XML 54 R47.htm IDEA: XBRL DOCUMENT v3.25.1
SUMMARY OF EFFECT OF RESTATEMENT OF FINANCIAL STATEMENTS - UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (Details) - USD ($)
3 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Net revenues    
Total Revenue $ 30,953,550 $ 34,254,575
Cost of revenues 21,176,249 20,241,856
Gross Profit 9,777,301 14,012,719
Operating Expenses    
Selling and marketing 298,613 295,581
Corporate general and administrative 11,323,078 7,947,563
Employee salaries and related expenses 5,182,135 4,423,932
Depreciation and amortization expense 3,381,669 3,344,043
Total operating expenses 20,185,495 16,011,119
Income/(loss) from operations (10,408,194) (1,998,400)
Other expenses    
Other income 252,232 692,951
Interest expense (196,522) (204,201)
Total other income 55,710 488,750
Income/(loss) before income taxes (10,352,484) (1,509,650)
Provision for income taxes 4,407,491 (205,588)
Net income/(loss) (14,759,975) (1,304,062)
Preferred Stock Dividend (774,132) (774,132)
Net income/(loss) attributable to common stock shareholders $ (15,534,107) $ (2,078,194)
Net income/(loss) per share    
Basic $ (0.13) $ (0.02)
Diluted $ (0.13) $ (0.02)
Ammunition Sales [Member]    
Net revenues    
Total Revenue [1] $ 13,359,554 [2] $ 14,106,029
Marketplace Fee Revenue [Member]    
Net revenues    
Total Revenue 12,281,991 13,912,202
Ammunition Casings Sales [Member]    
Net revenues    
Total Revenue 5,312,005 $ 6,236,344
As Previously Reported [Member]    
Net revenues    
Total Revenue 30,953,550  
Cost of revenues 21,164,428  
Gross Profit 9,789,122  
Operating Expenses    
Selling and marketing 298,613  
Corporate general and administrative 11,323,078  
Employee salaries and related expenses 4,462,101  
Depreciation and amortization expense 3,381,669  
Total operating expenses 19,465,461  
Income/(loss) from operations (9,676,339)  
Other expenses    
Other income 252,232  
Interest expense (196,522)  
Total other income 55,710  
Income/(loss) before income taxes (9,620,629)  
Provision for income taxes (2,559,342)  
Net income/(loss) (7,061,287)  
Preferred Stock Dividend (774,132)  
Net income/(loss) attributable to common stock shareholders $ (7,835,419)  
Net income/(loss) per share    
Basic $ (0.07)  
Diluted $ (0.07)  
As Previously Reported [Member] | Ammunition Sales [Member]    
Net revenues    
Total Revenue [2] $ 13,359,554  
As Previously Reported [Member] | Marketplace Fee Revenue [Member]    
Net revenues    
Total Revenue 12,281,991  
As Previously Reported [Member] | Ammunition Casings Sales [Member]    
Net revenues    
Total Revenue 5,312,005  
Restatement Adjustments [Member] | Restatement Adjustment on Stock Based Payments [Member]    
Operating Expenses    
Employee salaries and related expenses 720,034  
Total operating expenses 720,034  
Income/(loss) from operations (720,034)  
Other expenses    
Income/(loss) before income taxes (720,034)  
Net income/(loss) (720,034)  
Net income/(loss) attributable to common stock shareholders (720,034)  
Restatement Adjustments [Member] | Restatement Adjustment Other [Member]    
Net revenues    
Cost of revenues 11,821  
Gross Profit (11,821)  
Operating Expenses    
Income/(loss) from operations (11,821)  
Other expenses    
Income/(loss) before income taxes (11,821)  
Provision for income taxes 6,966,833  
Net income/(loss) (6,978,654)  
Net income/(loss) attributable to common stock shareholders $ (6,978,654)  
[1] Included in revenue for the three months ended June 30, 2024 and 2023 are excise taxes of $1,303,603 and $1,175,796, respectively.
[2] Included in revenue for the three months ended June 30, 2024 are excise taxes of $1,303,603.