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SEGMENT INFORMATION
 6 Months Ended
Feb. 28, 2023
Retirement Benefits [Abstract]  
SEGMENT INFORMATION

 

10.PENSION AND PROFIT-SHARING PLANS

 

The Company has a deferred compensation 401(k) plan for all employees with at least 6 months of service pending a monthly enrollment time. The plan allows for a non-elective discretionary contribution plus matching employee contributions up to a specific limit. The percentages of contribution remain the discretion of the Board and are reviewed with management annually. For the six-month periods ended February 28, 2023 and 2022 the 401(k) compensation expense were $276,780 and $288,216, respectively.

 

11.SEGMENT INFORMATION

 

The Company has three 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 six-month periods ended February 28, 2023 and 2022.

 

          
   2023   2022 
         
Sales to unaffiliated customers:          
Industrial wood products  $939,600   $1,119,670 
Lawn, garden, pet and other   18,871,381    24,203,362 
Seed processing and sales   909,940    1,655,443 
   $20,720,921   $26,978,475 
           
(Loss) income before income taxes:          
Industrial wood products  $(105,466)  $43,946 
Lawn, garden, pet and other   (1,572,114)   (569,856)
Seed processing and sales   (11,329)   (121,748)
Corporate and administrative   270,944    531,321 
   $(1,417,965)  $(116,337)
           
Identifiable assets:          
Industrial wood products  $827,085   $592,882 
Lawn, garden, pet and other   25,781,691    27,893,913 
Seed processing and sales   856,663    1,010,607 
Corporate and administrative   6,508,391    6,659,285 
   $33,973,830   $36,156,687 
Capital expenditures:          
Industrial wood products  $—   $— 
Lawn, garden, pet and other   —    — 
Seed processing and sales   —    — 
Corporate and administrative   301,681    908,401 
   $301,681   $908,401 

 

The following table lists sales made by the Company to customers which were in excess of 10% of total sales for the six months ended February 28, 2023 and 2022:

 

           
    2023   2022 
            
Sales   $12,630,634   $13,029,830 

 

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 six months ended February 28, 2023 and 2022:

 

          
   2023   2022 
         
United States  $19,929,828   $25,657,040 
Canada   354,185    426,425 
Europe   40,525    24,913 
Mexico/Latin America/Caribbean   301,615    632,334 
Asia/Pacific   94,768    237,763 

 

All of the Company’s significant identifiable assets were located in the United States as of February 28, 2023 and 2022.