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13. Segment Information

3 Months Ended

Nov. 30, 2019

Notes

13. Segment Information

13.           SEGMENT INFORMATION

The Company has four principal reportable segments. Three segments are continuing operations and one, Industrial Tools and Clamps, is considered as a discontinued operation. 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 three month periods ended November 30, 2019 and 2018:

	2019			2018
Sales to unaffiliated customers:
Industrial wood products	$	784,868		$	1,111,687
Lawn, garden, pet and other		5,577,494			6,993,428
Seed processing and sales		524,595			756,910
Industrial tools and clamps		168,221			204,075
	$	7,055,178		$	9,066,100
Income (loss) before income taxes:
Industrial wood products	$	(15,618)		$	33,596
Lawn, garden, pet and other		(77,696)			173,821
Seed processing and sales		49,703			10,433
Industrial tools and clamps		(107,217)			(3,737)
Corporate and administrative		151,569			282,047
	$	741		$	496,160
Identifiable assets:
Industrial wood products	$	975,468		$	933,045
Lawn, garden, pet and other		7,988,756			13,348,769
Seed processing and sales		518,204			367,985
Industrial tools and clamps		119,228			383,565
Corporate and administrative		12,294,569			8,618,705
	$	21,896,225		$	23,652,069
Depreciation and amortization:
Industrial wood products	$	-		$	-
Lawn, garden, pet and other		6,365			8,009
Seed processing and sales		1,587			2,068
Industrial tools and clamps		122			122
Corporate and administrative		40,074			40,671
	$	48,148		$	50,870
Capital expenditures:
Industrial wood products	$	-		$	-
Lawn, garden, pet and other		-			-
Seed processing and sales		-			-
Industrial tools and clamps		-			-
Corporate and administrative		28,750			-
	$	28,750		$	-
Interest expense:	$	-		$	-

The following table lists sales made by the Company to customers which were in excess of 10% of total sales for the three months ended November 30, 2019 and 2018:

	2019			2018
Sales	$	2,259,429		$	3,758,542

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 three months ended November 30, 2019 and 2018:

	2019			2018
United States	$	6,816,250		$	8,664,491
Canada		150,486			311,148
Europe		1,818			22,474
Mexico/Latin America		61,109			66,206
Asia/Pacific		25,515			1,781

All of the Company’s significant identifiable assets were located in the United States as of November 30, 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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