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SEGMENT INFORMATION | 12 Months Ended
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Dec. 31, 2023
SEGMENT INFORMATION |
SEGMENT INFORMATION | NOTE 10 — SEGMENT INFORMATION We determine our business segments based upon an internal reporting structure. The financial results are based on the following segments: consumer and commercial. The consumer segment operates Dallas Gold & Silver Exchange, which has six retail stores in DFW, Steven Kretchmer, Inc. has one retail location in Scottsdale, Arizona and Charleston Gold & Diamond Exchange, has one retail store in Mt. Pleasant, South Carolina. The consumer segment has total assets of $ 38,897,373 as of December 31, 2023, and $ 36,966,711 as of December 31,2022. During Fiscal 2023, the consumer segment had $1,856,507 of capital expenditures, of which $1,327,532 was for building and building improvements, $184,673 was for land, $146,188 was to purchase machinery and equipment and $198,114 was to purchase furniture and fixtures. During Fiscal 2022, the consumer segment had $134,419 of capital expenditures, of which $34,446 was for building improvements, $22,280 purchased machinery and equipment and $77,693 purchased furniture and fixtures. The commercial segment includes Echo, ITAD USA, CEX, Teladvance and Avail. These five companies are involved in recycling and the reuse of electronic waste. The commercial segment has total assets of $34,576,856 as of December 31, 2023, and $34,310,498 as of December 31, 2022. During Fiscal 2023, the commercial segment had $184,327 of capital expenditures, of which $60,705 purchased machinery and equipment and $123,622 was to purchase vehicles. During Fiscal 2022, the commercial segment had capital expenditures of $87,486, of which $16,156 was for leasehold improvements and $71,330 was to purchase machinery and equipment. The Company’s corporate costs and expenses are allocated to the business segments. The corporate building’s expenses are included in selling, general and administrative expenses since the building is part of the Company’s operations. Depreciation and amortization, other income from rental income, interest expense and income tax expense are also allocated to the Company’s business segments. Although the company’s depreciation expense is allocated to the segments, the capital expenditures are not. The corporate capital expenditures, for Fiscal 2023 was $197,277, of which $3,500 was for building improvements and $193,777 was software development. The capital expenditures for Fiscal 2022, totaled $50,843, all of which was to purchase equipment. Management evaluates the operating performance of each segment and makes decisions about the allocation of resources to each segment. The allocations are generally amounts agreed upon by management, which may differ from an arms-length transaction. The following table segments the financial results of the consumer and commercial groups for the years ended December 31, 2023 and 2022:
|  | For the Years Ended |
|  | December 31, 2023 |  |  | December 31, 2022 |
|  | Consumer |  |  | Commercial |  |  | Consolidated |  |  | Consumer |  |  | Commercial |  |  | Consolidated |
Revenue: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales |  | $ | 129,413,669 |  |  | $ | 42,260,419 |  |  | $ | 171,674,088 |  |  | $ | 131,107,433 |  |  | $ | 51,578,421 |  |  | $ | 182,685,854 |
Cost of goods sold |  |  | 113,765,111 |  |  |  | 16,252,447 |  |  |  | 130,017,558 |  |  |  | 114,872,994 |  |  |  | 22,985,774 |  |  |  | 137,858,768 |
Gross profit |  |  | 15,648,558 |  |  |  | 26,007,972 |  |  |  | 41,656,530 |  |  |  | 16,234,439 |  |  |  | 28,592,647 |  |  |  | 44,827,086 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Selling, general and administrative expenses |  |  | 10,640,840 |  |  |  | 20,896,837 |  |  |  | 31,537,677 |  |  |  | 8,762,432 |  |  |  | 20,668,291 |  |  |  | 29,430,723 |
Depreciation and amortization |  |  | 325,227 |  |  |  | 1,036,837 |  |  |  | 1,362,064 |  |  |  | 410,759 |  |  |  | 1,041,075 |  |  |  | 1,451,834 |
|  |  | 10,966,067 |  |  |  | 21,933,674 |  |  |  | 32,899,741 |  |  |  | 9,173,191 |  |  |  | 21,709,366 |  |  |  | 30,882,557 |
Operating income |  |  | 4,682,491 |  |  |  | 4,074,298 |  |  |  | 8,756,789 |  |  |  | 7,061,248 |  |  |  | 6,883,281 |  |  |  | 13,944,529 |
Other income/expense : |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other income |  |  | 83,806 |  |  |  | 643,976 |  |  |  | 727,782 |  |  |  | 61,686 |  |  |  | 857,005 |  |  |  | 918,691 |
Interest expense |  |  | 192,393 |  |  |  | 270,808 |  |  |  | 463,201 |  |  |  | 244,202 |  |  |  | 239,491 |  |  |  | 483,693 |
|  |  | (108,587 | ) |  |  | 373,168 |  |  |  | 264,581 |  |  |  | (182,516 | ) |  |  | 617,514 |  |  |  | 434,998 |
Income before income taxes |  |  | 4,573,904 |  |  |  | 4,447,466 |  |  |  | 9,021,370 |  |  |  | 6,878,732 |  |  |  | 7,500,795 |  |  |  | 14,379,527 |
Income tax expense (benefit) |  |  | 927,157 |  |  |  | 946,761 |  |  |  | 1,873,918 |  |  |  | (1,426,697 | ) |  |  | 117,091 |  |  |  | (1,309,606 | )
Income from continuing operations |  | $ | 3,646,747 |  |  | $ | 3,500,705 |  |  | $ | 7,147,452 |  |  | $ | 8,305,429 |  |  | $ | 7,383,704 |  |  | $ | 15,689,133 |

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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/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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