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SEGMENTS | 6 Months Ended
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Sep. 30, 2022
Segment Reporting [Abstract] |
SEGMENTS | NOTE 15 – SEGMENTS On April 30, 2021, we entered into an agreement and plan of merger with Gemini, which, along with its subsidiaries, engages primarily in the operation of an online marketplace dedicated to firearms, hunting, shooting and related products, which created a second reportable segment. Our Chief Executive Officer reviews financial performance based on our two operating segments as follows:
| ● | Ammunition – which consists of our manufacturing business. The Ammunition segment engages in the design, production and marketing of ammunition and ammunition component products.
| ● | Marketplace – which consists of the GunBroker.com marketplace. In its role as an auction site, GunBroker.com supports the lawful sale of firearms, ammunition and hunting/shooting accessories.
In the current period, we began the reporting of the separate allocation of certain corporate general and administrative expenses including non-cash stock compensation expense, as such we have updated the prior period disclosure herein. The following tables set forth certain financial information utilized by management to evaluate our operating segments for the interim period presented: SCHEDULE OF OPERATING SEGMENTS
|  | Ammunition |  |  | Marketplace |  |  | Corporate and other expenses |  |  | Total |
|  | For the Three Months Ended September 30, 2022 |
|  | Ammunition |  |  | Marketplace |  |  | Corporate and other expenses |  |  | Total |
Net Revenues |  | $ | 33,725,865 |  |  | $ | 14,562,694 |  |  | $ | - |  |  | $ | 48,288,559 |
Cost of Revenues |  |  | 33,353,443 |  |  |  | 2,099,407 |  |  |  | - |  |  |  | 35,452,850 |
General and administrative expense |  |  | 3,606,635 |  |  |  | 2,560,125 |  |  |  | 3,881,140 |  |  |  | 10,047,900 |
Depreciation and amortization |  |  | 147,904 |  |  |  | 3,143,418 |  |  |  | - |  |  |  | 3,291,322 |
Income from Operations |  | $ | (3,382,117 | ) |  | $ | 6,759,744 |  |  | $ | (3,881,140 | ) |  | $ | (503,513 | )
|  | Ammunition |  |  | Marketplace |  |  | Corporate and other expenses |  |  | Total |
|  | For the Six Months Ended September 30, 2022 |
|  | Ammunition |  |  | Marketplace |  |  | Corporate and other expenses |  |  | Total |
Net Revenues |  | $ | 77,976,945 |  |  | $ | 31,067,640 |  |  | $ | - |  |  | $ | 109,044,585 |
Cost of Revenues |  |  | 73,690,458 |  |  |  | 4,382,756 |  |  |  | - |  |  |  | 78,073,214 |
General and administrative expense |  |  | 7,279,747 |  |  |  | 4,993,854 |  |  |  | 7,496,864 |  |  |  | 19,770,465 |
Depreciation and amortization |  |  | 294,316 |  |  |  | 6,347,362 |  |  |  | - |  |  |  | 6,641,678 |
Income from Operations |  | $ | (3,287,576 | ) |  | $ | 15,343,668 |  |  | $ | (7,496,864 | ) |  | $ | 4,559,228 |
|  | Ammunition |  |  | Marketplace |  |  |  |  |  | Total |
|  | For the Three Months Ended September 30, 2021 |
|  | Ammunition |  |  | Marketplace |  |  | Corporate and other expenses |  |  | Total |
Net Revenues |  | $ | 44,224,870 |  |  | $ | 16,777,215 |  |  | $ | - |  |  | $ | 61,002,085 |
Cost of Revenues |  |  | 32,450,484 |  |  |  | 2,335,533 |  |  |  | - |  |  |  | 34,786,017 |
General and administrative expense |  |  | 3,249,434 |  |  |  | 2,147,217 |  |  |  | 2,883,085 |  |  |  | 8,279,738 |
Depreciation and amortization |  |  | 419,745 |  |  |  | 3,288,267 |  |  |  | - |  |  |  | 3,708,012 |
Income from Operations |  | $ | 8,105,207 |  |  | $ | 9,006,198 |  |  | $ | (2,883,085 | ) |  | $ | 14,228,318 |
|  | Ammunition |  |  | Marketplace |  |  |  |  |  | Total |
|  | For the Six Months Ended September 30, 2021 |
|  | Ammunition |  |  | Marketplace |  |  | Corporate and other expenses |  |  | Total |
Net Revenues |  | $ | 76,429,136 |  |  | $ | 29,049,281 |  |  | $ | - |  |  | $ | 105,478,417 |
Cost of Revenues |  |  | 56,298,732 |  |  |  | 3,992,723 |  |  |  | - |  |  |  | 60,291,455 |
General and administrative expense |  |  | 6,126,788 |  |  |  | 3,149,782 |  |  |  | 5,682,487 |  |  |  | 14,959,057 |
Depreciation and amortization |  |  | 839,987 |  |  |  | 5,479,086 |  |  |  | - |  |  |  | 6,319,073 |
Income from Operations |  | $ | 13,163,629 |  |  | $ | 16,427,690 |  |  | $ | (5,682,487 | ) |  | $ | 23,908,832 |

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
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