Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v3.8.0.1
Segment Information
 3 Months Ended
Mar. 31, 2017
Segment Information:  
Segment Information

Note 19 – 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 notes receivables and accrued interest from Electrum and NeuCourt, the notes receivable from GFarma, the contractual interest in legal recovery, 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 facility 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

Legacy Investment

Corporate and Eliminations

Consolidated

Three months ended March 2017

 

Net sales

$

-

$

738,144

$

-

$

738,144

Income before taxes

 

(299)

23,592

(464,509)

(441,216)

Interest income

 

-

1

28,293

28,294

Interest expense

 

-

5,184

(1,134)

4,050

Total assets

 

1,148,992

1,116,210

5,511,704

7,776,906

Property additions

 

-

-

-

-

Depreciation and amortization

 

-

3,323

625

3,948

 

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

 

 

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,

 

2017

2016

Operating loss

$

(384,394)

$

(181,496)

Interest income

 

28,294

27,247

Interest expense

 

(4,050)

(11,868)

Gain (loss) on investments

 

(81,566)

(21,944)

Loss on disposal of Investor Webcast assets and liabilities

 

-

(345)

Other income (expense)

 

500

(738)

 

Income before income taxes

$

(441,216)

$

(189,144)