,181,816, 1,136,363, 1,363,636 and 1,818,182 shares of the Company's common stock, respectively, but which only become exercisable if removed from escrow upon the failure of the Company to make payment in full of the promissory note in connection with which each warrant was issued at maturity, as the same may be accelerated in accordance with the terms of each respective note. The business address of Great Harbor Capital, LLC is 3133 Orchard Vista Drive SE, Grand Rapids, Michigan 49546.
4	By Schedule 13D/A, filed with the SEC on January 24, 2019, the David L. Van Andel Trust u/a dated November 30, 1993 reported that as of July 27, 2018, it has sole voting power and sole dispositive power over 34,791,814 shares. The sole trustee and the principal beneficiary of the David L. Van Andel Trust u/a dated November 30, 1993 is David L. Van Andel. The business address of the David L. Van Andel Trust u/a dated November 30, 1993 is 3133 Orchard Vista Drive SE, Grand Rapids, Michigan 49546.

3739

5	By Schedule 13D/A, filed with the SEC on ~~March~~April ~~20,~~22 ~~2017~~2025, ~~Golisano~~Akretive ~~Holdings~~LLC, LLC, a New York limited liability company, reported that as of ~~March~~April 822, ~~2017~~2025, it has sole voting power and sole dispositive power over 90,~~090~~255,~~000~~084 shares. The ~~90,090,000~~ shares ~~reported~~were ~~included shares issuable pursuant to the exercise of a warrant for up to 869,818 shares~~ acquired in ~~March~~April of ~~2017~~2025 in connection with ~~its~~entering ~~acquisition~~into of a ~~promissory~~Membership ~~note~~Interest ~~from~~Purchase ~~Penta~~and ~~Mezzanine~~Sale ~~SBIC Fund I~~Agreement, ~~L.P.~~pursuant ~~("Penta").~~to ~~That warrant expired November 13~~which, ~~2019. This number does not include shared voting power held by~~ Golisano Holdings, LLC ~~over~~agreed ~~251,241,650~~to ~~shares~~sell ofand ~~the~~Akretive ~~Company's~~LLC ~~common~~agreed ~~stock with respect solely~~ to ~~the~~purchase ~~right~~100% ~~to have certain shareholders vote in favor~~ of ~~electing two nominees of Golisano Holdings LLC to~~ the ~~Company's~~membership ~~Board~~interest ofin ~~Directors~~Aketive ~~pursuant to a voting agreement~~Holdings. ~~This~~As ~~number does not include a contingent warrant issued to Golisano LLC on October 5, 2015 and exercisable as of December 31, 2016 (reflecting certain exercises and cancellations in~~ part) ~~for up to 4,756,505 shares~~ of the ~~Company's common stock~~closing, ~~but which is only exercisable if and when other warrants that existed as of the issue date are exercised by the holders thereof~~Mr. ~~This number does not include warrants issued into escrow in favor of~~ Golisano ~~LLC on January 28, 2016, March 21, 2016, July 21, 2016, December 30, 2016, March 14, 2017~~ and ~~February~~Akretive 6,LLC ~~2018~~terminated ~~and~~their ~~exercisable~~Joint ~~for~~Filing ~~up to 1~~Agreement,~~136,363,~~ ~~3,181,816,~~dated ~~2,168,178,~~October 15,~~136,363,~~ 12014,~~484,847~~ ~~and~~with ~~1,818,182~~respect ~~shares of the Company's common stock, respectively, but which only become exercisable if removed from escrow upon the failure of the Company~~ to ~~make payment in full of~~ the ~~promissory~~filing ~~note in connection with which each warrant was issued at maturity, as the same may be accelerated in accordance with the terms~~ of ~~each respective note. Golisano Holdings LLC shares beneficial ownership of~~ the ~~reported~~Statement ~~shares~~on ~~with~~Schedule ~~Mr.~~13D ~~Golisano,~~for the ~~controlling~~Company ~~member~~Common ~~of Golisano Holdings LLC~~Stock. ~~The business address of Golisano Holdings is: 1 Fishers Road, Pittsford, New York 14534~~
6	MrBy Schedule 13D/A, filed with the SEC on January 24, 2019, David L. ~~Zolezzi~~Van Andel reported that as of July 27, 2018, he has sole voting power and sole dispositive power over 120,793,028 shares. This includes 34,791,814 shares owned by the Van Andel Trust, of which Mr. Van Andel is the sole trustee and the principal beneficiary, 33,168,948 shares owned by Little Harbor of which he is the sole manager and a holder as sole trustee of the Van Andel Trust of 80.5% of the membership interests, 48,332,266 shares owned by Great Harbor Capital, LLC, a Delaware limited liability company, of which he is the sole manager and a holder as sole trustee of the Van Andel Trust of 100% of the membership interests. Mr. Van Andel disclaims beneficial ownership of any shares held by the limited liability companies named above except to the extent of his pecuniary interest therein. This number does not include shared voting power held by Great Harbor Capital, LLC, and beneficially by Mr. Van Andel as the controlling member of Great Harbor Capital, LLC, over 212,559,664 shares of the Company's common stock with respect solely to the right to have certain shareholders vote in favor of electing two nominees of Great Harbor Capital, LLC to the Company's Board of Directors pursuant to a voting agreement. The business address atof ~~16921~~Mr. ~~Via~~Van deAndel ~~Santa~~is Fe3133 ~~#168,~~Orchard ~~Rancho~~Vista ~~Santa~~Drive FeSE, ~~California~~Grand Rapids, ~~92067~~Michigan 49546.
7	By Schedule 13D/A, filed with the SEC on January 24, 2019, David L. Van Andel reported that as of July 27, 2018, he has sole voting power and sole dispositive power over 120,793,028 shares. This includes 34,791,814 shares owned by the Van Andel Trust, of which Mr. Van Andel is the sole trustee and the principal beneficiary, 33,168,948 shares owned by Little Harbor of which he is the sole manager and a holder as sole trustee of the Van Andel Trust of 80.5% of the membership interests, 48,332,266 shares owned by Great Harbor Capital, LLC, a Delaware limited liability company, of which he is the sole manager and a holder as sole trustee of the Van Andel Trust of 100% of the membership interests and 4,500,000 shares that are issuable to Great Harbor Capital, LLC upon the exercise of warrants that have vested or will vest within 60 days after March 24, 2023. Mr. Van Andel disclaims beneficial ownership of any shares held by the limited liability companies named above except to the extent of his pecuniary interest therein. This number does not include shared voting power held by Great Harbor Capital, LLC, and beneficially by Mr. Van Andel as the controlling member of Great Harbor Capital, LLC, over 212,559,664 shares of the Company's common stock with respect solely to the right to have certain shareholders vote in favor of electing two nominees of Great Harbor Capital, LLC to the Company's Board of Directors pursuant to a voting agreement. The business address of Mr. Van Andel is 3133 Orchard Vista Drive SE, Grand Rapids, Michigan 49546.
8	Mr. Fabel resigned from his position as Chief Executive Officer of the Company effective January 26, 2023.

Equity Compensation Plan Information

The following table summarizes the Twinlab Consolidation Corporation 2013 Stock Incentive Plan equity compensation plans under which our securities may be issued as of December 31, ~~2023~~2024.

Number of

securities

remaining

Number of

available for

securities

future issuance

to be issued

under equity

upon

Weighted-average

compensation plans

exercise of

exercise

(excluding

outstanding

price of

securities

options, warrant

outstanding

reflected in

Plan Category

and rights

options

column (a))

Equity compensation plans approved by security holders:

Equity compensation plans not approved by security holders

150,000

0.4

7,194,412

Total

150,000

7,194,412

Item 13.

Certain Relationships and Related Transactions, And Director Independence.

See Notes 6 and 7 and 11 in the Notes to Consolidated Financial Statements included in this report for details of related-party transactions.

3840

Director Independence

~~The~~During 2024, the Board ~~has~~had determined that the following directors ~~are~~were independent pursuant to the rules of the Nasdaq Stock Market ("NASDAQ"): Messrs. Van Andel and Zolezzi. Since the OTCPK does not have rules regarding director independence, the Board makes its determination as to director independence based on the definition of “independence” as defined under the NASDAQ rules. In evaluating and determining the independence of the directors, the Board considered the relationships disclosed above under "Certain Relationships and Related Person Transactions" and determined that those relationships dodid not impair the directors' independence from us and our management under the NASDAQ rules. Currently, ~~The~~the Board has determined that there are no independent directors due to Mr. Zolezzi being the sole member of the ~~Audit~~Board ~~Committee~~of isDirectors ~~Anthony~~and ~~Zolezzi,~~having ~~who~~been isappointed anChief ~~independent~~Executive ~~director~~Officer. The assole ~~determined~~member byof the ~~NASDAQ~~Audit ~~rules~~Committee is Anthony Zolezzi. There ~~The~~are currently no members of ~~our~~the ~~Compensation~~Board ~~Committee~~who are ~~currently~~members ~~vacant.~~of ~~The~~the ~~member~~Compensation ofCommittee ~~our~~or the Nominating and Corporate Governance Committee isand ~~David~~the L.Board ~~Van Andel, Chairman, who~~ is anfulfilling ~~independent~~the ~~director~~functions asof ~~determined~~those ~~by the NASDAQ rules~~committees.

Item 14.

Principal Accountant Fees and Services

The following table summarizes the fees of Tanner ~~LLC~~LLP ("Tanner"), our independent registered public accounting firm, billed to us for each of the last two fiscal years for audit services:

	December 31,		December 31,
Fee Category	~~2023~~2024		~~2022~~2023
Audit fees	$	~~201~~191,~~333~~474	$	~~215~~201,~~901~~333
Audit-Related fees		-		-
Tax fees		-		-
All Other Fees		-		-
Total fees	$	~~201~~191,~~333~~474	$	~~215~~201,~~901~~333

AUDIT FEES

Tanner billed the Company $~~201~~191,~~333~~474 and $~~215~~201,~~901~~333, respectively, in the aggregate for services rendered for the audits of the Company's ~~2023~~2024 and ~~2022~~2023 fiscal years and the review of the Company's interim financial statements included in the Company's Quarterly Reports on Form 10-Q for the Company's ~~2023~~ 2024 and ~~2022~~ 2023 fiscal years.

AUDIT COMMITTEE PRE-APPROVAL POLICY AND PROCEDURES

The Board of Directors of the Company has appointed an Audit Committee, which operates pursuant to a written charter. The charter provides for the pre-approval of all audit services and all permitted non-audit services to be performed for the Company by the independent registered public accounting firm, subject to the requirements of applicable law. The procedures for pre-approving all audit and non-audit services provided by the independent registered public accounting firm will include the Audit Committee reviewing audit-related services, tax services and other services. The Audit Committee will periodically monitor the services rendered by and actual fees paid to the independent registered public accounting firm to ensure that such services are within the parameters approved by the Audit Committee.

All of the audit, audit-related and tax services provided by Tanner ~~LLC~~LLP to us in ~~2023~~2024 and ~~2022~~2023 were approved by the Audit Committee pursuant to these procedures. All non-audit services provided in ~~2023~~2024 and ~~2022~~2023 were reviewed with the Audit Committee, which concluded that the provision of such services by Tanner ~~LLC~~LLP was compatible with the maintenance of that firm's independence in the conduct of its auditing function.

3941

PART IV

ITEM 15.

EXHIBITS AND FINANCIAL STATEMENT

(a)(1)	The following consolidated financial statements are filed as a part of this ~~2022~~2024 10-K Report:
	(i)	Report of Independent Registered Public Accounting Firm (Firm ID: 270)	5356
	(ii)	Consolidated Balance Sheets	5458
	(iii)	Consolidated Statements of Operations	5559
	(iv)	Consolidated Statements of Stockholders’ Deficit	5660
	(v)	Consolidated Statements of Cash Flows	5761
	(vi)	Notes to Consolidated Financial Statements	5862

(a)(2)	Consolidated financial statement schedules have been omitted either because the required information is set forth in the consolidated financial statements or notes thereto, or the information called for is not required.

(b)	Exhibits. The following exhibits are filed as part of the report on Form 10-K:

Exhibit Number	Exhibit Description
3.1	Articles of Incorporation (incorporated by reference from the Company's Registration Statement on Form S-1 (Reg. No. 333-193101) filed on December 27, 2013).
3.1.1	Amendment to Articles of Incorporation (incorporated by reference from the Company's Current Report on Form 8-K filed on August 8, 2014).
3.1.2	Certificate of Change, dated August 28, 2014 (incorporated by reference from the Company's Current Report on Form 8-K filed on August 29, 2014).
3.2	Bylaws (incorporated by reference from the Company's Registration Statement on Form S-1 (Reg. No. 333-193101) filed on December 27, 2013).
4.2	Description of Registrant's Securities (incorporated by reference from the Company's Annual Report on Form 10-K filed on March 29, 2022).
10.1	Twinlab Consolidation Corporation 2013 Stock Incentive Plan (incorporated by reference from the Company's Current Report on Form 8-K filed on September 22, 2014).*
10.2	Debt Repayment Agreement dated as of July 31, 2014 between Little Harbor LLC and Twinlab Holdings, Inc. (f/k/a Idea Sphere Inc.) (incorporated by reference from the Company's Current Report on Form 8-K filed on September 22, 2014).
10.3	Note and Warrant Purchase Agreement, dated as of November 13, 2014, by and between Twinlab Consolidated Holdings, Inc., Twinlab Consolidation Corporation, Twinlab Holdings, Inc., ISI Brands Inc., Twinlab Corporation and Penta Mezzanine SBIC Fund I, L.P (incorporated by reference from the Company’s Current Report on Form 8-K filed on November 18, 2014).
10.4	Initial Note, dated as of November 13, 2014, made by Twinlab Consolidated Holdings, Inc., Twinlab Consolidation Corporation, Twinlab Holdings, Inc., ISI Brands Inc. and Twinlab Corporation payable to Penta Mezzanine SBIC Fund I, L.P. (incorporated by reference from the Company’s Current Report on Form 8-K filed on November 18, 2014).
10.5	Warrant, dated November 13, 2014, issued by Twinlab Consolidated Holdings, Inc. to Penta Mezzanine SBIC Fund I, L.P. (incorporated by reference from the Company’s Current Report on Form 8-K filed on November 18, 2014).
10.6	Security Agreement, dated as of November 13, 2014, made by Twinlab Consolidated Holdings, Inc., Twinlab Consolidation Corporation, Twinlab Holdings, Inc., ISI Brands Inc., and Twinlab Corporation in favor of Penta Mezzanine SBIC Fund I, L.P. (incorporated by reference from the Company’s Current Report on Form 8-K filed on November 18, 2014).
10.7	Form of Deferred Draw Note made by Twinlab Consolidated Holdings, Inc., Twinlab Consolidation Corporation, Twinlab Holdings, Inc., ISI Brands Inc. and Twinlab Corporation payable to Penta Mezzanine SBIC Fund I, L.P. (incorporated by reference from the Company’s Current Report on Form 8-K filed on November 18, 2014).
10.8	Form of Warrant issued by Twinlab Consolidated Holdings, Inc. to Penta Mezzanine SBIC Fund I, L.P. (incorporated by reference from the Company’s Current Report on Form 8-K filed on November 18, 2014).

4042

10.9	Credit and Security Agreement, dated as of January 22, 2015, by and among Twinlab Consolidated Holdings, Inc., Twinlab Consolidation Corporation, Twinlab Holdings, Inc., Twinlab Corporation, ISI Brands Inc., TCC CM Subco I, Inc. and TCC CM Subco II, Inc. and MidCap Financial Trust.(incorporated by reference from the Company's Current Report on Form 8-K filed on January 28, 2015).
10.10	Revolving Loan Note, dated January 22, 2015, by Twinlab Consolidated Holdings, Inc., Twinlab Consolidation Corporation, Twinlab Holdings, Inc., ISI Brands Inc., Twinlab Corporation, TCC CM Subco I, Inc. and TCC CM Subco II, Inc. to the order of MidCap Financial Trust (incorporated by reference from the Company's Current Report on Form 8-K filed on January 28,2015).
10.11	Pledge Agreement, dated as of January 22, 2015, by and between Twinlab Consolidated Holdings, Inc. and MidCap Financial Trust (incorporated by reference from the Company’s Current Report on Form 8-K filed on January 28, 2015).
10.12	Pledge Agreement, dated as of January 22, 2015, by and between Twinlab Consolidation Corporation and MidCap Financial Trust (incorporated by reference from the Company’s Current Report on Form 8-K filed on January 28, 2015).
10.13	Pledge Agreement, dated as of January 22, 2015, by and between Twinlab Holdings, Inc. and MidCap Financial Trust (incorporated by reference from the Company’s Current Report on Form 8-K filed on January 28, 2015).
10.14	Warrant, dated January 22, 2015, issued by Twinlab Consolidated Holdings, Inc. to MidCap Funding X Trust (incorporated by reference from the Company’s Current Report on Form 8-K filed on January 28, 2015).
10.15	Registration Rights Agreement, dated as of January 22, 2015, by and between Twinlab Consolidated Holdings, Inc. and MidCap Funding X Trust (incorporated by reference from the Company’s Current Report on Form 8-K filed on January 28, 2015).
10.16	Note and Warrant Purchase Agreement, dated as of January 22, 2015, by and between Twinlab Consolidated Holdings, Inc., Twinlab Consolidation Corporation, Twinlab Holdings, Inc., ISI Brands Inc., Twinlab Corporation, TCC CM Subco I, Inc., TCC CM Subco II, Inc. and JL-BBNC Mezz Utah, LLC. (incorporated by reference from the Company’s Current Report on Form 8-K filed on January 28, 2015).
10.17	Note, dated as of January 22, 2015, made by Twinlab Consolidated Holdings, Inc., Twinlab Consolidation Corporation, Twinlab Holdings, Inc., ISI Brands Inc., Twinlab Corporation, TCC CM Subco I, Inc. and TCC CM Subco II, Inc. payable to JL-BBNC Mezz Utah, LLC. (incorporated by reference from the Company’s Current Report on Form 8-K filed on January 28, 2015).
10.18	Warrant, dated January 22, 2015, issued by Twinlab Consolidated Holdings, Inc. to JL-BBNC Mezz Utah, LLC. (incorporated by reference from the Company’s Current Report on Form 8-K filed on January 28, 2015).
10.19	Security Agreement, dated as of January 22, 2015, made by Twinlab Consolidated Holdings, Inc., Twinlab Consolidation Corporation, Twinlab Holdings, Inc., ISI Brands Inc., Twinlab Corporation, TCC CM Subco I, Inc. and TCC CM Subco II, Inc. in favor of JL-BBNC Mezz Utah, LLC. (incorporated by reference from the Company’s Current Report on Form 8-K filed on January 28, 2015).
10.20	Trust Deed, dated January 22, 2015, among Twinlab Corporation, as Trustor, Ryan B. Hancey, as Trustee, and JL-BBNC Mezz Utah, LLC. (incorporated by reference from the Company’s Current Report on Form 8-K filed on January 28, 2015).
10.21	Pledge Agreement, dated as of January 22, 2015, by and between Twinlab Consolidated Holdings, Inc. and JL-BBNC Mezz Utah, LLC. (incorporated by reference from the Company’s Current Report on Form 8-K filed on January 28, 2015).
10.22	Pledge Agreement, dated as of January 22, 2015, by and between Twinlab Consolidation Corporation and JL-BBNC Mezz Utah, LLC. (incorporated by reference from the Company’s Current Report on Form 8-K filed on January 28, 2015).
10.23	Pledge Agreement, dated as of January 22, 2015, by and between Twinlab Holdings, Inc. and JL-BBNC Mezz Utah, LLC. (incorporated by reference from the Company’s Current Report on Form 8-K filed on January 28, 2015).
10.24	Letter, dated January 16, 2015, from Fifth Third Bank to Twinlab Corporation, Twinlab Consolidated Holdings, Inc., Twinlab Consolidation Corporation, ISI Brands Inc., Twinlab Holdings, Inc., David L. Van Andel, William W. Nicholson and MidCap Financial Trust (incorporated by reference from the Company’s Current Report on Form 8-K filed on January 28, 2015).
10.25	First Amendment to Note and Warrant Purchase Agreement, Consent and Joinder, dated as of January 22, 2015 by and between Twinlab Consolidated Holdings, Inc., Twinlab Consolidation Corporation, Twinlab Holdings, Inc., ISI Brands Inc., Twinlab Corporation, TCC CM Subco I, Inc., TCC CM Subco II, Inc. and Penta Mezzanine SBIC Fund I, L.P. (incorporated by reference from the Company’s Current Report on Form 8-K filed on January 28, 2015).
10.26	Amended and Restated Note, dated as of January 22, 2015, by Twinlab Consolidated Holdings, Inc., Twinlab Consolidation Corporation, Twinlab Holdings, Inc., ISI Brands Inc., Twinlab Corporation, TCC CM Subco I, Inc., TCC CM Subco II, Inc. in favor of Penta Mezzanine SBIC Fund I, L.P. (incorporated by reference from the Company’s Current Report on Form 8-K filed on January 28, 2015).
10.27	Warrant, dated January 22, 2015, issued by Twinlab Consolidated Holdings, Inc. to Penta Mezzanine SBIC Fund I, L.P. (incorporated by reference from the Company’s Current Report on Form 8-K filed on January 28, 2015).
10.28	Pledge Agreement, dated as of January 22, 2015, by and between Twinlab Consolidated Holdings, Inc. and Penta Mezzanine SBIC Fund I, L.P. (incorporated by reference from the Company’s Current Report on Form 8-K filed on January 28, 2015).
10.29	Pledge Agreement, dated as of January 22, 2015, by and between Twinlab Consolidation Corporation and Penta Mezzanine SBIC Fund I, L.P. (incorporated by reference from the Company’s Current Report on Form 8-K filed on January 28, 2015).
10.30	Pledge Agreement, dated as of January 22, 2015, by and between Twinlab Holdings, Inc. and Penta Mezzanine SBIC Fund I, L.P. (incorporated by reference from the Company’s Current Report on Form 8-K filed on January 28, 2015).

4143

10.31	Amendment No. 1 to Credit and Security Agreement and Limited Consent, dated as of February 4, 2015, by and among Twinlab Consolidated Holdings, Inc., Twinlab Consolidation Corporation, Twinlab Holdings, Inc., ISI Brands Inc., Twinlab Corporation, TCC CM Subco I, Inc. and TCC CM Subco II, Inc. and MidCap Funding X Trust incorporated by reference from the Company’s Current Report on Form 8-K filed on January 28, 2015).
10.32	First Amendment to Note and Warrant Purchase Agreement and Consent, dated as of February 4, 2015, by and between Twinlab Consolidated Holdings, Inc., Twinlab Consolidation Corporation, Twinlab Holdings, Inc., ISI Brands Inc., Twinlab Corporation, TCC CM Subco I, Inc., TCC CM Subco II, Inc. and JL-BBNC Mezz Utah, LLC. (incorporated by reference from the Company’s Current Report on Form 8-K filed on February 9, 2015).
10.33	Warrant, dated February 4, 2015, issued by Twinlab Consolidated Holdings, Inc. to JL-BBNC Mezz Utah, LLC. (incorporated by reference from the Company’s Current Report on Form 8-K filed on February 9, 2015).
10.34	Second Amendment to Note and Warrant Purchase Agreement and Consent, dated as of February 4, 2015, by and between Twinlab Consolidated Holdings, Inc., Twinlab Consolidation Corporation, Twinlab Holdings, Inc., ISI Brands Inc., Twinlab Corporation, TCC CM Subco I, Inc., TCC CM Subco II, Inc. and Penta Mezzanine SBIC Fund I, L.P. (incorporated by reference from the Company’s Current Report on Form 8-K filed on February 9, 2015).
10.35	Unsecured Promissory Note, dated February 6, 2015, in the amount of $2,500,000 made by TCC CM Subco I, Inc. payable to Nutricap Labs, LLC. (incorporated by reference from the Company’s Current Report on Form 8-K filed on February 9, 2015).
10.36	Unsecured Promissory Note, dated February 6, 2015, in the amount of $1,478,000 made by TCC CM Subco I, Inc. payable to Nutricap Labs, LLC. (incorporated by reference from the Company’s Current Report on Form 8-K filed on February 9, 2015).
10.37	Office Lease Agreement, dated April 7, 2015, by and between First Central Tower, Limited Partnership and Twinlab Consolidated Holdings, Inc. and Twinlab Consolidation Corporation, as Joint Tenants (incorporated by reference from the Company’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2015 and filed on May 14, 2015).
10.38	Reimbursement Agreement, dated as of April 30, 2015, by and between Twinlab Consolidated Holdings, Inc., Twinlab Consolidation Corporation and JL Properties, Inc. (incorporated by reference from the Company’s Current Report on Form 8-K filed on May 6, 2015).
10.39	Warrant, dated April 30, 2015, issued by Twinlab Consolidated Holdings, Inc. to JL Properties, Inc. (incorporated by reference from the Company’s Current Report on Form 8-K filed on May 6, 2015).
10.40	Warrant, dated April 30, 2015, issued by Twinlab Consolidated Holdings, Inc. to JL Properties, Inc. (incorporated by reference from the Company’s Current Report on Form 8-K filed on May 6, 2015).
10.41	Amendment No. 3 to Credit and Security Agreement and Limited Consent, dated as of April 30, 2015, by and among Twinlab Consolidated Holdings, Inc., Twinlab Consolidation Corporation, Twinlab Holdings, Inc., ISI Brands Inc., Twinlab Corporation, NutraScience Labs, Inc. and NutraScience Labs IP Corporation and MidCap Funding X Trust (incorporated by reference from the Company’s Current Report on Form 8-K filed on May 6, 2015).
10.42	Third Amendment to Note and Warrant Purchase Agreement and Consent, dated as of April 30, 2015, by and between Twinlab Consolidated Holdings, Inc., Twinlab Consolidation Corporation, Twinlab Holdings, Inc., ISI Brands Inc., Twinlab Corporation, NutraScience Labs, Inc., NutraScience Labs IP Corporation and Penta Mezzanine SBIC Fund I, L.P. (incorporated by reference from the Company’s Current Report on Form 8-K filed on May 6, 2015).
10.43	Second Amendment to Note and Warrant Purchase Agreement and Consent, dated as of April 30, 2015, by and between Twinlab Consolidated Holdings, Inc., Twinlab Consolidation Corporation, Twinlab Holdings, Inc., ISI Brands Inc., Twinlab Corporation, NutraScience Labs, Inc., NutraScience Labs IP Corporation and JL-BBNC Mezz Utah, LLC. (incorporated by reference from the Company’s Current Report on Form 8-K filed on May 6, 2015).
10.44	Stock Purchase Agreement, dated as of June 2, 2015, by and between Twinlab Consolidated Holdings, Inc. and the David L. Van Andel Trust, under Trust Agreement dated November 30, 1993 (incorporated by reference from the Company’s Current Report on Form 8-K filed on June 8, 2015).
10.45	Warrant, dated June 2, 2015, by and between Twinlab Consolidated Holdings, Inc. and the David L. Van Andel Trust, under Trust Agreement dated November 30, 1993 (incorporated by reference from the Company’s Current Report on Form 8-K filed on June 8, 2015).
10.46	Warrant, dated June 2, 2015, by and between Twinlab Consolidated Holdings, Inc. and the David L. Van Andel Trust, under Trust Agreement dated November 30, 1993 (incorporated by reference from the Company’s Current Report on Form 8-K filed on June 8, 2015).
10.47	Stock Purchase Agreement, dated as of June 2, 2015, by and between Twinlab Consolidated Holdings, Inc. and Little Harbor, LLC (incorporated by reference from the Company’s Current Report on Form 8-K filed on June 8, 2015).
10.48	Warrant, dated June 2, 2015, by and between Twinlab Consolidated Holdings, Inc. and Little Harbor, LLC (incorporated by reference from the Company’s Current Report on Form 8-K filed on June 8, 2015).
10.49	Amendment No. 4 to Credit and Security Agreement and Limited Waiver, dated as of June 30, 2015, by and among Twinlab Consolidated Holdings, Inc., Twinlab Consolidation Corporation, Twinlab Holdings, Inc., ISI Brands Inc., Twinlab Corporation, NutraScience Labs, Inc., NutraScience Labs IP Corporation and MidCap Funding X Trust (incorporated by reference from the Company’s Current Report on Form 8-K filed on July 7, 2015).

4244

10.50	Amendment No. 5 to Credit and Security Agreement and Limited Waiver, dated as of June 30, 2015, by and among Twinlab Consolidated Holdings, Inc., Twinlab Consolidation Corporation, Twinlab Holdings, Inc., ISI Brands Inc., Twinlab Corporation, NutraScience Labs, Inc., NutraScience Labs IP Corporation and MidCap Funding X Trust (incorporated by reference from the Company’s Current Report on Form 8-K filed on July 7, 2015).
10.51	Stock Purchase Agreement, dated as of June 30, 2015, by and between Twinlab Consolidated Holdings, Inc. and Penta Mezzanine SBIC Fund I, L.P. (incorporated by reference from the Company’s Current Report on Form 8-K filed on July 7, 2015).
10.52	Warrant, dated June 30, 2015, by and between Twinlab Consolidated Holdings, Inc. and Penta Mezzanine SBIC Fund I, L.P. (incorporated by reference from the Company’s Current Report on Form 8-K filed on July 7, 2015).
10.53	Fourth Amendment to Note and Warrant Purchase Agreement, Limited Consent and Limited Waiver, dated as of June 30, 2015, by and between Twinlab Consolidated Holdings, Inc., Twinlab Consolidation Corporation, Twinlab Holdings, Inc., ISI Brands Inc., Twinlab Corporation, NutraScience Labs, Inc., NutraScience Labs IP Corporation and Penta Mezzanine SBIC Fund I, L.P. (incorporated by reference from the Company’s Current Report on Form 8-K filed on July 7, 2015).
10.54	Stock Purchase Agreement, dated as of June 30, 2015, by and between Twinlab Consolidated Holdings, Inc. and JL-BBNC Mezz Utah, LLC. (incorporated by reference from the Company’s Current Report on Form 8-K filed on July 7, 2015).
10.55	Warrant, dated June 30, 2015, by and between Twinlab Consolidated Holdings, Inc. and JL-BBNC Mezz Utah, LLC. (incorporated by reference from the Company’s Current Report on Form 8-K filed on July 7, 2015).
10.56	Third Amendment to Note and Warrant Purchase Agreement, Limited Consent and Limited Waiver, dated as of June 30, 2015, by and between Twinlab Consolidated Holdings, Inc., Twinlab Consolidation Corporation, Twinlab Holdings, Inc., ISI Brands Inc., Twinlab Corporation, NutraScience Labs, Inc., NutraScience Labs IP Corporation and JL-BBNC Mezz Utah LLC. (incorporated by reference from the Company’s Current Report on Form 8-K filed on July 7, 2015).
10.57	Warrant, dated August 14, 2015, by and between Twinlab Consolidated Holdings, Inc. and Penta Mezzanine SBIC Fund I, LP. (incorporated by reference from the Company’s Current Report on Form 8-K filed on August 20, 2015).
10.58	Amendment No. 1 to Twinlab Consolidated Holdings, Inc. Warrant, dated as of August 14, 2015, by and among Twinlab Consolidated Holdings, Inc. and the David L. Van Andel Trust, Under Trust Agreement Dated November 30, 1993. (incorporated by reference from the Company’s Current Report on Form 8-K filed on August 20, 2015).
10.59	Amendment No. 1 to Twinlab Consolidated Holdings, Inc. Warrant, dated as of August 14, 2015, by and among Twinlab Consolidated Holdings, Inc. and Little Harbor, LLC (incorporated by reference from the Company's Current Report on Form 8-K filed on August 20, 2015).
10.60	Amendment No. 1 to Twinlab Consolidated Holdings, Inc. Warrant, dated as of August 14, 2015, by and among Twinlab Consolidated Holdings, Inc. and JL-BBNC Mezz Utah, LLC. (incorporated by reference from the Company’s Current Report on Form 8-K filed on August 20, 2015).
10.61	Put Agreement Related to Exercise of Warrant 2015-17, dated as of September 9, 2015, by and among Twinlab Consolidated Holdings, Inc. and the David L. Van Andel Trust under trust agreement dated November 30, 1999. (incorporated by reference from the Company’s Current Report on Form 8-K filed on September 15, 2015).
10.62	Amendment No. 6 to Credit and Security Agreement, Limited Consent and Limited Waiver, dated as of September 9, 2015, by and among Twinlab Consolidated Holdings, Inc., Twinlab Consolidation Corporation, Twinlab Holdings, Inc., ISI Brands Inc., Twinlab Corporation, NutraScience Labs, Inc., NutraScience Labs IP Corporation and MidCap Funding X Trust (incorporated by reference from the Company’s Current Report on Form 8-K filed on September 15, 2015).
10.63	Fifth Amendment to Note and Warrant Purchase Agreement and Limited Consent, dated as of September 9, 2015, by and between Twinlab Consolidated Holdings, Inc., Twinlab Consolidation Corporation, Twinlab Holdings, Inc., ISI Brands Inc., Twinlab Corporation, NutraScience Labs, Inc., NutraScience Labs IP Corporation and Penta Mezzanine SBIC Fund I, L.P. (incorporated by reference from the Company’s Current Report on Form 8-K filed on September 15, 2015).
10.64	Fourth Amendment to Note and Warrant Purchase Agreement and Limited Consent, dated as of September 9, 2015, by and between Twinlab Consolidated Holdings, Inc., Twinlab Consolidation Corporation, Twinlab Holdings, Inc., ISI Brands Inc., Twinlab Corporation, NutraScience Labs, Inc., NutraScience Labs IP Corporation and JL-Mezz Utah LLC. (incorporated by reference from the Company’s Current Report on Form 8-K filed on September 15, 2015).
10.65	Stock Purchase Agreement, dated as of October 1, 2015, by and between Twinlab Consolidated Holdings, Inc. and GREAT HARBOR CAPITAL, LLC. (incorporated by reference from the Company’s Current Report on Form 8-K filed on October 7, 2015).
10.66	Securities Purchase Agreement, dated as of October 2, 2015, by and between Twinlab Consolidated Holdings, Inc. and Golisano Holdings LLC. (incorporated by reference from the Company’s Current Report on Form 8-K filed on October 8, 2015).
10.67	Common Stock Purchase Warrant, dated October 5, 2015, by and between Twinlab Consolidated Holdings, Inc. and Golisano Holdings LLC. (incorporated by reference from the Company’s Current Report on Form 8-K filed on October 8, 2015).
10.68	Registration Rights Agreement, dated as of October 5, 2015, by and between Twinlab Consolidated Holdings, Inc. and Golisano Holdings LLC. (incorporated by reference from the Company’s Current Report on Form 8-K filed on October 8, 2015).
10.69	Voting Agreement, dated as of October 5, 2015, among Twinlab Consolidated Holdings, Inc., Golisano Holdings LLC, and Thomas A. Tolworthy, Little Harbor, LLC, Great Harbor Capital, LLC and the David L. Van Andel Trust U/A dated November 30, 1993. (incorporated by reference from the Company’s Current Report on Form 8-K filed on October 8, 2015).

4345

10.70	Voting Agreement, dated as of October 2, 2015, among Twinlab Consolidated Holdings, Inc., Great Harbor Capital, LLC and Golisano Holdings LLC, Thomas A. Tolworthy, Little Harbor, LLC, and the David L. Van Andel Trust U/A dated November 30, 1993. (incorporated by reference from the Company’s Current Report on Form 8-K filed on October 8, 2015).
10.71	Amendment No. 7 and Joinder Agreement to Credit and Security Agreement, dated as of October 5, 2015, by and among Twinlab Consolidated Holdings, Inc., Twinlab Consolidation Corporation, Twinlab Holdings, Inc., ISI Brands Inc., Twinlab Corporation, NutraScience Labs, Inc., NutraScience Labs IP Corporation, Organic Holdings, LLC, Reserve Life Organics, LLC, Resvitale, LLC, Re-Body, LLC, Innovitamin Organics, LLC, Organics Management LLC, Cocoawell, LLC, Fembody, LLC, Reserve Life Nutrition, L.L.C., Innovita Specialty Distribution, LLC and Joie Essance, LLC and MidCap Funding X Trust. (incorporated by reference from the Company’s Current Report on Form 8-K filed on October 8, 2015).
10.72	First Amended and Restated Revolving Loan Note, dated October 5, 2015, by Twinlab Consolidated Holdings, Inc., Twinlab Consolidation Corporation, Twinlab Holdings, Inc., ISI Brands Inc., Twinlab Corporation, NutraScience Labs, Inc., NutraScience Labs IP Corporation, Organic Holdings, LLC, Reserve Life Organics, LLC, Resvitale, LLC, Re-Body, LLC, Innovitamin Organics, LLC, Organics Management LLC, Cocoawell, LLC, Fembody, LLC, Reserve Life Nutrition, L.L.C., Innovita Specialty Distribution, LLC and Joie Essance, LLC. (incorporated by reference from the Company’s Current Report on Form 8-K filed on October 8, 2015).
10.73	Sixth Amendment to Note and Warrant Purchase Agreement, dated as of October 5, 2015, by and between Twinlab Consolidated Holdings, Inc., Twinlab Consolidation Corporation, Twinlab Holdings, Inc., ISI Brands Inc., Twinlab Corporation, NutraScience Labs, Inc., NutraScience Labs IP Corporation and Penta Mezzanine SBIC Fund I, L.P. (incorporated by reference from the Company’s Current Report on Form 8-K filed on October 8, 2015).
10.74	Limited Waiver to Note Warrant and Purchase Agreement, dated as of October 2, 2015, by and between Twinlab Consolidated Holdings, Inc., Twinlab Consolidation Corporation, Twinlab Holdings, Inc., ISI Brands Inc., Twinlab Corporation, NutraScience Labs, Inc., NutraScience Labs IP Corporation and Penta Mezzanine SBIC Fund I, L.P. (incorporated by reference from the Company’s Current Report on Form 8-K filed on October 8, 2015).
10.75	Fifth Amendment to Note and Warrant Purchase Agreement, dated as of October 5, 2015, by and between Twinlab Consolidated Holdings, Inc., Twinlab Consolidation Corporation, Twinlab Holdings, Inc., ISI Brands Inc., Twinlab Corporation, NutraScience Labs, Inc., NutraScience Labs IP Corporation and JL-Mezz Utah LLC (f/k/a JL-BBNC Mezz Utah, LLC). (incorporated by reference from the Company’s Current Report on Form 8-K filed on October 8, 2015).
10.76	Limited Waiver to Note Warrant and Purchase Agreement, dated as of October 2, 2015, by and between Twinlab Consolidated Holdings, Inc., Twinlab Consolidation Corporation, Twinlab Holdings, Inc., ISI Brands Inc., Twinlab Corporation, NutraScience Labs, Inc., NutraScience Labs IP Corporation and JL-Mezz Utah LLC (f/k/a JL-BBNC Mezz Utah, LLC). (incorporated by reference from the Company’s Current Report on Form 8-K filed on October 8, 2015).
10.77	Unsecured Promissory Note, dated January 28, 2016, issued by Twinlab Consolidated Holdings, Inc. in favor of Golisano Holdings LLC. (incorporated by reference from the Company’s Current Report on Form 8-K filed on February 3, 2016).
10.78	Warrant, dated January 28, 2016, by and between Twinlab Consolidated Holdings, Inc. and Golisano Holdings LLC. (incorporated by reference from the Company’s Current Report on Form 8-K filed on February 3, 2016).
10.79	Unsecured Promissory Note, dated January 28, 2016, issued by Twinlab Consolidated Holdings, Inc. in favor of GREAT HARBOR CAPITAL, LLC. (incorporated by reference from the Company’s Current Report on Form 8-K filed on February 3, 2016).
10.80	Warrant, dated January 28, 2016, by and between Twinlab Consolidated Holdings, Inc. and GREAT HARBOR CAPITAL, LLC. (incorporated by reference from the Company’s Current Report on Form 8-K filed on February 3, 2016).
10.81	Amendment No. 8 to Credit and Security Agreement, dated as of January 28, 2016, by and among Twinlab Consolidated Holdings, Inc., Twinlab Consolidation Corporation, Twinlab Holdings, Inc., ISI Brands Inc., Twinlab Corporation, NutraScience Labs, Inc., NutraScience Labs IP Corporation, Organic Holdings, LLC, Reserve Life Organics, LLC, Resvitale, LLC, Re-Body, LLC, Innovitamin Organics, LLC, Organics Management LLC, Cocoawell, LLC, Fembody, LLC, Reserve Life Nutrition, L.L.C., Innovita Specialty Distribution, LLC and Joie Essance, LLC and MidCap Funding X Trust.(incorporated by reference from the Company’s Current Report on Form 8-K filed on February 3, 2016).
10.82	Seventh Amendment to Note and Warrant Purchase Agreement, dated as of January 28, 2016, by and between Twinlab Consolidated Holdings, Inc., Twinlab Consolidation Corporation, Twinlab Holdings, Inc., ISI Brands Inc., Twinlab Corporation, NutraScience Labs, Inc., NutraScience Labs IP Corporation, Organic Holdings LLC, Reserve Life Organics, LLC, Resvitale, LLC, Re-Body, LLC, Innovitamin Organics, LLC, Organics Management LLC, Cocoawell, LLC, Fembody, LLC, Reserve Life Nutrition, L.L.C., Innovita Specialty Distribution, LLC, and Joie Essance, LLC and Penta Mezzanine SBIC Fund I, L.P. (incorporated by reference from the Company’s Current Report on Form 8-K filed on February 3, 2016).
10.83	Sixth Amendment to Note and Warrant Purchase Areement dated as of January 28 2016 by and between Twinlab Consolidated Holdins Inc. Twinlab Consolidation Corporation, Twinlab Holdings, Inc., ISI Brands Inc., Twinlab Corporation, NutraScience Labs, Inc., NutraScience Labs IP Corporation, Organic Holdings LLC, Reserve Life Organics, LLC, Resvitale, LLC, Re-Body, LLC, Innovitamin Organics, LLC, Organics Management LLC, Cocoawell, LLC, Fembody, LLC, Reserve Life Nutrition, L.L.C., Innovita Specialty Distribution, LLC, and Joie Essance, LLC and JL-Mezz Utah LLC (f/k/a JL-BBNC Mezz Utah, LLC). (incorporated by reference from the Company’s Current Report on Form 8-K filed on February 3, 2016).

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10.84	Unsecured Promissory Note, dated March 21, 2016, issued by Twinlab Consolidated Holdings in favor of Golisano Holdings LLC (incorporated by reference from the Company’s Current Report on Form 8-K filed on March 25, 2016).
10.85	Warrant, dated March 21, 2016, by and between Twinlab Consolidated Holdings, Inc. and Golisano Holdings LLC (incorporated by reference from the Company’s Current Report on Form 8-K filed on March 25, 2016).
10.86	Unsecured Promissory Note, dated March 21, 2016, issued by Twinlab Consolidated Holdings, Inc. in favor of GREAT HARBOR CAPITAL, LLC (incorporated by reference from the Company’s Current Report on Form 8-K filed on March 25, 2016).
10.87	Warrant, dated March 21, 2016, by and between Twinlab Consolidated Holdings, Inc. and GREAT HARBOR CAPITAL, LLC (incorporated by reference from the Company’s Current Report on Form 8-K filed on March 25, 2016).
10.88	Amendment No. 1 to Unsecured Promissory Note, dated as of March 21, 2016, by and between Twinlab Consolidated Holdings, Inc. and Golisano Holdings LLC (incorporated by reference from the Company’s Current Report on Form 8-K filed on March 25, 2016).
10.89	Amendment No. 1 to Unsecured Promissory Note, dated as of March 21, 2016, by and between Twinlab Consolidated Holdings, Inc. and GREAT HARBOR CAPITAL, LLC (incorporated by reference from the Company’s Current Report on Form 8-K filed on March 25, 2016).
10.90	Amendment No. 9 to Credit and Security Agreement, dated as of April 5, 2016, by and among Twinlab Consolidated Holdings, Inc., Twinlab Consolidation Corporation, Twinlab Holdings, Inc., ISI Brands Inc., Twinlab Corporation, NutraScience Labs, Inc., NutraScience Labs IP Corporation, Organic Holdings LLC, Reserve Life Organics, LLC, Resvitale, LLC, Re-Body, LLC, Innovitamin Organics, LLC, Organics Management LLC, Cocoawell, LLC, Fembody, LLC, Reserve Life Nutrition, L.L.C., Innovita Specialty Distribution, LLC and Joie Essance, LLC and MidCap Funding X Trust (incorporated by reference from the Company’s Current Report on Form 8-K filed on April 11, 2016).
10.91	Eighth Amendment to Note and Warrant Purchase Agreement, dated as of April 5, 2016, by and between Twinlab Consolidated Holdings, Inc., Twinlab Consolidation Corporation, Twinlab Holdings, Inc., ISI Brands Inc., Twinlab Corporation, NutraScience Labs, Inc., NutraScience Labs IP Corporation, Organic Holdings LLC, Reserve Life Organics, LLC, Resvitale, LLC, Re-Body, LLC, Innovitamin Organics, LLC, Organics Management LLC, Cocoawell, LLC, Fembody, LLC, Reserve Life Nutrition, L.L.C., Innovita Specialty Distribution, LLC, and Joie Essance, LLC and Penta Mezzanine SBIC Fund I, L.P. (incorporated by reference from the Company’s Current Report on Form 8-K filed on April 11, 2016).
10.92	Seventh Amendment to Note and Warrant Purchase Agreement, dated as of April 5, 2016, by and between Twinlab Consolidated Holdings, Inc., Twinlab Consolidation Corporation, Twinlab Holdings, Inc., ISI Brands Inc., Twinlab Corporation, NutraScience Labs, Inc., NutraScience Labs IP Corporation, Organic Holdings LLC, Reserve Life Organics, LLC, Resvitale, LLC, Re-Body, LLC, Innovitamin Organics, LLC, Organics Management LLC, Cocoawell, LLC, Fembody, LLC, Reserve Life Nutrition, L.L.C., Innovita Specialty Distribution, LLC, and Joie Essance, LLC and JL-Mezz Utah LLC (f/k/a JL-BBNC Mezz Utah, LLC) (incorporated by reference from the Company’s Current Report on Form 8-K filed on April 11, 2016).
10.93	Amendment No. 2 to Unsecured Promissory Note, dated as of April 5, 2016, by and between Twinlab Consolidated Holdings, Inc. and Golisano Holdings LLC (incorporated by reference from the Company’s Current Report on Form 8-K filed on April 11, 2016).
10.94	Amendment No. 1 to Unsecured Promissory Note, dated as of April 5, 2016, by and between Twinlab Consolidated Holdings, Inc. and Golisano Holdings LLC (incorporated by reference from the Company’s Current Report on Form 8-K filed on April 11, 2016).
10.95	Amendment No. 2 to Unsecured Promissory Note, dated as of April 5, 2016, by and between Twinlab Consolidated Holdings, Inc. and GREAT HARBOR CAPITAL, LLC (incorporated by reference from the Company’s Current Report on Form 8-K filed on April 11, 2016).
10.96	Amendment No. 1 to Unsecured Promissory Note, dated as of April 5, 2016, by and between Twinlab Consolidated Holdings, Inc. and GREAT HARBOR CAPITAL, LLC (incorporated by reference from the Company’s Current Report on Form 8-K filed on April 11, 2016).
10.97	Unsecured Delayed Draw Promissory Note, dated July 21, 2016, issued by Twinlab Consolidated Holdings, Inc. in favor of Golisano Holdings LLC (incorporated by reference from the Company's Current Report on Form 8-K filed on July 27, 2016).
10.98	Warrant, dated July 21, 2016, by and between Twinlab Consolidated Holdings, Inc. and Golisano Holdings LLC (incorporated by reference from the Company's Current Report on Form 8-K filed on July 27, 2016).
10.99	Unsecured Delayed Draw Promissory Note, dated July 21, 2016, issued by Twinlab Consolidated Holdings, Inc. in favor of Little Harbor, LLC (incorporated by reference from the Company's Current Report on Form 8-K filed on July 27, 2016).
10.100	Warrant, dated July 21, 2016, by and between Twinlab Consolidated Holdings, Inc. and Little Harbor, LLC (incorporated by reference from the Company's Current Report on Form 8-K filed on July 27, 2016).
10.101	Amendment No. 3 to Unsecured Promissory Note, dated as of July 21, 2016, by and between Twinlab Consolidated Holdings, Inc. and Golisano Holdings LLC (incorporated by reference from the Company's Current Report on Form 8-K filed on July 27, 2016).
10.102	Amendment No. 2 to Unsecured Promissory Note, dated as of July 21, 2016, by and between Twinlab Consolidated Holdings, Inc. and Golisano Holdings LLC (incorporated by reference from the Company's Current Report on Form 8-K filed on July 27, 2016).
10.103	Amendment No. 3 to Unsecured Promissory Note, dated as of July 21, 2016, by and between Twinlab Consolidated Holdings, Inc. and GREAT HARBOR CAPITAL, LLC (incorporated by reference from the Company's Current Report on Form 8-K filed on July 27, 2016).
10.104	Amendment No. 2 to Unsecured Promissory Note, dated as of July 21, 2016, by and between Twinlab Consolidated Holdings, Inc. and GREAT HARBOR CAPITAL, LLC (incorporated by reference from the Company's Current Report on Form 8-K filed on July 27, 2016).

