SEGMENTING REPORTING (Tables)

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

SCHEDULE OF BUSINESS SEGMENTS

Segment information available with respect to these reportable business segments for the three and six months ended June 30, 2024 and 2023 was as follows:

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2024			2023			2024			2023
Revenues:
Inventory Management Solutions	$	5,283,593		$	18,864,903		$	13,242,290		$	32,813,244
Corrugated		1,661,123			1,682,250			3,394,543			3,623,624
Total segment and consolidated revenues	$	7,017,013		$	20,547,153		$	16,636,833		$	36,436,868
Cost of revenues:
Inventory Management Solutions	$	3,959,810		$	16,824,061		$	10,529,497		$	29,458,650
Corrugated		1,279,392			1,193,198			2,443,763			2,629,232
Total segment and consolidated cost of revenues	$	5,239,202		$	18,017,259		$	12,973,260		$	32,087,882
Gross profit:
Inventory Management Solutions	$	1,323,783		$	2,040,842		$	2,712,793		$	3,354,594
Corrugated		454,028			489,052			950,780			994,392
Total segment and consolidated gross profit	$	1,777,811		$	2,529,894		$	3,663,573		$	4,348,986
Income (loss) from operations:
Inventory Management Solutions	$	(834,958	)	$	(525,530	)	$	(1,629,011	)	$	(1,017,764	)
Corrugated		114,755			99,737			277,491			245,319
Corporate		(963,207	)		(2,338,303	)		(3,322,925	)		(5,521,990	)
Total segment and consolidated loss from operations	$	(1,683,410	)	$	(2,764,096	)	$	(4,674,445	)	$	(6,294,435	)
Depreciation and amortization:
Inventory Management Solutions	$	662,597		$	584,166		$	1,218,896		$	1,160,746
Corrugated		37,992			49,496			87,489			98,993
Total segment and consolidated depreciation and amortization	$	700,589		$	633,662		$	1,306,385		$	1,259,739
Revenues by geography:
North America	$	3,555,050		$	3,772,968		$	6,668,172		$	7,060,372
Europe		3,661,963			16,774,185			9,968,661			29,376,496
Total geography and consolidated revenues	$	7,017,013		$	20,547,153		$	16,636,833		$	36,436,868
Segment capital expenditures:
Inventory Management Solutions	$	-		$	-		$	-		$	-
Corrugated		4,847			77,720			4,847			114,028
Corporate		944			-			944			-
Total segment and consolidated capital expenditures	$	5,791		$	77,720		$	5,791		$	114,028
Segment total assets:
Inventory Management Solutions	$	43,865,557		$	52,160,446		$	43,865,557		$	52,160,446
Corrugated		1,908,065			2,595,471			1,908,065			2,595,471
Corporate		2,592,063			5,664,698			2,592,063			5,664,698
Total segment and consolidated assets	$	48,365,685		$	60,420,615		$	48,365,685		$	60,420,615