Quarterly report pursuant to Section 13 or 15(d)

12. Segment Information

v3.21.1
12. Segment Information
3 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]  
Segment Information

12. Segment Information

 

The Company has three identifiable segments as of March 31, 2021; (i) retail, (ii) wholesale and (iii) and other. The retail segment represents our dispensaries which sell merchandise directly to customers via retail locations and e-commerce portals. The wholesale segment represents our manufacturing and wholesale business which sell merchandise to customers via e-commerce portals, a retail location, and manufacturing facility. The other segment derives its revenue from licensing and consulting agreements with cannabis related entities, in addition to fees from seminars and expense reimbursements included in other revenue on the Company’s financial statements.

 

The following information represents segment activity for the three-month periods ended March 31, 2021 and March 31, 2020:

  

    For the Three Months Ended March 31,  
    2021     2020  
    Retail     Wholesale     Other     Total     Retail     Wholesale     Other     Total  
                                                 
Revenues   $ 11,816,200       7,446,265       77,650       19,340,115     $     $ 2,528,931     $ 674,203     $ 3,203,134  
Cost of goods and services   $ (7,500,757 )     (4,483,694 )     (102,660 )     (12,087,111 )   $     $ (1,896,226 )   $ (252,309 )   $ (2,148,535 )
Gross profit   $ 4,315,443       2,962,571       (25,010 )     7,253,004     $     $ 633,705     $ 421,894     $ 1,054,599  
Intangible assets amortization   $ 1,594,302       1,497       133       1,595,931     $     $ 1,513     $ 135     $ 1,648  
Depreciation   $ 84,298       3,641       106,699       194,637     $     $ 1,233     $ 3,232     $ 4,465  
Net income (loss)   $ 1,398,651       2,814,014       (7,862,172 )     (3,649,507 )   $     $ 446,499     $ (1,825,809 )   $ (1,379,310 )
Segment assets   $ 132,931,035       21,326,258       26,761,858       181,019,151     $     $ 12,935,074     $ 17,094,217     $ 30,029,291