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SEGMENT REPORTING (RESTATED)
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
SEGMENT REPORTING (RESTATED)

NOTE 19 — SEGMENT REPORTING (RESTATED)

 

An operating segment is a component of the Company that engages in business activities from which it may earn revenues and incur expenses, and is identified on the basis of the internal financial reports that are provided to and regularly reviewed by the Company’s chief operating decision maker in order to allocate resources and assess the performance of the Company.

 

The Company is primarily engaged in the business of manufacturing and sales of a wide selection of farm and ranch tested UTVs, recreational ATVs, and Pontoon Boats. The Company has identified that the Company engages in two distinct business activities, generates revenues from different products, and individually holds assets exceeding 10% of the Group’s consolidated total. Hence, the Company concludes that it has two reporting segments.

 

The summary of key information by segments for the years ended December 31, 2024 and 2023 was as follows:

 

SCHEDULE OF KEY INFORMATION BY SEGMENTS 

For year ended December 31, 2024

 

   Sales of UTVs, ATVs and e-bikes   Sales of Pontoon Boats   Total 
Revenue from external customers  $105,575,151   $3,750,591   $109,325,742 
Cost of revenue  $73,463,577   $3,402,226   $76,865,803 
Gross profit  $32,111,574   $348,365   $32,459,939 
Depreciation & amortization  $145,693   $25,653   $171,346 
Income tax expense  $654,758   $-   $654,758 
Long-lived assets  $9,950,148   $1,315,925   $11,266,073 
Segment assets  $47,769,759   $7,119,759   $54,889,518 
Segment profit (loss)  $3,892,813   $(2,130,904)  $1,761,909 

 

For year ended December 31, 2023

 

  

Sales of UTVs, ATVs and e-bikes

   Sales of Pontoon Boats   Total 
Revenue from external customers  $103,312,838   $11,724,706   $115,037,544 
Cost of revenue  $69,881,055   $9,245,399   $79,126,454 
Gross profit  $33,431,783   $2,479,307   $35,911,090 
Depreciation & amortization  $170,958   $22,667   $193,625 
Income tax expense  $2,129,804   $-   $2,129,804 
Long-lived assets  $2,615,404   $968,067   $3,583,471 
Segment assets  $34,762,856   $7,180,623   $41,943,479 
Segment profit (loss)  $10,230,476   $184,749   $10,415,225