Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v3.23.3
Segment Information
 9 Months Ended
Sep. 30, 2023
Segment Reporting [Abstract]  
Segment Information

Note 19 – Segment Information

 

The Company is an operating, acquisition, and investment business. Subsidiaries in which the Company has a controlling financial interest are consolidated. The Company generally has two reportable segments: 1) the Company’s long-standing investment in WCI, which works with business park owners, governmental centers, and apartment complexes to reduce their facility related operating costs, and 2) a historic segment which includes the cost basis of our former membership interests of Electrum, the reserved contractual interest in the Electrum legal recovery, the former finance lease payments receivable from Pueblo West to Partner II, the former settlement payments receivable from the G Farma Settlors, and the legacy operation of subsidiaries MCIP and Partner I. Additionally, the Company has added new tracking investments in energy securities listed on the NYSE.

 

    Historic Segment     Facility Operations Related     Corporate and Eliminations     Consolidated  
Three months ended September 30, 2023                                
Net revenue   $ -     $ 2,151,811     $ -     $ 2,151,811  
Operating income (loss)     (181 )     (47,675 )     (144,873 )     (192,729 )
Interest income     -       1       10,729       10,730  
Interest expense     -       25,023       4,530       29,553  
Property additions     -       46,763       -       46,763  
Depreciation and amortization     -       18,754       427       19,181  
                                 
Three months ended September 30, 2022                                
Net revenue   $ 20,168     $ 1,910,131     $ -     $ 1,930,299  
Operating income (loss)     19,507       (314,565 )     (126,983 )     (422,041 )
Interest income     -       -       12,887       12,887  
Interest expense     -       10,564       9,719       20,283  
Property additions     -       18,334       -       18,334  
Depreciation and amortization     -       17,687       520       18,207  
                                 
Nine months ended September 30, 2023                                
Net revenue   $ -     $ 6,432,907     $ (291 )   $ 6,432,616  
Operating income (loss)     (1,124 )     178,854       (434,158 )     (256,428 )
Interest income     -       1       27,563       27,564  
Interest expense     -       62,770       13,579       76,349  
Property additions     -       83,062       2,291       85,353  
Depreciation and amortization     -       49,260       1,092       50,352  
Total assets     651       3,357,852       1,811,270       5,169,773  
                                 
Nine months ended September 30, 2022                                
Net revenue   $ 37,659     $ 5,610,158     $ -     $ 5,647,817  
Operating income (loss)     33,079       (360,192 )     (727,315 )     (1,054,428 )
Interest income     -       5       40,627       40,632  
Interest expense     -       31,743       26,309       58,052  
Property additions     -       46,236       -       46,236  
Depreciation and amortization     -       50,283       1,564       51,847  
Total assets     737,847       3,536,780       1,566,378       5,841,005  

 

 

Note 19 – Segment Information (continued)

 

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
September 30,		     Nine Months Ended
September 30,		  
    2023     2022     2023     2022  
Operating loss   $ (192,729 )   $ (422,041 )   $ (256,428 )   $ (1,054,428 )
Employee retention credits     -       -       6,921       1,350,161  
Gain (loss) on investments     939       590       715       (39,661 )
Interest income     10,730       12,887       27,564       40,632  
Interest expense     (29,553 )     (20,283 )     (76,349 )     (58,052 )
Gain on asset disposals     -       -       -       56,455  
Other income     1,021       56,128       14,430       58,026  
                                 
Income before income taxes   $ (209,592 )   $ (372,719 )   $ (283,147 )   $ 353,133  

 

Subsequent to quarter end, on October 4, 2023, the Company sold its 51% interest in WCI. Then, on October 24, 2023, the Company completely divested itself of any cannabis assets or involvement and on October 30, 2023, the Company increased its energy investments. See Note. 20.