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SEGMENTS | 12 Months Ended
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Mar. 31, 2023
Segment Reporting [Abstract] |
SEGMENTS | NOTE 19 – SEGMENTS On April 30, 2021, the Company 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. As a result, at March 31, 2023, our Chief Executive Officer reviews financial performance based on two operating segments as follows:
| ● | Ammunition – which consists of our manufacturing business. The Ammunition segment engages in the design, production and marketing of ammunition, ammunition component and related products.
| ● | Marketplace – which consists of the GunBroker.com Ecommerce 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 annual periods presented: SCHEDULE OF OPERATING SEGMENTS
|  | Ammunition |  |  | Marketplace |  |  | Corporate and other expenses |  |  | Total |
|  | For the Year Ended March 31, 2023 |
|  | Ammunition |  |  | Marketplace |  |  | Corporate and other expenses |  |  | Total |
Net Revenues |  | $ | 128,290,128 |  |  | $ | 63,149,673 |  |  | $ | - |  |  | $ | 191,439,801 |
Cost of Revenues |  |  | 126,914,265 |  |  |  | 9,116,939 |  |  |  | - |  |  |  | 136,031,204 |
General and administrative expense |  |  | 10,378,456 |  |  |  | 9,707,425 |  |  |  | 25,302,873 |  |  |  | 45,388,754 |
Depreciation and amortization |  |  | 578,326 |  |  |  | 12,700,436 |  |  |  | - |  |  |  | 13,278,762 |
Income/(Loss) from Operations |  | $ | (9,580,919 | ) |  | $ | 31,624,873 |  |  | $ | (25,302,873 | ) |  | $ | (3,258,919 | )
|  | Ammunition |  |  | Marketplace |  |  | Corporate and other expenses |  |  | Total |
|  | For the Year Ended March 31, 2022 |
|  | Ammunition |  |  | Marketplace |  |  | Corporate and other expenses |  |  | Total |
Net Revenues |  | $ | 175,660,650 |  |  | $ | 64,608,516 |  |  | $ | - |  |  | $ | 240,269,166 |
Cost of Revenues |  |  | 142,773,306 |  |  |  | 8,732,351 |  |  |  | - |  |  |  | 151,505,657 |
General and administrative expense |  |  | 11,932,721 |  |  |  | 8,434,308 |  |  |  | 17,544,970 |  |  |  | 37,911,999 |
Depreciation and amortization |  |  | 1,579,778 |  |  |  | 12,122,370 |  |  |  | - |  |  |  | 13,702,148 |
Income/(Loss) from Operations |  | $ | 19,374,845 |  |  | $ | 35,319,487 |  |  | $ | (17,544,970 | ) |  | $ | 37,149,362 |
|  | Ammunition |  |  | Marketplace |  |  | Corporate and other expenses |  |  | Total |
|  | For the Year Ended March 31, 2021 |
|  | Ammunition |  |  | Marketplace |  |  | Corporate and other expenses |  |  | Total |
Net Revenues |  | $ | 62,482,330 |  |  | $ | - |  |  | $ | - |  |  | $ | 62,482,330 |
Cost of Revenues |  |  | 51,095,679 |  |  |  | - |  |  |  | - |  |  |  | 51,095,679 |
General and administrative expense |  |  | 4,269,558 |  |  |  | - |  |  |  | 10,837,834 |  |  |  | 15,107,392 |
Depreciation and amortization |  |  | 1,659,243 |  |  |  | - |  |  |  | - |  |  |  | 1,659,243 |
Income/(Loss) from Operations |  | $ | 5,475,850 |  |  | $ | - |  |  | $ | 10,834,834 |  |  | $ | (5,379,984 | )
Total assets by segment were as follows: SCHEDULE OF TOTAL ASSETS SEGMENTS
|  | March 31, 2023 |  |  | March 31, 2022 |  |  | March 31, 2021 |
Ammunition |  | $ | 154,044,607 |  |  | $ | 160,305,107 |  |  | $ | 179,379,341 |
Marketplace |  |  | 258,290,780 |  |  |  | 253,873,206 |  |  |  | - |
|  | $ | 412,335,387 |  |  | $ | 414,178,313 |  |  | $ | 179,379,341 |
Total capital expenditures by segment were as follows: SCHEDULE OF CAPITAL EXPENDITURE SEGMENT
|  | March 31, 2023 |  |  | March 31, 2022 |  |  | March 31, 2021 |
Ammunition |  | $ | 10,819,177 |  |  | $ | 17,728,023 |  |  | $ | 7,437,265 |
Marketplace |  |  | 1,722,148 |  |  |  | 1,490,959 |  |  |  | - |
|  | $ | 12,541,325 |  |  | $ | 19,218,982 |  |  | $ | 7,437,265 |

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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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