arcee-ai/sec-data-full · Datasets at Hugging Face

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Company provides general corporate services to its segments; however, these services are not considered when making operating decisions
and assessing segment performance. These services are reported under “Corporate Services” below and these include costs associated
with executive management, financing activities and public company compliance. 7 1847
HOLDINGS LLC NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS MARCH
31, 2022 (UNAUDITED) The
Company’s revenues for the three months ended March 31, 2022 and 2021 are disaggregated as follows: Three
Months Ended March 31, 2022 Retail
and Appliances Construction Automotive Supplies Total Revenues Appliances $ 2,204,625 $ - $ - $ 2,204,625 Appliance
accessories, parts, and other 316,159 - - 316,159 Automotive
horns - - 1,199,856 1,199,856 Automotive
lighting - - 442,135 442,135 Custom
cabinets and countertops - 4,167,801 - 4,167,801 Finished
carpentry - 3,743,302 - 3,743,302 Total
Revenues $ 2,520,784 $ 7,911,103 $ 1,641,991 $ 12,073,878 Three
Months Ended March 31, 2021 Retail
and Appliances Construction Automotive Supplies Total Revenues Appliances $ 2,899,361 $ - $ - $ 2,899,361 Appliance
accessories, parts, and other 365,005 - - 365,005 Automotive
horns - - - - Automotive
lighting - - - - Custom
cabinets and countertops - 1,515,909 - 1,515,909 Finished
carpentry - - - - Total
Revenues $ 3,264,366 $ 1,515,909 $ - $ 4,780,275 Segment
information for the three months ended March 31, 2022 and 2021 is as follows: Three
Months Ended March 31, 2022 Retail
and Appliances Construction Automotive Supplies Corporate Services Total Revenues $ 2,520,784 $ 7,911,103 $ 1,641,991 $ - $ 12,073,878 Operating expenses - Cost of sales 1,871,450 4,879,591 998,089 - 7,749,130 Personnel 230,388 1,134,210 300,328 ( 87,226 ) 1,577,700 Depreciation
and amortization 79,797 379,704 51,870 - 511,371 General
and administrative 449,494 1,116,558 386,781 213,374 2,166,207 Total
Operating Expenses 2,631,129 7,510,063 1,737,068 126,148 12,004,408 Income
(Loss) from Operations $ ( 110,345 ) $ 401,040 $ ( 95,077 ) $ ( 126,148 ) $ 69,470 Three
Months Ended March 31, 2021 Retail
and Appliances Construction Automotive Supplies Corporate Services Total Revenues $ 3,264,366 $ 1,515,909 $ - $ - $ 4,780,275 Operating expenses - - Cost of sales 2,506,652 754,030 - - 3,260,682 Personnel 253,083 231,589 - - 484,672 Depreciation
and amortization 44,675 77,431 - - 122,106 General
and administrative 434,587 215,311 598,295 76,003 1,324,196 Total
Operating Expenses 3,238,997 1,278,361 598,295 76,003 5,191,656 Income
(Loss) from Operations $ 25,369 $ 237,548 $ ( 598,295 ) $ ( 76,003 ) $ ( 411,381 ) 8 1847
HOLDINGS LLC NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS MARCH
31, 2022 (UNAUDITED) NOTE
5—PROPERTY AND EQUIPMENT Property
and equipment at March 31, 2022 and December 31, 2021 consisted of the followin March
31, 2022 December 31, 2021 Equipment and
machinery $ 1,127,897 $ 808,592 Office furniture and equipment 107,903 105,203 Transportation equipment 901,426 864,121 Leasehold
improvements 123,651 112,356 Total property and equipment 2,260,877 1,890,272 L
Accumulated depreciation ( 339,910 ) ( 194,961 ) Property
and equipment, net $ 1,920,967 $ 1,695,311 Depreciation
expense for the three months ended March 31, 2022 and 2021 was $ 146,679 and $ 24,309 , respectively. NOTE 6—INTANGIBLE ASSETS Intangible assets at March 31, 2022 and December
31, 2021 consisted of the followin March 31, 2022 December 31, 2021 Customer relationships $ 5,791,000 $ 5,791,000 Marketing related 5,917,000 5,917,000 Technology related 623,000 623,000 Total intangible assets 12,331,000 12,331,000 L accumulated amortization ( 1,251,795 ) ( 887,103 ) Intangible assets, net $ 11,079,205 $ 11,443,897 Amortization expense for the three months ended
March 31, 2022 and 2021 was $ 364,692 and $ 97,797 , respectively. Estimated amortization expense for intangible
assets for the next five years consists of the following as of March 31, 2022: Year Ending December 31, Amount 2022 – remaining $ 1,094,088 2023 1,458,780 2024 1,458,750 2025 1,325,745 2026 1,157,523 Thereafter 4,584,319 Total $ 11,079,205 9 1847
HOLDINGS LLC NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS MARCH
31, 2022 (UNAUDITED) NOTE
7—SELECTED ACCOUNT INFORMATION Receivables
at March 31, 2022 and December 31, 2021 consisted of the followin March
31, 2022 December 31, 2021 Trade accounts
receivable $ 3,235,644 $ 2,691,702 Vendor rebates receivable 12,194 126,118 Credit card payments in process
of settlement - 116,187 Retainage 1,029,976 803,989 Total receivables 4,277,814 3,737,996 Allowance
for doubtful accounts ( 359,000 ) ( 359,000 ) Accounts
receivable, net $ 3,918,814 $ 3,378,996 Inventories at March 31, 2022 and December 31,
2021 consisted of the followin March
31, 2022 December 31, 2021 Appliances $ 2,554,539 $ 2,206,336 Automotive 1,824,260 2,064,834 Construction 1,814,543 1,543,980 Total inventories 6,193,342 5,815,150 Less
reserve for obsolescence ( 387,848 ) ( 387,848 ) Total
inventories, net $ 5,805,494 $ 5,427,302 Inventory balances are composed of finished goods. Raw materials and
work in process inventory are immaterial to the condensed consolidated financial statements. Accounts
payable and accrued expenses at March 31, 2022 and December 31, 2021 consisted of the followin March 31, 2022 December 31, 2021 Trade accounts payable $ 3,810,165 $ 3,117,825 Credit cards payable 80,536 52,300 Accrued payroll liabilities 397,717 263,590 Accrued interest 853,402 711,258 Accrued dividends 384,977 242,160 Other accrued liabilities 384,779 431,539 Total accounts payable and accrued expenses $ 5,911,576 $ 4,818,672 NOTE
8—LEASES Operating
Leases The
following was included in our condensed consolidated balance sheet at March 31, 2022 and December 31, 2021: March
31, 2022 December 31, 2021 Operating lease
right-of-use assets $ 3,094,573 $ 3,192,604 Lease liabilities, current
portion 595,039 613,696 Lease
liabilities, long-term 2,542,790 2,607,862 Total
operating lease liabilities $ 3,137,829 $ 3,221,558 Weighted-average remaining
lease term (months) 54 59 Weighted average discount rate 4.29 % 4.29 % Operating
lease expense was expense was $ 235,438 and $ 85,924 for the three months ended March 31, 2022 and March 31, 2021, respectively. 10 1847
HOLDINGS LLC NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS MARCH
31, 2022 (UNAUDITED) As
of March 31, 2022, maturities of operating lease liabilities were as follows: Year Ending
December 31, Amount 2022 –
remaining $ 524,519 2023 738,690 2024 753,868 2025 747,860 2026 495,994 Thereafter 212,580 Total 3,473,511 L
imputed interest ( 335,682 ) Total
operating lease liabilities $ 3,137,829 Finance
Leases During
the period ending March 31, 2022, the Company entered in an equipment financing lease to purchase machinery and equipment totaling $ 316,798 ,
maturing in January 2028. As
of March 31, 2022, maturities of finance lease liabilities were as follows: Year Ending
December 31, Amount 2022 –
remaining $ 137,882 2023 184,711 2024 168,254 2025 161,487 2026 161,487 Thereafter 166,688 Total payments 980,509 L
amount representing interest ( 138,235 ) Present
value of minimum finance lease payments $ 842,274 As
of March 31, 2022, the weighted-average remaining lease term for all finance leases is 5.50 years. NOTE 9—ACQUISITIONS On March 30, 2021, the Company acquired 100 % of
the outstanding capital stock of Wolo Mfg. Corp and Wolo Industrial Horn & Signal, Inc. (“Wolo”) for an aggregate purchase
price of $ 8,344,056 . Wolo contributed revenue of $ 1,661,754 and net
loss from continuing operations of $ 325,417 , which are included in our condensed consolidated statements of operations for the three months
ended March 31, 2022. On October 8, 2021, the Company acquired 100 %
of the outstanding capital stock of High Mountain Door & Trim, Inc. (“High Mountain”) and Sierra Homes, LLC (“Sierra
Homes”) for an aggregate purchase price of $ 15,441,173 . High Mountain and Sierra Homes contributed revenue
of $ 6,249,349 and net loss from continuing operations of $ 271,647 , which are included in our condensed consolidated statements of operations

