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Segments | 6 Months Ended
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Jun. 30, 2024
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 professional services reportable segment. SureHarvest, which includes Postelsia, is the sole operating segment. This segment includes consulting, data analysis and other reporting service revenues. Where Food Comes From, Inc. Notes to the Consolidated Financial Statements (Unaudited) 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 (amounts in thousands): Schedule of Operating Segments
|  | Three months ended June 30, 2024 |  |  | Three months ended June 30, 2023 |
|  | 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 |  |  | 298 |  |  |  | 2,695 |  |  |  | 10,846 |  |  |  | 13,839 |  |  |  | 6,249 |  |  |  | 2,660 |  |  |  | 5,819 |  |  |  | 14,728 |
Total assets |  | $ | 2,245 |  |  | $ | 3,694 |  |  | $ | 10,846 |  |  | $ | 16,785 |  |  | $ | 8,196 |  |  | $ | 3,659 |  |  | $ | 5,819 |  |  | $ | 17,674 |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Verification and certification service revenue |  | $ | 5,252 |  |  | $ | - |  |  | $ | - |  |  | $ | 5,252 |  |  | $ | 4,779 |  |  | $ | - |  |  | $ | - |  |  | $ | 4,779 |
Product sales |  |  | 819 |  |  |  | - |  |  |  | - |  |  |  | 819 |  |  |  | 938 |  |  |  | - |  |  |  | - |  |  |  | 938 |
Professional services |  |  | - |  |  |  | 324 |  |  |  | - |  |  |  | 324 |  |  |  | - |  |  |  | 409 |  |  |  | - |  |  |  | 409 |
Total revenues |  | $ | 6,071 |  |  | $ | 324 |  |  | $ | - |  |  | $ | 6,395 |  |  | $ | 5,717 |  |  | $ | 409 |  |  | $ | - |  |  | $ | 6,126 |
Costs of revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Costs of verification and certification services |  |  | 3,028 |  |  |  | - |  |  |  | - |  |  |  | 3,028 |  |  |  | 2,736 |  |  |  | - |  |  |  | - |  |  |  | 2,736 |
Costs of products |  |  | 469 |  |  |  | - |  |  |  | - |  |  |  | 469 |  |  |  | 555 |  |  |  | - |  |  |  | - |  |  |  | 555 |
Costs of professional services |  |  | - |  |  |  | 240 |  |  |  | - |  |  |  | 240 |  |  |  | - |  |  |  | 329 |  |  |  | - |  |  |  | 329 |
Total costs of revenues |  |  | 3,497 |  |  |  | 240 |  |  |  | - |  |  |  | 3,737 |  |  |  | 3,291 |  |  |  | 329 |  |  |  | - |  |  |  | 3,620 |
Gross profit |  |  | 2,574 |  |  |  | 84 |  |  |  | - |  |  |  | 2,658 |  |  |  | 2,426 |  |  |  | 80 |  |  |  | - |  |  |  | 2,506 |
Depreciation & amortization |  |  | 114 |  |  |  | 42 |  |  |  | - |  |  |  | 156 |  |  |  | 120 |  |  |  | 43 |  |  |  | - |  |  |  | 163 |
Other operating expenses |  |  | 1,870 |  |  |  | 49 |  |  |  | - |  |  |  | 1,919 |  |  |  | 1,599 |  |  |  | 71 |  |  |  | - |  |  |  | 1,670 |
Segment operating income/(loss) |  | $ | 590 |  |  | $ | (7 | ) |  | $ | - |  |  | $ | 583 |  |  | $ | 707 |  |  | $ | (34 | ) |  | $ | - |  |  | $ | 673 |
Other items to reconcile segment operating income (loss) to net income/(loss): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other income / (expense) |  |  | 106 |  |  |  | (2 | ) |  |  | - |  |  |  | 104 |  |  |  | 65 |  |  |  | (2 | ) |  |  | - |  |  |  | 63 |
Income tax expense |  |  | - |  |  |  | - |  |  |  | (198 | ) |  |  | (198 | ) |  |  | - |  |  |  | - |  |  |  | (204 | ) |  |  | (204 | )
Net income/(loss) |  | $ | 696 |  |  | $ | (9 | ) |  | $ | (198 | ) |  | $ | 489 |  |  | $ | 772 |  |  | $ | (36 | ) |  | $ | (204 | ) |  | $ | 532 |
Where Food Comes From, Inc. Notes to the Consolidated Financial Statements (Unaudited)
|  | Six months ended June 30, 2024 |  |  | Six months ended June 30, 2023 |
|  | 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 |  |  | 298 |  |  |  | 2,695 |  |  |  | 10,846 |  |  |  | 13,839 |  |  |  | 6,249 |  |  |  | 2,660 |  |  |  | 5,819 |  |  |  | 14,728 |
Total assets |  | $ | 2,245 |  |  | $ | 3,694 |  |  | $ | 10,846 |  |  | $ | 16,785 |  |  | $ | 8,196 |  |  | $ | 3,659 |  |  | $ | 5,819 |  |  | $ | 17,674 |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Verification and certification service revenue |  | $ | 9,686 |  |  | $ | - |  |  | $ | - |  |  | $ | 9,686 |  |  | $ | 8,585 |  |  | $ | - |  |  | $ | - |  |  | $ | 8,585 |
Product sales |  |  | 1,552 |  |  |  | - |  |  |  | - |  |  |  | 1,552 |  |  |  | 1,909 |  |  |  | - |  |  |  | - |  |  |  | 1,909 |
Professional services |  |  | - |  |  |  | 739 |  |  |  | - |  |  |  | 739 |  |  |  | - |  |  |  | 899 |  |  |  | - |  |  |  | 899 |
Total revenues |  | $ | 11,238 |  |  | $ | 739 |  |  | $ | - |  |  | $ | 11,977 |  |  | $ | 10,494 |  |  | $ | 899 |  |  | $ | - |  |  | $ | 11,393 |
Costs of revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Costs of verification and certification services |  |  | 5,543 |  |  |  | - |  |  |  | - |  |  |  | 5,543 |  |  |  | 4,932 |  |  |  | - |  |  |  | - |  |  |  | 4,932 |
Costs of products |  |  | 903 |  |  |  | - |  |  |  | - |  |  |  | 903 |  |  |  | 1,123 |  |  |  | - |  |  |  | - |  |  |  | 1,123 |
Costs of professional services |  |  | - |  |  |  | 544 |  |  |  | - |  |  |  | 544 |  |  |  | - |  |  |  | 689 |  |  |  | - |  |  |  | 689 |
Total costs of revenues |  |  | 6,446 |  |  |  | 544 |  |  |  | - |  |  |  | 6,990 |  |  |  | 6,055 |  |  |  | 689 |  |  |  | - |  |  |  | 6,744 |
Gross profit |  |  | 4,792 |  |  |  | 195 |  |  |  | - |  |  |  | 4,987 |  |  |  | 4,439 |  |  |  | 210 |  |  |  | - |  |  |  | 4,649 |
Depreciation & amortization |  |  | 228 |  |  |  | 83 |  |  |  | - |  |  |  | 311 |  |  |  | 251 |  |  |  | 84 |  |  |  | - |  |  |  | 335 |
Other operating expenses |  |  | 3,712 |  |  |  | 120 |  |  |  | - |  |  |  | 3,832 |  |  |  | 3,343 |  |  |  | 143 |  |  |  | - |  |  |  | 3,486 |
Segment operating income/(loss) |  | $ | 852 |  |  | $ | (8 | ) |  | $ | - |  |  | $ | 844 |  |  | $ | 845 |  |  | $ | (17 | ) |  | $ | - |  |  | $ | 828 |
Other items to reconcile segment operating income (loss) to net income/(loss): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other income / (expense) |  |  | 112 |  |  |  | (4 | ) |  |  | - |  |  |  | 108 |  |  |  | 122 |  |  |  | (3 | ) |  |  | - |  |  |  | 119 |
Income tax expense |  |  | - |  |  |  | - |  |  |  | (285 | ) |  |  | (285 | ) |  |  | - |  |  |  | - |  |  |  | (294 | ) |  |  | (294 | )
Net income/(loss) |  | $ | 964 |  |  | $ | (12 | ) |  | $ | (285 | ) |  | $ | 667 |  |  | $ | 967 |  |  | $ | (20 | ) |  | $ | (294 | ) |  | $ | 653 |

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- Definition The entire disclosure for reporting segments including data and tables. 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