SEGMENT INFORMATION

3 Months Ended

Mar. 31, 2024

SEGMENT INFORMATION

SEGMENT INFORMATION

NOTE 9 — SEGMENT INFORMATION

The following table depicts the Company’s disaggregated statements of income:

	Three Months Ended March 31,
	2024			% of Sales(1)			2023			% of Sales(1)
Consumer	$	28,226,017			70.8	%	$	36,704,397			73.7	%
Commercial		11,631,763			29.2	%		13,105,135			26.3	%
Sales		39,857,780			100.0	%		49,809,532			100.0	%
Consumer		24,676,828			61.9	%		32,719,429			65.7	%
Commercial		4,860,268			12.2	%		5,680,201			11.4	%
Cost of goods sold		29,537,096			74.1	%		38,399,630			77.1	%
Gross margin		10,320,684			25.9	%		11,409,902			22.9	%
Consumer		3,251,490			8.2	%		2,396,025			4.8	%
Commercial		4,385,486			11.0	%		5,509,278			11.1	%
Selling, general and administrative		7,636,976			19.2	%		7,905,303			15.9	%
Consumer		93,676			0.2	%		98,134			0.2	%
Commercial		249,889			0.6	%		256,217			0.5	%
Depreciation and amortization		343,565			0.8	%		354,351			0.7	%
Total operating expenses		7,980,541			20.0	%		8,259,654			16.6	%
Operating income		2,340,143			5.9	%		3,150,248			6.3	%
Other income/(expense):
Consumer		8,005			0.0	%		23,534			0.0	%
Commercial		230,523			0.6	%		187,245			0.4	%
Other income		238,528			0.6	%		210,779			0.4	%
Consumer		(64,401	)		(0.2	)%		(59,618	)		(0.1	)%
Commercial		(56,453	)		(0.1	)%		(57,446	)		(0.1	)%
Interest expense		(120,854	)		(0.3	)%		(117,064	)		(0.2	)%
Income before income taxes		2,457,817			6.2	%		3,243,963			6.5	%
Consumer		(59,151	)		(0.1	)%		(317,841	)		(0.6	)%
Commercial		(491,127	)		(1.3	)%		(399,805	)		(0.9	)%
Income tax expense		(550,278	)		(1.4	)%		(717,646	)		(1.5	)%
Net income	$	1,907,539			4.8	%	$	2,526,317			5.1	%

(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.

The following chart depicts the Company’s total assets:

	As of
	March 31, 2024		December 31, 2023
Consumer	$	34,993,787	$	35,839,361
Commercial		35,682,400		33,777,041
Corporate		4,069,231		3,857,827
	$	74,745,418	$	73,474,229