XML 28 R18.htm IDEA: XBRL DOCUMENT
v3.23.2

Segments | 6 Months Ended
--- | ---
Jun. 30, 2023
Segment Reporting [Abstract] |
Segments | Note 12 - 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, WFCFO 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 consulting reportable segment. SureHarvest, which includes Postelsia, is the sole operating unit under the consulting reportable segment. This segment primarily includes 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. Where Food Comes From, Inc. Notes to the Consolidated Financial Statements (Unaudited) The Company eliminates intercompany transfers between segments for management reporting purposes. The following table shows information for reportable operating segments (amounts in thousands): Schedule of Operating Segments
|  | Verification and Certification Segment |  |  | Consulting Segment |  |  | Eliminations and Other |  |  | Consolidated Totals |  |  | Verification and Certification Segment |  |  | Consulting Segment |  |  | Eliminations and Other |  |  | Consolidated Totals |
|  | Three months ended June 30, 2023 |  |  | Three months ended June 30, 2022 |
|  | Verification and Certification Segment |  |  | Consulting Segment |  |  | Eliminations and Other |  |  | Consolidated Totals |  |  | Verification and Certification Segment |  |  | Consulting Segment |  |  | Eliminations and Other |  |  | Consolidated Totals |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Goodwill |  | $ | 1,947 |  |  | $ | 999 |  |  | $ | - |  |  | $ | 2,946 |  |  | $ | 1,947 |  |  | $ | 999 |  |  | $ | - |  |  | $ | 2,946 |
All other assets, net |  |  | 6,249 |  |  |  | 2,660 |  |  |  | 5,819 |  |  |  | 14,728 |  |  |  | 14,244 |  |  |  | 3,865 |  |  |  | (143 | ) |  |  | 17,966 |
Total assets |  | $ | 8,196 |  |  | $ | 3,659 |  |  | $ | 5,819 |  |  | $ | 17,674 |  |  | $ | 16,191 |  |  | $ | 4,864 |  |  | $ | (143 | ) |  | $ | 20,912 |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Verification and certification service revenue |  | $ | 4,779 |  |  | $ | - |  |  | $ | - |  |  | $ | 4,779 |  |  | $ | 3,964 |  |  | $ | - |  |  | $ | - |  |  | $ | 3,964 |
Product sales |  |  | 938 |  |  |  | - |  |  |  | - |  |  |  | 938 |  |  |  | 878 |  |  |  | - |  |  |  | - |  |  |  | 878 |
Consulting revenue |  |  | - |  |  |  | 409 |  |  |  | - |  |  |  | 409 |  |  |  | - |  |  |  | 489 |  |  |  | - |  |  |  | 489 |
Total revenues |  | $ | 5,717 |  |  | $ | 409 |  |  | $ | - |  |  | $ | 6,126 |  |  | $ | 4,842 |  |  | $ | 489 |  |  | $ | - |  |  | $ | 5,331 |
Costs of revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Costs of verification and certification services |  |  | 2,736 |  |  |  | - |  |  |  | - |  |  |  | 2,736 |  |  |  | 2,325 |  |  |  | - |  |  |  | - |  |  |  | 2,325 |
Costs of products |  |  | 555 |  |  |  | - |  |  |  | - |  |  |  | 555 |  |  |  | 522 |  |  |  | - |  |  |  | - |  |  |  | 522 |
Costs of consulting |  |  | - |  |  |  | 329 |  |  |  | - |  |  |  | 329 |  |  |  | - |  |  |  | 354 |  |  |  | - |  |  |  | 354 |
Total costs of revenues |  |  | 3,291 |  |  |  | 329 |  |  |  | - |  |  |  | 3,620 |  |  |  | 2,847 |  |  |  | 354 |  |  |  | - |  |  |  | 3,201 |
Gross profit |  |  | 2,426 |  |  |  | 80 |  |  |  | - |  |  |  | 2,506 |  |  |  | 1,995 |  |  |  | 135 |  |  |  | - |  |  |  | 2,130 |
Depreciation & amortization |  |  | 120 |  |  |  | 43 |  |  |  | - |  |  |  | 163 |  |  |  | 149 |  |  |  | 48 |  |  |  | - |  |  |  | 197 |
Other operating expenses |  |  | 1,599 |  |  |  | 71 |  |  |  | - |  |  |  | 1,670 |  |  |  | 1,561 |  |  |  | 59 |  |  |  | - |  |  |  | 1,620 |
Segment operating income/(loss) |  | $ | 707 |  |  | $ | (34 | ) |  | $ | - |  |  | $ | 673 |  |  | $ | 285 |  |  | $ | 28 |  |  | $ | - |  |  | $ | 313 |
Other items to reconcile segment operating income (loss) to net income/(loss): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other income / (expense) |  |  | 65 |  |  |  | (2 | ) |  |  | - |  |  |  | 63 |  |  |  | 50 |  |  |  | (23 | ) |  |  | - |  |  |  | 27 |
