The invention describes methods of preparation of isoforskolin extract, deacetylforskolin extract and related compounds from a natural source. Compositions and human and veterinary applications of such extracts in weight management through promoting lean body mass and in topical preparations for cellulite control, are also described. The compositions of the invention could be administered in a variety of dosage forms, including but not limited to ready-to-serve beverages, dry mixes for food products and beverages, oral preparations, injectables, emulsions, liniments or oils, to humans or animals.