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SEGMENTS
 12 Months Ended
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