SEGMENTS

9 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

SEGMENTS

NOTE 15 – SEGMENTS

On April 30, 2021, we entered into an agreement and plan of merger with Gemini, which, along with its subsidiaries, engages primarily in the operation of an online marketplace dedicated to firearms, hunting, shooting and related products, which created a second reportable segment. Our Chief Executive Officer reviews financial performance based on our two operating segments as follows:

● Ammunition – which consists of our manufacturing business. The Ammunition segment engages in the design, production and marketing of ammunition and ammunition component products.

● Marketplace – which consists of the GunBroker.com marketplace. In its role as an auction site, GunBroker.com supports the lawful sale of firearms, ammunition and hunting/shooting accessories.

In the current period, we began the reporting of the separate allocation of certain corporate general and administrative expenses including non-cash stock compensation expense, as such we have updated the prior period disclosure herein. The following tables set forth certain financial information utilized by management to evaluate our operating segments for the interim period presented:

	For the Three Months Ended December 31, 2022
	Ammunition			Marketplace		Corporate and other expenses			Total
Net Revenues	$	23,292,292		$	15,419,202	$	-		$	38,711,494
Cost of Revenues		23,865,275			2,319,040		-			26,184,315
General and administrative expense		4,838,081			1,719,707		6,993,592			13,551,380
Depreciation and amortization		143,378			3,165,696		-			3,309,074
Income/(Loss) from Operations	$	(5,554,442	)	$	8,214,759	$	(6,993,592	)	$	(4,333,275	)

	For the Nine Months Ended December 31, 2022
	Ammunition			Marketplace		Corporate and other expenses			Total
Net Revenues	$	101,269,237		$	46,486,842	$	-		$	147,756,079
Cost of Revenues		97,555,732			6,701,797		-			104,257,529
General and administrative expense		12,117,828			6,713,561		14,490,456			33,321,845
Depreciation and amortization		437,694			9,513,058		-			9,950,752
Income/(Loss) from Operations	$	(8,842,017	)	$	23,558,426	$	(14,490,456	)	$	225,953

	For the Three Months Ended December 31, 2021
	Ammunition		Marketplace		Corporate and other expenses			Total
Net Revenues	$	47,092,417	$	17,596,769	$	-		$	64,689,186
Cost of Revenues		39,904,811		2,261,509		-			42,166,320
General and administrative expense		3,941,639		2,251,146		1,994,339			8,187,124
Depreciation and amortization		420,077		3,305,844		-			3,725,921
Income/(loss) from Operations	$	2,825,890	$	9,778,270	$	(1,994,339	)	$	10,609,821

	For the Nine Months Ended December 31, 2021
	Ammunition		Marketplace		Corporate and other expenses			Total
Net Revenues	$	123,521,552	$	46,646,051	$	-		$	170,167,603
Cost of Revenues		96,203,542		6,254,233		-			102,457,775
General and administrative expense		10,068,430		5,400,925		7,676,826			23,146,181
Depreciation and amortization		1,260,064		8,784,930		-			10,044,994
Income/(Loss) from Operations	$	15,989,516	$	26,205,963	$	(7,676,826	)	$	34,518,653

AMMO, Inc.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS