XML 30 R19.htm IDEA: XBRL DOCUMENT v3.19.2

Segments

6 Months Ended

Jun. 30, 2019

Segment Reporting [Abstract]

Segments

Note 13 - Segments

With each acquisition, we assess the need to disclose discrete information related to our operating segments. Because of the similarities of certain of our acquisitions that provide certification and verification services, we aggregate operations into one verification and certification reportable segment. The operating segments included in the aggregated verification and certification segment include IMI Global, ICS, and Validus. The factors considered in determining this aggregated reporting segment include the economic similarity of the businesses, the nature of services provided, production processes, types of customers and distribution methods.

The Company also determined that it has a software sales and related consulting reportable segment. SureHarvest, which includes Sow Organic and JVF Consulting, is the sole operating segment. This segment includes software license, maintenance, support and software-related consulting service revenues.

The Company’s chief operating decision maker (the Company’s CEO) allocates resources and assesses the performance of its operating segments. Segment management makes decisions, measures performance, and manages the business utilizing internal reporting operating segment information. Performance of operating segments are based on net sales, gross profit, selling, general and administrative expenses and most importantly, operating income. 

The Company eliminates intercompany transfers between segments for management reporting purposes. The following table shows information for reportable operating segments:

		Three months ended June 30, 2019																Three months ended June 30, 2018
			Verification and Certification Segment				Software Sales and Related Consulting Segment				Eliminations and Other				Consolidated Totals				Verification and Certification Segment				Software Sales and Related Consulting Segment				Eliminations and Other				Consolidated Totals
Assets:
Intangible and other assets, net		$	1,384,114			$	2,163,784			$	—			$	3,547,898			$	2,124,367			$	1,629,938			$	—			$	3,754,305
Goodwill			1,133,122				2,010,612				—				3,143,734				1,427,499				1,197,191				—				2,624,690
Total assets			13,242,580				5,522,707				—				18,765,287				11,921,178				2,117,717				—				14,038,895
Revenues:
Verification and certification service revenue		$	3,743,241			$	—			$	—			$	3,743,241			$	3,507,757			$	—			$	—			$	3,507,757
Product sales			635,333				—				—				635,333				496,312				—				—				496,312
Software license, maintenance and support services revenue			—				338,674				(38,740	)			299,934				—				263,316				—				263,316
Software-related consulting service revenue			—				242,808				(33,057	)			209,751				—				170,923				—				170,923
Total revenues		$	4,378,574			$	581,482			$	(71,797	)		$	4,888,259			$	4,004,069			$	434,239			$	—			$	4,438,308
Costs of revenues:
Costs of verification and certification services			2,127,574				—				(30,300	)			2,097,274				1,850,555				—				—				1,850,555
Costs of products			398,073				—				—				398,073				319,970				—				—				319,970
Costs of software license, maintenance and support services			—				161,610				—				161,610				—				168,511				—				168,511
Costs of software-related consulting services			—				142,900				—				142,900				—				87,546				—				87,546
Total costs of revenues			2,525,647				304,510				(30,300	)			2,799,857				2,170,525				256,057				—				2,426,582
Gross profit			1,852,927				276,972				(41,497	)			2,088,402				1,833,544				178,182				—				2,011,726
Depreciation & amortization			102,651				182,457				—				285,108				90,971				138,134				—				229,105
Other operating expenses			1,205,472				236,105				(41,497	)			1,400,080				1,409,474				131,888				—				1,541,362
Segment operating (loss)/income		$	544,804			$	(141,590	)		$	—			$	403,214			$	333,099			$	(91,840	)		$	—			$	241,258
Other items to reconcile segment operating income (loss) to net income attributable to WFCF:
Other expense (income)			(30,326	)			(3	)			—				(30,329	)			(3,938	)			131				—				(3,807	)
Income tax (benefit)/expense			—				—				129,089				129,089				—				—				80,000				80,000
Net loss attributable to non-controlling interest			—				56,635				—				56,635				—				11,774				—				11,774
Net (loss)/income attributable to WFCF		$	575,130			$	(84,952	)		$	(129,089	)		$	361,089			$	337,036			$	(80,197	)		$	(80,000	)		$	176,839

		Six months ended June 30, 2019																Six months ended June 30, 2018
			Verification and Certification Segment				Software Sales and Related Consulting Segment				Eliminations and Other				Consolidated Totals				Verification and Certification Segment				Software Sales and Related Consulting Segment				Eliminations and Other				Consolidated Totals
Assets:
Intangible and other assets, net		$	1,384,114			$	2,163,784			$	—			$	3,547,898			$	2,124,367			$	1,629,938			$	—			$	3,754,305
Goodwill			1,133,122				2,010,612				—				3,143,734				1,427,499				1,197,191				—				2,624,690
Total assets			13,242,580				5,522,707				—				18,765,287				11,921,178				2,117,717				—				14,038,895
Revenues:
Verification and certification service revenue		$	6,554,935			$	—			$	—			$	6,554,935			$	6,303,951			$	—			$	—			$	6,303,951
Product sales			1,276,391				—				—				1,276,391				850,206				—				—				850,206
Software license, maintenance and support services revenue			—				682,240				(87,277	)			594,963				—				550,760				—				550,760
Software-related consulting service revenue			—				464,031				(47,521	)			416,510				—				354,193				—				354,193
Total revenues		$	7,831,326			$	1,146,271			$	(134,798	)		$	8,842,799			$	7,154,157			$	904,953			$	—			$	8,059,110
Costs of revenues:
Costs of verification and certification services			3,722,337				—				(62,973	)			3,659,364				3,301,164				—				—				3,301,164
Costs of products			841,258				—				—				841,258				545,945				—				—				545,945
Costs of software license, maintenance and support services			—				315,613				—				315,613				—				305,945				—				305,945
Costs of software-related consulting services			—				272,436				—				272,436				—				163,007				—				163,007
Total costs of revenues			4,563,595				588,049				(62,973	)			5,088,671				3,847,109				468,952				—				4,316,061
Gross profit			3,267,731				558,222				(71,825	)			3,754,128				3,307,048				436,001				—				3,743,049
Depreciation & amortization			184,588				360,639				—				545,227				225,426				276,180				—				501,605
Other operating expenses			2,710,104				468,021				(71,825	)			3,106,300				2,685,415				287,922				—				2,973,336
Segment operating (loss)/income		$	373,039			$	(270,438	)		$	—			$	102,601			$	396,208			$	(128,101	)		$	—			$	268,107
Other items to reconcile segment operating income (loss) to net income attributable to WFCF:
Other expense (income)			(59,975	)			(1,003	)			—				(60,978	)			(6,506	)			860				—				(5,646	)
Income tax (benefit)/expense			—				—				46,089				46,089				—				—				88,000				88,000
Net loss attributable to non-controlling interest			—				100,470				—				100,470				—				26,570				—				26,570
Net (loss)/income attributable to WFCF		$	433,014			$	(168,965	)		$	(46,089	)		$	217,960			$	402,714			$	(102,390	)		$	(88,000	)		$	212,323

X

- References

No definition available.

+ Details

Name:	us-gaap_SegmentReportingAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Name:	us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration