Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v3.4.0.3
Segment Information
 3 Months Ended
Mar. 31, 2016
Segment Information:  
Segment Information

Note 20 – Segment Information

 

The Company is operating an acquisition and investment business. Majority owned subsidiaries of 51% or more are consolidated. The Company has determined that there are two reportable segments; 1) the cannabis and medical marijuana segment which includes the receivable from Bhang of $1,500,000, the convertible note receivable and accrued interest from Electrum, and the operation of subsidiaries in the Cannabis and medical marijuana sector, and 2) the Company’s legacy investment in WCI which works with business park owners, governmental centers, and apartment complexes to reduce their trash related operating costs. The Company also has certain small cancer related legacy investments and an investment in note receivable from a non-affiliated party that is included in the Corporate and Eliminations section below.

 

 

Cannabis and Medical Marijuana Segment

Trash Management

Corporate and Eliminations

Consolidated

Three months ended March 2016

 

Net sales

$

450

$

642,844

$

-

$

643,294

Income before taxes

 

4,094

20,745

(213,983)

(189,144)

Interest income

 

2,694

-

24,553

27,247

Interest expense

 

-

4,316

7,552

11,868

Total assets

 

1,607,772

1,123,451

1,575,690

4,306,913

Property additions

 

-

5,268

1,029

6,297

Depreciation and amortization

 

1,568

30,004

(25,634)

5,938

 

Three months ended March 2015

 

Net sales

 

-

573,850

-

573,850

Income before taxes

 

174

49,225

(232,988)

(183,589)

Interest income

 

174

-

2,215

2,389

Interest expense

 

-

4,774

(774)

4,000

Total assets

 

1,626,740

1,114,834

1,140,954

3,882,528

Property additions

 

-

-

1,221

1,221

Depreciation and amortization

 

-

6,810

683

7,493

 

The following table reconciles operating segments and corporate-unallocated operating income (loss) to consolidated income before income taxes, as presented in the unaudited condensed consolidated income statements:

 

 

Three Months Ended March 31,

 

2016

2015

Operating loss

$

(181,496)

$

(183,317)

Interest income

 

27,247

2,389

Interest expense

 

(11,868)

(4,000)

Gain (loss) on investments

 

(37,279)

1,339

Gain on spinoff of Investor

 

 

Webcast assets and liabilities

 

14,990

-

Other expense

 

(738)

-

 

Income before income taxes

$

(189,144)

$

(183,589)