Company provides general corporate services to its segments; however, these services are not considered when making operating decisions

and assessing segment performance. These services are reported under “Corporate Services” below and these include costs associated

with executive management, financing activities and public company compliance. 7 1847

HOLDINGS LLC NOTES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS MARCH

31, 2022 (UNAUDITED) The

Company’s revenues for the three months ended March 31, 2022 and 2021 are disaggregated as follows: Three

Months Ended March 31, 2022 Retail

and Appliances Construction Automotive Supplies Total Revenues Appliances $ 2,204,625 $ - $ - $ 2,204,625 Appliance

accessories, parts, and other 316,159 - - 316,159 Automotive

horns - - 1,199,856 1,199,856 Automotive

lighting - - 442,135 442,135 Custom

cabinets and countertops - 4,167,801 - 4,167,801 Finished

carpentry - 3,743,302 - 3,743,302 Total

Revenues $ 2,520,784 $ 7,911,103 $ 1,641,991 $ 12,073,878 Three

Months Ended March 31, 2021 Retail

and Appliances Construction Automotive Supplies Total Revenues Appliances $ 2,899,361 $ - $ - $ 2,899,361 Appliance

accessories, parts, and other 365,005 - - 365,005 Automotive

horns - - - - Automotive

lighting - - - - Custom

cabinets and countertops - 1,515,909 - 1,515,909 Finished

carpentry - - - - Total

Revenues $ 3,264,366 $ 1,515,909 $ - $ 4,780,275 Segment

information for the three months ended March 31, 2022 and 2021 is as follows: Three

Months Ended March 31, 2022 Retail

and Appliances Construction Automotive Supplies Corporate Services Total Revenues $ 2,520,784 $ 7,911,103 $ 1,641,991 $ - $ 12,073,878 Operating expenses - Cost of sales 1,871,450 4,879,591 998,089 - 7,749,130 Personnel 230,388 1,134,210 300,328 ( 87,226 ) 1,577,700 Depreciation

and amortization 79,797 379,704 51,870 - 511,371 General

and administrative 449,494 1,116,558 386,781 213,374 2,166,207 Total

Operating Expenses 2,631,129 7,510,063 1,737,068 126,148 12,004,408 Income

(Loss) from Operations $ ( 110,345 ) $ 401,040 $ ( 95,077 ) $ ( 126,148 ) $ 69,470 Three

Months Ended March 31, 2021 Retail

and Appliances Construction Automotive Supplies Corporate Services Total Revenues $ 3,264,366 $ 1,515,909 $ - $ - $ 4,780,275 Operating expenses - - Cost of sales 2,506,652 754,030 - - 3,260,682 Personnel 253,083 231,589 - - 484,672 Depreciation

and amortization 44,675 77,431 - - 122,106 General

and administrative 434,587 215,311 598,295 76,003 1,324,196 Total

Operating Expenses 3,238,997 1,278,361 598,295 76,003 5,191,656 Income

(Loss) from Operations $ 25,369 $ 237,548 $ ( 598,295 ) $ ( 76,003 ) $ ( 411,381 ) 8 1847

HOLDINGS LLC NOTES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS MARCH

31, 2022 (UNAUDITED) NOTE

5—PROPERTY AND EQUIPMENT Property

and equipment at March 31, 2022 and December 31, 2021 consisted of the followin March

31, 2022 December 31, 2021 Equipment and

machinery $ 1,127,897 $ 808,592 Office furniture and equipment 107,903 105,203 Transportation equipment 901,426 864,121 Leasehold

improvements 123,651 112,356 Total property and equipment 2,260,877 1,890,272 L

Accumulated depreciation ( 339,910 ) ( 194,961 ) Property

and equipment, net $ 1,920,967 $ 1,695,311 Depreciation

expense for the three months ended March 31, 2022 and 2021 was $ 146,679 and $ 24,309 , respectively. NOTE 6—INTANGIBLE ASSETS Intangible assets at March 31, 2022 and December

31, 2021 consisted of the followin March 31, 2022 December 31, 2021 Customer relationships $ 5,791,000 $ 5,791,000 Marketing related 5,917,000 5,917,000 Technology related 623,000 623,000 Total intangible assets 12,331,000 12,331,000 L accumulated amortization ( 1,251,795 ) ( 887,103 ) Intangible assets, net $ 11,079,205 $ 11,443,897 Amortization expense for the three months ended