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10.105	Amendment No. 10 to Credit and Security Agreement, dated as of April 5, 2016, by and among Twinlab Consolidated Holdings, Inc., Twinlab Consolidation Corporation, Twinlab Holdings, Inc., ISI Brands Inc., Twinlab Corporation, NutraScience Labs, Inc., NutraScience Labs IP Corporation, Organic Holdings LLC, Reserve Life Organics, LLC, Resvitale, LLC, Re-Body, LLC, Innovitamin Organics, LLC, Organics Management LLC, Cocoawell, LLC, Fembody, LLC, Reserve Life Nutrition, L.L.C., Innovita Specialty Distribution, LLC and Joie Essance, LLC and MidCap Funding X Trust (incorporated by reference from the Company's Current Report on Form 8-K filed on August 16, 2016).
10.106	Ninth Amendment to Note and Warrant Purchase Agreement, dated as of April 5, 2016, by and between Twinlab Consolidated Holdings, Inc., Twinlab Consolidation Corporation, Twinlab Holdings, Inc., ISI Brands Inc., Twinlab Corporation, NutraScience Labs, Inc., NutraScience Labs IP Corporation, Organic Holdings LLC, Reserve Life Organics, LLC, Resvitale, LLC, Re-Body, LLC, Innovitamin Organics, LLC, Organics Management LLC, Cocoawell, LLC, Fembody, LLC, Reserve Life Nutrition, L.L.C., Innovita Speciality Distribution, LLC, and Joie Essance, LLC and Penta Mezzanine SBIC Fund I, L.P. (incorporated by reference from the Company's Current Report on Form 8-K filed on August 16, 2016).
10.107	Eighth Amendment to Note and Warrant Purchase Agreement, dated as of April 5, 2016, by and between Twinlab Consolidated Holdings, Inc., Twinlab Consolidation Corporation, Twinlab Holdings, Inc., ISI Brands Inc., Twinlab Corporation, NutraScience Labs, Inc., NutraScience Labs IP Corporation, Organic Holdings LLC, Reserve Life Organics, LLC, Resvitale, LLC, Re-Body, LLC, Innovitamin Organics, LLC, Organics Management LLC, Cocoawell, LLC, Fembody, LLC, Reserve Life Nutrition, L.L.C., Innovita Speciality Distribution, LLC, and Joie Essance, LLC and JL-Mezz Utah LLC (f/k/a JL-BBNC Mezz Utah, LLC) (incorporated by reference from the Company's Current Report on Form 8-K filed on August 16, 2016).
10.108	Amendment No. 11 to Credit and Security Agreement, dated as of September 2, 2016, by and among Twinlab Consolidated Holdings, Inc., Twinlab Consolidation Corporation, Twinlab Holdings, Inc., ISI Brands Inc., Twinlab Corporation, NutraScience Labs, Inc., NutraScience Labs IP Corporation, Organic Holdings LLC, Reserve Life Organics, LLC, Resvitale, LLC, Re-Body, LLC, Innovitamin Organics, LLC, Organics Management LLC, Cocoawell, LLC, Fembody, LLC, Reserve Life Nutrition, L.L.C., Innovita Specialty Distribution, LLC and Joie Essance, LLC and MidCap Funding X Trust (incorporated by reference from the Company's Current Report on Form 8-K filed on September 7, 2016).
10.109	First Amendment to Lease Agreement, made as of November 18, 2016, by and between First Central Tower, Limited Partnership and Twinlab Consolidation Corporation and Twinlab Consolidated Holdings, Inc. (incorporated by reference to Exhibit 10.1 from the Company's Current Report on Form 8-K filed on December 6, 2016).
10.110	Agreement of Sublease, dated as of December 1, 2016, by and among Twinlab Consolidated Holdings, Inc. and Twinlab Consolidation Corporation and Powerchord, Inc. (incorporated by reference to Exhibit 10.2 from the Company's Current Report on Form 8-K filed on December 6, 2016).
10.111	Lease Agreement, dated as of December 15, 2016, by and between Boca T-Rex Borrower, LLC and Twinlab Consolidation Corporation (incorporated by reference to Exhibit 10.1 from the Company's Current Report on Form 8-K filed on December 16, 2016).
10.112	Basic Lease Information Rider, dated December 15, 2016, between Boca T-Rex Borrower, LLC and Twinlab Consolidation Corporation (incorporated by reference to Exhibit 10.2 from the Company's Current Report on Form 8-K filed on December 16, 2016).
10.113	Unsecured Promissory Note, dated December 30, 2016, issued by Twinlab Consolidated Holdings, Inc. in favor of Golisano Holdings LLC (incorporated by reference to Exhibit 10.144 from the Company's Current Report on Form 8-K filed on January 6, 2017).
10.114	Warrant, dated December 30, 2016, by and between Twinlab Consolidated Holdings, Inc. and Golisano Holdings LLC (incorporated by reference to Exhibit 10.145 from the Company's Current Report on Form 8-K filed on January 6, 2017).
10.115	Unsecured Promissory Note, dated December 30, 2016, issued by Twinlab Consolidated Holdings, Inc. in favor of Great Harbor, LLC (incorporated by reference to Exhibit 10.146 from the Company's Current Report on Form 8-K filed on January 6, 2017).
10.116	Warrant, dated December 30, 2016, by and between Twinlab Consolidated Holdings, Inc. and Great Harbor, LLC (incorporated by reference to Exhibit 10.147 from the Company's Current Report on Form 8-K filed on January 6, 2017).
10.117	Amendment No. 4 to Unsecured Promissory Note, dated as of December 30, 2016, by and between Twinlab Consolidated Holdings, Inc. and Golisano Holdings LLC (incorporated by reference to Exhibit 10.148 from the Company's Current Report on Form 8-K filed on January 6, 2017).
10.118	Amendment No. 3 to Unsecured Promissory Note, dated as of December 30, 2016, by and between Twinlab Consolidated Holdings, Inc. and Golisano Holdings LLC (incorporated by reference to Exhibit 10.149 from the Company's Current Report on Form 8-K filed on January 6, 2017).
10.119	Amendment No. 1 to Unsecured Delayed Draw Promissory Note, dated as of December 30, 2016, by and between Twinlab Consolidated Holdings, Inc. and Golisano Holdings LLC (incorporated by reference to Exhibit 10.150 from the Company's Current Report on Form 8-K filed on January 6, 2017).
10.120	Amendment No. 3 to Unsecured Promissory Note, dated as December 30, 2016, by and between Twinlab Consolidated Holdings, Inc. and GREAT HARBOR CAPITAL, LLC (incorporated by reference to Exhibit 10.151 from the Company's Current Report on Form 8-K filed on January 6, 2017).
10.121	Amendment No. 4 to Unsecured Promissory Note, dated as December 30, 2016, by and between Twinlab Consolidated Holdings, Inc. and GREAT HARBOR CAPITAL, LLC (incorporated by reference to Exhibit 10.152 from the Company's Current Report on Form 8-K filed on January 6, 2017).

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10.122	Amendment No. 1 to Unsecured Delayed Draw Promissory Note, dated as of December 30, 2016, by and between Twinlab Consolidated Holdings, Inc. and LITTLE HARBOR CAPITAL, LLC (incorporated by reference to Exhibit 10.153 from the Company's Current Report on Form 8-K filed on January 6, 2017).
10.123	Unsecured Promissory Note, dated as of March 14, 2017, issued by Twinlab Consolidated Holdings, Inc. in favor of Golisano Holdings LLC (incorporated by reference to Exhibit 10.146 from the Company's Current Report on Form 8-K filed on March 17, 2017).
10.124	Warrant, dated March 14, 2017, by and between Twinlab Consolidated Holdings, Inc. and Golisano Holdings LLC (incorporated by reference to Exhibit 10.147 from the Company's Current Report on Form 8-K filed on March 17, 2017).
10.125	Subordination Agreement, dated June 2, 2017, by and among 2014 Huntington Holdings, LLC, Twinlab Consolidated Holdings, Inc., Twinlab Consolidation Corporation, Twinlab Holdings, Inc., ISI Brands Inc., Twinlab Corporation, Nutrascience Labs, Inc., Nutrascience Labs IP Corporation, Organic Holdings LLC, Reserve Life Organics, LLC, Resvitale, LLC, Re-Body, LLC, Innovitamin Organics, LLC, Organics Management LLC, Cocoawell, LLC, Fembody, LLC, Reserve Life Nutrition, L.L.C., Innovita Specialty Distribution, LLC, Joie Essance, LLC, and Midcap Funding X Trust (incorporated by reference from the Company's Current Report on Form 8-K filed on June 8, 2017).
10.126	Agreement of Lease, dated June 2, 2017, between Carolyn Holdings, LLC and Twinlab Consolidated Holdings, Inc. (incorporated by reference from the Company's Current Report on Form 8-K filed on June 8, 2017).
10.127	Rider to the Lease, dated June 2, 2017, by and between Carolyn Holdings, LLC and Twinlab Consolidated Holdings, Inc. (incorporated by reference from the Company's Current Report on Form 8-K filed on June 8, 2017).
10.128	Landlord’s Agreement, dated June 2, 2017, by and among Carolyn Holdings LLC, Twinlab Consolidated Holdings, Inc. and Midcap Funding X Trust (incorporated by reference from the Company's Current Report on Form 8-K filed on June 8, 2017).
10.129	Secured Promissory Note, dated August 30, 2017, issued by Twinlab Consolidated Holdings, Inc., Twinlab Consolidation Corporation, Twinlab Holdings, Inc., ISI Brands Inc., Twinlab Corporation, Nutrascience Labs, Inc., Nutrascience Labs IP Corporation, Organic Holdings LLC, Reserve Life Organics, LLC, Resvitale, LLC, Re-Body, LLC, Innovitamin Organics, LLC, Organics Management LLC, Cocoawell, LLC, Fembody, LLC, Reserve Life Nutrition, LLC, Innovita Specialty Distribution LLC, and Joie Essance, LLC in favor of Great Harbor Capital, LLC (incorporated by reference from the Company's Current Report on Form 8-K filed on September 6, 2017).
10.130	Warrant, dated August 30, 2017, by and between Twinlab Consolidated Holdings, Inc. and Great Harbor Capital, LLC (incorporated by reference from the Company's Current Report on Form 8-K filed on September 6, 2017).
10.131	Amendment No. 13 to Credit and Security Agreement and Limited Consent, dated as of August 30, 2017, by and among Twinlab Consolidated Holdings, Inc., Twinlab Consolidation Corporation, Twinlab Holdings, Inc., ISI Brands Inc., Twinlab Corporation, NutraScience Labs, Inc., NutraScience Labs IP Corporation, Organic Holdings LLC, Reserve Life Organics, LLC, Resvitale, LLC, Re-Body, LLC, Innovitamin Organics, LLC, Organics Management LLC, Cocoawell, LLC, Fembody, LLC, Reserve Life Nutrition, L.L.C., Innovita Specialty Distribution, LLC, Joie Essance, LLC and MidCap Funding X Trust (incorporated by reference from the Company's Current Report on Form 8-K filed on September 6, 2017).
10.132	Amendment No. 14 to Credit and Security Agreement and Limited Waiver, dated as of March 22, 2018 by and among Twinlab Consolidated Holdings, Inc., Twinlab Consolidation Corporation, Twinlab Holdings, Inc., ISI Brands Inc., Twinlab Corporation, NutraScience Labs, Inc., NutraScience Labs IP Corporation, Organic Holdings LLC, Reserve Life Organics, LLC, Resvitale, LLC, Re-Body, LLC, Innovitamin Organics, LLC, Organics Management LLC, Cocoawell, LLC, Fembody, LLC, Reserve Life Nutrition, L.L.C., Innovita Specialty Distribution, LLC, Joie Essance, LLC and MidCap Funding X Trust (incorporated by reference to Exhibit 10.174 from the Company's Current Report on Form 8-K filed on March 29, 2018).
10.133	Agreement for Equity in Exchange for Services, dated as of December 27, 2017, by and between Platinum Advisory Services LLC and Twinlab Consolidated Holdings, Inc. (Portions of this exhibit have been omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment) (incorporated by reference to Exhibit 10.175 from the Company's Annual Report on Form 10-K filed on April 3, 2018).
10.134	Secured Promissory Note, dated July 27, 2018, issued by Twinlab Consolidated Holdings, Inc., Twinlab Consolidation Corporation, Twinlab Holdings, Inc., ISI Brands Inc., Twinlab Corporation, Nutrascience Labs, Inc., Nutrascience Labs IP Corporation, Organic Holdings LLC, Reserve Life Organics, LLC, Resvitale, LLC, Re-Body, LLC, Innovitamin Organics, LLC, Organics Management LLC, Cocoawell, LLC, Fembody, LLC, Reserve Life Nutrition, LLC, Innovita Specialty Distribution LLC, and Joie Essance, LLC in favor of Great Harbor Capital, LLC (incorporated by reference to Exhibit 10.178 from the Company's Quarterly Report on Form 10-Q filed on November 19, 2018).
10.135	Warrant, dated July 27, 2018, by and between Twinlab Consolidated Holdings, Inc. and Great Harbor Capital, LLC (incorporated by reference to Exhibit 10.179 from the Company's Quarterly Report on Form 10-Q filed on November 19, 2018).
10.136	Twelfth Amendment to Note and Warrant Purchase Agreement, dated as of July 27, 2018, by and between Twinlab Consolidated Holdings, Inc., Twinlab Consolidation Corporation, Twinlab Holdings, Inc., ISI Brands Inc., Twinlab Corporation, NutraScience Labs, Inc., NutraScience Labs IP Corporation, Organic Holdings LLC, Reserve Life Organics, LLC, Resvitale, LLC, Re-Body, LLC, Innovitamin Organics, LLC, Organics Management LLC, Cocoawell, LLC, Fembody, LLC, Reserve Life Nutrition, L.L.C., Innovita Speciality Distribution, LLC, Joie Essance, LLC and Golisano Holdings LLC, as successor by assignment to JL-Mezz Utah LLC (f/k/a JL-BBNC Mezz Utah, LLC) (incorporated by reference to Exhibit 10.180 from the Company's Quarterly Report on Form 10-Q filed on November 19, 2018).

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10.137	Thirteenth Amendment to Note and Warrant Purchase Agreement, dated as of July 27, 2018, by and between Twinlab Consolidated Holdings, Inc., Twinlab Consolidation Corporation, Twinlab Holdings, Inc., ISI Brands Inc., Twinlab Corporation, NutraScience Labs, Inc., NutraScience Labs IP Corporation, Organic Holdings LLC, Reserve Life Organics, LLC, Resvitale, LLC, Re-Body, LLC, Innovitamin Organics, LLC, Organics Management LLC, Cocoawell, LLC, Fembody, LLC, Reserve Life Nutrition, L.L.C., Innovita Speciality Distribution, LLC, Joie Essance, LLC and Golisano Holdings LLC, as successor by assignment to Penta Mezzanine SBIC Fund I, L.P. (incorporated by reference to Exhibit 10.181 from the Company's Quarterly Report on Form 10-Q filed on November 19, 2018).
10.138	Secured Promissory Note, dated November 5, 2018, issued by Twinlab Consolidated Holdings, Inc., Twinlab Consolidation Corporation, Twinlab Holdings, Inc., ISI Brands Inc., Twinlab Corporation, Nutrascience Labs, Inc., Nutrascience Labs IP Corporation, Organic Holdings LLC, Reserve Life Organics, LLC, Resvitale, LLC, Re-Body, LLC, Innovitamin Organics, LLC, Organics Management LLC, Cocoawell, LLC, Fembody, LLC, Reserve Life Nutrition, LLC, Innovita Specialty Distribution LLC, and Joie Essance, LLC in favor of Great Harbor Capital, LLC (portions of the exhibit have been omitted) (incorporated by reference to Exhibit 10.182 from the Company's Annual Report on Form 10-K filed on April 16, 2019).
10.139	Warrant, dated November 5, 2018, by and between Twinlab Consolidated Holdings, Inc. and Great Harbor Capital, LLC (incorporated by reference to Exhibit 10.183 from the Company's Annual Report on Form 10-K filed on April 16, 2019).
10.140	Thirteenth Amendment to Note and Warrant Purchase Agreement, dated as of November 5, 2018, by and between Twinlab Consolidated Holdings, Inc., Twinlab Consolidation Corporation, Twinlab Holdings, Inc., ISI Brands Inc., Twinlab Corporation, NutraScience Labs, Inc., NutraScience Labs IP Corporation, Organic Holdings LLC, Reserve Life Organics, LLC, Resvitale, LLC, Re-Body, LLC, Innovitamin Organics, LLC, Organics Management LLC, Cocoawell, LLC, Fembody, LLC, Reserve Life Nutrition, L.L.C., Innovita Speciality Distribution, LLC, Joie Essance, LLC and Golisano Holdings LLC, as successor by assignment to JL-Mezz Utah LLC (f/k/a JL-BBNC Mezz Utah, LLC). (portions of the exhibit have been omitted) (incorporated by reference to Exhibit 10.184 from the Company's Annual Report on Form 10-K filed on April 16, 2019).
10.141	Fourteenth Amendment to Note and Warrant Purchase Agreement, dated as of November 5, 2018, by and between Twinlab Consolidated Holdings, Inc., Twinlab Consolidation Corporation, Twinlab Holdings, Inc., ISI Brands Inc., Twinlab Corporation, NutraScience Labs, Inc., NutraScience Labs IP Corporation, Organic Holdings LLC, Reserve Life Organics, LLC, Resvitale, LLC, Re-Body, LLC, Innovitamin Organics, LLC, Organics Management LLC, Cocoawell, LLC, Fembody, LLC, Reserve Life Nutrition, L.L.C., Innovita Speciality Distribution, LLC, Joie Essance, LLC and Golisano Holdings LLC, as successor by assignment to Penta Mezzanine SBIC Fund I, L.P (portions of the exhibit have been omitted) (incorporated by reference to Exhibit 10.185 from the Company's Annual Report on Form 10-K filed on April 16, 2019).
10.142	Term Loan Note and Agreement, dated December 4, 2018, by and between Twinlab Consolidated Holdings, Inc. and Macatawa Bank (incorporated by reference to Exhibit 10.186 from the Company's Annual Report on Form 10-K filed on April 16, 2019).
10.143	Limited Guaranty, dated as of December 4, 2018, by and between 463IP Partners, LLC and Macatawa Bank (incorporated by reference to Exhibit 10.187 from the Company's Annual Report on Form 10-K filed on April 16, 2019).
10.144	Fourteenth Amendment to Note and Warrant Purchase Agreement, dated as of November 5, 2018, by and between Twinlab Consolidated Holdings, Inc., Twinlab Consolidation Corporation, Twinlab Holdings, Inc., ISI Brands Inc., Twinlab Corporation, NutraScience Labs, Inc., NutraScience Labs IP Corporation, Organic Holdings LLC, Reserve Life Organics, LLC, Resvitale, LLC, Re-Body, LLC, Innovitamin Organics, LLC, Organics Management LLC, Cocoawell, LLC, Fembody, LLC, Reserve Life Nutrition, L.L.C., Innovita Speciality Distribution, LLC, Joie Essance, LLC and Golisano Holdings LLC, as successor by assignment to JL-Mezz Utah LLC (f/k/a JL-BBNC Mezz Utah, LLC) (incorporated by reference to Exhibit 10.188 from the Company's Annual Report on Form 10-K filed on April 16, 2019).
10.145	Fifteenth Amendment to Note and Warrant Purchase Agreement, dated as of December 4, 2018, by and between Twinlab Consolidated Holdings, Inc., Twinlab Consolidation Corporation, Twinlab Holdings, Inc., ISI Brands Inc., Twinlab Corporation, NutraScience Labs, Inc., NutraScience Labs IP Corporation, Organic Holdings LLC, Reserve Life Organics, LLC, Resvitale, LLC, Re-Body, LLC, Innovitamin Organics, LLC, Organics Management LLC, Cocoawell, LLC, Fembody, LLC, Reserve Life Nutrition, L.L.C., Innovita Speciality Distribution, LLC, Joie Essance, LLC and Golisano Holdings LLC, as successor by assignment to Penta Mezzanine SBIC Fund I, L.P. (incorporated by reference to Exhibit 10.189 from the Company's Annual Report on Form 10-K filed on April 16, 2019).
10.146	Amendment No. 15 to Credit and Security Agreement dated as of December 4, 2018 by and among Twinlab Consolidated Holdings, Inc., Twinlab Consolidation Corporation, Twinlab Holdings, Inc., ISI Brands Inc., Twinlab Corporation, NutraScience Labs, Inc., NutraScience Labs IP Corporation, Organic Holdings LLC, Reserve Life Organics, LLC, Resvitale, LLC, Re-Body, LLC, Innovitamin Organics, LLC, Organics Management LLC, Cocoawell, LLC, Fembody, LLC, Reserve Life Nutrition, L.L.C., Innovita Specialty Distribution, LLC, Joie Essance, LLC and MidCap Funding X Trust (incorporated by reference to Exhibit 10.190 from the Company's Annual Report on Form 10-K filed on April 16, 2019).
10.147	Amendment No. 1 to Amended and Restated Unsecured Delayed Draw Promissory Note, dated January 23, 2019, by and between Twinlab Consolidated Holdings, Inc. and Little Harbor LLC (incorporated by reference to Exhibit 10.191 from the Company's Annual Report on Form 10-K filed on April 16, 2019).
10.148	Third Amended and Restated Revolving Loan Note, dated January 22, 2019, by Twinlab Consolidated Holdings, Inc. (incorporated by reference to Exhibit 10.192 from the Company's Annual Report on Form 10-K filed on April 16, 2019).

4850

10.149	Amendment No. 6 to Unsecured Promissory Note, dated January 23, 2019, by and between Twinlab Consolidated Holdings, Inc. and Great Harbor Capital, LLC. ($7MM) (incorporated by reference to Exhibit 10.193 from the Company's Annual Report on Form 10-K filed on April 16, 2019).
10.150	Amendment No. 7 to Unsecured Promissory Note, dated January 23, 2019, by and between Twinlab Consolidated Holdings, Inc. and Great Harbor Capital, LLC. ($2.5MM) (incorporated by reference to Exhibit 10.194 from the Company's Annual Report on Form 10-K filed on April 16, 2019).
10.151	Amendment No. 16 to Credit and Security Agreement, dated as of January 22, 2019, by and among Twinlab Consolidated Holdings, Inc., Twinlab Consolidation Corporation, Twinlab Holdings, Inc., ISI Brands Inc., Twinlab Corporation, NutraScience Labs, Inc., NutraScience Labs IP Corporation, Organic Holdings LLC, Reserve Life Organics, LLC, Resvitale, LLC, Re-Body, LLC, Innovitamin Organics, LLC, Organics Management LLC, Cocoawell, LLC, Fembody, LLC, Reserve Life Nutrition, L.L.C., Innovita Specialty Distribution, LLC and Joie Essance, LLC and MidCap Funding X Trust (incorporated by reference to Exhibit 10.195 from the Company's Annual Report on Form 10-K filed on April 16, 2019).
10.152	Amendment No. 1 to Amended and Restated Unsecured Delayed Draw Promissory Note, dated January 28, 2019, by and between Twinlab Consolidated Holdings, Inc. and Golisano Holdings LLC. ($4.7MM) (incorporated by reference to Exhibit 10.196 from the Company's Annual Report on Form 10-K filed on April 16, 2019).
10.153	Amendment No. 1 to Amended and Restated Unsecured Promissory Note, dated January 28, 2019, by and between Twinlab Consolidated Holdings, Inc. and Golisano Holdings LLC. ($2.5MM) (incorporated by reference to Exhibit 10.197 from the Company's Annual Report on Form 10-K filed on April 16, 2019).
10.154	Amendment No. 1 to Amended and Restated Unsecured Promissory Note, dated January 28, 2019, by and between Twinlab Consolidated Holdings, Inc. and Golisano Holdings LLC. ($7MM) (incorporated by reference to Exhibit 10.198 from the Company's Annual Report on Form 10-K filed on April 16, 2019).
10.155	Amendment No. 17 to Credit and Security Agreement, dated as of April 22, 2019, by and among Twinlab Consolidated Holdings, Inc., Twinlab Consolidation Corporation, Twinlab Holdings, Inc., ISI Brands Inc., Twinlab Corporation, NutraScience Labs, Inc., NutraScience Labs IP Corporation, Organic Holdings LLC, Reserve Life Organics, LLC, Resvitale, LLC, Re-Body, LLC, Innovitamin Organics, LLC, Organics Management LLC, Cocoawell, LLC, Fembody, LLC, Reserve Life Nutrition, L.L.C., Innovita Specialty Distribution, LLC and Joie Essance, LLC and MidCap Funding IV Trust (incorporated by reference to Exhibit 10.199 from the Company's Quarterly Report on Form 10-Q filed on May 15, 2019).
10.156	Warrant dated April 22, 2019, by and between Twinlab Consolidated Holdings, Inc. and MidCap Funding IV Trust (incorporated by reference to Exhibit 10.200 from the Company's Quarterly Report on Form 10-Q filed on May 15, 2019).
10.157	Amendment No. 1 to Amended and Restated Secured Promissory Note dated as of July 8, 2019, by and among Twinlab Consolidated Holdings, Inc., Twinlab Consolidation Corporation, Twinlab Holdings, Inc., ISI Brands Inc., Twinlab Corporation, Nutrascience Labs, Inc., Nutrascience Labs IP Corporation, Organic Holdings LLC, Reserve Life Organics, LLC, Resvitale, LLC, Re-body, LLC, Innovitamin Organics, LLC, Organics Management LLC, Cocoawell, LLC, Fembody, LLC, Reserve Life Nutrition, LLC, Innovita Specialty Distribution LLC and Joie Essance, LLC, and Great Harbor Capital, LLC to amend that certain Amended and Restated Secured Note #1, dated August 30, 2017 ($3MM) (incorporated by reference to Exhibit 10.203 from the Company's Quarterly Report on Form 10-Q filed on August 14, 2019).
10.158	Amendment No. 1 to Secured Promissory Note dated as of July 8, 2019, by and among Twinlab Consolidated Holdings, Inc., Twinlab Consolidation Corporation, Twinlab Holdings, Inc., ISI Brands Inc., Twinlab Corporation, Nutrascience Labs, Inc., Nutrascience Labs IP Corporation, Organic Holdings LLC, Reserve Life Organics, LLC, Resvitale, LLC, Re-body, LLC, Innovitamin Organics, LLC, Organics Management LLC, Cocoawell, LLC, Fembody, LLC, Reserve Life Nutrition, LLC, Innovita Specialty Distribution LLC and Joie Essance, LLC, and Great Harbor Capital, LLC to amend that certain Secured Note #1, dated February 6, 2018 ($2MM) (incorporated by reference to Exhibit 10.204 from the Company's Quarterly Report on Form 10-Q filed on August 14, 2019).
10.159	Amendment No. 1 to Secured Promissory Note dated as of July 8, 2019, by and among Twinlab Consolidated Holdings, Inc., Twinlab Consolidation Corporation, Twinlab Holdings, Inc., ISI Brands Inc., Twinlab Corporation, Nutrascience Labs, Inc., Nutrascience Labs IP Corporation, Organic Holdings LLC, Reserve Life Organics, LLC, Resvitale, LLC, Re-body, LLC, Innovitamin Organics, LLC, Organics Management LLC, Cocoawell, LLC, Fembody, LLC, Reserve Life Nutrition, LLC, Innovita Specialty Distribution LLC and Joie Essance, LLC, and Great Harbor Capital, LLC to amend that certain Secured Note #2, dated July 27, 2018 ($5MM) (incorporated by reference to Exhibit 10.205 from the Company's Quarterly Report on Form 10-Q filed on August 14, 2019).
10.160	Amendment No. 1 to Secured Promissory Note dated as of July 8, 2019, by and among Twinlab Consolidated Holdings, Inc., Twinlab Consolidation Corporation, Twinlab Holdings, Inc., ISI Brands Inc., Twinlab Corporation, Nutrascience Labs, Inc., Nutrascience Labs IP Corporation, Organic Holdings LLC, Reserve Life Organics, LLC, Resvitale, LLC, Re-body, LLC, Innovitamin Organics, LLC, Organics Management LLC, Cocoawell, LLC, Fembody, LLC, Reserve Life Nutrition, LLC, Innovita Specialty Distribution LLC and Joie Essance, LLC, and Great Harbor Capital, LLC to amend that certain Secured Note #3, dated November 5, 2018 ($4MM) (incorporated by reference to Exhibit 10.206 from the Company's Quarterly Report on Form 10-Q filed on August 14, 2019).
10.161	Amendment No. 8 to Unsecured Promissory Note dated as of July 8, 2019, by and between Twinlab Consolidated Holdings, Inc. and Great Harbor to amend that certain Unsecured Promissory Note #1, dated January 28, 2016 ($2.5MM) (incorporated by reference to Exhibit 10.207 from the Company's Quarterly Report on Form 10-Q filed on August 14, 2019).

4951

10.162	Amendment No. 7 to Unsecured Promissory Note dated as of July 8, 2019, by and between Twinlab Consolidated Holdings, Inc. and Great Harbor to amend that certain Unsecured Promissory Note #2, dated March 21, 2016 ($7MM) (incorporated by reference to Exhibit 10.208 from the Company's Quarterly Report on Form 10-Q filed on August 14, 2019).
10.163	Amendment No. 1 to the Unsecured Amended and Restated Promissory Note dated as of July 8, 2019, by and between Twinlab Consolidated Holdings, Inc. and Great Harbor to amend that certain Unsecured Amended and Restated Promissory Note, dated August 30, 2016 ($2.5MM) (incorporated by reference to Exhibit 10.209 from the Company's Quarterly Report on Form 10-Q filed on August 14, 2019).
10.164	Amendment No. 2 to Amended and Restated Unsecured Delayed Draw Promissory Note dated July 8, 2019, by and between Twinlab Consolidated Holdings, Inc. and Little Harbor LLC to amend that certain Amended and Restated Unsecured Delayed Draw Promissory Note, dated August 30, 2017 ($4.8MM) (incorporated by reference to Exhibit 10.210 from the Company's Quarterly Report on Form 10-Q filed on August 14, 2019).
10.165	Amendment No. 1 to Unsecured Promissory Note - Replacing Debt Repayment Promissory Note, dated July 8, 2019, by and between Twinlab Consolidated Holdings, Inc. and Little Harbor LLC to amend that certain Unsecured Promissory Note, dated February 6, 2018 ($3.3MM) (incorporated by reference to Exhibit 10.211 from the Company's Quarterly Report on Form 10-Q filed on August 14, 2019).
10.166	Amendment No. 1 to Secured Promissory Note dated July 8, 2019, by and among Twinlab Consolidated Holdings, Inc., Twinlab Consolidation Corporation, Twinlab Holdings, Inc., ISI Brands Inc., Twinlab Corporation, Nutrascience Labs, Inc., Nutrascience Labs IP Corporation, Organic Holdings LLC, Reserve Life Organics, LLC, Resvitale, LLC, Re-body, LLC, Innovitamin Organics, LLC, Organics Management LLC, Cocoawell, LLC, Fembody, LLC, Reserve Life Nutrition, LLC, Innovita Specialty Distribution LLC and Joie Essance, LLC, and Great Harbor Capital, LLC to amend that certain Secured Promissory Note, dated February 6, 2018 ($2MM) (incorporated by reference to Exhibit 10.212 from the Company's Quarterly Report on Form 10-Q filed on August 14, 2019).
10.167	Amendment No. 2 to Amended and Restated Unsecured Delayed Draw Promissory Note dated July 8, 2019, by and between Twinlab Consolidated Holdings, Inc. and Golisano Holdings LLC to amend that certain Amended and Restated Unsecured Delayed Draw Promissory Note, dated August 30, 2017 ($4.8MM) (incorporated by reference to Exhibit 10.213 from the Company's Quarterly Report on Form 10-Q filed on August 14, 2019).
10.168	Amendment No. 2 to Amended and Restated Unsecured Promissory Note dated July 8, 2019, by and between Twinlab Consolidated Holdings, Inc. and Golisano Holdings LLC to amend that certain Amended and Restated Unsecured Promissory Note, dated August 30, 2017 [Unsecured Note #1] ($2.5MM) (incorporated by reference to Exhibit 10.214 from the Company's Quarterly Report on Form 10-Q filed on August 14, 2019).
10.169	Amendment No. 2 to Amended and Restated Unsecured Promissory Note dated July 8, 2019, by and between Twinlab Consolidated Holdings, Inc. and Golisano Holdings LLC to amend that certain Amended and Restated Unsecured Promissory Note, dated August 30, 2017 [Unsecured Note #2] ($7MM) (incorporated by reference to Exhibit 10.215 from the Company's Quarterly Report on Form 10-Q filed on August 14, 2019).
10.170	Amendment No. 1 to Amended and Restated Unsecured Promissory Note dated July 8, 2019, by and between Twinlab Consolidated Holdings, Inc. and Golisano Holdings LLC to amend that certain Amended and Restated Unsecured Promissory Note, dated August 30, 2017 [Unsecured Note #3] ($2.5MM) (incorporated by reference to Exhibit 10.216 from the Company's Quarterly Report on Form 10-Q filed on August 14, 2019).
10.171	Amendment No. 1 to Amended and Restated Unsecured Promissory Note dated July 8, 2019, by and between Twinlab Consolidated Holdings, Inc. and Golisano Holdings LLC to amend that certain Amended and Restated Unsecured Promissory Note, dated August 30, 2017 [Unsecured Note #4] ($3.3MM) (incorporated by reference to Exhibit 10.217 from the Company's Quarterly Report on Form 10-Q filed on August 14, 2019).
10.172	First Amendment to Amended and Restated Note dated July 8, 2019, by and among Twinlab Consolidated Holdings, Inc., Twinlab Consolidation Corporation, Twinlab Holdings, Inc., ISI Brands Inc., Twinlab Corporation, Nutrascience Labs, Inc., Nutrascience Labs IP Corporation, Organic Holdings LLC, Reserve Life Organics, LLC, Resvitale, LLC, Re-body, LLC, Innovitamin Organics, LLC, Organics Management LLC, Cocoawell, LLC, Fembody, LLC, Reserve Life Nutrition, LLC, Innovita Specialty Distribution LLC and Joie Essance, LLC, and Golisano Holdings LLC, as successor by assignment to JL-Mezz Utah, LLC f/k/a JL-BBNC Mezz Utah, LLC to amend that certain Amended and Restated Note, dated August 30, 2017 ($5MM) (incorporated by reference to Exhibit 10.218 from the Company's Quarterly Report on Form 10-Q filed on August 14, 2019).
10.173	First Amendment to Second Amended and Restated Note dated July 8, 2019, by and among Twinlab Consolidated Holdings, Inc., Twinlab Consolidation Corporation, Twinlab Holdings, Inc., ISI Brands Inc., Twinlab Corporation, Nutrascience Labs, Inc., Nutrascience Labs IP Corporation, Organic Holdings LLC, Reserve Life Organics, LLC, Resvitale, LLC, Re-body, LLC, Innovitamin Organics, LLC, Organics Management LLC, Cocoawell, LLC, Fembody, LLC, Reserve Life Nutrition, LLC, Innovita Specialty Distribution LLC and Joie Essance, LLC, and Golisano Holdings LLC, as successor by assignment to Penta Mezzanine SBIC Fund I, L.P. to amend that certain Second Amended and Restated Note, dated August 30, 2017 ($8MM) (incorporated by reference to Exhibit 10.219 from the Company's Quarterly Report on Form 10-Q filed on August 14, 2019).

5052

10.174	First Amendment to Amended and Restated Deferred Draw Note dated July 8, 2019, by and among Twinlab Consolidated Holdings, Inc., Twinlab Consolidation Corporation, Twinlab Holdings, Inc., ISI Brands Inc., Twinlab Corporation, Nutrascience Labs, Inc., Nutrascience Labs IP Corporation, Organic Holdings LLC, Reserve Life Organics, LLC, Resvitale, LLC, Re-body, LLC, Innovitamin Organics, LLC, Organics Management LLC, Cocoawell, LLC, Fembody, LLC, Reserve Life Nutrition, LLC, Innovita Specialty Distribution LLC and Joie Essance, LLC, and Golisano Holdings LLC, as successor by assignment to Penta Mezzanine SBIC Fund I, L.P. to amend that certain Amended and Restated Deferred Draw Note, dated August 30, 2017 ($2MM) (incorporated by reference to Exhibit 10.220 from the Company's Quarterly Report on Form 10-Q filed on August 14, 2019).
10.175	Fifteenth Amendment to the Note and Warrant Purchase Agreement, dated July 8, 2019, by and among Twinlab Consolidated Holdings, Inc., Twinlab Consolidation Corporation, Twinlab Holdings, Inc., ISI Brands Inc., Twinlab Corporation, Nutrascience Labs, Inc., Nutrascience Labs IP Corporation, Organic Holdings LLC, Reserve Life Organics, LLC, Resvitale, LLC, Re-body, LLC, Innovitamin Organics, LLC, Organics Management LLC, Cocoawell, LLC, Fembody, LLC, Reserve Life Nutrition, LLC, Innovita Specialty Distribution LLC and Joie Essance, LLC, and Golisano Holdings LLC, as successor by assignment to JL-Mezz Utah, LLC f/k/a JL-BBNC Mezz Utah, LLC. (incorporated by reference to Exhibit 10.221 from the Company's Quarterly Report on Form 10-Q filed on August 14, 2019).
10.176	Sixteenth Amendment to Note and Warrant Purchase Agreement, dated July 8, 2019, by and among Twinlab Consolidated Holdings, Inc., Twinlab Consolidation Corporation, Twinlab Holdings, Inc., ISI Brands Inc., Twinlab Corporation, Nutrascience Labs, Inc., Nutrascience Labs IP Corporation, Organic Holdings LLC, Reserve Life Organics, LLC, Resvitale, LLC, Re-body, LLC, Innovitamin Organics, LLC, Organics Management LLC, Cocoawell, LLC, Fembody, LLC, Reserve Life Nutrition, LLC, Innovita Specialty Distribution LLC and Joie Essance, LLC, and Golisano Holdings LLC, as successor by assignment to Penta Mezzanine SBIC Fund I, L.P. (incorporated by reference to Exhibit 10.222 from the Company's Quarterly Report on Form 10-Q filed on August 14, 2019).
10.177	Promissory Note, dated February 5, 2021, by and between Twinlab Consolidated Corporation and Fifth Third Bank (incorporated by reference from the Company’s current Report on Form 8-K filed on April 29, 2021).
10.178	Amendment No. 18 to Credit and Security Agreement, dated as of April 22, 2021, by and among Twinlab Consolidated Holdings, Inc., Twinlab Consolidation Corporation, Twinlab Holdings, Inc., ISI Brands Inc., Twinlab Corporation, NutraScience Labs, Inc., NutraScience Labs IP Corporation, Organic Holdings LLC, Reserve Life Organics, LLC, Resvitale, LLC, Re-Body, LLC, Innovitamin Organics, LLC, Organics Management LLC, Cocoawell, LLC, Fembody, LLC, Reserve Life Nutrition, L.L.C., Innovita Specialty Distribution, LLC, Joie Essance, LLC and MidCap Funding IV Trust (incorporated by reference from the Company's Current Report on Form 8-K filed on August 13, 2021).
10.179	Third Amendment to Term Loan Note and Agreement by and between Twinlab Consolidated Holdings, Inc. and Macatawa Bank (incorporated by reference from the Company's Annual Report on Form 10-K filed on March 31, 2023.

21.1	Subsidiaries of the Company.**
23.1	Consent of Tanner ~~LLC~~LLP.**
31.1	Rule 13a-14(a)/15d-14(a) Certification.**
32.1	Certification Pursuant to 18 U.S.C. Section 1350. **
31.2	Rule 13a-14(a)/15d-14(a) Certification.**
32.2	Certification Pursuant to 18 U.S.C. Section 1350. **
101.INS	XBRL Instance. **
101.SCH	XBRL Taxonomy Extension Schema. **
101.CAL	XBRL Taxonomy Extension Calculation. **
101.DEF	XBRL Taxonomy Extension Definition. **
101.LAB	XBRL Taxonomy Extension Label. **
101.PRE	XBRL Taxonomy Extension Presentation **
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).**

* Management contract or compensatory plan, contract or agreement as defined in Item 402(a)(3) of Regulation S-K

** Filed herewith.

Item 16.

Form 10-K Summary.

None.

5153

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	TWINLAB CONSOLIDATED HOLDINGS, INC.
Date: March 19, 2024	By:	/s/ Kyle Casey
Date: March 3, 2026	By:	/s/ Anthony Zolezzi
		Kyle Casey
		Anthony Zolezzi
		Interim Chief Executive Officer and Chief Financial Officer
		Chief Executive Officer and Chairman of the Board

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

SIGNATURES	TITLE	DATE
/s/ Kyle Casey	Interim Chief Executive Officer and Chief Financial Officer	March 19, 2024
/s/ Anthony Zolezzi	Chief Executive Office	March 3, 2026
Kyle Casey	(Principal Executive Officer and Principal Financial Officer)
Anthony Zolezzi	(Chairman of the Board of Directors, Principal Executive Officer)
/s/ David L. Van Andel
/s/ Kyle Casey	Chief Financial Officer
David L. Van Andel	Chairman of the Board of Directors	March 19, 2024
Kyle Casey	(Principal Financial Officer)	March 3, 2026
/s/ Anthony Zolezzi
Anthony Zolezzi	Director	March 19, 2024

5254

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Stockholders of Twinlab Consolidated Holdings, Inc.

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated balance sheets of Twinlab Consolidated Holdings, Inc. and subsidiaries (collectively, the Company) as of December 31, ~~2023~~2024 and ~~2022~~2023, the related consolidated statements of operations, stockholders' deficit, and cash flows for each of the years in the two-year period ended December 31, ~~2023~~2024 and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the consolidated financial position of the Company as of December 31, ~~2023~~2024 and ~~2022~~2023, the consolidated results of their operations and their cash flows for each of the years in the two-year period ended December 31, ~~2023~~2024, in conformity with U.S. generally accepted accounting principles.

~~Other~~The ~~Matter~~accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1, the Company has negative working capital, has incurred operating losses, and has accumulated a large deficit. These conditions, among others, raise substantial doubt about the Company’s ability to continue as a going concern. Management’s plans in regard to these matters are also described in Note 1. The financial statements do not include any adjustments that might result from the outcome of this uncertainty

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1, the Company has negative working capital, has incurred operating losses, and has a large accumulated deficit. These conditions, among others, raise substantial doubt about the Company’s ability to continue as a going concern. Management’s plans in regard to these matters are also described in Note 1. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting; ~~but~~however, ~~not~~we ~~for~~do ~~the~~not ~~purpose~~express ~~of expressing~~ an opinion on the effectiveness of the Company’s internal control over financial reporting. ~~Accordingly, we express no such opinion.~~

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

~~Discontinued Operations –~~Carve-Out ~~Refer~~and toPresentation ~~Note~~of 8Discontinued ~~to the financial statements~~Operations

Critical Audit Matter Description

~~Discontinued operations~~The ~~comprise~~carve-out ofand ~~activities~~presentation ~~that were disposed~~ of, discontinued, oroperations ~~held for~~related ~~sale,~~to ~~that~~NutraScience ~~represent a component of an entity or a group of components that can be clearly distinguished for operational and financial reporting purposes~~Labs, ~~and~~ ~~represent a strategic business shift that has~~ Inc. (~~or will have~~“NutraScience”) was a ~~major~~critical ~~effect on~~audit ~~the Company’s operations and financial results~~matter. InAlthough ~~determining~~NutraScience ~~whether assets~~had ~~held~~been ~~for~~previously ~~sale~~classified ~~are~~ as discontinued operations, ~~management~~the ~~makes~~2024 ~~significant and~~financial ~~complex~~statements ~~judgments.~~required ~~The~~management ~~Company~~to ~~determined~~continue ~~that~~to ~~NutraScience Labs~~identify, allocate, ~~Inc.~~and ~~("NutraScience"~~present orrevenues, ~~“NSL")~~expenses, aassets, ~~private~~liabilities, ~~label distributor~~ and ~~contract~~cash ~~manufacturer,~~flows ~~meet~~attributable ~~the criteria~~ to bethe ~~presented as~~ discontinued operations, inseparately ~~that~~from ~~the~~continuing ~~closing of this business represents a strategic shift that has a major effect on the Company’s~~ operations ~~and financial results~~.

53Auditing the carve-out and presentation of discontinued operations involved especially challenging auditor judgment due to the complexity of the allocation methodologies applied and the reliance on management judgments and estimates to ensure that amounts attributable to discontinued operations were complete, accurate, and appropriately classified. These judgments increased the risk of material misstatement and required a high degree of audit effort to evaluate the appropriateness of the presentation and related disclosures.

We identified the Company's determination of discontinued operations for NutraScience Labs, Inc. as a critical audit matter because of the significant and complex judgments made. The determination of discontinued operations and the carve out of the discontinued operations by management for financial reporting required a high degree of audit effort and judgement. 55

How the Critical Audit Matter Was Addressed in the Audit

Our audit procedures related to the Company's determination and carve out of discontinued operations for the NutraScience Labs, Inc. included the following, among others:

We evaluated management’s ~~determination~~accounting ofpolicies ~~discontinued~~related ~~operations~~to ~~for the NutraScience Labs, Inc. by: Evaluating management's judgments in determining whether the NutraScience Labs, Inc. met the~~ discontinued operations ~~criteria~~andassessed ~~through~~their ~~procedures~~application ~~performed, including, but not limited~~ to, ~~inquires of management, reading minutes from meetings of~~ the ~~Board~~2024 ~~of Directors and related committees, and disclosures in public filings regarding a strategic shift that will have a major effect on the Company’s future operations and~~ financial ~~results~~statements.

~~Evaluating~~We ~~management's~~tested ~~application~~the completeness and accuracy of ~~the~~amounts ~~Company's~~allocated ~~accounting~~to ~~policies~~discontinued ~~and~~operations ~~testing~~by evaluating the ~~completeness~~methodologies ~~and~~used ~~accuracy~~by ofmanagement ~~discontinued~~to ~~operations~~carve out revenues, asexpenses, ~~applicable~~assets, liabilities, and cash flows, including testing underlying data and assumptions.

~~Evaluating~~We ~~the~~performed ~~accuracy~~substantive procedures on selected allocations, including examining supporting documentation and ~~completeness~~assessing ofwhether the allocations were consistent with the Company’s ~~disclosures~~accounting policies and the nature of the underlying transactions.

~~/s/~~We ~~Tanner~~assessed ~~LLC~~the consistency of the presentation of discontinued operations across the consolidated financial statements and evaluated the related disclosures for completeness and accuracy.

~~Salt~~/s/ ~~Lake~~Tanner ~~City, Utah~~LLP

~~March 19~~Lehi, ~~2024~~Utah

March 3, 2026

We have served as the Company’s auditors since 2014.

(PCAOB ID 270)

5456

TWINLAB CONSOLIDATED HOLDINGS, INC.

CONSOLIDATED BALANCE SHEETS

(AMOUNTS IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)

	December 31, 2023			December 31, 2022
	December 31, 2024			December 31, 2023
ASSETS
Current assets:
Cash	$	1969		$	~~866~~19
Accounts receivable, net		2,~~072~~026			12,~~217~~072
Inventories, net		32,~~402~~450			63,~~864~~402
Prepaid expenses and other current assets		~~194~~91			~~319~~194
Current assets of discontinued operations		-			5,872
Total current assets		4,636			5,687
Total current assets		5,687			15,138
Property and equipment, net		3			9
Property and equipment, net		9			19
Right-of-use assets		-			1,889
Right-of-use assets		1,889			2,945
Intangible assets, net		120			120
Other assets		1,~~290~~264			1,~~255~~290
Non-current assets of discontinued operations		-			1,435
Total assets	$	6,023		$	8,995
Total assets	$	8,995		$	20,912
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current liabilities:
Accounts payable	$	62,~~803~~146		$	2,~~487~~080
Lease liabilities		12,~~426~~885			~~844~~946
Accrued expenses and other current liabilities		42,~~106~~024			12,~~628~~052
Accrued interest		3946,~~851~~466			3339,~~316~~851
Notes payable and current portion of long-term debt, net		93,~~637~~908			9793,~~381~~637
Current liabilities of discontinued operations		-7,077			67,~~530~~257
Total current liabilities		~~145~~154,~~823~~506			~~142~~145,~~186~~823
Long-term liabilities:
Lease liabilities		~~2,197~~42			32,~~090~~197
Long-term liabilities of discontinued operations		-			947
Total long-term liabilities		42			2,197
Total long-term liabilities		2,197			4,037
Total liabilities		154,548			148,020
Total liabilities		148,020			146,223
Commitments and contingencies (see Note 10)
Stockholders’ deficit:
Preferred stock, $0.001 par value, 500,000,000 shares authorized, no shares issued and outstanding		-			-
Common stock, $0.001 par value, 5,000,000,000 shares authorized, 393,898,884 and 393,898,884 shares issued, respectively		394			394
Additional paid-in capital		231,249			231,249
Stock subscriptions receivable		(30	)		(30	)
Treasury stock, 134,806,051 shares at cost		(500	)		(500	)
Accumulated deficit		(~~370~~379,~~138~~637	)		(~~356~~370,~~424~~138	)
Total stockholders’ deficit		(~~139~~148,~~025~~524	)		(~~125~~139,~~311~~025	)
Total liabilities and stockholders' deficit	$	86,~~995~~024		$	208,~~912~~995

The accompanying notes are an integral part of the consolidated financial statements.

