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Note 20 - Segment Reporting

12 Months Ended

Apr. 30, 2023

Note 20 - Segment Reporting

We define our segments as those operations whose results are regularly reviewed by our Chief Operating Decision Maker (“CODM”) to analyze performance and allocate resources. Therefore, segment information is prepared on the same basis that management reviews financial information for operational decision-making purposes. Our CODM is a committee comprised of our CEO, COO, and CFO.

The Enterprise segment is focused on opportunities in the commercial and military sectors. Enterprise is building the infrastructure to manage drone fleets, fly and provide services remotely, and navigate confined industrial interior spaces and dangerous military environments.

The Consumer segment is focused on enthusiasts and hobbyists which are expected to increase as drones become more visible in our daily lives.

Our CODM allocates resources to and assesses the performance of our two operating segments based on the operating segments’ net sales and gross profit. The following table sets forth information by reportable segment for the year ended April 30, 2023.


	For the year ended April 30, 2023
	Enterprise			Consumer			Corporate			Total
Revenues	$	4,620,834		$	5,290,946		$	—		$	9,911,780
Cost of goods sold		5,455,145			4,793,430			—			10,248,575
Gross margin		(834,311	)		497,516			—			(336,795	)

Operating expenses		12,343,174			2,252,821			12,194,271			26,790,266
Operating loss		(13,177,485	)		(1,755,305	)		(12,194,271	)		(27,127,061	)

Other expenses, net		432,817			(24,919	)		(447,222	)		(39,324	)
Net loss	$	(13,610,302	)		(1,730,386	)		(11,747,049	)		(27,087,737	)

The following table sets forth specific asset categories which are reviewed by our CODM in the evaluation of operating segments:


	As of April 30, 2023
	Enterprise		Consumer		Corporate		Total
Accounts receivable, net	$	719,862	$	61,107	$	—	$	780,969
Inventory, net		8,920,573		3,065,954		—		11,986,527
Inventory deposits	$	359,500	$	2,062,038	$	—	$	2,421,538