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Segment Reporting | 6 Months Ended
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Jun. 30, 2014
Segment Reporting [Abstract] |
Segment Reporting | Note 16. Segment Reporting Commencing with the reverse merger on April 2, 2014, the Company organized its business into four operating segments to align its organization based upon the Company's management structure, products and services offered and funding requirements. The four operating segments that management defined were Power Tools & Cleaning, Housewares, eCommerce and Corporate. Below is a description of each operating segment. Power Tools & Cleaning The Power Tools & Cleaning segment focuses primarily on consumer products that leverage direct response and live shopping television channels. It competes in three key product verticals - hardware, home goods, and cleaning - with a portfolio of revenue-generating brands including DualSaw, DualTools™, and DOC Cleaning. Its products are sold globally through a variety of national retailers, online retailers, catalogs, infomercials, and live shopping channels. Housewares The Housewares segment essentially represents the operations of Ronco, the Company's VIE. This segment is engaged in the development and retail sale of kitchen and home products throughout the United States. The Company's product line sells throughout the year through infomercials, internet sales, wholesale distributors and direct retailers. The Ready Grill, Pocket Fisherman, and Chip-Tastic are among the products that this segment markets. eCommerce The eCommerce segment operates in the direct response market. This segment markets consumer products for global distribution via Internet using its AsSeenOnTV.com URL. This segment also generates subscription based revenue from its nationwide weight-loss oriented digital subscription service through its eDiets.com URL. Corporate The Corporate segment is responsible for corporate governance, compliance, strategic planning, and debt and equity capital transactions. The Corporate segment also provides funding to other operating segments when needed. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. The Company evaluates performance based on operating earnings of the respective business segments. The consolidated condensed results of operations include the revenues and expenses of Ronco subsequent to March 6, 2014, the date Ronco became a VIE, and ASTV's business subsequent to April 2, 2014, the closing date of the reverse acquisition. Summarized financial information concerning the Company's reportable segments for the three months ended June 30, 2014 and 2013 are shown in the following tables.
|  | Three Months Ended June 30, 2014 |
|  | Power Tools |  |  |  |  |  |  |  |  |  |  |  |  |
|  | & Cleaning |  |  | Housewares |  |  | eCommerce |  |  | Corporate |  |  | Total |
Total revenue |  | $ | 1,525,104 |  |  | $ | 1,671,145 |  |  | $ | 189,122 |  |  | $ | - |  |  | $ | 3,385,371 |
Net (loss) gain |  | $ | (2,178,871 | ) |  | $ | (1,016,403 | ) |  | $ | (734,121 | ) |  | $ | 733,749 |  |  | $ | (3,150,916 | )
Depreciation and amortization |  | $ | 16,208 |  |  | $ | 70,529 |  |  | $ | 162,423 |  |  | $ | - |  |  | $ | 249,160 |
Interest expense |  | $ | - |  |  | $ | 345,445 |  |  | $ | - |  |  | $ | 1,029,663 |  |  | $ | 1,375,108 |
|  | Three Months Ended June 30, 2013 |
|  | Power Tools |  |  |  |  |  |  |  |  |  |  |  |  |
|  | & Cleaning |  |  | Housewares |  |  | eCommerce |  |  | Corporate |  |  | Total |
Total revenue |  | $ | 3,813,904 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 3,813,904 |
Net loss |  | $ | (581,574 | ) |  | $ | - |  |  | $ | - |  |  | $ | (71,211 | ) |  | $ | (652,785 | )
Depreciation and amortization |  | $ | 8,689 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 8,689 |
Interest expense |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 73,242 |  |  | $ | 73,242 |
Summarized financial information concerning the Company's reportable segments for the six months ended June 30, 2014 and 2013 are shown in the following tables, followed by a reconciliation of assets to consolidated assets is as follows:
|  | Six Months Ended June 30, 2014 |
|  | Power Tools |  |  |  |  |  |  |  |  |  |  |  |  |
|  | & Cleaning |  |  | Housewares |  |  | eCommerce |  |  | Corporate |  |  | Total |
Total revenue |  | $ | 4,106,533 |  |  | $ | 2,285,290 |  |  | $ | 189,124 |  |  | $ | - |  |  | $ | 6,580,947 |
Net (loss) gain |  | $ | (3,153,258 | ) |  | $ | (1,141,668 | ) |  | $ | (734,121 | ) |  | $ | 598,416 |  |  | $ | (4,430,629 | )
Depreciation and amortization |  | $ | 28,995 |  |  | $ | 94,038 |  |  | $ | 162,423 |  |  | $ | - |  |  | $ | 285,456 |
Interest expense |  | $ | - |  |  | $ | 457,956 |  |  | $ | - |  |  | $ | 1,159,878 |  |  | $ | 1,617,834 |
Total assets held at June 30, 2014 |  | $ | 5,650,111 |  |  | $ | 23,245,131 |  |  | $ | 9,606,683 |  |  | $ | 10,214,375 |  |  | $ | 48,716,300 |
|  | Six Months Ended June 30, 2013 |
|  | Power Tools |  |  |  |  |  |  |  |  |  |  |  |  |
|  | & Cleaning |  |  | Housewares |  |  | eCommerce |  |  | Corporate |  |  | Total |
Total revenue |  | $ | 9,190,171 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 9,190,171 |
Net loss |  | $ | (1,061,093 | ) |  | $ | - |  |  | $ | - |  |  | $ | (170,698 | ) |  | $ | (1,231,791 | )
Depreciation and amortization |  | $ | 19,940 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 19,940 |
Interest expense |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 169,269 |  |  | $ | 169,269 |
Total assets held |  | $ | 2,295,191 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 2,295,191 |
|  | For the Six Months Ended June 30, |
|  | 2014 |  |  | 2013 |
Reconciliation of Total Assets Held |  |  |  |  |  |
Total assets for reportable segments |  | $ | 48,716,300 |  |  | $ | 2,295,191 |
Elimination of intersegment funding receivables |  |  | (7,957,276 | ) |  |  | - |
Elimination of intersegment notes receivable |  |  | (851,237 | ) |  |  | - |
Elimination of intersegment interest receivable |  |  | (4,373 | ) |  |  | - |
Elimination of intersegment deferred financing fee |  |  | (23,750 | ) |  |  | - |
Elimination of intersegment accrued fees |  |  | (45,401 | ) |  |  |  |
Total consolidated assets |  | $ | 39,834,263 |  |  | $ | 2,295,191 |
Intersegment Transactions As of June 30, 2014, the Corporate segment has provided funding to the Power Tools & Cleaning, Housewares, and eCommerce segments in the amount of $7,410,176, $522,100 and $25,000, respectively. On April 11, 2014, the Housewares segment and the Corporate segment entered into a Loan and Security Agreement ("Loan Agreement"). The Housewares segment may borrow up to $3,000,000 for working capital subject to an Accounts Receivable and Inventory Borrowing Base calculation. Borrowings made are subject to an interest rate of Prime plus 4% per annum that shall accrue daily and be payable monthly. The Loan Agreement's maturity date is April 11, 2015. As part of the Agreement, the Housewares segment has secured the payment of all borrowings by granting the Corporate segment a security interest in the assets of the Company. At June 30, 2014, the outstanding balance of the Loan Agreement was $651,237. On May 5, 2014, the Housewares segment issued a promissory note for $200,000 to the Corporate segment. The note requires monthly interest payments at an interest rate of 14% per annum. All outstanding principal and unpaid interest is due on December 31, 2014.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599 + Details
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