5557

TWINLAB CONSOLIDATED HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(AMOUNTS IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)

	For the Years Ended December 31,
	2023			2022
	2024			2023
Net sales	$	1311,~~617~~665		$	1713,~~208~~617
Cost of sales		87,~~605~~740			98,~~024~~605
Gross profit		53,~~012~~925			85,~~184~~012
Operating costs and expenses:
Selling expenses		~~1,161~~459			21,~~656~~161
General and administrative expenses		5,~~240~~242			65,~~970~~240
Impairment of goodwill and intangible assets		-			340
Loss from operations		(1,776	)		(1,389	)
Loss from operations		(1,389	)		(1,782	)
Other income (expense):
Interest expense, net		(87,~~271~~996	)		(78,~~902~~271	)
Other income, net		418			~~1,676~~41
Total other expense		(87,~~230~~988	)		(68,~~226~~230	)
Loss before income taxes		(9,~~619~~764	)		(89,~~008~~619	)
Provision for income taxes		(43	)		(2543	)
Net loss from continuing operations		(9,~~662~~807	)		(89,~~033~~662	)
Net loss from discontinued operations, net of income taxes		(4,052	)		(189	)
Net income (loss) from discontinued operations, net of income taxes		308			(4,052	)
Total net loss	$	(139,~~714~~499	)	$	(813,~~222~~714	)
Net loss from continuing operation per share of common stock
Basic earning per share		(0.0403	)		(0.0204	)
Diluted earning per share		(0.0403	)		(0.0204	)
Net loss from discontinuing operation per share of common stock
Basic earning per share		(0.01	)		(0.01	)
Diluted earning per share		(0.01	)		(0.01	)
Weighted average number of common shares outstanding - basic		259,092,833			259,092,833
Net loss per common share - basic	$	(0.0504	)	$	(0.0305	)
Weighted average number of common shares outstanding - diluted		259,092,833			259,092,833
Net loss per common share - diluted (See Note 2)	$	(0.0504	)	$	(0.0305	)

The accompanying notes are an integral part of the consolidated financial statements.

5658

TWINLAB CONSOLIDATED HOLDINGS, INC. CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT (AMOUNTS IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS) FOR THE YEARS ENDED DECEMBER 31, ~~2023~~2024 AND ~~2022~~2023

	Common Stock	~~Common Stock~~					Additional Paid-in	~~Additional Paid-in~~		Stock Subscriptions	~~Stock Subscriptions~~			Treasury Stock	~~Treasury Stock~~						Accumulated	~~Accumulated~~
	Shares	~~Shares~~		Amount	~~Amount~~		Capital	~~Capital~~		Receivable	~~Receivable~~			Shares	~~Shares~~		Amount	~~Amount~~			Deficit	~~Deficit~~			Total	~~Total~~
Balance, December 31, 2021			393,898,884		$	394		$	231,249		$	(30	)			134,806,051		$	(500	)		$	(348,202	)		$	(117,089	)
Balance, December 31, 2022		393,898,884		$	394		$	231,249		$	(30	)			134,806,051		$	(500	)		$	(356,424	)		$	(125,311	)
Net loss		-	-		-	-		-	-		-	-			-	-		-	-			(13,714	~~(8,222~~)	)		(13,714	~~(8,222~~)	)
Balance, December 31, 2022			393,898,884			394			231,249			(30	)			134,806,051			(500	)			(356,424	)			(125,311	)
Balance, December 31, 2023		393,898,884			394			231,249			(30	)			134,806,051			(500	)			(370,138	)			(139,025	)
Net loss		-	-		-	-		-	-		-	-			-	-		-	-			(9,499	~~(13,714~~)	)		(9,499	~~(13,714~~)	)
Balance, December 31, 2023			393,898,884		$	394		$	231,249		$	(30	)			134,806,051		$	(500	)		$	(370,138	)		$	(139,025	)
Balance, December 31, 2024		393,898,884		$	394		$	231,249		$	(30	)			134,806,051		$	(500	)		$	(379,637	)		$	(148,524	)

The accompanying notes are an integral part of the consolidated financial statements.

5759

TWINLAB CONSOLIDATED HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(AMOUNTS IN THOUSANDS)

	For the Years EndedDecember 31,
	For the Years Ended December 31,
	2023			2022
	2024			2023
Cash flows from operating activities:
Net loss	$	(139,~~714~~499	)	$	(813,~~222~~714	)
Net loss from discontinued operations		(4,052	)		(189	)
Net (income) loss from discontinued operations		(308	)		4,052
Net loss from continuing operations		(9,~~662~~807	)		(89,~~033~~662	)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities
Adjustments to reconcile net loss to net cash provided by (used in) provided by operating activities
Depreciation and amortization		359			~~168~~35
Amortization of right-to-use assets		~~623~~499			~~941~~623
Recovery of obsolete inventories		(~~144~~19	)		(~~565~~144	)
Provision for losses on accounts receivable		(~~350)~~492	)		~~245~~(350	)
Loss on write down of right-of-use assets		~~492~~1,389			-492
Forgiveness of PPP loan		-			(1,674	)
Other non-cash items		-			(23	)
Other non-cash items		(23	)		373
Impairment of goodwill and intangible assets		-			340
Changes in operating assets and liabilities:
Accounts receivable		~~(344~~377	)		~~1,048~~(344	)
Inventories		~~3,605~~971			(3,~~221~~605	)
Prepaid expenses and other current assets		~~3,002~~392			~~685~~3,002
Other assets		~~(10~~-	)		-(10	)
Accounts payable		~~(406~~37	)		~~180~~(406	)
Lease liabilities		(850	)		(1,039	)
Lease liability payments		518			-
Accrued expenses and other current liabilities		6,931			5,825
Lease liabilities due		(734	)		(850	)
Net cash provided by (used in) continuing operation		2,899			(4,727	)
Accrued expenses and other current liabilities		6,587			6,931
Net cash provided by discontinued operation		(2	)		414
Net cash provided by (used in) continuing operations		(273	)		2,899
Net cash provided by (used in) operating activities		2,897			(4,313	)
Net cash used in discontinued operations		-			(2	)
Net cash provided by (used in) operating activities		(273	)		2,897
Cash flows from investing activities:
Purchase of property and equipment		-(2	)		~~(99~~-	)
Net cash used in continuing operation		-			(99	)
Net cash used in continuing operations		(2	)		-
Net cash used in discontinued operation		-			-
Net cash used in discontinued operations		-			-
Net cash used in investing operation		-(2	)		~~(99~~-	)
Cash flows from financing activities:
Repayment of debt		(144	)		-
Net proceeds from the issuance of debt		14,975			-
Net (repayment on) borrowings from revolving credit facility		(3,600	)		1,647
Issuance of debt interest payable		892			-
Net cash provided by continuing operation		(3,744	)		1,647
Repayment of debt		(14,884	)		(144	)
Net repayment on revolving credit facility		(714	)		(3,600	)
Net cash provided by (used in) continuing operations		269			(3,744	)
Net cash used in discontinued operations		-			-
Net cash provided by (used in) financing activities		~~(3,744~~269	)		1(3,~~647~~744	)
Net decrease in cash		(~~847~~6	)		(~~2,765~~847	)
Cash at the beginning of the year		~~866~~19			~~3,631~~866
Cash at the end of the year	$	1913		$	~~866~~19
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for interest	$	1,~~852~~461		$	1,~~434~~852
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Acquisition of operating lease	$	58		$	-

The accompanying notes are an integral part of the consolidated financial statements.

5860

TWINLAB CONSOLIDATED HOLDINGS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(AMOUNTS IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)

Note 1 - Nature of Business

Organization

Twinlab Consolidated Holdings, Inc. (the “Company”, “Twinlab,” “we,” “our” and “us”) was incorporated on October 24, 2013 under the laws of the State of Nevada as Mirror Me, Inc. On August 7, 2014, we amended our articles of incorporation and changed our name to Twinlab Consolidated Holdings, Inc.

Nature of Operations

We are an integrated marketer, distributor and retailer of branded nutritional supplements and other natural products sold to and through domestic health and natural food stores, mass market retailers, specialty store retailers, on-line retailers and websites. Internationally, we market and distribute branded nutritional supplements and other natural products to and through health and natural product distributors and retailers.

Our products include vitamins, minerals, specialty supplements and sports nutrition products sold under the Twinlab® brand name, a market leader in the healthy aging and beauty from within categories sold under the Reserveage Nutrition and ResVitale® brand names; diet and energy products sold under the Metabolife® brand name; and a full line of herbal teas sold under the Alvita® brand name. To accommodate consumer preferences, our products come in various formulations and delivery forms, including capsules, tablets, softgels, chewables, liquids, sprays and powders. These products are sold primarily through health and natural food stores and on-line retailers, supermarkets, and mass-market retailers.

We also performed services between private label distributors and contract manufacturers under the NutraScience Labs (“NSL”) brand name. NSL facilitated the production of new supplements to market and reformulated existing products to include scientifically- backed ingredients. We provided our customers with numerous production services, including manufacturing, testing, label and packaging design, order fulfillment, and regulatory compliance.

NSL facilitated the contract manufacture of a variety of high-quality vitamin and supplement products, including but not limited to, immune support supplements, cognitive support products, prebiotics an probiotics, supplements for weight management, and sports nutrition supplements. Our role in th production of these products was to help our customers manufacture or reformulate dietary supplements for sale and distribution. We did this by working with contract manufacturers to build scientifically backed formulas for resale to our end customers. We also simplified the production process by providing quality control checks, storing inventory on site, labeling and designing finished products, and drop shipping finished products ready for sale to our end customers. We did not market these private label products, but rather sold the products to the customer, who was then responsible for the marketing, distribution, and sale to retailers or to their end customers. The services performed under NSL ceased with the abandonment of operations that began in July 2023.

Going Concern

The accompanying consolidated financial statements have been prepared on a going concern basis, which assumes continuity of operations and realization of assets and liabilities in the ordinary course of business. In most periods since our formation, we have generated losses from operations. At December 31, ~~2023~~2024, we had an accumulated deficit of $~~370~~379,~~138~~637. Historical losses are primarily attributable to lower than planned sales resulting from low fill rates on demand due to limitations of our working capital, delayed product introductions and postponed marketing activities, merger-related and other restructuring costs, and interest and refinancing charges associated with our debt refinancing, and impairment of our goodwill and intangible assets. Losses have been funded primarily through issuance of common stock and third-party or related party debt.

~~Additionally,~~The ~~the~~ Company is ~~closely~~currently ~~monitoring~~a ~~the~~defendant ~~impact~~in oflitigation ~~the~~described ~~world~~in ~~events~~Note ~~and~~13. ~~wide~~The ~~spread~~plaintiff ~~health~~seeks ~~issues~~damages of $963,363, orwhich ~~pandemics~~significantly onexceeds ~~all~~the ~~aspects~~Company’s ofavailable ~~its~~liquidity. The ~~business~~potential ~~and~~exposure ~~geographies~~from the litigation, ~~including~~if ~~how~~resolved itunfavorably, ~~will~~could ~~impact~~materially ~~its~~exceed ~~customers~~the ~~and~~Company’s ~~business~~available ~~partners~~financial resources. These ~~While~~conditions raise substantial doubt about the Company’s ~~did~~ability ~~not~~to ~~incur~~continue ~~significant~~as ~~disruptions~~a ~~during~~going ~~the~~concern ~~year~~within ~~ended~~one ~~December~~year ~~31,~~after ~~2023~~the ~~from~~date ~~the~~these ~~COVID-19~~financial ~~pandemic,~~statements itare issued. Management is ~~unable~~evaluating tovarious ~~predict~~strategic ~~the~~alternatives, ~~impact~~including ~~that~~settlement ~~future~~negotiations, ~~pandemics~~additional capital raising, ~~inflation~~refinancing arrangements, and other ~~world~~restructuring ~~events~~options. ~~could~~There ~~have~~can onbe ~~its~~no assurance that these efforts will be successful. The financial ~~condition,~~statements ~~results~~do ofnot ~~operations~~include ~~and~~any ~~cash~~adjustments ~~flows~~that ~~due~~might toresult ~~numerous~~from ~~uncertainties~~the outcome of this uncertainty.

~~Because~~Management ofis ~~our~~addressing ~~history of~~ operating ~~losses~~issues ~~and~~through ~~significant~~the ~~interest~~following ~~expense~~actions: focusing on ~~our~~growing ~~debt,~~the wehighest ~~have~~grossing aproducts ~~working~~and ~~capital~~brands, reducing ~~deficiency~~remaining ofoperating ~~$140~~costs,~~136~~ ~~at December~~exploring 31bankruptcy options, ~~2023~~and continuing to negotiate lower prices from major suppliers. We ~~also~~believe ~~have~~that ~~$93,637~~we ofwill ~~debt,~~need ~~presented~~additional incapital ~~current~~to ~~liabilities~~execute our business plan. ~~These~~If ~~continuing~~additional ~~conditions,~~funding ~~among~~is ~~others~~required, ~~raise~~there ~~substantial~~can ~~doubt~~be ~~about~~no ~~our~~assurance ~~ability~~that tosources ~~continue~~of asfunding awill ~~going~~be ~~concern~~available when needed on acceptable terms or at all.

59Wind-Down Activities and Asset Abandonments

~~Management~~In isresponse ~~addressing~~to ~~operating~~ongoing ~~issues~~liquidity ~~through~~constraints, ~~the~~recurring ~~following~~operating ~~actions:~~losses, ~~focusing~~and ~~on growing~~ the ~~core~~Company’s ~~business~~inability ~~and~~to ~~brands;~~access ~~continuing~~sufficient ~~emphasis~~capital onto ~~major~~support ~~customers~~historical ~~and~~operating ~~key~~levels, ~~products;~~management ~~reducing~~has ~~manufacturing~~undertaken ~~and~~actions ~~operating~~to ~~costs~~wind ~~and~~down ~~continuing~~certain tooperations ~~negotiate~~and ~~lower~~reduce ~~prices~~the ~~from~~Company’s ~~major~~cost ~~suppliers~~structure. We ~~believe~~These ~~that~~actions wehave ~~will~~included ~~need~~the ~~additional~~cessation ~~capital~~of tooperations ~~execute~~of ~~our~~NutraScience ~~business~~Labs, ~~plan~~Inc. If(“NSL”), ~~additional~~the ~~funding~~abandonment isor ~~required,~~forfeiture ~~there~~of ~~can~~leased befacilities, noworkforce ~~assurance~~reductions, ~~that~~and ~~sources~~the elimination of ~~funding~~certain ~~will~~operating beactivities ~~available~~that ~~when~~were ~~needed~~no onlonger ~~acceptable~~economically ~~terms or at all~~viable.

During 2023, the Company ceased operations associated with NSL. As part of this cessation, assets associated with NSL were determined to have minimal or no remaining economic value to the Company and were disposed of through abandonment. The operating results of NSL have been presented as discontinued operations in the accompanying consolidated financial statements. Assets and liabilities associated with discontinued operations are separately classified on the consolidated balance sheets as of December 31, 2024 and 2023.

In addition, during 2024 and subsequent to year‑end, the Company surrendered or forfeited multiple leased office facilities as it no longer had the ability or intent to continue occupying those locations. As a result, the Company recorded charges related to the impairment of right‑of‑use assets and continues to reflect remaining lease liabilities on the consolidated balance sheets. Certain of these lease obligations are in default, and the Company is subject to claims by landlords for unpaid rent and related costs, as further described in Note 13.

The carrying amounts of assets subject to abandonment or impairment were evaluated based on their estimated recoverability, taking into consideration the Company’s decision to cease or significantly curtail related operations, the absence of alternative uses, and the Company’s current financial condition. No amounts have been capitalized in anticipation of future operating recoveries or restructuring outcomes.

These wind‑down actions reflect management’s efforts to reduce ongoing cash outflows and preserve liquidity; however, the Company continues to have significant obligations, including lease liabilities, accrued interest, and debt obligations that are classified as current due to existing defaults. The Company’s ability to satisfy these obligations is subject to significant uncertainty. These conditions, together with the matters described above and elsewhere in these financial statements, raise substantial doubt about the Company’s ability to continue as a going concern.

Note 2 – Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed in the preparation of these consolidated financial statements.

Principles of Consolidation

The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.

Revised Prior Period Financial Statements

During the period close for the three months ended March 31, 2024, the Company discovered certain errors related to its accounting policy for the accounting of discontinued operations. The balance sheet did not segregate assets and liabilities for discontinued operations for a subsidiary of the Company on our September 30, 2023 and December 31, 2023 balance sheets that were previously filed. This lack of segregation on the balance sheet did not impact the statements of operations or stockholders' deficit.

The Company has determined that the impact of this balance sheet reclassification is not material to these previously issued balance sheets and as such no restatement was necessary. Correcting prior year financial statements for immaterial errors would not require previously filed reports to be amended. Such a correction may be made the next time the registrant files the prior year financial statements. Correcting the cumulative error in the current year would also be immaterial to the current year. Accordingly, these misstatements were corrected, and the adjustments are reflected in the related periods as noted below. The reclassifications made to the December 31, 2023 balance sheets are summarized below.

Consolidated Balance Sheets:

	As of December 31, 2023
	Previously Reported		Adjustments			Revised
Accounts receivable	$	2,072	$	(161	)	$	1,911
Current assets of discontinued operations		-		161			161
Accounts payable		6,803		(4,723	)		2,080
Accrued expenses and other current liabilities		4,106		(2,054	)		2,052
Short term lease liabilities		1,426		(480	)		946
Current liabilities of discontinued operations		-		7,257			7,257

Use of Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Actual results could differ from those estimates. Significant management estimates include those with respect to returns and allowances, allowance for ~~doubtful~~credit ~~accounts~~losses, reserves for inventory obsolescence, the recoverability of long-lived assets, intangibles and goodwill.

Revenue Recognition

The Company recognizes revenue based on a five-step model in accordance with Accounting Standards Codification ("ASC") 606. For our customer contracts, (i) we identify the contract with a customer, (ii) we identify the performance obligations in the contract, (iii) we determine the transaction price, (iv) we allocate the transaction price to the performance obligation; and (v) we recognize revenue when we satisfy the performance obligation. Our revenues are recorded at a point in time when the performance is fulfilled, which is when the product is shipped to or received by the customer.

Product sales are recorded net of variable considerations, such as provisions for returns, discounts and allowances. We account for shipping and handling costs as costs to fulfill a contract and not as performance obligations to our customers.

Contract Liabilities

Our contract liabilities consist of customer deposits and contractual guaranteed returns.

Net contract liabilities are recorded in accrued expenses and other current liabilities and consisted of the following:

Contract Liabilities
	December 31, 2023		December 31, 2022
	December 31, 2024		December 31, 2023
Contract Liabilities - Customer Deposits	$	2,~~022~~290	$	12,~~856~~022
Contract Liabilities - Guaranteed Returns		127		45127
	$	2,~~149~~417	$	12,~~901~~149

Fair Value of Financial Instruments

We apply the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement:

Level 1 – inputs are quoted prices in active markets for identical assets that the reporting entity has the ability to access at the measurement date.

Level 2 – inputs are other than quoted prices included within Level 1 that are observable for the asset, either directly or indirectly.

Level 3 – inputs are unobservable inputs for the asset that are supported by little or no market activity and that are significant to the fair value of the underlying asset or liability.

The Company did not have any financial instruments that are measured at fair value on a recurring basis as of December 31, ~~2023~~2024 and ~~2022~~2023.

Accounts Receivable and Allowances

Our allowance for trade receivables consists of two components: an allowance for customer claims and an allowance for credit losses.

We estimate expected credit losses on our trade receivables in accordance with Accounting Standards Codification ("ASC") 326 - Financial Instruments - Credit Losses. We adopted this accounting standard prospectively on the first day of our 2023 fiscal year.

We measure the allowance for credit losses on trade receivables on a collective (pool) basis when similar risk characteristics exist. We pool our trade receivables by type, wholesalers and retailers. Our historical credit loss experience provides the basis for our estimation of expected credit losses. We use a two-year average of annual loss rates as a starting point for our estimation and make adjustments to the historical loss rates to account for differences in current conditions impacting the collectability of our receivable pools. We generally monitor macroeconomic indicators to assess whether adjustments are necessary to reflect current conditions.

We grant credit to customers and generally do not require collateral or other security. We perform credit evaluations of our customers and provide for expected claims related to promotional items, customer discounts, shipping shortages, damages, and ~~doubtful~~credit ~~accounts~~losses based upon historical bad debt and claims experience. As of December 31, ~~2023~~2024, total allowances amount to $2371,~~036,~~ of which $~~1,348~~147 related to ~~doubtful~~credit losses on accounts receivable. As of December 31, ~~2022~~2023, total allowances amounted to $1862,~~546,~~ of which $~~534~~175 was related to ~~doubtful~~credit losses on accounts receivable.

Inventories

Inventories are stated at the lower of cost or net realizable value and are reduced by an estimated reserve for obsolete inventory.

Property and Equipment

Property and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation, including amounts amortized under capital leases, is calculated on the straight-line method over the estimated useful lives of the related assets, which are 7 to 10 years for machinery and equipment, 8 years for furniture and fixtures and 3 years for computers. Leasehold improvements are amortized over the shorter of the useful life of the asset or the term of the lease.

Normal repairs and maintenance are expensed as incurred. When assets are retired or otherwise disposed of, the related cost and accumulated depreciation or amortization is removed from the accounts and any gain or loss is included in the results of operations.

Discontinued operations

We report financial results for discontinued operations separately from continuing operations to distinguish the financial impact of disposal transactions from ongoing operations. Discontinued operations reporting occurs only when the disposal meets the criteria for classification as a discontinued operation in accordance with ASC Subtopic 205-20, Discontinued Operations (“ASC 205-20”). In our consolidated statements of cash flows, the cash flow from discontinued operations are separately classified/reported. Unless indicated otherwise, the information in the Notes to the consolidated financial statements relate to continuing operations (See Note 8, Discontinued Operations).

Leases

The Company accounts for leases in accordance with ASC 842. The Company reviews all contracts and determines if the arrangement is or contains a lease, at inception. Operating leases are included in right-of-use ("ROU”) assets, current lease liabilities and long-term lease liabilities on the condensed consolidated balance sheets. The Company does not have any finance leases.

Operating lease ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. The Company uses its estimated incremental borrowing rate based on the information available at the commencement date in determining the present value of future payments. The operating lease ROU asset also includes any upfront lease payments made and excludes lease incentives and initial direct costs incurred. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Leases with a term of 12 months or less are not recorded on the balance sheet. The Company’s lease agreements do not contain any residual value guarantees.

Intangible Assets

Intangible assets consist primarily of trademarks, which are amortized on a straight-line basis over their indefinite useful lives. The valuation and classification of these assets and the assignment of amortizable lives involve significant judgment and the use of estimates.

We believe that our long-term growth strategy supports our fair value conclusions. For intangible assets, the recoverability of these amounts is dependent upon achievement of our projections and the execution of key initiatives related to revenue growth and improved profitability.

Goodwill

Goodwill is not subject to amortization, but is reviewed for impairment annually, or more frequently whenever events or changes in circumstances indicate the carrying value of goodwill may not be recoverable. An impairment charge would be recorded to the extent the carrying value of goodwill exceeds its estimated fair value. The testing of goodwill under established guidelines for impairment requires significant use of judgment and assumptions. Changes in forecasted operations and other assumptions could materially affect the estimated fair values. Changes in business conditions could potentially require adjustments to these asset valuations. (See Note 5 for further discussion on the goodwill and intangible assets impairment charges).

Impairment of Long-Lived Assets

Long-lived assets, including intangible assets subject to amortization, are reviewed for impairment when changes in circumstances indicate that the carrying amount of the asset may not be recoverable. If the carrying amount of the asset exceeds the expected undiscounted cash flows of the asset, an impairment charge is recognized equal to the amount by which the carrying amount exceeds fair value. The testing of these intangibles under established guidelines for impairment requires significant use of judgment and assumptions. Changes in forecasted operations and other assumptions could materially affect the estimated fair values. Changes in business conditions could potentially require adjustments to these asset valuations. (~~see~~See Note 5 for further discussion on the goodwill and intangible assets impairment charges).

Indefinite-Lived Intangible Assets

Indefinite-lived intangible assets relating to the asset acquisition of Organic Holdings, LLC (“Organic Holdings”), a market leader in the healthy aging and beauty from within categories and owner of the award-winning Reserveage™ Nutrition brand, are determined to have an indefinite useful economic life and as such are not amortized. ~~Indefinite-lived~~Due ~~intangible~~to ~~assets are tested for impairment annually which consists of a comparison of~~ the ~~fair~~size ~~value~~ of ~~the~~our ~~asset~~remaining ~~with its carrying value. The total~~ indefinite-lived intangible assets ~~as of December 31~~, ~~2023 and~~annual ~~2022~~testing ~~were $120~~for ~~and~~impairment ~~$120,~~was ~~respectively.~~performed and ~~There was~~ no impairment was recorded in the years ended December 31, ~~2023~~2024 and ~~2022~~2023 respectively (see Note 5 for further information on the goodwill and intangible assets impairment charges).

Shipping and Handling Costs

Shipping and handling fees when billed to customers are included as a component of net sales. The total costs associated with shipping and handling are included as a component of cost of sales and totaled $~~266~~458 and $~~1,454~~266 in ~~2023~~2024 and ~~2022~~2023, respectively.

Advertising and Promotion Costs

We advertise our branded products through national and regional media and through cooperative advertising programs with customers. Costs for cooperative advertising programs are expensed as earned by customers and recorded in selling, general and administrative expenses. Our advertising expenses were $~~802~~69 and $~~2,184~~802 in ~~2023~~2024 and ~~2022~~2023, respectively. Customers are also offered in-store promotional allowances and certain products are also promoted with direct to consumer rebate programs. Costs for these promotional programs are recorded as incurred as a reduction to net sales.

Research and Development Costs

Research and development costs are expensed as incurred. We did not incur research and development costs in ~~2023~~2024 or in ~~2022~~2023.

Income Taxes

We use the asset and liability method of accounting for income taxes. Under the asset and liability method, deferred income tax assets and liabilities are recognized for the future income tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases and operating loss and income tax credit carry-forwards. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in income tax rates is recognized in the period that includes the enactment date.

Value of Warrants Issued with Debt

We estimate the grant date fair value of certain warrants issued with debt using a valuation method, such as the Black-Scholes option pricing model, or, if the terms are more complex, using an outside professional valuation firm, which uses the Monte Carlo option lattice model. We record the amounts as interest expense or debt discount, depending on the terms of the agreement. These estimates involve multiple inputs and assumptions, including the market price of the Company’s common stock, stock price volatility and other assumptions to project earnings before interest, taxes, depreciation and amortization (“EBITDA”) and other reset events. These inputs and assumptions are subject to management’s judgment and can vary materially from period to period.

Net Income (Loss) per Common Share

Basic net income or (loss ) per common share (“Basic EPS”) is computed by dividing net income or (loss ) by the weighted average number of common shares outstanding. Diluted net income or (loss ) per common share (“Diluted EPS”) is computed by dividing net income or (loss ) by the sum of the weighted average number of common shares outstanding and the dilutive potential common shares then outstanding. Potential dilutive common share equivalents consist of total shares issuable upon the exercise of outstanding stock options and warrants to acquire common stock using the treasury stock method and the average market price per share during the period.

63When calculating diluted income (loss) per share, if the effects are dilutive, companies are required to add back to net income the effects of the change in derivative liabilities related to warrants. Additionally, if the effects of the change in derivative liabilities are added back to net income, companies are required to include the warrants outstanding related to the derivative liability in the calculation of the weighted average dilutive shares.

The common shares used in the computation of our basic and diluted net loss per share are reconciled as follows:

	For the Years Ended December 31,
	2023			2022
	2024			2023
Numerator:	$			$
Net loss from continuing operation		(9,662	)		(8,033	)
Net loss from continuing operations		(9,807	)		(9,662	)
Net loss from discontinued operation, net of income taxes		(4,052	)		(189	)
Net income (loss) from discontinued operations, net of income taxes		308			(4,052	)
Net loss	$	(139,~~714~~499	)	$	(813,~~222~~714	)
Denominator:
Weighted-average number of common shares - Basic		259,092,833			259,092,833
Weighted-average number of common shares - Diluted		259,092,833			259,092,833
Net loss per common share:
Basic EPS	$	(0.0504	)	$	(0.0305	)
Diluted EPS	$	(0.0504	)	$	(0.0305	)

Significant Concentration of Credit Risk

The Company maintains its cash in bank deposit accounts which, at times, exceed federally insured limits. To date, the Company has not experienced a loss or lack of access to its invested cash; however, no assurance can be provided that access to the Company's invested cash will not be impacted by adverse conditions in the financial markets.

Our two major vendors accounted for 1832% and 3618% of purchases for the year ended December 31, ~~2023~~2024 and ~~2022~~2023, respectively. A third vendor represented an additional 810% and 118% of purchases for the years ended December 31, ~~2023~~2024 and ~~2022~~2023, respectively.

A single customer represents 30% and 23% of total accounts receivable as of December 31, ~~2023~~2024 and December 31, ~~2022~~2023, respectively. This customer is a related party through a director who ~~sits~~sat on both the Company’s board of directors and that of the customer. The relationship with the customer ended in 2023.

Accounting Pronouncements - Adopted

In November ~~March 2020~~2023, the Financial Accounting Standards Board (FASB) issued ~~ASU~~Accounting ~~2020~~Standards Update (ASU) 2023-0407, ~~Reference~~Segment ~~Rate~~Reporting ~~Reform~~ (Topic ~~848~~ 280): ~~Facilitation~~Improvements ofto ~~the~~Reportable ~~Effects~~Segment ofDisclosures, ~~Reference~~which ~~Rate~~enhances ~~Reform~~reporting ~~on Financial~~requirements ~~Reporting~~under Topic 280. The ~~ASU~~enhanced ~~2020-04~~disclosure ~~provides~~requirements ~~optional~~include: ~~guidance~~title toand ~~companies~~position toof ~~ease~~ the ~~potential~~Chief ~~burden~~Operating ~~associated~~Decision ~~with~~Maker ~~transitioning~~(CODM), ~~away~~significant ~~from~~segment ~~reference rates~~expenses ~~that~~provided ~~are expected~~ to bethe ~~discontinued.~~CODM, ~~The~~extending ~~new~~certain ~~guidance~~annual ~~provides~~disclosures ~~optional~~to ~~expedients~~interim ~~and~~periods, ~~exceptions~~clarifying tosingle ~~apply~~reportable ~~GAAP~~segment toentities ~~contract~~must ~~modifications~~apply ~~and~~ASC ~~hedging~~280 in ~~relationships~~its entirety, ~~subject~~and topermitting ~~certain~~more ~~criteria,~~than one measure ~~that~~of ~~reference~~segment ~~LIBOR~~profit or ~~another~~loss ~~reference~~to ~~rate~~be ~~expected~~reported tounder ~~be discontinued~~certain circumstances. WeThis ~~adopted~~change ~~this~~is ~~ASU~~effective ~~prospectively on~~for ~~December~~fiscal ~~14,~~years ~~2022,~~beginning onafter ~~one~~December of15, ~~our~~2023 ~~term~~and ~~loan~~interim ~~notes~~periods ~~and~~beginning ~~agreements~~after ~~which~~December ~~was~~15, ~~amended on~~2024. ~~this~~This ~~date to~~change ~~transition~~will ~~from~~apply ~~LIBOR~~retrospectively to ~~SOFR~~all periods presented. ~~The~~Management ~~adoption~~is ofcurrently ~~this~~assessing ~~ASU~~the ~~did~~impact ~~not~~of ~~have~~the aadoption ~~material~~of ~~impact~~this ASU on ~~our~~the ~~consolidated~~ financial statements of the Company.

~~In June 2016, the~~Accounting ~~FASB issued ASU 2016-13, Financial~~Pronouncements ~~Instruments-~~Issued ~~Credit~~Not ~~losses~~Yet (Topic 326): Measurement of Credit losses on Financial Instruments. ASU 2016-13 requires an organization to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. We adopted this standard prospectively on the first day of our 2023 fiscal year. The adoption of this standard did not have a material impact on our consolidated financial statements. Adopted

~~Accounting~~Although ~~Pronouncements~~there -are ~~Not~~several ~~Yet~~other ~~Adopted~~new accounting pronouncements issued or proposed by the FASB, which we have adopted or will adopt, as applicable, we do not believe any of these accounting pronouncements have had or will have a material impact on our consolidated financial position or results of operations.

Although there are several other new accounting pronouncements issued or proposed by the FASB, which we have adopted or will adopt as applicable, we do not believe any of these accounting pronouncements has had or will have a material impact on our consolidated financial position or results of operations.

Note 3 – Inventories, net

Inventories, net consisted of the following from continuing operations:

	December 31, 2023			December 31, 2022
	December 31, 2024			December 31, 2023
Raw materials	$	~~119~~44		$	~~377~~119
Finished goods		32,~~362~~466			63,~~710~~362
		3,481			7,087
		2,510			3,481
Reserve for obsolete inventory		(7960	)		(~~223~~79	)
Inventories, net	$	32,~~402~~450		$	63,~~864~~402

~~Inventories,~~There ~~net~~were ~~consisted~~no inventories from discontinued operations as of ~~the~~December ~~following~~31, ~~from~~2024 ~~discontinued~~and ~~operations:~~December 31, 2023.

	December 31, 2023		December 31, 2022
Raw materials	$	-	$	529
Finished goods		-		2,014
		-		2,543
Reserve for obsolete inventory		-		-
Inventories, net	$	-	$	2,543

Note 4 – Property and Equipment, Net

Property and equipment, net consisted of the following from continuing operations:

	December 31, 2023			December 31, 2022
	December 31, 2024			December 31, 2023
Computers and other		5457			3454
		54			34
		57			54
Accumulated depreciation and amortization		(4554	)		(1545	)
Property and equipment, net	$	93		$	199

~~Property~~Depreciation and ~~equipment,~~amortization ~~net~~expense ~~consisted~~totaled of$9 and ~~the~~$38 in 2024 and 2023, ~~following from discontinued operations:~~respectively.

	December 31, 2023		December 31, 2022
Machinery and equipment	$	-	$	124
Leasehold improvements		-		118
Computers and other		-		34
		-		276
Accumulated depreciation and amortization		-		(108	)
Property and equipment, net	$	-	$	168

There was no property and equipment, or associated depreciation and amortization, from discontinued operations as of December 31, 2024 and December 31, 2023.

Depreciation and amortization expense totaled $38 and $52 in 2023 and 2022, respectively.

Note 5 – Intangible Assets

Intangible assets consisted of the following:

	December 31, 2023			December 31, 2022
	December 31, 2024			December 31, 2023
Trademarks	$	4,739		$	4,739
Indefinite-lived intangible assets		120			120
Customer relationships		6,023			6,023
		10,882			10,882
Accumulated amortization		(10,762	)		(10,762	)
Intangible assets, net	$	120		$	120

Trademarks are amortized over periods ranging from 3 to 30 years, customer relationships are amortized over periods ranging from 15 to 16 years, and other intangible assets are amortized over 3 years. Amortization expense was $0 and $~~116~~0 for ~~2023~~2024 and ~~2022~~2023, respectively. All intangible assets have been fully amortized as of December 31, ~~2023~~2024.

During the fourth quarter of fiscal 2022, we ~~completed~~recorded ~~our~~an ~~annual~~aggregate impairment ~~test~~loss of ~~intangible~~the ~~assets~~remaining ~~and~~definitive-lived ~~based~~intangible onassets ~~current~~related ~~business~~to ~~conditions~~NSL ~~it was determined that the value of those~~ customer relationships ~~should be assessed to zero~~. Therefore, we recorded no loss of intangible assets related to NSL customer relationships in ~~2023~~2024.

~~During the fourth quarter of fiscal 2022, we completed our annual impairment test of goodwill and intangible assets and we recognized impairment of $340.~~ Due to the nature and size of our remaining assets, annual impairment testing was not performed in 2023 or 2024 nor was an impairment loss recognized.

6668

Note 6 – Debt

Debt consisted of the following:

	December 31,		December 31,
	2023		2022
	2024		2023
Related Party Debt:
July 2014 note payable to Little Harbor, LLC	$	3,267	$	3,267
July 2014 note payable to Akretive, LLC, formerly payable to Little Harbor, LLC	$	3,267	$	3,267
July 2016 note payable to Little Harbor, LLC		4,770		4,770
July 2016 note payable to Akretive, LLC, formerly payable to Little Harbor, LLC		4,770		4,770
January 2016 note payable to Great Harbor Capital, LLC		2,500		2,500
January 2016 note payable to Akretive, LLC, formerly payable to Great Harbor Capital, LLC		2,500		2,500
March 2016 note payable to Great Harbor Capital, LLC		7,000		7,000
March 2016 note payable to Akretive, LLC, formerly payable to Great Harbor Capital, LLC		7,000		7,000
December 2016 note payable to Great Harbor Capital, LLC		2,500		2,500
December 2016 note payable to Akretive, LLC, formerly payable to Great Harbor Capital, LLC		2,500		2,500
August 2017 note payable to Great Harbor Capital, LLC		3,000		3,000
August 2017 note payable to Akretive, LLC, formerly payable to Great Harbor Capital, LLC		3,000		3,000
February 2018 note payable to Great Harbor Capital, LLC		2,000		2,000
February 2018 note payable to Akretive, LLC, formerly payable to Great Harbor Capital, LLC		2,000		2,000
July 2018 note payable to Great Harbor Capital, LLC		5,000		5,000
July 2018 note payable to Akretive, LLC, formerly payable to Great Harbor Capital, LLC		5,000		5,000
November 2018 note payable to Great Harbor Capital, LLC		4,000		4,000
November 2018 note payable to Akretive, LLC, formerly payable to Great Harbor Capital, LLC		4,000		4,000
February 2020 note payable to Great Harbor Capital, LLC		2,500		2,500
February 2020 note payable to Akretive, LLC, formerly payable to Great Harbor Capital, LLC		2,500		2,500
January 2016 note payable to Golisano Holdings LLC		2,500		2,500
January 2016 note payable to Akretive, LLC, formerly payable to Golisano Holdings, LLC		2,500		2,500
March 2016 note payable to Golisano Holdings LLC		7,000		7,000
March 2016 note payable to Akretive, LLC, formerly payable to Golisano Holdings, LLC		7,000		7,000
July 2016 note payable to Golisano Holdings LLC		4,770		4,770
July 2016 note payable to Akretive, LLC, formerly payable to Golisano Holdings, LLC		4,770		4,770
December 2016 note payable to Golisano Holdings LLC		2,500		2,500
December 2016 note payable to Akretive, LLC, formerly payable to Golisano Holdings, LLC		2,500		2,500
March 2017 note payable to Golisano Holdings LLC		3,267		3,267
March 2017 note payable to Akretive, LLC, formerly payable to Golisano Holdings, LLC		3,267		3,267
February 2018 note payable to Golisano Holdings LLC		2,000		2,000
February 2018 note payable to Akretive, LLC, formerly payable to Golisano Holdings, LLC		2,000		2,000
February 2020 note payable to Golisano Holdings LLC		2,500		2,500
February 2020 note payable to Akretive, LLC, formerly payable to Golisano Holdings, LLC		2,500		2,500
November 2014 note payable to Golisano Holdings LLC formerly payable to Penta Mezzanine SBIC Fund I, L.P.		8,000		8,000
November 2014 note payable to Akretive, LLC, formerly payable to Golisano Holdings, LLC		8,000		8,000
January 2015 note payable to Golisano Holdings LLC formerly payable to JL-BBNC Mezz Utah, LLC		5,000		5,000
January 2015 note payable to Akretive, LLC, formerly payable to Golisano Holdings, LLC		5,000		5,000
February 2015 note payable to Golisano Holdings LLC formerly payable to Penta Mezzanine SBIC Fund I, L.P.		1,999		1,999
February 2015 note payable to Akretive, LLC, formerly payable to Golisano Holdings, LLC		1,999		1,999
Macatawa Bank		14,884		15,000
Akretive, LLC, formerly payable to Macatawa Bank		15,869		14,884
Total related party debt		9091,~~957~~942		9190,~~073~~957
Senior Credit Facility with Midcap		21,~~680~~966		62,~~308~~680
May 2020 Note Payable to Fifth Third Bank, N.A.		-		-
Total debt		93,908		93,637
Total debt		93,637		97,381
Less current portion		93,908		93,637
Less current portion		93,637		97,381
Long-term debt	$	-	$	-

Future aggregate maturities of debt that have maturities beyond ~~2023~~2024 have been classified as current on the consolidated balance sheet as the Company has determined that it is probable that the Company will not be able to meet the ~~2023~~2024 debt obligations as they become due, thus causing a technical default of the debt obligations.

6769

Little Harbor LLC

Mr. David L. Van Andel, the former Chairman of the Company’s Board of Directors, is the owner and principal of Little Harbor LLC. Mr. Mark Bugge, at the time the notes were entered into, was a member of the Company’s Board of Directors and the Secretary of Little Harbor LLC.

July 2014 Note Payable to Akretive LLC (formerly Little Harbor, LLC)

Pursuant to a July 2014 Debt Repayment Agreement with Little Harbor, LLC (“Little Harbor”), an entity owned by certain stockholders of the Company, on February 6, 2018 we entered into an agreement with Little Harbor to convert a debt repayment obligation of $3,267 into an unsecured promissory note (“Little Harbor Debt Repayment Note”). The note bears interest at an annual rate of 8.5% with the principal payable at maturity. The Little Harbor Debt Repayment Note was scheduled to mature on July 25, 2020, and the maturity was subsequently extended to October 22, 2021.

July 2016 Note Payable to Akretive LLC (formerly Little Harbor, LLC)

In July 2016, we issued an unsecured delayed draw promissory note in favor of Little Harbor (“Little Harbor Delayed Draw Note”), pursuant to which Little Harbor loaned us the full approved amount of $4,770 during the year ended December 31, 2016. This note bears interest at an annual rate of 8.5% with the principal payable at maturity. We issued a warrant into escrow in connection with this loan (see Little Harbor Escrow Warrant in Note 7). This note is unsecured and was scheduled to mature on January 28, 2019, with subsequent extensions of the maturity date to June 30, 2019 and October 22, 2021.

Little Harbor has delivered a deferment letter pursuant to which Little Harbor agreed to defer all payments due under the aforementioned notes held by Little Harbor through October 22, 2021 and agreed to refrain from declaring a default and/or exercising any remedies under the notes.

Amendments to extend the maturity date and related payment deferrals of the aforementioned notes have not been executed and these notes ~~to Little Harbor~~ are currently in default. We anticipate extending the maturity dates and related payment deferrals with the lending party, but we cannot guarantee that such extensions and payment deferrals will be successfully obtained on a timely basis or at all. To date, ~~Little~~the ~~Harbor~~lending party has not exercised any of its remedies available upon a default for any of the aforementioned notes.

Great Harbor Capital LLC

Mr. David L. Van Andel, the former Chairman of the Company’s Board of Directors, is the owner and principal of Great Harbor Capital LLC. Mr. Mark Bugge, at the time the notes were entered into, was a member of the Company’s Board of Directors and the Secretary of Great Harbor Capital LLC.

January 2016 Note Payable to Akretive LLC (formerly Great Harbor Capital, LLC)

Pursuant to a January 28, 2016 unsecured promissory note (“January 2016 GH Note”) with Great Harbor Capital, LLC (“GH”), an affiliate of a former member of our Board of Directors, GH lent us $2,500. The January 2016 GH Note bears interest at an annual rate of 8.5% with the principal payable in 24 monthly installments of $104 which payment was to commence on February 28, 2017 but was deferred to August 31, 2019. We issued a warrant into escrow in connection with this loan (see GH Escrow Warrants in Note 7). The original maturity date of the January 2016 GH Note was January 28, 2019, with subsequent extensions of the maturity date to June 30, 2019 and October 22, 2021.

March 2016 Note Payable to Akretive LLC (formerly Great Harbor Capital, LLC)

Pursuant to a March 21, 2016 unsecured promissory note (“March 2016 GH Note”), GH lent us $7,000. This March 2016 GH Note bears interest at an annual rate of 8.5%, with the principal payable in 24 monthly installments of $292 which payment was to commence on April 21, 2017 but was deferred to August 30, 2019. We issued a warrant into escrow in connection with this loan (see GH Escrow Warrants in Note 7). The note was scheduled to mature on March 21, 2019, with subsequent extensions of the maturity date to June 30, 2019 and October 22, 2021.

December 2016 Note Payable to Akretive LLC (formerly Great Harbor Capital, LLC)

Pursuant to a December 31, 2016 unsecured promissory note (“December 2016 GH Note”), GH lent us $2,500. The December 2016 GH Note bears interest at an annual rate of 8.5% with the principal payable at maturity. We issued a warrant into escrow in connection with this loan (see GH Escrow Warrants in Note 7). The note was scheduled to mature on December 31, 2019, which was subsequently extended to October 22, 2021.

6870

August 2017 Note Payable to Akretive LLC (formerly Great Harbor Capital, LLC)

Pursuant to an August 30, 2017 secured promissory note, GH lent us $3,000 (“August 2017 GH Note”). The August 2017 GH Note bears interest at an annual rate of 8.5% with the principal payable at maturity. We issued a warrant into escrow in connection with this loan (see GH Escrow Warrants in Note 7). The note was scheduled to mature on August 29, 2020, which was subsequently extended to October 22, 2021.

February 2018 Note Payable to Akretive LLC (formerly Great Harbor Capital, LLC)

Pursuant to a February 6, 2018 secured promissory note, GH lent us $2,000 (“February 2018 GH Note”). The note bears interest at an annual rate of 8.5% with the principal payable at maturity. This note is secured by collateral and is subordinate to the indebtedness owed to Midcap Funding X Trust as successor-by-assignment from MidCap Financial Trust (“MidCap”). The note was scheduled to mature on February 6, 2021, which was subsequently extended to October 22, 2021.

As previously reported, on February 6, 2018, the Company issued an amended and restated secured promissory note to GH (“A&R August 2017 GH Note”) replacing the prior secured promissory note issued on August 30, 2017. The amendment and restatement added a requirement that when the Company consummates any Special Asset Disposition (as defined in the February 2018 GH Note), provided that the Company has a minimum liquidity of $1,000, the Company will use the net cash proceeds from the Special Asset Disposition to pay any accrued and unpaid interest under the A&R August 2017 GH Note and any other note subject to the Intercreditor Agreement (defined below). The interest rate and payment terms remain unchanged from the original secured promissory note issued to GH on August 30, 2017; however, the maturity date had been extended to October 22, 2021.

Furthermore, as a result of notes issued on February 6, 2018, by GH and Golisano Holdings LLC (“Golisano LLC”), GH and Golisano LLC entered into an “Intercreditor Agreement” where they agreed that each of the February 2018 GH Note, A&R August 2017 GH Note, and the Golisano LLC February 2018 Note (as defined below) are pari passu as to repayment, security and otherwise and are equally and ratably secured.

July 2018 Note Payable to Akretive LLC (formerly Great Harbor Capital, LLC)

Pursuant to a July 27, 2018 secured promissory note, GH loaned the Company $5,000 ("July 2018 GH Note"). The July 2018 GH Note bears interest at an annual rate of 8.5%, with the principal payable on maturity. Interest on the outstanding principal accrues at a rate of 8.5% per year and is payable monthly on the first day of each month, beginning September 1, 2018. The principal of the July 2018 GH Note was payable at maturity on January 27, 2020. The July 2018 GH Note is secured by collateral. We issued a warrant to GH in connection with this loan (see GH Warrants in Note 7). In July 2019, the Company and GH amended this note to extend the maturity date to October 22, 2021.

The July 2018 GH Note iswas subordinate to the indebtedness owed to MidCap. ~~The July 2018 GH Note is senior to the indebtedness owed to Little Harbor and Golisano Holdings LLC.~~

November 2018 Note Payable to Akretive LLC (formerly Great Harbor Capital, LLC)

Pursuant to a November 5, 2018 secured promissory note, GH loaned the Company $4,000 ("November 2018 GH Note"). The November 2018 GH Note bears interest at an annual rate of 8.5% with the principal payable on maturity. Interest on the outstanding principal accrues at a rate of 8.5% per year and is payable monthly on the first day of each month beginning December 1, 2018. The principal of the November 2018 GH Note is payable at maturity on November 5, 2020. The November 2018 GH Note is secured by collateral. We issued a warrant to GH in connection with this loan (see GH Warrants in Note 7). In July 2019, the Company and GH amended this note to extend the maturity to October 22, 2021.

February 2020 Note Payable to Great Harbor Capital, LLC

Pursuant to a February 2020 unsecured promissory note (“February 2020 GH Note”), an affiliate of a member of our Board of Directors, GH lent us $2,500. The February 2020 GH Note bears interest at an annual rate of 8% with the principal payable at the maturity of October 22, 2021.

GH had delivered a deferment letter pursuant to which GH agreed to defer all payments due under the aforementioned notes held by GH through October 22, 2021 and agreed to refrain from declaring a default and/or exercising any remedies under the notes.

Amendments to extend the maturity date and related payment deferrals of the aforementioned notes to GH have not been executed and these notes are currently in default. We anticipate extending the maturity dates and related payment deferrals with the lending party, but we cannot guarantee that such extensions and payment deferrals will be successfully obtained on a timely basis or at all. To date, GHthe lending party has not exercised any of its remedies available upon a default for any of the aforementioned notes.

6971

~~Golisano~~ Akretive Holdings, LLC

Mr. B.Patrick ~~Thomas~~Ogle ~~Golisano,~~is ~~a former member of~~ the ~~Company’s Board of Directors is a~~ principal of ~~Golisano~~ Akretive Holdings, LLC.

~~November~~As ~~2014~~of December ~~Note~~30, ~~Payable~~2024, toall ~~Golisano~~debts ~~Holdings~~held ~~LLC~~by, ~~(formerly~~interest ~~payable~~due to, ~~Penta~~as ~~Mezzanine~~well ~~SBIC~~as ~~Fund~~stock Ishares held by 463IP Partners, LLC, Great Harbor Capital, LLC, Little Harbor LLC, and David L.P Van Andel Trust were assigned to Akretive LLC, including one-half of the Macatawa debt.) As of April 22, 2025, all debts held by, interest due to, and stock shares held by Golisano Holdings LLC were assigned to Akretive LLC, including one-half of the Macatawa debt.

On November ~~13,~~ 2014, weNote ~~raised~~Payable ~~proceeds of $8,000, less certain fees and expenses, from the issuance of a secured note~~ to ~~Penta~~Akretive LLC ~~Mezzanine SBIC Fund I, L.P.~~ (~~“Penta”).~~formerly The managing director of Penta, an institutional investor, is also a former director of our Company. We granted Penta a security interest in our assets and pledged the shares of our subsidiaries as security for the note. On March 8, 2017, Golisano Holdings, LLC ~~(“Golisano LLC”~~) acquired this note payable from Penta (the “First Golisano Penta Note”). Interest on the outstanding principal accrued at a rate of 12% per year from the date of issuance to March 8, 2017 and decreased to 8% per year thereafter, payable monthly. The Company and Golisano LLC amended this note to extend the maturity from November 5, 2020 to October 22, 2021. We issued a warrant to Penta to purchase 4,960,740 shares of the Company’s common stock in connection with this loan (see Golisano LLC Warrants formerly Penta Warrants in Note 7).

~~January~~On ~~2015~~November ~~Note~~13, ~~Payable~~2014, we raised proceeds of $8,000, less certain fees and expenses, from the issuance of a secured note to Penta Mezzanine SBIC Fund I, L.P. (“Penta”). The managing director of Penta, an institutional investor, is also a former director of our Company. We granted Penta a security interest in our assets and pledged the shares of our subsidiaries as security for the note. On March 8, 2017, Golisano Holdings, LLC (~~formerly~~“Golisano LLC”), an affiliate of a former member of our Board of Directors, acquired this note payable from Penta (the “First Golisano Penta Note”). Interest on the outstanding principal accrued at a rate of 12% per year from the date of issuance to ~~JL-Mezz~~March ~~Utah~~8, 2017 and decreased to 8% per year thereafter, payable monthly. The Company and Golisano LLC~~-f/k/~~ amended this note to extend the maturity from November 5, 2020 to October 22, 2021. We issued a ~~JL-BBNC~~warrant ~~Mezz~~to ~~Utah~~Penta to purchase 4,960,740 shares of the Company’s common stock in connection with this loan (see Golisano LLC Warrants formerly Penta Warrants in Note 7).

January 2015 Note Payable to Akretive LLC (formerly Golisano Holdings LLC )

On January 22, 2015, we raised proceeds of $5,000, less certain fees and expenses, from the sale of a note to JL-Mezz Utah, LLC (f/k/a JL-BBNC Mezz Utah, LLC) (“JL-US”). The proceeds were restricted to pay a portion of the Nutricap Labs, LLC (“Nutricap”) asset acquisition. We granted JL-US a security interest in the Company’s assets, including real estate and pledged the shares of our subsidiaries as security for the note. On March 8, 2017, Golisano LLC acquired this note payable from JL-US. Interest on the outstanding principal accrued at a rate of 12% per year from the date of issuance to March 8, 2017 and decreased to 8% per year thereafter payable monthly (the “Golisano JL-US Note”). The note matured on October 22, 2021. On August 30, 2017, we entered into an amendment with Golisano LLC which extended payment of principal to maturity. We issued a warrant to JL-US to purchase 2,329,400 shares of the Company’s common stock on January 22, 2015 and 434,809 shares of the Company’s common stock on February 4, 2015 (see JL Warrants in Note 7). The 434,809 warrants expired unexercised on February 13, 2020. The note matured on October 22, 2021.

February 2015 Note Payable to Akretive LLC (formerly Golisano Holdings LLC ~~(formerly payable to Penta Mezzanine SBIC Fund I, L.P.~~)

On February 6, 2015, we raised proceeds of $1,999, less certain fees and expenses, from the issuance of a secured note payable to Penta. The proceeds were restricted to pay a portion of the acquisition of the customer relationships of Nutricap. On March 8, 2017, Golisano LLC acquired this note payable from Penta (the “Second Golisano Penta Note”). Interest on the outstanding principal accrued at a rate of 12% per year from the date of issuance to March 8, 2017, and decreased to 8% per year thereafter, payable monthly. The note matured on October 22, 2021. On August 30, 2017, we entered into an amendment with Golisano LLC which extended payment of principal to maturity. We issued a warrant to Penta to purchase 869,618 shares of the Company’s common stock in connection with this loan (see Golisano LLC Warrants formerly Penta Warrants in Note 7).

January 2016 Note Payable to Akretive LLC (formerly Golisano Holdings LLC )

Pursuant to a January 28, 2016 unsecured promissory note with Golisano LLC (“Golisano LLC January 2016 Note”), ~~an affiliate of a former member of our Board of Directors,~~ Golisano LLC lent us $2,500. The note was scheduled to mature on January 28, 2019, with subsequent extensions of the maturity date to June 30, 2019 and October 22, 2021. This note bears interest at an annual rate of 8.5%. We issued a warrant into escrow in connection with this loan (see Golisano Escrow Warrants in Note 7).

March 2016 Note Payable to Akretive LLC (formerly Golisano Holdings LLC )

Pursuant to a March 21, 2016 unsecured promissory note, Golisano LLC lent us $7,000 (“Golisano LLC March 2016 Note”). The note was scheduled to mature on March 21, 2019, with subsequent extensions of the maturity date to June 30, 2019 and October 22, 2021.This note bears interest at an annual rate of 8.5%. We issued a warrant into escrow in connection with this loan (see Golisano Escrow Warrants in Note 7).

July 2016 Note Payable to Akretive LLC (formerly Golisano Holdings LLC )

On July 21, 2016, we issued an unsecured delayed draw promissory note in favor of Golisano LLC pursuant to which Golisano LLC may, in its sole discretion and pursuant to draw requests made by the Company, loan the Company up to the maximum principal amount of $4,770 (the “Golisano LLC July 2016 Note”). During the year ended December 31, 2016, we requested and Golisano LLC approved, draws totaling $4,770.The Golisano LLC July 2016 Note was scheduled to mature on January 28, 2019 and was subsequently extended to October 22, 2021. Interest on the outstanding principal accrues at a rate of 8.5% per year. The principal of the Golisano LLC July 2016 Note is payable at maturity. We issued a warrant into escrow in connection with this loan (see Golisano Escrow Warrants in Note 7).

7072

December 2016 Note Payable to Akretive LLC (formerly Golisano Holdings LLC )

Pursuant to a December 31, 2016 unsecured promissory note, as amended and restated, Golisano LLC lent us $2,500 (“Golisano LLC December 2016 Note”). The note bears interest at an annual rate of 8.5% with the principal payable at maturity. We issued a warrant into escrow in connection with this loan (see Golisano Escrow Warrants in Note 7). The note was scheduled to mature on December 30, 2019 and was subsequently extended to October 22, 2021.

March 2017 Note Payable to Akretive LLC (formerly Golisano Holdings LLC )

Pursuant to a March 14, 2017 unsecured promissory note, as amended and restated, Golisano LLC lent us $3,267 (“Golisano LLC March 2017 Note”). The note bears interest at an annual rate of 8.5% with the principal payable at maturity. We issued a warrant into escrow in connection with this loan (see Golisano Escrow Warrants in Note 7). The note was scheduled to mature on December 30, 2019 and was subsequently extended to October 22, 2021.

February 2018 Note Payable to Akretive LLC (formerly Golisano Holdings LLC )

Pursuant to a February 6, 2018 secured promissory note, Golisano LLC lent us $2,000 (“Golisano LLC February 2018 Note”). The note bears interest at an annual rate of 8.5% with the principal payable at maturity. This note is secured by collateral and is subordinate to the indebtedness owed to MidCap. The note was scheduled to mature on February 6, 2021 and was subsequently extended to October 22, 2021.

February 2020 Note Payable to Akretive LLC (formerly Golisano Holdings LLC )

Pursuant to a February 2020 unsecured promissory note (“Golisano LLC February 2020 Note”), an affiliate of a former member of our Board of Directors, Golisano LLC lent us $2,500. The Golisano LLC February 2020 Note bears interest at an annual rate of 8% with the principal payable at the maturity date of October 22, 2021.

Golisano LLC had delivered a deferment letter pursuant to which Golisano LLC agreed to defer all payments due under the aforementioned notes held by Golisano LLC through October 22, 2021 and agreed to refrain from declaring a default and/or exercising any remedies under the notes.

Amendments to extend the maturity date and related payment deferrals of the aforementioned notes to ~~Golisano~~Akretive Holdings LLC have not been executed and these notes are currently in default. We anticipate extending the maturity dates and related payment deferrals with the lending party, but we cannot guarantee that such extensions and payment deferrals will be successfully obtained on a timely basis or at all. To date, ~~Golisano~~Akretive Holdings, LLC has not exercised any of its remedies available upon a default for any of the aforementioned notes.

Akretive LLC (formerly Macatawa Bank)

Mr. Mark Bugge is a former member of the board of directors of Macatawa Bank (“Macatawa”) and was a member of the Company’s board of directors; he was an active member of both boards at the time of the term loan note. ~~One~~Two former ~~member~~ members of the Company's Board of Directors, Mr. B. Thomas Golisano and ~~one current,~~ Mr. David L. Van Andel, are the owners and principals of the guarantor, 463IP Partners, LLC (“463IP”). Furthermore, Mr. Van Andel, through his interest in a trust, holds an indirect limited partnership interest in White Bay Capital, LLLP, which has an ownership interest of greater than 10% in Macatawa.

On December 4, 2018, the Company entered into a Term Loan Note and Agreement (the "Term Loan") in favor of Macatawa. Pursuant to the Term Loan, Macatawa loaned the Company $15,000. The Term Loan was scheduled to mature on November 30, 2020 and was subsequently extended to November 30, 2022. The Term Loan was amended on December 14, 2022 to extend the maturity date to November 30, 2024 and to transition from LIBOR to SOFR. The Term Loan ~~accrues~~accrued interest at SOFR Rate plus 1.05% per annum with a floor of 2.50%;. This ~~the~~loan ~~rate~~ was -%settled asin offull ~~December~~to ~~31,~~Macatawa (the ~~2023.~~"Macatawa Settlement") ~~After~~on ~~the~~November ~~maturity~~29, ~~date~~2025 orfor ~~upon~~$15,891 ~~the~~pursuant ~~occurrence~~to ora ~~continuation~~limited ofguaranty anwith ~~event~~463IP, dated as of ~~default~~December 4, 2018, in favor of Macatawa (the ~~unpaid~~"Limited ~~principal~~Guaranty") pursuant ~~balance~~to ~~shall~~which ~~bear~~it ~~interest~~has atagreed ~~the~~to ~~interest~~guarantee ~~rate~~payment ofunder the ~~note~~Term ~~plus~~Loan ~~3.00%.~~and ~~The~~any ~~note~~and isall ~~secured~~renewals byof the ~~Limited~~Term ~~Guaranty,~~Loan ~~defined below,~~ and isall ~~subordinate~~interest toaccrued ~~the~~on such indebtedness ~~owed~~limited to ~~MidCap~~$15,000 plus any accrued interest.

InAs ~~connection~~of December ~~with~~30, ~~the~~2024, ~~Term~~all ~~Loan,~~debts ~~463IP~~held ~~has~~by ~~entered~~and ~~into~~interest adue ~~limited~~to ~~guaranty~~463IP Partners, ~~dated~~LLC, Great asHarbor ofCapital, ~~December~~LLC, 4Little Harbor LLC, ~~2018~~and David L. Van Andel Trust were assigned to Akretive LLC, inincluding ~~favor~~one-half of the Macatawa ~~(the~~debt. This ~~"Limited~~assignment ~~Guaranty")~~represented ~~pursuant~~a creditor-to-creditor ~~which~~transfer itof ~~has~~rights ~~agreed~~and todid ~~guarantee~~not ~~payment~~result ~~under~~in any modification, forgiveness, or extinguishment of the ~~Term~~Company's ~~Loan~~obligations. The ~~and~~assignment ~~any~~did ~~and~~not ~~all~~change ~~renewals~~the principal amount owed, interest terms, or other substantive provisions of the ~~Term~~underlying ~~Loan~~debt, and ~~all~~therefore ~~interest~~had ~~accrued~~no impact on ~~such~~the ~~indebtedness~~recognition ~~limited~~or measurement of the Company's debt. The Company continues to ~~$15,000~~reflect ~~plus~~the ~~any~~full ~~accrued~~outstanding ~~interest~~balance of the Guarantor Debt as notes payable to Akretive as of December 31, 2024.

As of April 22, 2025, all debts held by and interest due to Golisano Holdings LLC were assigned to Akretive LLC, including one-half of the Macatawa debt.

On September 16, 2025, the outstanding principal and interest previously owed to Macatawa was formalized in a secured promissory note between Twinlab Consolidated Holdings, Inc. and Holdings, LLC. The principal sum of the note is $15,891. The maturity date was set as November 29, 2025. Interest is established to accrue at a simple rate of 6.0% per annum. A default rate is established at 12% per annum. A fee to waive the default status of the original note was set at $25 and paid on October 10, 2025. This loan was not repaid and entered into default on November 29, 2025.

Because of the settlement of the Macatawa Term Loan was accompanied by the simultaneous recognition of an equivalent replacement obligation, the Company did not recognize a material gain or loss upon extinguishment, other than the write‑off of any unamortized deferred financing costs associated with the original borrowing.

Senior Credit Facility with Midcap

On January 22, 2015, we entered into a three-year $15,000 revolving credit facility (the “Senior Credit Facility”) pursuant to a credit and security agreement, based on our accounts receivable and inventory, which could be increased to up to $20,000 upon satisfaction of certain conditions, with MidCap. MidCap subsequently assigned the agreement to an affiliate, Midcap Funding X Trust.

On September 2, 2016, we entered into an amendment with Midcap to increase the Senior Credit Facility to $17,000 and extend our facility an additional 12 months. We granted MidCap a first priority security interest in certain of our assets and pledged the shares of our subsidiaries as security for amounts owed under the Senior Credit Facility. We are required to pay Midcap an unused line fee of 0.50% per annum, a collateral management fee of 1.20% per month and interest of LIBOR plus 5% per annum. We issued a warrant to Midcap to purchase 500,000 shares of the Company’s common stock (see Midcap Warrant in Note 7).

On January 22, 2019, we entered into Amendment Sixteen to the Credit and Security Agreement (the "MidCap Sixteenth Amendment"). The MidCap Sixteenth Amendment reduced the revolving credit facility amount from a total of $17,000 to a total of $5,000 and extended the expiration date from January 22, 2019 to April 22, 2019.

On February 13, 2019, MidCap informed the Company that MidCap had re-assigned all of its rights, powers, privileges and duties as “Agent” under the Credit and Security Agreement, as well as all of its right, title and interest in and to the revolving loans made under the facility from Midcap Funding X Trust to MidCap IV Funding.

On April 22, 2019, we entered into Amendment Seventeen to the Credit and Security Agreement (the "MidCap Seventeenth Amendment"), which effectively increased the revolving credit facility amount to $12,000 and renewed the Senior Credit Facility for an additional two years expiring on April 22, 2021.

On April 22, 2021, we entered into Amendment Eighteen to the Credit and Security Agreement (the "MidCap Eighteenth Amendment"), which effectively updated the unused line fee to 0.375% per annum, updated the interest rates to 3.75% per annum, and renewed the Senior Credit Facility for an additional three years expiring on April 22, 2024.

WeOn ~~have~~March ~~incurred~~15, ~~loan~~2023, we ~~fees~~entered ~~totaling~~into ~~$540 relating~~ Amendment Nineteen to the ~~Senior~~ Credit ~~Facility~~ and ~~the~~Security ~~subsequent~~Agreement ~~amendments,~~(the “MidCap Nineteenth Amendment”), which iseffectively ~~also~~isolated ~~being~~the ~~amortized~~portion ~~into~~on ~~interest~~debt ~~expense~~attributed ~~over~~to the ~~term~~assets of the ~~Senior~~discontinued ~~Credit~~NutraScience Labs ~~Facility.~~subsidiary ~~The~~and ~~balance~~removed ~~owed~~it onfrom the ~~Senior~~determination ~~Credit~~of ~~Facility~~provisional compliance. A schedule was ~~$4,276~~established asto ensure the pay down of ~~December~~the ~~31,~~NutraScience Labs ~~2023~~specific balance by the maturity date.

On March 28, 2024, we entered into Amendment Twenty to the Credit and Security Agreement (the “MidCap Twentieth Amendment”), which effectively renewed the Senior Credit Facility for an additional six months expiring on October 31, 2024.

On January 31, 2025, we entered into Amendment Twenty-Two to the Credit and Security Agreement (the “MidCap Twenty-Second Amendment”), which effectively renewed the Senior Credit Facility for an additional three months expiring on April 30, 2025.

We have incurred loan fees totaling $383 relating to the Senior Credit Facility and the subsequent amendments, which is also being amortized into interest expense over the term of the Senior Credit Facility. The balance owed on the Senior Credit Facility was $1,966 as of December 31, 2024.

On April 22, 2025, we terminated the Credit and Security Agreement (the "Midcap Payoff Agreement") via payment of all liabilities, obligations and indebtedness under the Credit Agreement.

Other Debt

May 2020 Note Payable to Fifth Third Bank N.A.

On May 7, 2020, Twinlab Consolidated Corporation ("TCC"), the operating subsidiary of the Company, received the proceeds of a loan from Fifth Third Bank, National Association in the amount of $~~1,674~~383 obtained under the Paycheck Protection Program under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), which was enacted March 27, 2020 (the "PPP Loan”). The PPP Loan, evidenced by a promissory note dated May 5, 2020 (the “Note”), had a two-year term and bore interest at a rate of ~~1.0~~383% per annum, with expected monthly principal and interest payments that were due to begin December 1, 2020. TCC utilized the proceeds of the PPP Loan for payroll, office rent, and utilities, which allowed the Company to seek forgiveness for this loan.

The Company submitted its application for 100% forgiveness for this loan in November 2021. In January 2022, the full amount of the PPP Loan was forgiven by the Small Business Administration ("SBA"). As a result, the Company recorded a gain on the forgiveness of the loan in the amount of $1,674.

Financial Covenants

Certain of the foregoing debt agreements, as amended, require us to meet certain affirmative and negative covenants, including maintenance of specified ratios. As of December 31, ~~2023~~2024, we were in default for lack of compliance with the EBITDA-related financial covenant of the debt agreement with MidCap. The amount due to MidCap for this revolving credit line is $21,~~680~~966 as of December 31, ~~2023~~2024.

Note 7 – Warrants and Registration Rights Agreements

The following table presents a summary of the status of our issued warrants as of December 31, ~~2023~~2024 and changes during the two years then ended:

	Shares			Weighted Average
	Underlying Warrants			Exercise Price
Outstanding, December 31, 2021		4,500,000		$	0.01
Granted		-			-
Canceled / Expired		-			-
Exercised		-			-
Outstanding, December 31, 2022		4,500,000		$	0.01
Granted		-			-
Canceled / Expired		-			-
Exercised		-			-
Outstanding, December 31, 2023		4,500,000		$	0.01
Granted		-			-
Canceled / Expired		(4,500,000	)		-
Exercised		-			-
Outstanding, December 31, 2024		-		$	-

GH Warrants

In connection with the July 2018 GH Note, we issued GH a warrant to purchase an aggregate of 2,500,000 shares of the Company’s common stock at an exercise price of $0.01 per share (the "July 2018 GH Warrant"). The Company ~~has~~had reserved 2,500,000 shares of the Company’s common stock for issuance under the July 2018 GH Warrant. The July 2018 GH Warrant ~~expires~~expired unexercised on July 27, 2024. The July 2018 GH Warrant iswas also subject to customary adjustments upon any recapitalization, reorganization, stock split, combination of shares, merger or consolidation. The Company estimated the value of the warrant using the Black-Scholes option pricing model and recorded a debt discount of $1,479, which is being amortized over the term of the July 2018 GH Note.

In connection with the November 2018 GH Note, we issued GH a warrant to purchase an aggregate of 2,000,000 shares of the Company’s common stock at an exercise price of $0.01 per share (the "November 2018 GH Warrant"). The Company ~~has~~had reserved 2,000,000 shares of the Company’s common stock for issuance under the November 2018 GH Warrant. The November 2018 GH Warrant ~~expires~~expired unexercised on November 5, 2024. The November 2018 GH Warrant iswas also subject to customary adjustments upon any recapitalization, reorganization, stock split, combination of shares, merger or consolidation. The Company estimated the value of the warrant using the Black-Scholes option pricing model and recorded a debt discount of $1,214 which is being amortized over the term of the November 2018 GH Note.

7375

Warrants Issued into Escrow

At December 31, ~~2023~~2024, there were ~~3,636,364~~no outstanding warrants held in escrow (“Escrow Warrants”). These Escrow Warrants ~~are~~were previously held in escrow and ~~are~~were not exercisable unless the Company ~~defaults~~defaulted on the related debt. While the related debt is currently in default (see Note 6), no additional warrants are ~~not~~ expected to be ~~exercised~~issued asuntil the related debt is ~~expected~~amended, toas beexpected, ~~amended~~ which will remedy the current default. ~~These~~The Escrow Warrants ~~are~~were as follows:

Golisano Escrow Warrants

In connection with the Golisano LLC January 2016 Note, we issued into escrow in the name of Golisano LLC a warrant to purchase an aggregate of 1,136,363 shares of the Company’s common stock at an exercise price of $0.01 per share (the “January 2016 Golisano Warrant”). The January 2016 Golisano Warrant ~~will~~would not be released from escrow or be exercisable unless and until we fail to pay Golisano LLC the entire unamortized principal amount of the related promissory note and any accrued and unpaid interest thereon as of January 28, 2019 (which was extended to October 22, 2021 – See Note 6 for further information) or such earlier date as is required pursuant to an Acceleration Notice (as defined in the related note agreement). The January 2016 Golisano Warrant expired unexercised on February 28, 2022.

