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v3.23.2

Segments (Tables) | 6 Months Ended
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Jun. 30, 2023
Segment Reporting [Abstract] |
Schedule of Operating Segments | 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 |

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-25 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
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