Quarterly report pursuant to Section 13 or 15(d)

SEGMENT REPORTING

v3.22.2.2
SEGMENT REPORTING
6 Months Ended
Jun. 30, 2022
SEGMENT REPORTING  
SEGMENT REPORTING

13. SEGMENT REPORTING

 

FASB Codification Topic 280, Segment Reporting, establishes standards for reporting financial and descriptive information about an enterprise’s reportable segments. The Company has two reportable segments: sale of branded alcoholic beverages and specialty packaging. The segments are determined based on several factors, including the nature of products and services, the nature of production processes, customer base, delivery channels and similar economic characteristics.

 

An operating segment’s performance is evaluated based on its pre-tax operating contribution, or segment income. Segment income is defined as net sales less cost of sales, segment selling, general and administrative expenses, research and development costs and stock-based compensation. It does not include other charges (income), net and interest and other, net.

 

 

 

Branded

Beverages

 

 

Specialty

Packaging

(TopPop)

 

 

Corporate

 

 

Total

 

Balance sheet at June 30, 2022

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

$ 6,647,516

 

 

$ 55,846,103

 

 

$ -

 

 

$ 62,493,619

 

Liabilities

 

$ 3,059,337

 

 

$ 36,007,278

 

 

$ -

 

 

$ 39,066,615

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance sheet at December 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

$ 2,925,694

 

 

$ 47,780,962

 

 

$ -

 

 

$ 50,706,656

 

Liabilities

 

$ 2,447,005

 

 

$ 29,146,596

 

 

$ -

 

 

$ 31,593,601

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income Statement for the six months ended June 30, 2022:

 

 Branded

Beverages

 

 

 Specialty Packaging

 

 

Corporate

 

 

Total 

 

Net Sales

 

$ 1,391,995

 

 

$ 9,309,023

 

 

$ -

 

 

$ 10,701,018

 

Cost of sales

 

$ 597,503

 

 

$ 6,528,210

 

 

$ -

 

 

$ 7,125,713

 

Total operating expenses

 

$ 4,066,371

 

 

$ 5,695,860

 

 

$ 637,359

 

 

$ 10,399,590

 

Loss from operations

 

$ (3,271,879 )

 

$ (2,915,047 )

 

$ (637,359 )

 

$ (6,824,585 )

Interest expense

 

$ -

 

 

$ 427,286

 

 

$ -

 

 

$ 427,286

 

Depreciation and amortization

 

$ 5,628

 

 

$ 335,437

 

 

$ -

 

 

$ 341,065

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income Statement for the six months ended June 30, 2021:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Sales

 

$ 1,219,447

 

 

$ -

 

 

$ -

 

 

$ 1,219,447

 

Cost of Goods Sold

 

$ 643,839

 

 

$ -

 

 

$ -

 

 

$ 643,839

 

Total operating expenses

 

$ 2,649,965

 

 

$ -

 

 

$ 241,373

 

 

$ 2,891,338

 

Loss from operations

 

$ (2,074,357 )

 

$ -

 

 

$ (241,373 )

 

$ (2,315,730 )

Depreciation and amortization

 

$ 3,981

 

 

$ -

 

 

$ -

 

 

$ 3,981

 

 

Income Statement for the three months ended June 30, 2022:

 

 Branded Beverages

 

 

 Specialty Packaging

 

 

Corporate

 

 

Total

 

Net Sales

 

$ 858,900

 

 

$ 5,795,321

 

 

$ -

 

 

$ 6,654,221

 

Cost of sales

 

$ 383,162

 

 

$ 4,537,512

 

 

$ -

 

 

$ 4,920,674

 

Total operating expenses

 

$ 2,448,486

 

 

$ 2,860,955

 

 

$ 279,785

 

 

$ 5,589,226

 

Loss from operations

 

$ (1,972,748 )

 

$ (1,603,146 )

 

$ (279,785 )

 

$ (3,855,679 )

Interest expense

 

$ -

 

 

$ 244,152

 

 

$ -

 

 

$ 244,152

 

Depreciation and amortization

 

$ 4,487

 

 

$ 258,228

 

 

$ -

 

 

$ 262,715

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income Statement for the three months ended June 30, 2021:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Sales

 

$ 584,914

 

 

$ -

 

 

$ -

 

 

$ 584,914

 

Cost of Goods Sold

 

$ 325,206

 

 

$ -

 

 

$ -

 

 

$ 325,206

 

Total operating expenses

 

$ 1,758,577

 

 

$ -

 

 

$ 137,623

 

 

$ 1,896,200

 

Loss from operations

 

$ (1,498,869 )

 

$ -

 

 

$ (137,623 )

 

$ (1,636,492 )

Depreciation and amortization

 

$ 435

 

 

$ -

 

 

$ -

 

 

$ 435