In connection with the Golisano LLC March 2016 Note, we issued into escrow in the name of Golisano LLC a warrant to purchase an aggregate of 3,181,816 shares of the Company’s common stock at an exercise price of $0.01 per share (the “March 2016 Golisano Warrant”). The March 2016 Golisano Warrant ~~will~~would not be released from escrow or be exercisable unless and until we fail to pay Golisano LLC the entire unamortized principal amount of the related promissory note and any accrued and unpaid interest thereon as of March 21, 2019 (which was extended to October 22, 2021 – See Note 6 for further information) or such earlier date as is required pursuant to an Acceleration Notice (as defined in the related note agreement). The March 2016 Golisano Warrant expired unexercised on March 21, 2022.

In connection with the Golisano LLC July 2016 Note, we issued into escrow in the name of Golisano LLC a warrant to purchase an aggregate of 2,168,178 shares of the Company’s common stock, at an exercise price of $0.01 per share (the “Golisano July 2016 Warrant”). The Golisano July 2016 Warrant ~~will~~would not be released from escrow or be exercisable unless and until we fail to pay Golisano LLC the entire unamortized principal amount of the Golisano LLC July 2016 Note and any accrued and unpaid interest thereon as of July 21, 2019 (which was extended to October 22, 2021 – See Note 6 for further information) or such earlier date as is required pursuant to an Acceleration Notice (as defined in the Golisano LLC July 2016 Note). We ~~have~~had reserved 2,168,178 shares of the Company’s common stock for issuance under the Golisano July 2016 Warrant. The Golisano July 2016 Warrant expired unexercised on July 21, 2022.

In connection with the Golisano LLC December 2016 Note, we issued into escrow in the name of Golisano LLC a warrant to purchase an aggregate of 1,136,363 shares of the Company’s common stock, at an exercise price of $0.01 per share (the “Golisano December 2016 Warrant”). The Golisano December 2016 Warrant ~~will~~would not be released from escrow or be exercisable unless and until we fail to pay Golisano LLC the entire unamortized principal amount of the Golisano LLC December 2016 Note and any accrued and unpaid interest thereon as of December 31, 2019, (which was extended to October 22, 2021 – See Note 6 for further information) or such earlier date as is required pursuant to an Acceleration Notice (as defined in the Golisano LLC December 2016 Note). We ~~have~~had reserved 1,136,363 shares of the Company’s common stock for issuance under the Golisano December 2016 Warrant. The Golisano December 2016 Warrant expired unexercised on December 30, 2022.

In connection with the Golisano LLC March 2017 Note, we issued into escrow in the name of Golisano LLC a warrant to purchase an aggregate of 1,484,847 shares of the Company’s common stock, at an exercise price of $0.01 per share (the “Golisano March 2017 Warrant”). The Golisano March 2017 Warrant ~~will~~would not be released from escrow or be exercisable unless and until we fail to pay Golisano LLC the entire unamortized principal amount of the Golisano LLC March 2017 Note and any accrued and unpaid interest thereon as of December 31, 2019 (which was extended to October 22, 2021 – See Note 6 for further information) or such earlier date as is required pursuant to an Acceleration Notice (as defined in the Golisano LLC March 2017 Note). We ~~have~~had reserved 1,484,847 shares of the Company’s common stock for issuance under the Golisano March 2017 Warrant. The Golisano March 2017 Warrant expired unexercised on March 14, 2023.

In connection with the Golisano LLC February 2018 Note, we issued into escrow in the name of Golisano LLC a warrant to purchase an aggregate of 1,818,182 shares of the Company’s common stock at an exercise price of $0.01 per share (the "Golisano 2018 Warrant"). The Golisano 2018 Warrant ~~will~~would not be released from escrow or be exercisable unless and until the Company fails to pay Golisano LLC the entire unamortized principal amount of the Golisano LLC February 2018 Note and any accrued and unpaid interest thereon as of February 6, 2021, (which was extended to October 22, 2021 – See Note 6 for further information) or such earlier date as is required pursuant to an acceleration notice. The Company ~~has~~ had reserved 1,818,182 shares of the Company’s common stock for issuance under the Golisano 2018 Warrant. The Golisano February 2018 Warrant ~~expires~~expired on February 6, 2024.

We previously entered into a registration rights agreement with Golisano LLC, dated as of October 5, 2015 (the “Registration Rights Agreement”), granting Golisano LLC certain registration rights for certain shares of the Company’s common stock. The shares of common stock that were issuable pursuant to the above Golisano LLC warrants ~~are~~were also entitled to the benefits of the Registration Rights Agreement.

7476

GH Escrow Warrants

In connection with a January 2016 GH Note, we issued into escrow in the name of GH a warrant to purchase an aggregate of 1,136,363 shares of the Company’s common stock at an exercise price of $0.01 per share (the “January 2016 GH Warrant”). The January 2016 GH Warrant ~~will~~would not be released from escrow or be exercisable unless and until we fail to pay GH the entire unamortized principal amount of the January 2016 GH Note and any accrued and unpaid interest thereon as of January 28, 2019 (which was extended to October 22, 2021 – See Note 6 for further information) or such earlier date as is required pursuant to an Acceleration Notice (as defined in the January 2016 GH Note). The January 2016 GH Warrant expired unexercised on February 28, 2022.

In connection with a March 2016 GH Note, we issued into escrow in the name of GH a warrant to purchase an aggregate of 3,181,816 shares of the Company’s common stock at an exercise price of $0.01 per share (the “March 2016 GH Warrant”). The March 2016 GH Warrant ~~will~~would not be released from escrow or be exercisable unless and until we fail to pay GH the entire unamortized principal amount of the March 2016 GH Note and any accrued and unpaid interest thereon as of March 21, 2019 (which was extended to October 22, 2021 – See Note 6 for further information) or such earlier date as isirequired ~~required~~ pursuant to an Acceleration Notice (as defined in the March 2016 GH Note). The March 2016 GH Warrant expired unexercised on March 21, 2022.

In connection with the December 2016 GH Note, we issued into escrow in the name of GH a warrant to purchase an aggregate of 1,136,363 shares of the Company’s common stock, at an exercise price of $0.01 per share (the “December 2016 GH Warrant”). The December 2016 GH Warrant ~~will~~would not be released from escrow or be exercisable unless and until we fail to pay GH the entire unamortized principal amount of the December 2016 GH Note and any accrued and unpaid interest thereon as of December 31, 2019 (which was extended to October 22, 2021 – See Note 6 for further information) or such earlier date as is required pursuant to an Acceleration Notice (as defined in the December 2016 GH Note). We ~~have~~had reserved 1,136,363 shares of common stock for issuance under the December 2016 GH Warrant. The December 2016 GH Warrant expired unexercised on December 30, 2022.

In connection with the August 2017 GH Note, we issued into escrow in the name of GH a warrant to purchase an aggregate of 1,363,636 shares of the Company’s common stock, at an exercise price of $0.01 per share (the “August 2017 GH Warrant”). The August 2017 GH Warrant ~~will~~would not be released from escrow or be exercisable unless and until we fail to pay GH the entire unamortized principal amount of the August 2017 GH Note and any accrued and unpaid interest thereon as of August 29, 2020 (which was extended to October 22, 2021 – See Note 6 for further information) or such earlier date as is required pursuant to an Acceleration Notice (as defined in the August 2017 GH Note). We ~~have~~had reserved 1,363,636 shares of common stock for issuance under the August 2017 GH Warrant. The August 2017 GH Warrant expired on August 30, 2023 and no warrants were exercised.

In connection with the February 2018 GH Note, we issued into escrow in the name of GH a warrant to purchase an aggregate of 1,818,182 shares of the Company’s common stock at an exercise price of $0.01 per share (the "February 2018 GH Warrant"). The February 2018 GH Warrant ~~will~~would not be released from escrow or be exercisable unless and until the Company fails to pay GH the entire unamortized principal amount of the note and any accrued and unpaid interest thereon as of February 6, 2021, (which was extended to October 22, 2021 – See Note 6 for further information) or such earlier date as is required pursuant to an acceleration notice. The Company has reserved 1,818,182 shares of the Company’s common stock for issuance under the February 2018 GH Warrant. The February 2018 GH Warrant ~~expires~~expired on February 6, 2024.

Little Harbor Escrow Warrant

The Little Harbor Delayed Draw Note required that we issue into escrow in the name of Little Harbor a warrant to purchase an aggregate of 2,168,178 shares of common stock at an exercise price of $0.01 per share (the “Little Harbor July 2016 Warrant”). The Little Harbor July 2016 Warrant ~~will~~would not be released from escrow or be exercisable unless and until we fail to pay Little Harbor the entire unamortized principal amount of the Little Harbor Delayed Draw Note and any accrued and unpaid interest thereon as of January 28, 2019 (which was extended to October 22, 2021 – See Note 6 for further information) or such earlier date as is required pursuant to an acceleration notice (as defined in the Little Harbor Delayed Draw Note). We ~~have~~had reserved 2,168,178 shares of the Company’s common stock for issuance under the Little Harbor July 2016 Warrant. The Little Harbor July 2016 Warrant expired unexercised on July 21, 2022.

7577

Note 8 – Discontinued Operations

Throughout Q3the ~~FY23~~third quarter of 2023, the Company took steps to cease the operations of its fully owned subsidiary, NSL. By September 30, 2023 the aggregation of these efforts resulted in the abandonment of the remaining assets associated with the subsidiary. The Company no longer retains access to the facilities and warehousing locations previously associated with NSL operations. The loss recognized related to the disposal was ($ (1,220) and is included in loss from discontinued operations, net of tax.

The major classes of assets and liabilities of our discontinued operations as reported on the Balance Sheet are as follows:

		December 31, 2022
		December 31, 2024		December 31, 2023
Carrying amounts of assets associated with NutraScience Labs included as part of discontinued operations:
Cash and cash equivalents	$	1-	$	-
Accounts receivable, net		~~2,888~~-		161
Inventories, net		~~2,544~~-		-
Prepaid expenses		~~439~~-		-
Current assets of discontinued operations	$	~~5,872~~-	$	161
Property and equipment, net	$	~~168~~-	$	-
Right of use assets, net		~~1,220~~-		-
Deposits and other assets		47-		-
Non-current assets of discontinued operations	$	~~1,435~~-	$	-
Carrying amounts of liabilities associated with NutraScience Labs included as part of discontinued operations:
Accounts payable	$	4,~~134~~321	$	4,722
Accrued expenses		2,081
Accrued expenses and other current liabilities		2,276		2,055
Short-term operating lease liabilities		~~315~~480		480
Current liabilities of discontinued operations	$	67,~~530~~077	$	7,257
Long-term operating lease liabilities		-		-
Non-current liabilities of discontinued operations	$	-	$	-

The operating results of our discontinued operations are as follows:

	December 31,
		2023			2022
		2024			2023
Net sales	$	~~7,106~~-		$	357,~~376~~106
Cost of sales		~~(6,796~~-	)		(296,~~217~~796	)
Operating costs and expense		~~(4,362~~308	)		(64,~~348~~362	)
Income (loss) from discontinued operations before Provision for income taxes		~~(4,052~~308	)		(~~189~~4,052	)
Provision expense (benefit) for income taxes		-			-
Income (loss) from discontinued operations, net of tax	$	~~(4,052~~308	)	$	(~~189~~4,052	)

7678

Note 9 – Stockholders’ Deficit

Preferred Stock

The Company has authorized 500,000,000 shares of preferred stock with a par value of $0.001 per share. No shares of the preferred stock have been issued.

Twinlab Consolidation Corporation 2013 Stock Incentive Plan

The Twinlab Consolidation Corporation 2013 Stock Incentive Plan (the “TCC Plan”) was originally established with a pool of 20,000,000 shares of common stock for issuance as incentive awards to employees for the purposes of attracting and retaining qualified employees. The Company estimated the grant date fair market value per share of the restricted stock units and amortized the total estimated grant date value over the vesting periods. The restricted stock unit awards vested 25% each annually on various dates through 2019. There were no outstanding or unvested restricted stock units at December 31, ~~2023~~2024 or December 31, ~~2022~~2023. As of December 31, ~~2023~~2024, 7,194,412 shares remain available for use in the TCC Plan.

Stock Subscription Receivable

At December 31, ~~2023~~2024, the stock subscription receivable dated August 1, 2014 for the purchase of 1,528,384 shares of the Company’s common stock had a principal balance of $30 and bears interest at an annual rate of 5%.

Note 10 – Income Taxes

Income tax provision consisted of the following for the years ended December 31, ~~2023~~2024 and ~~2022~~2023 as follows:

	December 31, 2023			December 31, 2022
	December 31, 2024			December 31, 2023
Current:
State	$	(43	)	$	(2543	)
Total current expense		(43	)		(2543	)
Deferred:
Federal		(13,~~177~~825	)		~~900~~(1,177	)
State		(12,~~036~~710	)		(~~416~~1,036	)
Change in valuation allowance		26,~~213~~535			~~(484~~2,213	)
Total deferred expense		-			-
Total income tax provision	$	(43	)	$	(2543	)

The income tax provision differs from the amount computed at federal statutory rates for the years ended December 31, ~~2023~~2024 and ~~2022~~2023 as follows:

	December 31, 2023			December 31, 2022
	December 31, 2024			December 31, 2023
Effective rate reconciliation
Computed Federal income tax benefit at the statutory rate	$	21,~~873~~994		$	12,~~723~~873
State income taxes, net of federal benefit		(~~843~~736	)		(~~321~~843	)
Federal NOL Expirations		(47,~~280~~832	)		-(4,280	)
Change in valuation allowance		26,~~213~~535			~~(484~~2,213	)
Other		(64	)		(~~943~~6	)
Income tax provision	$	(43	)	$	(2543	)

7779

Deferred tax assets (liabilities) are comprised of the following at December 31, ~~2023~~2024 and ~~2022~~2023:

	December 31, 2023			December 31, 2022
	December 31, 2024			December 31, 2023
Deferred tax assets/(liabilities)
Deferred tax assets:
Net operating loss carryforwards	$	5852,~~820~~250		$	6158,~~053~~820
Accruals and reserves		1011,~~546~~235			910,~~408~~546
Depreciation and amortization		4,~~860~~581			54,~~530~~860
Indefinite-lived intangibles		21,~~191~~615			2,~~877~~191
Other		3,~~302~~503			3,~~064~~302
Total deferred tax assets		7973,~~719~~184			8179,~~932~~719
Less valuation allowance		(7973,~~719~~184	)		(8179,~~932~~719	)
Net deferred tax assets	$	-		$	-

As a result of recurring operating losses, we have recorded a full valuation allowance against our net deferred tax assets as of December 31, ~~2023~~2024 and ~~2022~~2023, as management was unable to conclude that it is more likely than not that the deferred tax assets will be realized. During the years ended December 31, ~~2023~~2024 and ~~2022~~2023, the valuation allowance on deferred tax assets increased by $26,~~213~~ 535 and ~~decreased by~~ $~~484~~2,213, respectively.

We had federal net operating loss carryforwards of approximately $~~239~~214,000 and state net operating loss carryforwards of approximately $~~175~~156,000 at December 31, ~~2023~~2024, which are available to reduce future federal and state taxable income. The federal and state net operating loss carryforwards begin to expire ~~in 2023~~2025. If substantial changes in our ownership should occur, there would be an annual limitation of the amount of the net operating loss carryforwards which could be utilized.

We perform a review of our material tax positions in accordance with recognition and measurement standards established by authoritative accounting literature, which requires a company to determine whether it is more likely than not that a tax position will be sustained upon examination based upon the technical merits of the position. If the more-likely-than-not threshold is met, a company must measure the tax position to determine the amount to recognize in the financial statements. Based upon our review and evaluation, during the years ended December 31, ~~2023~~2024 and ~~2022~~2023, we concluded that we had no unrecognized tax benefit that would affect our effective tax rate if recognized.

The Company files U.S. and state income tax returns in jurisdictions with various statutes of limitations. The ~~2020~~2021 through ~~2022~~2023 tax years remain subject to selection for examination as of December 31, ~~2023~~2024. None of the Company’s income tax returns are currently under audit.

Note 11 – Commitments And Contingencies

Litigation

From time to time the Company and its subsidiaries are parties to litigation arising in the ordinary course of business operations. Such litigation primarily involves claims for personal injury, property damage, breach of contract and claims involving employee relations and certain administrative proceedings. On November 14, 2025, the landlord for the real property lease in St. Petersburg, Florida, filed a notice of default for unpaid rent. The company has not yet responded to the complaint. On December 10, 2025, the landlord for the real property lease in St Petersburg, Florida filed a Complaint for Damages. Based on current information, we believe that the ultimate conclusion of the various pending litigation, in the aggregate, ~~will~~may ~~not~~ have a material adverse effect on our consolidated financial position, results of operations and cash flows and liquidity. See Note 13 in the Notes to Consolidated Financial Statements included in this report.

Leases

The Company ~~leases~~leased office space under non-cancelable operating leases with remaining lease terms ranging from 1 to 7 years. These leases require monthly lease payments that may be subject to annual increases throughout the lease term. Certain of these leases also include renewal options at the election of the Company to renew or extend the lease for an additional 2 to 5 years. These optional periods have not been considered in the determination of the right-of-use assets or lease liabilities associated with these leases as the Company did not consider it reasonably certain it would exercise the options. The Company performed evaluations of its contracts and determined each of its identified leases are operating leases.

The sublease agreement to sublease half of the 31,000 square feet of office space in St. Petersburg, Florida that commenced on February 1, 2017, expired on June 30, 2022. The lease was re-measured at that time and as a result, the Company recorded an impairment loss of $373 in general and administrative expenses. As of December 31, 2023, a subtenant still has not been found and as a result, the Company incurred an impairment loss of $488 in general and administrative expenses. Currently the Company is still seeking new sub tenant opportunities to fill the space. 80

78The sublease agreement to sublease half of the 31,000 square feet of office in St. Petersburg, Florida that commenced on February 1, 2017, expired on June 30, 2022. The lease was re-measured at that time and as a result, the Company recorded an impairment loss of $373 in general and administrative expenses. The lease was re-measured again in 2023 and, as a result, the Company recorded an impairment loss of $488 in general and administrative expenses. As of September 30, 2024, a subtenant still has not been found and one is not anticipated to be found before the lease expires. The Company incurred an impairment loss of $284 in general and administrative expenses As of December 31, 2024, a subtenant still has not been found. On November 15, 2025, the Company received a Notice of Default from the landlord followed by a Complaint for Damages for breach of lease on December 10, 2025. As a result, the Company incurred an impairment losses of $1,389 in general and administrative expenses in 2024.

For the year ended December 31, ~~2023~~2024, the Company incurred $~~706~~327 of lease expense on the consolidated statements of operations in relation to these operating leases, of which $90212 was variable rent expense not included within the measurement of the Company's operating right-of-use assets and lease liabilities. The variable rent expense consists primarily of the Company's proportionate share of operating expenses, property taxes, and insurance and is classified as lease expense due to the Company's election to not separate lease and non-lease components. For the year ended December 31, ~~2022~~2023, total rental expense for operating leases was $~~895~~706, of which $~~211~~90 was variable rent expense.

In September ~~2023~~2024, the Company amended one of its lease agreements to extend the lease for 1,533 square feet of office space in Boca Raton, Florida for an additional 12 calendar months, commencing on November 1, ~~2023~~2024 and ~~expiring~~expired on October 31, ~~2024~~2025.

The lease agreement for 18,700 square feet of office space in Farmingdale, New York used by NutraScience Labs as its corporate office commenced on June 2, 2017 and was surrendered to the landlord, as part of the abandonment of operations, on May 12, 2023. ~~A loss of $20 was recorded in general and administrative expenses.~~

The lease agreement for 13,500 square feet of office space in Hauppauge, New York used by NutraScience labs as its secondary office space and warehouse commenced on May 1, 2021 and was forfeited to the landlord, as part of the abandonment of operations, on September 30, 2023. A loss of $454 was recorded in general and administrative expenses.

As of December 31, ~~2023~~2024, the future maturities of the Company’s lease liabilities were as follows:

2024	$	1,650
2025	$	3,379
2025		1,136
2026		42
2026		952
Total lease payments		3,421
2027		306
Less: imputed interest		(232	)
Total lease payments		4,044
Present value of lease liabilities	$	3,189
Less: imputed interest		(421	)
Present value of lease liabilities	$	3,623

Included below is other information regarding leases for the year ended December 31, ~~2023~~2024.

	For the Year EndedDecember 31, 2023
	For the Year EndedDecember 31, 2024
Sublease income	$	~~(653~~668	)
Cash paid for operating leases	$	~~1,368~~680
Weighted average remaining lease term (years) - operating leases		3.1.8
Weighted average discount rate – operating leases		8.3	%

Employee Agreements

We have entered into employment agreements with certain members of management. The terms of each agreement are different. However, one or all of these agreements include stipulated base salary, bonus potential, vacation benefits, severance and non-competition agreements.

Note 12 – Related Party Transactions

See Note 6 for discussion of notes payable to Little Harbor, GH, and Golisano LLC, Akretive LLC, related parties. In addition, Little Harbor, GH, and Golisano LLC were also issued warrants to purchase shares of the Company’s common stock, as discussed in Note 7.

We had sales of $~~632~~0 and $~~1,073~~632 in ~~2023~~2024 and ~~2022~~2023, respectively, to an entity whose board of directors ~~includes~~included an individual who is ~~also~~ a former member of the Company's board of directors.

79Note 13 – Subsequent Events

Akretive, LLC

On November 30, 2024, the debt with Macatawa was settled by the surrender of collateral from the Guarantors of the note with the debt reverting back to the Guarantors The remaining interest in this indebtedness of the Guarantors was assigned to Akretive, LLC according to the notes below.

As of December 30, 2024, all debts held by and interest due to 463IP Partners, LLC, Great Harbor Capital, LLC, Little Harbor LLC, and David L. Van Andel Trust were assigned to Akretive LLC, including one-half of the Macatawa debt

On April 22, 2025, the Company entered into the Consent, Release and Indemnification Agreement with BTG Holdings, LLC pursuant to which it consented to the transactions involving Akretive LLC.

As of April 22, 2025, all debts held by and interest due to Golisano Holdings LLC were assigned to Akretive LLC, including one-half of the Macatawa debt.

On Septemeber 16, 2025, the outstanding principal and interest previously owed to Macatawa was formalized in a secured promissory note between Twinlab Consolidated Holdings, Inc. and Holdings, LLC. The principal sum of the note is $15,891k. The maturity date was set as November 29, 2025. Interest is established to accrue at a simple rate of 6.0% per annum. A default rate is established at 12% per annum. Interest is not to be compounded. A fee to waive the default status of the original note was set at $25k and paid on October 10, 2025. This loan was not repaid and entered into default on November 29, 2025.

Senior Credit Facility with Midcap

On October 31, 2024, we entered into Amendment Twenty-One to the Credit and Security Agreement (the “MidCap Twenty-First Amendment”), which effectively renewed the Senior Credit Facility for an additional three months expiring on January 31, 2025. A non-refundable modification fee of $125k, with $25k due upon signing and $100 due at the end of the loan period, was included as part of this Amendment.

On April 22, 2025, the Credit and Security Agreement was paid in full. Security interests were released as part of the closure of the Agreement.

Changes to Management

On December 12, 2025, the Board of Directors appointed Anthony Zolezzi as the Chief Executive Officer of TCC. On that same day, Kyle Casey, the Interim Chief Executive Officer and Chief Financial Officer did tender his resignation from the positions of Interim Chief Executive Officer and Chief Financial Officer.

Changes to the Board of Directors

On June 26, 2025, Mr. Van Andel resigned from the Board of Directors.

Legal Considerations

On November 14, 2025, counsel to First Central Tower Limited Partnership ("Landlord"), remitted a Notice of Default, Demand to Cure and for Acceleration of Rent to TCHI and TCC seeking $979,885 in unpaid rent. The Company did not respond to this notice.

On December 10, 2025, the Landlord filed a complaint for damages in the Circuit Court for the Sixth Judicial Circuit in and for Pinellas and Pasco Counties, Florida, Civil Division. The Landlord states that the Company defaulted on the lease by failing to pay rent on the date rent was due. The Landlord is seeking to recover damages from the Company in the amount of $963,363, comprised of past due rent and late fees totaling $1,394,221, less the Company's security deposit in the amount of $1,000,000, plus accelerated rent due for the remainder of the lease term reduced to net present value in the amount of $360,713 plus costs associated with reletting the premises in the amount of $208,428. As of the date of this filing, the Company has not responded to this complaint. It is possible that the Company's failure to respond to the compliant will result in a default judgment against the Company or alternatively that any response to the complain or future actions on the Company's part to defend against this litigation will be unsuccessful and result in an adverse judgment against the Company. Such a default or adverse judgment could result in the imposition of material damages and other costs and could have a material adverse effect on the Company.

Filing Compare · TWINLAB CONSOLIDATED HOLDINGS, INC.