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SEGMENTS
 12 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
SEGMENTS

NOTE 15 – SEGMENTS

We define our segments as those operations whose results our chief operating decision maker ("CODM") reviews to analyze performance and allocate resources. As described in Note 2 under the caption “Assets Held for Sale and Discontinued Operations,” as well as Note 4,"Discontinued Operations", effective as of the fourth quarter of fiscal 2025, the Company no longer reports the Ammunition segment; it now reports its financial performance based on one segment.

Our CODM is our chief executive officer. The CODM assesses the performance of the Company and decides how to allocate resources based on consolidated earnings before interest expense, income taxes, depreciation and amortization ("EBITDA"). The CODM uses consolidated EBITDA to analyze how profitable the business is, including reviewing in comparison to budget an in comparison to the prior year performance when making decisions on allocating capital and resources. Significant expense categories regularly provided to and reviewed by the CODM are those presented in the consolidated statement of operations.

Our CODM does not use asset book values in assessing performance or allocating resources for our operating segments and therefore this information is not disclosed.

The following table presents consolidated EBITDA for our reportable segment:

 

For the Year Ended March 31,

 

 

2025

 

 

2024

 

 

2023

 

 

 

 

 

 

 

 

 

 

 

Net revenues

 

$

49,401,547

 

 

$

53,942,076

 

 

$

63,149,673

 

Cost of revenues

 

 

6,468,031

 

 

 

7,660,541

 

 

 

9,116,939

 

Selling and marketing

 

 

610,926

 

 

 

190,420

 

 

 

2,187,466

 

Corporate and administrative

 

 

70,594,542

 

 

 

23,436,308

 

 

 

18,965,699

 

Employee salaries and related expenses

 

 

17,851,628

 

 

 

16,063,506

 

 

 

17,811,873

 

Consolidated EBITDA

 

 

(46,123,580

)

 

 

6,591,301

 

 

 

15,067,696

 

Adjustments and reconciling items:

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

(13,589,698

)

 

 

(13,034,306

)

 

 

(12,700,436

)

Other income/(expense)

 

 

860,293

 

 

 

(174,447

)

 

 

(13,868

)

Interest expense

 

 

(82,173

)

 

 

318,984

 

 

 

(77,806

)

(Provision)/benefit for income taxes

 

 

(6,286,305

)

 

 

948,292

 

 

 

1,347,055

 

Net income/(loss) from continuing operations

 

$

(65,221,463

)

 

$

(5,350,176

)

 

$

3,622,641