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Business Segment and Geographic Area Information
 6 Months Ended
Nov. 30, 2023
Segment Reporting [Abstract]  
Business Segment and Geographic Area Information

Note 15 – Business Segment and Geographic Area Information

 

Business Segments

 

The Company, directly or through its subsidiaries, markets and sells its products and services directly to consumers and through its dealers. In June 2022, the Company acquired a hearing enhancement and hearing protection business. The Company’s determination of its reportable segments is based on how its chief operating decision makers manage the business. 

 

The Company’s segment information is as follows:

 

                     
   Three months ended   Six months ended 
   November 30,   November 30, 
Net Sales  2023   2022   2023   2022 
Hair care and skin care  $230,741   $418,734   $545,594   $903,970 
Hearing enhancement and protection   8,190,936    6,313,265    13,982,352    10,065,387 
Total net sales  $8,421,677   $6,731,999   $14,527,946   $10,969,357 
                     
Operating earnings                     
Segment gross profit:                    
Hair care and skin care  $172,583   $316,325   $394,107   $640,431 
Hearing enhancement and protection   6,085,356    4,722,709    10,511,398    7,681,257 
Total segment gross profit  $6,257,939   $5,039,034   $10,905,505   $8,321,688 
Selling and Marketing   3,672,780    3,098,898    6,879,621    5,076,874 
General and Administrative   1,321,247    955,141    2,588,215    2,060,418 
Consolidated operating income   $1,263,912   $984,995   $1,437,669   $1,184,396 
                     
Total Assets:                    
Hair care and skin care  $5,439,289   $1,018,083   $5,439,289   $1,018,083 
Hearing enhancement and protection   7,686,720    9,038,537    7,686,720    9,038,537 
Consolidated total assets  $13,126,009   $10,056,620   $13,126,009   $10,056,620 
                     
Payments for property and equipment                    
Hair care and skin care  $-   $-   $-   $- 
Hearing enhancement and protection   19,885    54,400    70,845    54,400 
Consolidated total payments for property and equipment  $19,885   $54,400   $70,845   $54,400 
                     
Depreciation and amortization                    
Hair care and skin care  $1,417   $1,418   $2,835   $2,841 
Hearing enhancement and protection   26,368    21,928    53,187    40,174 
Consolidated total depreciation and amortization  $27,785   $23,346   $56,022   $43,015 

 

Geographic Area Information

 

During the three months ended November 30, 2023, approximately 96% of our consolidated net sales were to customers located in the U.S. (based on the customer’s shipping address). During the three months ended November 30, 2022, approximately 96% of our consolidated net sales were to customers located in the U.S. (based on the customer’s shipping address). All Company assets are located in the U.S.

 

During the six months ended November 30, 2023, approximately 96% of our consolidated net sales were to customers located in the U.S. (based on the customer’s shipping address). During the six months ended November 30, 2022, approximately 96% of our consolidated net sales were to customers located in the U.S. (based on the customer’s shipping address).