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Segments (Tables)
 6 Months Ended
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):

 

   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