SEGMENT INFORMATION

9 Months Ended

Sep. 30, 2024

SEGMENT INFORMATION

SEGMENT INFORMATION

NOTE 10 — SEGMENT INFORMATION

The following table depicts the Company’s disaggregated condensed consolidated statements of income for the three months ended September 30, 2024 and 2023:

	Three Months Ended September 30,
	2024		% of Sales(1)		2023		% of Sales(1)
Consumer	$	33,756,600	72.0	%	$	26,881,202	72.9	%
Commercial		13,142,959	28.0	%		9,995,284	27.1	%
Sales		46,899,559	100.0	%		36,876,486	100.0	%
Consumer		29,840,285	63.6	%		23,291,939	63.2	%
Commercial		5,595,035	11.9	%		3,850,265	10.4	%
Cost of goods sold		35,435,320	75.6	%		27,142,204	73.6	%
Gross margin		11,464,239	24.4	%		9,734,282	26.4	%
Expenses:
Consumer		3,925,981	8.4	%		2,588,628	7.0	%
Commercial		5,103,007	10.9	%		4,857,752	13.2	%
Selling, general and administrative		9,028,988	19.3	%		7,446,380	20.2	%
Consumer		150,657	0.3	%		75,842	0.2	%
Commercial		264,122	0.6	%		261,871	0.7	%
Depreciation and amortization		414,779	0.9	%		337,713	0.9	%
Total operating expenses		9,443,767	20.1	%		7,784,093	21.1	%
Operating income		2,020,472	4.3	%		1,950,189	5.3	%
Other income (expense):
Consumer		62,502	0.1	%		22,851	0.1	%
Commercial		277,849	0.6	%		169,586	0.5	%
Other income		340,351	0.7	%		192,437	0.5	%
Consumer		(51,486)	(0.1)	%		(59,631)	(0.2)	%
Commercial		(54,653)	(0.1)	%		(57,535)	(0.2)	%
Interest expense		(106,139)	(0.2)	%		(117,166)	(0.3)	%
Income before income taxes		2,254,684	4.8	%		2,025,460	5.5	%
Income tax (expense) benefit:
Consumer		122,464	0.3	%		(120,637)	(0.3)	%
Commercial		(692,109)	(1.5)	%		(197,330)	(0.5)	%
Income tax expense		(569,645)	(1.2)	%		(317,967)	(0.9)	%
Net income	$	1,685,039	3.6	%	$	1,707,493	4.6	%

(1) The “% of Sales” figures present the proportion of each line item to the total consolidated sales for the respective period, which management believes is relevant to an assessment and understanding of our financial condition and results of operations. Due to rounding, percentages presented may not add up precisely to the totals provided.

The following table depicts the Company’s disaggregated condensed consolidated statements of income for the nine months ended September 30, 2024 and 2023:

	Nine Months Ended September 30,
	2024		% of Sales(1)		2023		% of Sales(1)
Consumer	$	93,972,645	71.2	%	$	103,227,033	74.9	%
Commercial		38,081,696	28.8	%		34,554,862	25.1	%
Sales		132,054,341	100.0	%		137,781,895	100.0	%
Consumer		82,485,812	62.5	%		91,558,160	66.5	%
Commercial		16,394,149	12.4	%		14,317,504	10.4	%
Cost of goods sold		98,879,961	74.9	%		105,875,664	76.8	%
Gross margin		33,174,380	25.1	%		31,906,231	23.2	%
Expenses:
Consumer		11,186,939	8.5	%		7,457,628	5.4	%
Commercial		14,597,073	11.1	%		16,256,609	11.8	%
Selling, general and administrative		25,784,012	19.5	%		23,714,237	17.2	%
Consumer		356,851	0.3	%		253,385	0.2	%
Commercial		763,760	0.6	%		774,853	0.6	%
Depreciation and amortization		1,120,611	0.8	%		1,028,238	0.7	%
Total operating expenses		26,904,623	20.4	%		24,742,475	18.0	%
Operating income		6,269,757	4.7	%		7,163,756	5.2	%
Other income (expense):
Consumer		78,510	0.1	%		70,315	0.1	%
Commercial		725,786	0.5	%		486,553	0.4	%
Other income		804,296	0.6	%		556,868	0.4	%
Consumer		(171,584)	(0.1)	%		(177,458)	(0.1)	%
Commercial		(164,550)	(0.1)	%		(171,460)	(0.1)	%
Interest expense		(336,134)	(0.3)	%		(348,918)	(0.3)	%
Income before income taxes		6,737,919	5.1	%		7,371,706	5.4	%
Income tax (expense) benefit:
Consumer		33,706	0.0	%		(778,150)	(0.6)	%
Commercial		(1,614,868)	(1.2)	%		(756,037)	(0.5)	%
Income tax expense		(1,581,162)	(1.2)	%		(1,534,187)	(1.1)	%
Net income	$	5,156,757	3.9	%	$	5,837,519	4.2	%

(1) The “% of Sales” figures present the proportion of each line item to the total consolidated sales for the respective period, which management believes is relevant to an assessment and understanding of our financial condition and results of operations. Due to rounding, percentages presented may not add up precisely to the totals provided.

The following table depicts the Company’s total assets:

	As of
	September 30, 2024		December 31, 2023
Consumer	$	41,453,365	$	35,839,361
Commercial		31,049,489		33,777,041
Corporate		4,888,714		3,857,827
	$	77,391,568	$	73,474,229