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Disaggregation of Revenues and Segment Reporting
 12 Months Ended
Dec. 31, 2023
Disaggregation of Revenues and Segment Reporting [Abstract]  
DISAGGREGATION OF REVENUES AND SEGMENT REPORTING

NOTE 4—DISAGGREGATION OF REVENUES AND SEGMENT REPORTING

 

The Company has four reportable segments:

 

The Retail and Appliances Segment provides a wide variety of appliance products (laundry, refrigeration, cooking, dishwashers, outdoor, accessories, parts, and other appliance-related products).

 

The Retail and Eyewear Segment provides a wide variety of eyewear products (non-prescription reading glasses, sunglasses, blue light blocking eyewear, sun readers, outdoor specialty sunglasses and other eyewear-related products) as well as personal protective equipment (face masks and select health and personal care items).

 

The Construction Segment provides finished carpentry products and services (door frames, base boards, crown molding, cabinetry, bathroom sinks and cabinets, bookcases, built-in closets, fireplace mantles, windows, and custom design and build of cabinetry and countertops).

 

The Automotive Supplies Segment provides horn and safety products (electric, air, truck, marine, motorcycle, and industrial equipment) and vehicle emergency and safety warning lights (cars, trucks, industrial equipment, and emergency vehicles).

 

The Company reports all other business activities that are not reportable in the Corporate Services Segment. The Company provides general corporate services to its segments; however, these services are not considered when making operating decisions and assessing segment performance. The Corporate Services Segment includes costs associated with executive management, financing activities and other public company-related costs.

 

The Company’s revenues for the years ended December 31, 2023 and 2022 are disaggregated as follows:

 

   For the Year Ended December 31, 2023 
   Retail and Appliances   Retail and Eyewear   Construction   Automotive Supplies   Total 
Revenues                    
Appliances  $8,004,226   $
-
   $
-
   $
-
   $8,004,226 
Appliance accessories, parts, and other   957,022    -    -    -    957,022 
Eyewear-related   -    13,896,847    -    -    13,896,847 
Personal protective equipment and other   -    1,557,250    -    -    1,557,250 
Automotive horns   
-
    
-
    
-
    3,150,530    3,150,530 
Automotive lighting   
-
    
-
    
-
    1,400,056    1,400,056 
Custom cabinets and countertops   
-
    
-
    9,639,549    
-
    9,639,549 
Finished carpentry   
-
    
-
    30,076,338    
-
    30,076,338 
Total revenues  $8,961,248   $15,454,097   $39,715,887   $4,550,586   $68,681,818 

 

   For the Year Ended December 31, 2022 
   Retail and Appliances   Retail and Eyewear   Construction   Automotive Supplies   Total 
Revenues                    
Appliances  $9,197,811   $
      -
   $
-
   $
-
   $9,197,811 
Appliance accessories, parts and other   1,473,318    -    -    -    1,473,318 
Eyewear   
-
    
-
    
-
    
-
    
-
 
Eyewear accessories, parts and other   -    -    -    -    - 
Automotive horns   -    -    -    5,068,616    5,068,616 
Automotive lighting   -    -    -    1,420,472    1,420,472 
Custom cabinets and countertops   -    -    10,644,283    -    10,644,283 
Finished carpentry   -    -    21,124,624    -    21,124,624 
Total revenues  $10,671,129   $
-
   $31,768,907   $6,489,088   $48,929,124 

 

Segment information for the years ended December 31, 2023 and 2022 are as follows:

 

   For the Year Ended December 31, 2023 
   Retail and Appliances   Retail and Eyewear   Construction   Automotive Supplies   Corporate Services   Total 
Revenues  $8,961,248   $15,454,097   $39,715,887   $4,550,586   $
-
   $68,681,818 
Operating expenses                              
Cost of revenues   7,083,662    11,738,639    23,162,151    3,154,717    
-
    45,139,169 
Personnel   1,052,118    2,793,210    8,428,963    1,226,788    92,011    13,593,090 
Personnel – corporate allocation   (309,400)   
-
    (928,200)   (309,400)   1,547,000    
-
 
Depreciation and amortization   151,362    371,662    1,561,770    155,886    
-
    2,240,680 
General and administrative   1,424,889    1,475,777    5,526,842    1,004,716    2,238,750    11,670,974 
General and administrative – management fees   300,000    225,000    500,000    300,000    
-
    1,325,000 
General and administrative – corporate allocation   (174,457)   (51,537)   (881,497)   (160,152)   1,267,643    
-
 
Impairment of goodwill and intangible assets   1,484,229    
-
    10,097,146    3,066,673    
-
    14,648,048 
Total operating expenses   11,012,403    16,552,751    47,467,175    8,439,228    5,145,404    88,616,961 
Loss from operations  $(2,051,155)  $(1,098,654)  $(7,751,288)  $(3,888,642)  $(5,145,404)  $(19,935,143)

 

   For the Year Ended December 31, 2022 
   Retail and Appliances   Retail and Eyewear   Construction   Automotive Supplies   Corporate Services   Total 
Revenues  $10,671,129   $
      -
   $31,768,907   $6,489,088   $
-
   $48,929,124 
Operating expenses                              
Cost of revenues   8,203,401    
-
    20,980,103    4,044,226    
-
    33,227,730 
Personnel   1,122,239    
-
    6,999,474    1,394,061    15,327    9,531,101 
Personnel – corporate allocation   (299,700)   
-
    (899,100)   (299,700)   1,498,500    
-
 
Depreciation and amortization   222,438    
-
    1,607,148    207,526    
-
    2,037,112 
General and administrative   1,426,936    
-
    5,653,626    1,319,851    372,276    8,772,689 
General and administrative – management fees   300,000    
-
    500,000    300,000    
-
    1,100,000 
General and administrative – corporate allocation   (77,234)   
-
    (1,092,421)   (344,482)   1,514,137    
-
 
Total operating expenses   10,898,080    
-
    33,748,830    6,621,482    3,400,240    54,668,632 
Loss from operations  $(226,951)  $
-
   $(1,979,923)  $(132,394)  $(3,400,240)  $(5,739,508)

 

Total assets by operating segment at December 31, 2023 and 2022 are as follows:

 

   At December 31, 2023 
   Retail and Appliances   Retail and Eyewear   Construction   Automotive Supplies   Corporate Services   Total 
Assets                        
Current assets  $1,939,951   $6,734,826   $7,580,585   $1,944,601   $514,669   $18,714,632 
Long-lived assets   88,505    2,580,035    8,020,469    156,221    
-
    10,845,230 
Goodwill   
-
    757,283    9,051,052    
-
    
-
    9,808,335 
Total assets  $2,028,456   $10,072,144   $24,652,106   $2,100,822   $514,669   $39,368,197 

 

   At December 31, 2022 
   Retail and Appliances   Retail and Eyewear   Construction   Automotive Supplies   Corporate Services   Total 
Assets                        
Current assets  $2,857,505   $
        -
   $5,355,827   $2,295,424   $716,945   $11,225,701 
Long-lived assets   781,521    
-
    12,302,214    1,722,993    
-
    14,806,728 
Goodwill   942,575    
-
    16,772,042    1,737,653    
-
    19,452,270 
Total assets  $4,581,601   $
-
   $34,430,083   $5,756,070   $716,945   $45,484,699