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Segments (Tables)

9 Months Ended

Sep. 30, 2024

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 

		Three months ended September 30, 2024																Three months ended September 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			(536	)			2,715				11,821				14,000				5,252				2,686				6,804				14,742
Total assets		$	1,411			$	3,714			$	11,821			$	16,946			$	7,199			$	3,685			$	6,804			$	17,688
Revenues:
Verification and certification service revenue		$	5,486			$	-			$	-			$	5,486			$	5,359			$	-			$	-			$	5,359
Product sales			1,329				-				-				1,329				1,221				-				-				1,221
Professional services			-				292				-				292				-				431				-				431
Total revenues		$	6,815			$	292			$	-			$	7,107			$	6,580			$	431			$	-			$	7,011
Costs of revenues:
Costs of verification and certification services			3,288				-				-				3,288				3,123				-				-				3,123
Costs of products			841				-				-				841				681				-				-				681
Costs of professional services			-				204				-				204				-				341				-				341
Total costs of revenues			4,129				204				-				4,333				3,804				341				-				4,145
Gross profit			2,686				88				-				2,774				2,776				90				-				2,866
Depreciation & amortization			115				41				-				156				111				42				-				153
Other operating expenses			1,978				32				-				2,010				1,682				85				-				1,767
Segment operating income/(loss)		$	593			$	15			$	-			$	608			$	983			$	(37	)		$	-			$	946
Other items to reconcile segment operating income (loss) to net income/(loss):
Other income / (expense)			65				-				-				65				65				(2	)			-				63
Income tax expense			-				-				(181	)			(181	)			-				-				(286	)			(286	)
Net income/(loss)		$	658			$	15			$	(181	)		$	492			$	1,048			$	(39	)		$	(286	)		$	723

Where Food Comes From, Inc.

Notes to the Consolidated Financial Statements

(Unaudited)

		Nine months ended September 30, 2024																Nine months ended September 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			(536	)			2,715				11,821				14,000				5,252				2,686				6,804				14,742
Total assets		$	1,411			$	3,714			$	11,821			$	16,946			$	7,199			$	3,685			$	6,804			$	17,688
Revenues:
Verification and certification service revenue		$	15,172			$	-			$	-			$	15,172			$	13,944			$	-			$	-			$	13,944
Product sales			2,881				-				-				2,881				3,130				-				-				3,130
Professional services			-				1,031				-				1,031				-				1,330				-				1,330
Total revenues		$	18,053			$	1,031			$	-			$	19,084			$	17,074			$	1,330			$	-			$	18,404
Costs of revenues:
Costs of verification and certification services			8,831				-				-				8,831				8,055				-				-				8,055
Costs of products			1,744				-				-				1,744				1,804				-				-				1,804
Costs of professional services			-				748				-				748				-				1,030				-				1,030
Total costs of revenues			10,575				748				-				11,323				9,859				1,030				-				10,889
Gross profit			7,478				283				-				7,761				7,215				300				-				7,515
Depreciation & amortization			342				125				-				467				361				127				-				488
Other operating expenses			5,691				151				-				5,842				5,027				226				-				5,253
Segment operating income/(loss)		$	1,445			$	7			$	-			$	1,452			$	1,827			$	(53	)		$	-			$	1,774
Other items to reconcile segment operating income (loss) to net income/(loss):
Other income / (expense)			172				1				-				173				187				(5	)			-				182
Income tax expense			-				-				(466	)			(466	)			-				-				(580	)			(580	)
Net income/(loss)		$	1,617			$	8			$	(466	)		$	1,159			$	2,014			$	(58	)		$	(580	)		$	1,376

X

- 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 280
-SubTopic 10
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 2: 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 3: 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

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X

- References

No definition available.

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