Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v2.4.1.9
Segment Information
 3 Months Ended
Mar. 31, 2015
Segment Information:  
Segment Information

Note 18 – 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 beginning in January 2014 there are two reportable segments, which are 1) the cannabis and medical marijuana segment which includes the receivable from Bhang of $1,500,000, the convertible note receivable from Electrum Partners and the operation of MCB, a subsidiary 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 $117,000 investment in note receivable from a non-affiliated party that is included in Corporate below.  

 

 

 

Cannabis and Medical Marijuana Segment

 

Legacy Investment

 

Corporate and Eliminations

 

Consolidated

Three months ended March 2015

 

 

 

 

 

 

 

 

Net sales

$

-

$

573 850

$

-

$

573,850

 

 

 

 

 

 

 

 

 

Income (loss) from operations

 

-

 

55 462

 

(245,316)

 

(183,317)

 

 

 

 

 

 

 

 

 

Total assets

 

1,626,740

 

1,114,834

 

1,140,954

 

3,882,528

 

 

 

 

 

 

 

 

 

Interest expense

 

-

 

4,774

 

(774)

 

4,000

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

-

 

6,810

 

683

 

7,493

 

 

 

 

 

 

 

 

 

Three months ended March 2014

 

 

 

 

 

 

 

 

Net sales

$

-

$

490,808

$

-

$

490,808

 

 

 

 

 

 

 

 

 

Income (loss) from operations

 

(21,551)

 

68,035

 

(136,953)

 

(90,469)

 

 

 

 

 

 

 

 

 

Total assets

 

1,600,927

 

1,122,564

 

1,270,899

 

3,994,390

 

 

 

 

 

 

 

 

 

Interest expense

 

-

 

4,093

 

397

 

4,490

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

-

 

6,091

 

3,369

 

9,460

 

 

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

 

 

 

 

2015

 

2014

Operating income (loss)

 

 

$

(183,317)

$

(90,469)

Gain recognized on purchase of majority interest in WCI

 

-

 

1,250,000

Interest income

 

 

 

2,389

 

-

Interest expense

 

 

 

(4,000)

 

(4,490)

Gain on investments

 

 

 

1,339

 

1,377

Other income

 

 

 

-

 

75

 

 

 

 

 

 

 

  Income before income taxes

 

 

$

(183,589)

$

1,156,493