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14. SEGMENT INFORMATION | 9 Months Ended
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Jun. 30, 2018
Segment Information |
SEGMENT INFORMATION | The Company operates through its four subsidiaries in three business segments: the professional products, the licensing, and the entertainment divisions. The professional products division is designed to be an innovative and cutting-edge producer and marketer of quality hair care and other beauty products. The licensing division is designed to establish brands via licensing of select products / categories and encompasses our two subsidiaries with a focus on health and wellness products and men’s lifestyle products. The entertainment division’s focus is to become a producer and marketer of multiple entertainment distribution platforms. The corporate parent also will generate revenue from time to time, through advisory consulting agreements. This revenue is similar to the entertainment divisions’ revenue process and we have allocated revenue from corporate to the entertainment division for segment presentation. The professional products division operated for the full year in fiscal 2017 and 2016. The licensing and entertainment divisions were both acquired in January 2017. The performance of the business is evaluated at the segment level. Cash, debt and financing matters are managed centrally. These segments operate as one from an accounting and overall executive management perspective, though each segment has senior management in place; however they are differentiated from a marketing and customer presentation perspective, though cross-selling opportunities exist and continue to be pursued. Condensed summary segment information follows for the three and nine months ended June 30, 2018 and 2017. Three months ended June 30, 2018:
|  | Professional Product Division |  |  | Licensing Division |  |  | Entertainment Division |  |  | Total |
Net Sales |  | $ | 27,205 |  |  | $ | 1,629,835 |  |  | $ | 191,390 |  |  | $ | 1,848,430 |
Net Sales related party |  | $ | - |  |  | $ | - |  |  | $ | 1,350,000 |  |  | $ | 1,350,000 |
Total Net Sales |  | $ | 27,205 |  |  | $ | 1,629,835 |  |  | $ | 1,541,390 |  |  | $ | 3,198,430 |
Income (loss) from Operations before Overhead |  | $ | (123,394 | ) |  | $ | 1,001,079 |  |  | $ | 346,540 |  |  | $ | 1,224,225 |
Allocated Corporate Overhead (a) |  |  | 5,605 |  |  |  | 335,795 |  |  |  | 317,572 |  |  |  | 658,972 |
Net Income (Loss) |  | $ | (128,999 | ) |  | $ | 665,284 |  |  | $ | 28,968 |  |  | $ | 565,253 |
Three months ended June 30, 2017:
|  | Professional Product Division |  |  | Licensing Division |  |  | Entertainment Division |  |  | Total |
Net Sales |  | $ | 291,342 |  |  | $ | 470,667 |  |  | $ | 511,000 |  |  | $ | 1,273,009 |
Net Sales related party |  | $ | - |  |  | $ | 400,000 |  |  | $ | 114,000 |  |  | $ | 514,000 |
Total Net Sales |  | $ | 291,342 |  |  | $ | 870,667 |  |  | $ | 625,000 |  |  | $ | 1,787,009 |
Income (loss) from Operations before Overhead |  | $ | (399,304 | ) |  | $ | 41,573 |  |  | $ | 248,497 |  |  | $ | (109,234 | )
Allocated Corporate Overhead (a) |  |  | 6,507 |  |  |  | 15,233 |  |  |  | 10,935 |  |  |  | 32,675 |
Net Income (Loss) |  | $ | (405,811 | ) |  | $ | 26,340 |  |  | $ | 237,562 |  |  | $ | (141,909 | )
Nine months ended June 30, 2018:
|  | Professional Product Division |  |  | Licensing Division |  |  | Entertainment Division |  |  | Total |
Net Sales |  | $ | 85,945 |  |  | $ | 4,248,711 |  |  | $ | 1,082,439 |  |  | $ | 5,417,095 |
Net Sales related party |  | $ | - |  |  | $ | 200,000 |  |  | $ | 1,350,000 |  |  | $ | 1,550,000 |
Total Net Sales |  | $ | 85,945 |  |  | $ | 4,448,711 |  |  | $ | 2,432,439 |  |  | $ | 6,967,095 |
Income (loss) from Operations before Overhead |  | $ | (751,293 | ) |  | $ | 2,866,972 |  |  | $ | 380,143 |  |  | $ | 2,495,822 |
Allocated Corporate Overhead (a) |  |  | 19,151 |  |  |  | 991,277 |  |  |  | 542,004 |  |  |  | 1,552,432 |
Net Income (Loss) |  | $ | (770,444 | ) |  | $ | 1,875,695 |  |  | $ | (161,861 | ) |  | $ | 943,390 |
Assets |  | $ | 3,669,414 |  |  | $ | 7,737,134 |  |  | $ | 5,063,736 |  |  | $ | 16,470,284 |
Nine months ended June 30, 2017: |  |  |
|  | Professional Product Division |  |  | Licensing Division |  |  | Entertainment Division |  |  | Total |
Net Sales |  | $ | 865,890 |  |  | $ | 1,135,667 |  |  | $ | 611,280 |  |  | $ | 2,612,837 |
Net Sales related party |  | $ | - |  |  | $ | 600,000 |  |  | $ | 182,550 |  |  | $ | 782,550 |
Total Net Sales |  | $ | 865,890 |  |  | $ | 1,735,667 |  |  | $ | 793,830 |  |  | $ | 3,395,387 |
Income (loss) from Operations before Overhead |  | $ | (1,272,383 | ) |  | $ | 754,962 |  |  | $ | 181,153 |  |  | $ | (336,268 | )
Allocated Corporate Overhead (a) |  |  | 201,807 |  |  |  | 404,520 |  |  |  | 185,013 |  |  |  | 791,340 |
Net Income (Loss) |  | $ | (1,474,190 | ) |  | $ | 350,442 |  |  | $ | (3,860 | ) |  | $ | 1,127,608 | )
Assets |  | $ | 1,974,553 |  |  | $ | 1,995,279 |  |  | $ | 1,138,129 |  |  | $ | 5,107,961 |
(a) | The Company began allocating corporate overhead to the business segments in April 2017. We have allocated overhead on a proforma basis for the three and nine months ended June 30, 2018 and 2017 above for comparison purposes.

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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 + Details
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