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Note 21 - Segment Reporting | 9 Months Ended
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Jan. 31, 2023
Note 21 - Segment Reporting |
Note 21 - Segment Reporting | Note 21 - Segment Reporting We define our segments as those operations whose results are regularly reviewed by our 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 sector, including military. 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 three and nine months ended January 31, 2023, respectively.
|  | For the three months ended January 31, 2023
|  | Enterprise |  | Consumer |  | Corporate |  | Total
Revenues |  | $ | 1,667,683 |  |  | $ | 1,438,961 |  |  | $ | — |  |  | $ | 3,106,644 |
Cost of goods sold |  |  | 1,764,612 |  |  |  | 1,239,420 |  |  |  | — |  |  |  | 3,004,032 |
Gross margin |  |  | (96,929 | ) |  |  | 199,541 |  |  |  | — |  |  |  | 102,612 |
Operating expenses |  |  | 2,981,826 |  |  |  | 541,234 |  |  |  | 2,105,350 |  |  |  | 5,628,410 |
Operating loss |  |  | (3,078,755 | ) |  |  | (341,693 | ) |  |  | (2,105,350 | ) |  |  | (5,525,798 | )
Other expenses, net |  |  | 106,611 |  |  |  | (11,614 | ) |  |  | 45,207 |  |  |  | 140,204 |
Net loss |  | $ | (3,185,366 | ) |  | $ | (330,079 | ) |  | $ | (2,150,557 | ) |  | $ | (5,666,002 | )
|  | For the nine months ended January 31, 2023
|  | Enterprise |  | Consumer |  | Corporate |  | Total
Revenues |  | $ | 3,541,846 |  |  | $ | 4,164,531 |  |  | $ | — |  |  | $ | 7,706,377 |
Cost of goods sold |  |  | 3,432,804 |  |  |  | 3,579,679 |  |  |  | — |  |  |  | 7,012,483 |
Gross margin |  |  | 109,042 |  |  |  | 584,852 |  |  |  | — |  |  |  | 693,894 |
Operating expenses |  |  | 8,041,686 |  |  |  | 1,567,611 |  |  |  | 7,081,225 |  |  |  | 16,690,522 |
Operating loss |  |  | (7,932,644 | ) |  |  | (982,759 | ) |  |  | (7,081,225 | ) |  |  | (15,996,628 | )
Other expenses, net |  |  | 265,855 |  |  |  | (19,788 | ) |  |  | (520,617 | ) |  |  | (274,550 | )
Net loss |  | $ | (8,198,499 | ) |  | $ | (962,971 | ) |  | $ | (6,560,608 | ) |  | $ | (15,722,078 | )
The following table sets forth specific asset categories which are reviewed by our CODM in the evaluation of operating segments:
|  | As of January 31, 2023
|  | Enterprise |  | Consumer |  | Corporate |  | Total
Accounts receivable, net |  | $ | 2,054,022 |  |  | $ | 9,850 |  |  | $ | — |  |  | $ | 2,063,872 |
Inventory, net |  |  | 6,456,158 |  |  |  | 2,838,095 |  |  |  | — |  |  |  | 9,294,253 |
Inventory deposits |  | $ | 712,104 |  |  | $ | 2,596,211 |  |  | $ | — |  |  | $ | 3,308,315 |

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