Income tax expense |  |  | - |  |  |  | - |  |  |  | (204 | ) |  |  | (204 | ) |  |  | - |  |  |  | - |  |  |  | (118 | ) |  |  | (118 | )
Net income/(loss) |  | $ | 772 |  |  | $ | (36 | ) |  | $ | (204 | ) |  | $ | 532 |  |  | $ | 335 |  |  | $ | 5 |  |  | $ | (118 | ) |  | $ | 222 |
Where Food Comes From, Inc. Notes to the Consolidated Financial Statements (Unaudited)
|  | Verification and Certification Segment |  |  | Consulting Segment |  |  | Eliminations and Other |  |  | Consolidated Totals |  |  | Verification and Certification Segment |  |  | Consulting Segment |  |  | Eliminations and Other |  |  | Consolidated Totals |
|  | Six months ended June 30, 2023 |  |  | Six months ended June 30, 2022 |
|  | Verification and Certification Segment |  |  | Consulting Segment |  |  | Eliminations and Other |  |  | Consolidated Totals |  |  | Verification and Certification Segment |  |  | Consulting Segment |  |  | Eliminations and Other |  |  | Consolidated Totals |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Goodwill |  | $ | 1,947 |  |  | $ | 999 |  |  | $ | - |  |  | $ | 2,946 |  |  | $ | 1,947 |  |  | $ | 999 |  |  | $ | - |  |  | $ | 2,946 |
All other assets, net |  |  | 6,249 |  |  |  | 2,660 |  |  |  | 5,819 |  |  |  | 14,728 |  |  |  | 14,244 |  |  |  | 3,865 |  |  |  | (143 | ) |  |  | 17,966 |
Total assets |  | $ | 8,196 |  |  | $ | 3,659 |  |  | $ | 5,819 |  |  | $ | 17,674 |  |  | $ | 16,191 |  |  | $ | 4,864 |  |  | $ | (143 | ) |  | $ | 20,912 |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Verification and certification service revenue |  | $ | 8,585 |  |  | $ | - |  |  | $ | - |  |  | $ | 8,585 |  |  | $ | 7,748 |  |  | $ | - |  |  | $ | - |  |  | $ | 7,748 |
Product sales |  |  | 1,909 |  |  |  | - |  |  |  | - |  |  |  | 1,909 |  |  |  | 1,885 |  |  |  | - |  |  |  | - |  |  |  | 1,885 |
Consulting revenue |  |  | - |  |  |  | 899 |  |  |  | - |  |  |  | 899 |  |  |  | - |  |  |  | 1,854 |  |  |  | - |  |  |  | 1,854 |
Total revenues |  | $ | 10,494 |  |  | $ | 899 |  |  | $ | - |  |  | $ | 11,393 |  |  | $ | 9,633 |  |  | $ | 1,854 |  |  | $ | - |  |  | $ | 11,487 |
Costs of revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Costs of verification and certification services |  |  | 4,932 |  |  |  | - |  |  |  | - |  |  |  | 4,932 |  |  |  | 4,361 |  |  |  | - |  |  |  | - |  |  |  | 4,361 |
Costs of products |  |  | 1,123 |  |  |  | - |  |  |  | - |  |  |  | 1,123 |  |  |  | 1,059 |  |  |  | - |  |  |  | - |  |  |  | 1,059 |
Costs of consulting |  |  | - |  |  |  | 689 |  |  |  | - |  |  |  | 689 |  |  |  | - |  |  |  | 1,540 |  |  |  | - |  |  |  | 1,540 |
Total costs of revenues |  |  | 6,055 |  |  |  | 689 |  |  |  | - |  |  |  | 6,744 |  |  |  | 5,420 |  |  |  | 1,540 |  |  |  | - |  |  |  | 6,960 |
Gross profit |  |  | 4,439 |  |  |  | 210 |  |  |  | - |  |  |  | 4,649 |  |  |  | 4,213 |  |  |  | 314 |  |  |  | - |  |  |  | 4,527 |
Depreciation & amortization |  |  | 251 |  |  |  | 84 |  |  |  | - |  |  |  | 335 |  |  |  | 294 |  |  |  | 98 |  |  |  | - |  |  |  | 392 |
Other operating expenses |  |  | 3,343 |  |  |  | 143 |  |  |  | - |  |  |  | 3,486 |  |  |  | 3,074 |  |  |  | 125 |  |  |  | - |  |  |  | 3,199 |
Segment operating income/(loss) |  | $ | 845 |  |  | $ | (17 | ) |  | $ | - |  |  | $ | 828 |  |  | $ | 845 |  |  | $ | 91 |  |  | $ | - |  |  | $ | 936 |
Other items to reconcile segment operating income (loss) to net income/(loss): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other income / (expense) |  |  | 122 |  |  |  | (3 | ) |  |  | - |  |  |  | 119 |  |  |  | 100 |  |  |  | (36 | ) |  |  | - |  |  |  | 64 |
Income tax expense |  |  | - |  |  |  | - |  |  |  | (294 | ) |  |  | (294 | ) |  |  | - |  |  |  | - |  |  |  | (281 | ) |  |  | (281 | )
Net income/(loss) |  | $ | 967 |  |  | $ | (20 | ) |  | $ | (294 | ) |  | $ | 653 |  |  | $ | 945 |  |  | $ | 55 |  |  | $ | (281 | ) |  | $ | 719 |

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://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration