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SEGMENT INFORMATION | 9 Months Ended
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Sep. 30, 2025
SEGMENT INFORMATION |
SEGMENT INFORMATION | NOTE 9 — SEGMENT INFORMATION The CODM uses operating income to evaluate the performance of the overall business, make investing decisions, and allocate resources. The following table depicts the Company’s segment results of operations, including significant expenses that are regularly reviewed by the CODM, for the three months ended September 30, 2025 and 2024: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended September 30,
​ |  | 2025 | ​ | 2024
​ |  | Consumer |  | Commercial |  | Consolidated |  | Consumer |  | Commercial |  | Consolidated
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Sales | ​ | $ | 45,068,036 | ​ | $ | 12,321,375 | ​ | $ | 57,389,411 |  | $ | 33,756,600 | ​ | $ | 13,142,959 | ​ | $ | 46,899,559
Cost of goods sold | ​ |  | 39,866,966 | ​ |  | 4,454,515 | ​ |  | 44,321,481 |  |  | 29,840,285 | ​ |  | 5,595,035 | ​ |  | 35,435,320
Selling, general and administrative | ​ |  | 3,827,882 | ​ |  | 4,565,996 | ​ |  | 8,393,878 |  |  | 3,925,981 | ​ |  | 5,103,007 | ​ |  | 9,028,988
Depreciation and amortization | ​ |  | 203,349 | ​ |  | 269,175 | ​ |  | 472,524 |  |  | 150,657 | ​ |  | 264,122 | ​ |  | 414,779
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating income (loss) | ​ | $ | 1,169,839 | ​ | $ | 3,031,689 | ​ | $ | 4,201,528 |  | $ | (160,323) | ​ | $ | 2,180,795 | ​ | $ | 2,020,472
​ The following table depicts the reconciliation of the Company’s segment operating income to income before income taxes for the three months ended September 30, 2025 and 2024: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended September 30,
​ | ​ | 2025 | ​ | 2024
​ | ​ | Consumer |  | Commercial |  | Consolidated |  | Consumer |  | Commercial |  | Consolidated
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating income (loss) | ​ | $ | 1,169,839 | ​ | $ | 3,031,689 | ​ | $ | 4,201,528 |  | $ | (160,323) | ​ | $ | 2,180,795 | ​ | $ | 2,020,472
Other income | ​ |  | 104,863 | ​ |  | 128,779 | ​ |  | 233,642 |  |  | 62,502 | ​ |  | 277,849 | ​ |  | 340,351
Interest expense | ​ |  | (53,429) | ​ |  | (52,328) | ​ |  | (105,757) |  |  | (51,486) | ​ |  | (54,653) | ​ |  | (106,139)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income (loss) before income taxes | ​ | $ | 1,221,273 | ​ | $ | 3,108,140 | ​ | $ | 4,329,413 |  | $ | (149,307) | ​ | $ | 2,403,991 | ​ | $ | 2,254,684
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ The following table depicts the Company’s segment results of operations, including significant expenses that are regularly reviewed by the CODM, for the nine months ended September 30, 2025 and 2024: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Nine Months Ended September 30,
​ |  | 2025 | ​ | 2024
​ |  | Consumer |  | Commercial |  | Consolidated |  | Consumer |  | Commercial |  | Consolidated
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Sales | ​ | $ | 125,012,398 | ​ | $ | 35,509,675 | ​ | $ | 160,522,073 |  | $ | 93,972,645 | ​ | $ | 38,081,696 | ​ | $ | 132,054,341
Cost of goods sold | ​ |  | 110,942,439 | ​ |  | 12,155,757 | ​ |  | 123,098,196 |  |  | 82,485,812 | ​ |  | 16,394,149 | ​ |  | 98,879,961
Selling, general and administrative | ​ |  | 11,451,215 | ​ |  | 14,018,992 | ​ |  | 25,470,207 |  |  | 11,186,939 | ​ |  | 14,597,073 | ​ |  | 25,784,012
Depreciation and amortization | ​ |  | 579,585 | ​ |  | 798,691 | ​ |  | 1,378,276 |  |  | 356,851 | ​ |  | 763,760 | ​ |  | 1,120,611
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating income (loss) | ​ | $ | 2,039,159 | ​ | $ | 8,536,235 | ​ | $ | 10,575,394 |  | $ | (56,957) | ​ | $ | 6,326,714 | ​ | $ | 6,269,757
​ The following table depicts the reconciliation of the Company’s segment operating income to income before income taxes for the nine months ended September 30, 2025 and 2024: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Nine Months Ended September 30,
​ | ​ | 2025 | ​ | 2024
​ | ​ | Consumer |  | Commercial |  | Consolidated |  | Consumer |  | Commercial |  | Consolidated
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating income (loss) | ​ | $ | 2,039,159 | ​ | $ | 8,536,235 | ​ | $ | 10,575,394 |  | $ | (56,957) | ​ | $ | 6,326,714 | ​ | $ | 6,269,757
Other income | ​ |  | 261,870 | ​ |  | 571,628 | ​ |  | 833,498 |  |  | 78,510 | ​ |  | 725,786 | ​ |  | 804,296
Interest expense | ​ |  | (161,469) | ​ |  | (156,837) | ​ |  | (318,306) |  |  | (171,584) | ​ |  | (164,550) | ​ |  | (336,134)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income (loss) before income taxes | ​ | $ | 2,139,560 | ​ | $ | 8,951,026 | ​ | $ | 11,090,586 |  | $ | (150,031) | ​ | $ | 6,887,950 | ​ | $ | 6,737,919
​ Other significant segment items that are regularly reviewed by the CODM are Capital Expenditures, which the Company defines as any purchases of property and equipment or intangible assets. The following table depicts Capital Expenditures for the three months ended September 30, 2025 and 2024: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended September 30,
​ |  | 2025 |  | 2024
​ | ​ | ​ | ​ | ​ | ​ | ​
Consumer | ​ | $ | 127,585 | ​ | $ | 1,990,966
Commercial | ​ |  | 49,158 | ​ |  | —
Corporate | ​ |  | 29,220 | ​ |  | 4,732
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | $ | 205,963 | ​ | $ | 1,995,698
​ The following table depicts Capital Expenditures for the nine months ended September 30, 2025 and 2024: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Nine Months Ended September 30,
​ |  | 2025 |  | 2024
​ | ​ | ​ | ​ | ​ | ​ | ​
Consumer | ​ | $ | 688,059 | ​ | $ | 2,695,590
Commercial | ​ |  | 101,429 | ​ |  | 108,222
Corporate | ​ |  | 298,634 | ​ |  | 453,905
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | $ | 1,088,122 | ​ | $ | 3,257,717
​ The following table depicts the Company’s total assets: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of
​ |  | September 30, 2025 |  | December 31, 2024
​ | ​ | ​ | ​ | ​ | ​ | ​
Consumer | ​ | $ | 45,296,981 | ​ | $ | 40,454,328
Commercial | ​ |  | 21,265,661 | ​ |  | 33,068,887
Corporate | ​ |  | 24,377,826 | ​ |  | 4,347,274
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | $ | 90,940,468 | ​ | $ | 77,870,489
​

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