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REVENUE

9 Months Ended

Sep. 30, 2024

NOTE 11 — REVENUE

The following table depicts the Company’s disaggregation of total sales and gross margin for the three months ended September 30, 2024 and 2023


	Three Months Ended September 30,
	2024						2023
	Sales		Gross Margin		Margin		Sales		Gross Margin		Margin

Consumer	$	33,756,600	$	3,916,315	11.6	%	$	26,881,202	$	3,589,263	13.4	%

Commercial		13,142,959		7,547,924	65.5	%		9,385,069		6,145,019	65.5	%

Correction of immaterial error ⁽¹⁾		—		—	—			610,215		—	—

Commercial adjusted		13,142,959		7,547,924	57.4	%		9,995,284		6,145,019	61.5	%

	$	46,899,559	$	11,464,239	24.4	%	$	36,876,486	$	9,734,282	26.4	%

(1)	Correction of immaterial error relating to revenue from freight arrangement services, see Note 3 – Accounting Policies and Estimates for further details.

The following table depicts the Company’s disaggregation of total sales and gross margin for the nine months ended September 30, 2024 and 2023:


	Nine Months Ended September 30,
	2024						2023
	Sales		Gross Margin		Margin		Sales		Gross Margin		Margin

Consumer	$	93,972,645	$	11,486,833	12.2	%	$	103,227,033	$	11,668,873	11.3	%

Commercial		38,081,696		21,687,547	57.0	%		31,731,805		20,237,358	63.8	%

Correction of immaterial error ⁽¹⁾		—		—	—			2,823,057		—	—

Commercial adjusted		38,081,696		21,687,547	57.0	%		34,554,862		20,237,358	58.6	%

	$	132,054,341	$	33,174,380	25.1	%	$	137,781,895	$	31,906,231	23.2	%

(1)	Correction of immaterial error relating to revenue from freight arrangement services, see Note 3 – Accounting Policies and Estimates for further details.

The following table lists the opening and closing balances of our contract assets and liabilities:


		Accounts		Contract		Contract
		Receivable		Assets		Liabilities
Consumer
Opening Balance - 1/1/2023	$	839,239	$	—	$	282,481
Closing Balance - 9/30/2023		406,959		—		516,567

Commercial
Opening Balance - 1/1/2023		7,110,536		—		—
Closing Balance - 9/30/2023		8,527,903		—		—


		Accounts		Contract		Contract
		Receivable		Assets		Liabilities
Consumer
Opening Balance - 1/1/2024	$	3,411,501	$	—	$	185,348
Closing Balance - 9/30/2024		366,612		—		2,921,982

Commercial
Opening Balance - 1/1/2024		4,399,658		—		—
Closing Balance - 9/30/2024		3,514,867		—		—

The Company has no contract assets, and the contract liabilities are customer deposits and gift cards, which are reported within other liabilities in the condensed consolidated balance sheets.