XML 32 R25.htm IDEA: XBRL DOCUMENT v3.25.2
DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE (Tables)
 3 Months Ended
Jun. 30, 2025
Discontinued Operations and Disposal Groups [Abstract]  
SCHEDULE OF AMMUNITION SEGMENT DISCONTINUED OPERATIONS

The following table summarizes the results of operations of the Ammunition segment that are being reported as discontinued operations:

 

 

 

For the Three Months Ended June 30,

 

 

 

2025(1)

 

 

2024

 

 

 

 

 

 

 

 

 

 

 

Net revenues(2)

 

 

$

752,762

 

 

$

18,671,559

 

 

Cost of revenues

 

 

 

1,599,202

 

 

 

19,431,459

 

 

Gross profit

 

 

 

(846,440

)

 

 

(759,900

)

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

 

Selling and marketing

 

 

 

15,819

 

 

 

215,209

 

 

Corporate general and administrative

 

 

 

232,104

 

 

 

2,690,125

 

 

Employee salaries and related expenses

 

 

 

84,502

 

 

 

471,729

 

 

Depreciation and amortization expense

 

 

 

-

 

 

 

35,866

 

 

Total operating expenses

 

 

 

332,425

 

 

 

3,412,929

 

 

Loss from operations

 

 

 

(1,178,865

)

 

 

(4,172,829

)

 

Total other income/(expense)

 

 

 

583,231

 

 

 

(151,044

)

 

Loss from discontinued operations before income taxes

 

 

 

(595,634

)

 

 

(4,323,873

)

 

Benefit for income taxes

 

 

 

-

 

 

 

(1,560,923

)

 

Loss from discontinued operations, net of tax

 

 

$

(595,634

)

 

$

(2,762,950

)

 
(1)
The three months ended June 30, 2025 reflects results from April 1 to April 18, 2025 only.
(2)
Included in revenue for the three months ended June 30, 2025 and 2024 are excise taxes of $27,185 and $1,303,603, respectively.

There were no assets or liabilities classified as discontinued operations as of June 30, 2025. The following table summarizes the Ammunition segment assets and liabilities classified as discontinued operations in the accompanying condensed consolidated balance sheets:

 

 

March 31, 2025

 

ASSETS

 

 

 

Accounts receivable, net

 

$

8,778,545

 

Inventories

 

 

21,520,796

 

Prepaid expenses

 

 

198,379

 

Equipment, net

 

 

25,983,100

 

Patents, net

 

 

1,409,542

 

Total assets of discontinued operations

 

$

57,890,362

 

 

 

 

LIABILITIES

 

 

 

Accounts payable

 

$

2,513,533

 

Accrued liabilities

 

 

3,280,449

 

Current portion of construction note payable

 

 

286,200

 

Construction note payable, net of unamortized issuance costs

 

 

10,564,816

 

Total liabilities of discontinued operations

 

$

16,644,998