v3.4.0.3
Segment Information
 12 Months Ended
Dec. 31, 2015
Segment Reporting [Abstract]  
Segment Information

NOTE 12 SEGMENT INFORMATION

 

We determined our reporting units in accordance with ASC 280, “Segment Reporting” (“ASC 280”). We evaluate a reporting unit by first identifying its operating segments under ASC 280. We then evaluate each operating segment to determine if it includes one or more components that constitute a business. If there are components within an operating segment that meet the definition of a business, we evaluate those components to determine if they must be aggregated into one or more reporting units. If applicable, when determining if it is appropriate to aggregate different operating segments, we determine if the segments are economically similar and, if so, the operating segments are aggregated.

  

The Company’s operations during the fiscal year ended December 31, 2015 are classified into two reportable business segments: Lifestyle and Agriculture. Each of these segments is organized based upon the nature of products and services offered. The Company’s operations during the fiscal year ended December 31, 2014 are comprised solely of Lifestyle. Summarized financial information about each segment is provided below:

 

    Corporate     Lifestyle     Agriculture     Total  
Year Ended December 31, 2015                                
                                 
Total Assets   $ 5,025,157     $ 210,841     $ 5,635,372     $ 10,871,370  
                                 
Revenue   $ —     $ 402,818     $ 9,466,988     $ 9,869,806  
Costs of sales     —       325,191       3,177,314       3,502,505  
Depreciation/amortization expense     386,823       —       3,202       390,025  
Operating expenses - other     2,488,255       310,458       4,860,574       7,659,287  
                                 
Gain on extinguishment of debt     13,309,542       —       8,505,635       21,815,177  
Interest expense     (5,831,899 )     (10,158 )     —       (5,842,057 )
Change in fair value of derivatives     3,916,310       —       —       3,916,310  
Equity loss from investee     —       —       (643,320 )     (643,320 )
Other expense     (1,031,095 )     —       —       (1,031,095 )
Income (loss) before taxes     7,487,780       (242,989 )     9,288,213       16,533,004  
Taxes     (146,477 )     —       —       (146,477 )
Net income (loss)   $ 7,341,303     $ (242,989 )   $ 9,288,213     $ 16,386,527  
                                 
Preferred stock dividends     (244,504 )     —       —       (244,504 )
                                 
Year Ended December 31, 2014                                
                                 
Total Assets   $ 660,681     $ 238,448     $ —     $ 899,129  
                                 
Revenue   $ 79,754     $ 314,757     $ —     $ 394,511  
Costs of sales     31,375       177,954       —       209,329  
Depreciation/amortization expense     209,085       —       —       209,085  
Operating expenses - other     980,420       183,037       —       1,163,457  
                                 
Change in fair value of derivatives     (2,044,298 )     —       —       (2,044,298 )
Interest expense     (791,681 )     —       —       (791,681 )
Gain (loss) on extinguishment of debt     (42,778 )     —       —       (42,778 )
Other income (expense)     24,476       —       —       24,476  
Income (loss) before taxes     (3,995,407 )     (46,234 )     —       (4,041,641 )
Taxes     —       —       —       —  
Net loss   $ (3,995,407 )   $ (46,234 )   $ —     $ (4,041,641 )

 

During the year ended December 31, 2015, for our agriculture segment, one customer provided 56% of total revenue in the aggregate, totaling $5,528,739; during the year ended December 31, 2014, two customers each provided over 10% of our revenue and 30% of total revenue in the aggregate.