SEGMENT INFORMATION

6 Months Ended

Jun. 30, 2024

SEGMENT INFORMATION

SEGMENT INFORMATION

NOTE 9 — SEGMENT INFORMATION

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

	Three Months Ended June 30,
	2024			% of Sales(1)			2023			% of Sales(1)
Consumer	$	31,990,028			70.6	%	$	39,641,434			77.6	%
Commercial		13,306,974			29.4	%		11,454,443			22.4	%
Sales		45,297,002			100.0	%		51,095,877			100.0	%
Consumer		27,968,699			61.7	%		35,546,792			69.6	%
Commercial		5,938,846			13.1	%		4,787,038			9.4	%
Cost of goods sold		33,907,545			74.9	%		40,333,830			78.9	%
Gross margin		11,389,457			25.1	%		10,762,047			21.1	%
Expenses:
Consumer		4,009,468			8.9	%		2,472,973			4.8	%
Commercial		5,108,580			11.3	%		5,889,581			11.5	%
Selling, general and administrative		9,118,048			20.2	%		8,362,554			16.4	%
Consumer		112,518			0.2	%		79,408			0.2	%
Commercial		249,749			0.6	%		256,766			0.5	%
Depreciation and amortization		362,267			0.8	%		336,174			0.7	%
Total operating expenses		9,480,315			20.9	%		8,698,728			17.0	%
Operating income		1,909,142			4.2	%		2,063,319			4.0	%
Other income (expense):
Consumer		8,003			0.0	%		23,929			0.0	%
Commercial		217,414			0.5	%		129,723			0.3	%
Other income		225,417			0.5	%		153,652			0.3	%
Consumer		(55,697	)		-0.1	%		(58,209	)		-0.1	%
Commercial		(53,444	)		-0.1	%		(56,479	)		-0.1	%
Interest expense		(109,141	)		-0.2	%		(114,688	)		-0.2	%
Income before income taxes		2,025,418			4.5	%		2,102,283			4.1	%
Consumer		(29,607	)		-0.1	%		(339,672	)		-0.7	%
Commercial		(431,632	)		-1.1	%		(158,902	)		-0.4	%
Income tax expense		(461,239	)		-1.2	%		(498,574	)		-1.1	%
Net income	$	1,564,179			3.5	%	$	1,603,709			3.1	%

(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. 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 six months ended June 30, 2024 and 2023:

	Six Months Ended June 30,
	2024			% of Sales(1)			2023			% of Sales(1)
Consumer	$	60,216,045			70.7	%	$	76,345,831			75.7	%
Commercial		24,938,737			29.3	%		24,559,578			24.3	%
Sales		85,154,782			100.0	%		100,905,409			100.0	%
Consumer		52,645,527			61.8	%		68,266,221			67.7	%
Commercial		10,799,114			12.7	%		10,467,239			10.4	%
Cost of goods sold		63,444,641			74.5	%		78,733,460			78.0	%
Gross margin		21,710,141			25.5	%		22,171,949			22.0	%
Expenses:
Consumer		7,260,958			8.5	%		4,868,998			4.8	%
Commercial		9,494,066			11.1	%		11,398,859			11.3	%
Selling, general and administrative		16,755,024			19.7	%		16,267,857			16.1	%
Consumer		206,194			0.2	%		177,542			0.2	%
Commercial		499,638			0.6	%		512,983			0.5	%
Depreciation and amortization		705,832			0.8	%		690,525			0.7	%
Total operating expenses		17,460,856			20.5	%		16,958,382			16.8	%
Operating income		4,249,285			5.0	%		5,213,567			5.2	%
Other income (expense):
Consumer		16,008			0.0	%		47,463			0.0	%
Commercial		447,937			0.5	%		316,968			0.3	%
Other income		463,945			0.5	%		364,431			0.4	%
Consumer		(120,098	)		-0.1	%		(117,827	)		-0.1	%
Commercial		(109,897	)		-0.1	%		(113,925	)		-0.1	%
Interest expense		(229,995	)		-0.3	%		(231,752	)		-0.2	%
Income before income taxes		4,483,235			5.3	%		5,346,246			5.3	%
Consumer		(88,758	)		-0.1	%		(657,513	)		-0.7	%
Commercial		(922,759	)		-1.2	%		(558,707	)		-0.7	%
Income tax expense		(1,011,517	)		-1.3	%		(1,216,220	)		-1.4	%
Net income	$	3,471,718			4.1	%	$	4,130,026			4.1	%

(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. Due to rounding, percentages presented may not add up precisely to the totals provided.

The following chart depicts the Company’s total assets:

	As of
	June 30, 2024		December 31, 2023
Consumer	$	35,482,326	$	35,839,361
Commercial		33,765,284		33,777,041
Corporate		4,601,250		3,857,827
	$	73,848,860	$	73,474,229