March 31, 2022 and 2021 was $ 364,692 and $ 97,797 , respectively. Estimated amortization expense for intangible

assets for the next five years consists of the following as of March 31, 2022: Year Ending December 31, Amount 2022 – remaining $ 1,094,088 2023 1,458,780 2024 1,458,750 2025 1,325,745 2026 1,157,523 Thereafter 4,584,319 Total $ 11,079,205 9 1847

HOLDINGS LLC NOTES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS MARCH

31, 2022 (UNAUDITED) NOTE

7—SELECTED ACCOUNT INFORMATION Receivables

at March 31, 2022 and December 31, 2021 consisted of the followin March

31, 2022 December 31, 2021 Trade accounts

receivable $ 3,235,644 $ 2,691,702 Vendor rebates receivable 12,194 126,118 Credit card payments in process

of settlement - 116,187 Retainage 1,029,976 803,989 Total receivables 4,277,814 3,737,996 Allowance

for doubtful accounts ( 359,000 ) ( 359,000 ) Accounts

receivable, net $ 3,918,814 $ 3,378,996 Inventories at March 31, 2022 and December 31,

2021 consisted of the followin March

31, 2022 December 31, 2021 Appliances $ 2,554,539 $ 2,206,336 Automotive 1,824,260 2,064,834 Construction 1,814,543 1,543,980 Total inventories 6,193,342 5,815,150 Less

reserve for obsolescence ( 387,848 ) ( 387,848 ) Total

inventories, net $ 5,805,494 $ 5,427,302 Inventory balances are composed of finished goods. Raw materials and

work in process inventory are immaterial to the condensed consolidated financial statements. Accounts

payable and accrued expenses at March 31, 2022 and December 31, 2021 consisted of the followin March 31, 2022 December 31, 2021 Trade accounts payable $ 3,810,165 $ 3,117,825 Credit cards payable 80,536 52,300 Accrued payroll liabilities 397,717 263,590 Accrued interest 853,402 711,258 Accrued dividends 384,977 242,160 Other accrued liabilities 384,779 431,539 Total accounts payable and accrued expenses $ 5,911,576 $ 4,818,672 NOTE

8—LEASES Operating

Leases The

following was included in our condensed consolidated balance sheet at March 31, 2022 and December 31, 2021: March

31, 2022 December 31, 2021 Operating lease

right-of-use assets $ 3,094,573 $ 3,192,604 Lease liabilities, current

portion 595,039 613,696 Lease

liabilities, long-term 2,542,790 2,607,862 Total

operating lease liabilities $ 3,137,829 $ 3,221,558 Weighted-average remaining

lease term (months) 54 59 Weighted average discount rate 4.29 % 4.29 % Operating

lease expense was expense was $ 235,438 and $ 85,924 for the three months ended March 31, 2022 and March 31, 2021, respectively. 10 1847

HOLDINGS LLC NOTES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS MARCH

31, 2022 (UNAUDITED) As

of March 31, 2022, maturities of operating lease liabilities were as follows: Year Ending

December 31, Amount 2022 –

remaining $ 524,519 2023 738,690 2024 753,868 2025 747,860 2026 495,994 Thereafter 212,580 Total 3,473,511 L

imputed interest ( 335,682 ) Total

operating lease liabilities $ 3,137,829 Finance

Leases During

the period ending March 31, 2022, the Company entered in an equipment financing lease to purchase machinery and equipment totaling $ 316,798 ,

maturing in January 2028. As

of March 31, 2022, maturities of finance lease liabilities were as follows: Year Ending

December 31, Amount 2022 –

remaining $ 137,882 2023 184,711 2024 168,254 2025 161,487 2026 161,487 Thereafter 166,688 Total payments 980,509 L

amount representing interest ( 138,235 ) Present

value of minimum finance lease payments $ 842,274 As

of March 31, 2022, the weighted-average remaining lease term for all finance leases is 5.50 years. NOTE 9—ACQUISITIONS On March 30, 2021, the Company acquired 100 % of

the outstanding capital stock of Wolo Mfg. Corp and Wolo Industrial Horn & Signal, Inc. (“Wolo”) for an aggregate purchase

price of $ 8,344,056 . Wolo contributed revenue of $ 1,661,754 and net

loss from continuing operations of $ 325,417 , which are included in our condensed consolidated statements of operations for the three months

ended March 31, 2022. On October 8, 2021, the Company acquired 100 %

of the outstanding capital stock of High Mountain Door & Trim, Inc. (“High Mountain”) and Sierra Homes, LLC (“Sierra

Homes”) for an aggregate purchase price of $ 15,441,173 . High Mountain and Sierra Homes contributed revenue

of $ 6,249,349 and net loss from continuing operations of $ 271,647 , which are included in our condensed consolidated statements of operations