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SEGMENTS | 12 Months Ended
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Mar. 31, 2024
Segment Reporting [Abstract] |
SEGMENTS | NOTE 21 – SEGMENTS On April 30, 2021, the Company entered into the Merger Agreement 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, 2024, 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 E-commerce marketplace. In its role as an auction site, GunBroker supports the lawful sale of firearms, ammunition, and hunting/shooting accessories. The following tables set forth certain financial information utilized by management to evaluate our operating segments for the annual periods presented:
|  | For the Year Ended March 31, 2024 |
|  | Ammunition |  |  | Marketplace |  |  | Corporate and other expenses |  |  | Total |
|  | (As Restated) |
Net Revenues |  | $ | 91,112,496 |  |  | $ | 53,942,076 |  |  | $ | - |  |  | $ | 145,054,572 |
Cost of Revenues |  |  | 94,818,546 |  |  |  | 7,660,541 |  |  |  | - |  |  |  | 102,479,087 |
General and administrative expense |  |  | 8,967,456 |  |  |  | 9,885,131 |  |  |  | 29,800,768 |  |  |  | 48,653,355 |
Depreciation and amortization |  |  | 508,485 |  |  |  | 13,034,306 |  |  |  | - |  |  |  | 13,542,791 |
Income/(Loss) from Operations |  | $ | (13,181,991 | ) |  | $ | 23,362,098 |  |  | $ | (29,800,768 | ) |  | $ | (19,620,661 | )
|  | For the Year Ended March 31, 2023 |
|  | Ammunition |  |  | Marketplace |  |  | Corporate and other expenses |  |  | Total |
|  | (As Restated) |
Net Revenues |  | $ | 128,290,128 |  |  | $ | 63,149,673 |  |  | $ | - |  |  | $ | 191,439,801 |
Cost of Revenues |  |  | 126,961,549 |  |  |  | 9,116,939 |  |  |  | - |  |  |  | 136,078,488 |
General and administrative expense |  |  | 10,378,456 |  |  |  | 9,707,425 |  |  |  | 29,444,236 |  |  |  | 49,530,117 |
Depreciation and amortization |  |  | 578,326 |  |  |  | 12,700,436 |  |  |  | - |  |  |  | 13,278,762 |
Income/(Loss) from Operations |  | $ | (9,628,203 | ) |  | $ | 31,624,873 |  |  | $ | (29,444,236 | ) |  | $ | (7,447,566 | )
|  | For the Year Ended March 31, 2022 |
|  | Ammunition |  |  | Marketplace |  |  | Corporate and other expenses |  |  | Total |
|  | (As Restated) |
Net Revenues |  | $ | 175,660,650 |  |  | $ | 64,608,516 |  |  | $ | - |  |  | $ | 240,269,166 |
Cost of Revenues |  |  | 142,820,590 |  |  |  | 8,732,351 |  |  |  | - |  |  |  | 151,552,941 |
General and administrative expense |  |  | 11,932,720 |  |  |  | 8,434,308 |  |  |  | 26,098,079 |  |  |  | 46,465,107 |
Depreciation and amortization |  |  | 1,602,695 |  |  |  | 12,122,370 |  |  |  | - |  |  |  | 13,725,065 |
Income/(Loss) from Operations |  | $ | 19,304,645 |  |  | $ | 35,319,487 |  |  | $ | (26,098,079 | ) |  | $ | 28,526,053 |
Total assets by segment were as follows:
|  | For the Year Ended |
|  | March 31, 2024 |  |  | March 31, 2023 |  |  | March 31, 2022 |
Ammunition |  | $ | 167,001,641 |  |  | $ | 154,904,363 |  |  | $ | 161,967,259 |
Marketplace |  |  | 236,037,694 |  |  |  | 258,290,780 |  |  |  | 253,873,206 |
|  | $ | 403,039,335 |  |  | $ | 413,195,143 |  |  | $ | 415,840,465 |
Total capital expenditures by segment were as follows:
|  | For the Year Ended |
|  | March 31, 2024 |  |  | March 31, 2023 |  |  | March 31, 2022 |
Ammunition |  | $ | 5,519,135 |  |  | $ | 10,819,177 |  |  | $ | 17,728,023 |
Marketplace |  |  | 2,505,630 |  |  |  | 1,722,148 |  |  |  | 1,490,959 |
|  | $ | 8,024,765 |  |  | $ | 12,541,325 |  |  | $ | 19,218,982 |

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