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12. Segment Information

12 Months Ended

Aug. 31, 2019

Notes

12. Segment Information

12.           SEGMENT INFORMATION

The Company has four principal reportable segments. These reportable segments were determined based on the nature of the products offered.  Reportable segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. 

The Company evaluates performance based on several factors, of which the primary financial measure is business segment income before taxes.  The following tables show the operations of the Company's reportable segments.

Following is a summary of segmented information for the years ended August 31:

	2019			2018
Sales to unaffiliated customers:
Industrial wood products	$	3,910,117		$	3,500,759
Lawn, garden, pet and other		38,510,213			47,197,251
Seed processing and sales		2,233,406			2,282,281
Industrial tools and clamps		792,626			942,861
	$	45,446,362		$	53,923,152
Income (loss) before income taxes:
Industrial wood products	$	71,192		$	494
Lawn, garden, pet and other		2,040,631			3,652,467
Seed processing and sales		(222,191)			(58,438)
Industrial tools and clamps		(159,914)			(72,417)
Corporate and administrative		1,158,426			757,317
	$	2,888,144		$	4,279,423
Identifiable assets:
Industrial wood products	$	977,117		$	833,694
Lawn, garden, pet and other		7,590,487			12,318,686
Seed processing and sales		471,888			438,057
Industrial tools and clamps		279,591			440,386
Corporate and administrative		12,895,595			9,596,740
	$	22,214,677		$	23,627,563
Depreciation and amortization:
Industrial wood products	$	-		$	193
Lawn, garden, pet and other		23,021			22,534
Seed processing and sales		8,007			7,727
Industrial tools and clamps		489			970
Corporate and administrative		160,302			242,641
	$	191,819		$	274,065
Capital expenditures:
Industrial wood products	$	-		$	-
Lawn, garden, pet and other		-			-
Seed processing and sales		-			29,638
Industrial tools and clamps		-			-
Corporate and administrative		32,732			80,890
	$	32,732		$	110,528
Interest expense:	$	-		$	-

The following table lists sales made by the Company to customers which were in excess of 10% of total sales for the years ended August 31:

	2019			2018
Sales	$	20,544,268	$	28,392,593

The Company conducts business primarily in the United States, but also has limited amounts of sales in foreign countries. The following table lists sales by country for the fiscal years ended August 31:

	2019		2018
United States	$	43,894,726	$	52,050,260
Canada		1,243,239		1,429,265
Mexico/Latin America/ Caribbean		180,664		192,539
Europe		43,851		42,224
Asia/Pacific		83,882		196,655
Middle East		-		12,209
	$	45,446,362	$	53,923,152

All of the Company’s significant identifiable assets were located in the United States as of August 31, 2019 and 2018.

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- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

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