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Segment | 3 Months Ended
--- | ---
Mar. 31, 2024
Segment Reporting [Abstract] |
Segment | 15. Segment The Company reports segment information based on the “management” approach. The management approach designates the internal reporting used by management for making decisions and assessing performance as the source of the Company’s reportable segments. The Company reported its financial performance based on the following segments: Gas-powered Boats, Franchise and Electric Boats. The Company evaluates the performance of its reportable segments based on net sales and operating income. Net sales for business segments are generally based on the sale of boats and the sale of franchises. Income (loss) from operations for each segment includes net sales to third parties, related cost of sales and operating expenses directly attributable to the segment. Operating income for each segment excludes other income and expenses. The Company does not include intercompany transfers between segments for management reporting purposes. The following table shows information by reportable segments for the three months ended March 31, 2024 and 2023: For the three months ended March 31, 2024
Schedule of reportable segments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Gas-Powered Boats |  | Franchise |  | Electric Boat and Development |  | Total
Net sales |  | $ | 5,276,343 |  |  | $ | — |  |  | $ | — |  |  | $ | 5,276,343 |
Cost of products sold |  |  | 4,969,458 |  |  |  | — |  |  |  | 29,572 |  |  |  | 4,999,030 |
Operating expense |  |  | 1,533,981 |  |  |  | 772 |  |  |  | 1,285,767 |  |  |  | 2,820,520 |
Loss from operations |  |  | (1,227,096 | ) |  |  | (772 | ) |  |  | (1,315,339 | ) |  |  | (2,543,207 | )
Other income (expense) |  |  | 63,139 |  |  |  | (2,629 | ) |  |  | 147,502 |  |  |  | 208,012 |
Net income (loss) |  | $ | (1,163,957 | ) |  | $ | (3,401 | ) |  | $ | (1,167,837 | ) |  | $ | (2,335,194 | )
For the three months ended March 31, 2023
|  |  |  |  |  | Electric Boat and |  |
|  | Gas-Powered Boats |  | Franchise |  | Development |  | Total
Net sales |  | $ | 8,877,215 |  |  | $ | — |  |  | $ | — |  |  | $ | 8,877,215 |
Cost of products sold |  |  | 7,217,716 |  |  |  | — |  |  |  | 49,941 |  |  |  | 7,267,657 |
Operating expense |  |  | 1,898,151 |  |  |  | 1,121 |  |  |  | 2,079,809 |  |  |  | 3,979,081 |
Loss from operations |  |  | (238,652 | ) |  |  | (1,121 | ) |  |  | (2,129,750 | ) |  |  | (2,369,523 | )
Other income (expense) |  |  | 420,501 |  |  |  | (4,062 | ) |  |  | 124,619 |  |  |  | 541,058 |
Net income (loss) |  | $ | 181,849 |  |  | $ | (5,183 | ) |  | $ | (2,005,131 | ) |  | $ | (1,828,465 | )
Property and equipment, net, classified by business were as follows:
Schedule of property and equipment, net |  |  |  |  |  |  |  |
|  | March 31, |  | December 31,
|  | 2024 |  | 2023
Gas-Powered Boats |  | $ | 8,907,117 |  |  | $ | 8,825,027 |
Franchise |  | $ | — |  |  | $ | — |
Electric-Boats |  | $ | 4,984,213 |  |  | $ | 3,468,961 |

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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://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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