SEGMENTS

12 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

SEGMENTS

NOTE 20 – SEGMENTS

On April 30, 2021, the Company 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. As a result, at March 31, 2024, our Chief Executive Officer reviews financial performance based on two operating segments as follows:

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

● Marketplace – which consists of the GunBroker E-commerce marketplace. In its role as an auction site, GunBroker 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 annual periods presented:

	For the Year Ended March 31, 2024
	Ammunition			Marketplace		Corporate and other expenses			Total
Net Revenues	$	91,112,496		$	53,942,076	$	-		$	145,054,572
Cost of Revenues		94,771,262			7,660,541		-			102,431,803
General and administrative expense		8,967,456			9,885,131		28,804,588			47,657,175
Depreciation and amortization		508,485			13,034,306		-			13,542,791
Income/(Loss) from Operations	$	(13,134,707	)	$	23,362,098	$	(28,804,588	)	$	(18,577,197	)

	For the Year Ended March 31, 2023
	Ammunition			Marketplace		Corporate and other expenses			Total
Net Revenues	$	128,290,128		$	63,149,673	$	-		$	191,439,801
Cost of Revenues		126,914,265			9,116,939		-			136,031,204
General and administrative expense		10,378,456			9,707,425		25,302,873			45,388,754
Depreciation and amortization		578,326			12,700,436		-			13,278,762
Income/(Loss) from Operations	$	(9,580,919	)	$	31,624,873	$	(25,302,873	)	$	(3,258,919	)

	For the Year Ended March 31, 2022
	Ammunition		Marketplace		Corporate and other expenses			Total
Net Revenues	$	175,660,650	$	64,608,516	$	-		$	240,269,166
Cost of Revenues		142,773,306		8,732,351		-			151,505,657
General and administrative expense		11,932,721		8,434,308		17,544,970			37,911,999
Depreciation and amortization		1,579,778		12,122,370		-			13,702,148
Income/(Loss) from Operations	$	19,374,845	$	35,319,487	$	(17,544,970	)	$	37,149,362

Total assets by segment were as follows:

	For the Year Ended
	March 31, 2024		March 31, 2023		March 31, 2022
Ammunition	$	163,864,522	$	154,044,607	$	160,305,107
Marketplace		236,037,694		258,290,780		253,873,206
	$	399,902,216	$	412,335,387	$	414,178,313

Total capital expenditures by segment were as follows:

	For the Year Ended
	March 31, 2024		March 31, 2023		March 31, 2022
Ammunition	$	5,519,135	$	10,819,177	$	17,728,023
Marketplace		2,505,630		1,722,148		1,490,959
	$	8,024,765	$	12,541,325	$	19,218,982