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

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$269,677 for the three months ended June 30, 2022. Such decrease was primarily attributed to decreased employee headcount as a result
of decreased revenues, offset by annual wage increases in the automotive supplies segment. As a percentage of automotive supplies revenue,
personnel costs for the automotive supplies segment were 16.9% and 13.6% for the three months ended June 30, 2023 and 2022, respectively. Personnel
costs for the corporate services segment decreased by $32,203, or 11.7%, to $243,150 for the three months ended June 30, 2023, from $275,353
for the three months ended June 30, 2022. Such decrease was primarily attributed a decrease in accrued management bonuses, offset by
increased wages in the corporate services segment. Depreciation
and amortization . Our total depreciation and amortization expense increased by $119,823, or 24.0%, to $618,797 for the three
months ended June 30, 2023, from $498,974 for the three months ended June 30, 2022. 33 General
and administrative expenses . Our general and administrative expenses consist primarily of professional advisor fees, stock-based
compensation, bad debts reserve, rent expense, advertising, bank fees, and other expenses incurred in connection with general operations.
Our total general and administrative expenses were $3,268,087 for the three months ended June 30, 2023, as compared to $2,181,361 for
the three months ended June 30, 2022. General
and administrative expenses for the retail and appliances segment decreased by $105,269, or 20.6%, to $405,215 for the three months ended
June 30, 2023, from $510,484 for the three months ended June 30, 2022. Such decrease was primarily attributed to the decrease in revenues,
offset by increased rent and office expenses from the retail and appliance segment. As a percentage of retail and appliances revenue,
general and administrative expenses for the retail and appliances segment were 20.0% and 17.8% for the three months ended June 30, 2023
and 2022, respectively. General
and administrative expenses for the retail and eyewear segment was $697,632, or 15.5% of retail and eyewear revenues, for the three months
ended June 30, 2023. General
and administrative expenses for the construction segment increased by $190,064, or 14.9%, to $1,463,347 for the three months ended June
30, 2023, from $1,273,283 for the three months ended June 30, 2022. Such increase was primarily attributed to increased revenues in the
construction segment, offset by decreased professional fees. As a percentage of construction revenue, general and administrative expenses
for the construction segment were 12.7% and 15.8% for the three months ended June 30, 2023 and 2022, respectively. General
and administrative expenses for the automotive supplies segment decreased by $48,964, or 15.7%, to $263,639 for the three months ended
June 30, 2023, from $312,603 for the three months ended June 30, 2022. Such decrease was primarily attributed to the decrease in revenues,
offset by increased office expenses in the automotive supplies segment. As a percentage of automotive supplies revenue, general and administrative
expenses for the automotive supplies segment were 19.3% and 15.8% for the three months ended June 30, 2023 and 2022, respectively. General
and administrative expenses for the corporate services segment increased by $353,263, or 415.6%, to $438,254 for the three months ended
June 30, 2023, from $84,991 for the three months ended June 30, 2022. Such increase was primarily attributed to the increased professional
fees, insurance expenses, and board fees in the corporate services segment. Total
other income (expense) . We had $2,206,615 in total other expense, net, for the three months ended June 30, 2023, as compared
to other expense, net, of $932,437 for the three months ended June 30, 2022. Other expense, net, for the three months ended June 30,
2023, consisted of interest expense of $2,225,415, offset by other income of $18,800, while other expense, net, for the three months
ended June 30, 2022, consisted of interest expense of $932,123 and a loss on disposal of property and equipment of $671, offset by other
income of $357. Income
tax benefit (expense) . We had an income tax expense of $931,321 and an income tax benefit $439,000 for the three months
ended June 30, 2023 and 2022, respectively. Net
loss . As a result of the cumulative effect of the factors described above, we had a net loss of $3,970,036 and $147,668 for the
three months ended June 30, 2023 and 2022, respectively. Comparison
of the Six Months Ended June 30, 2023 and 2022 The
following table sets forth key components of our results of operations during the six months ended June 30, 2023 and 2022, both in dollars
and as a percentage of our revenues. Six
Months Ended June 30, 2023 2022 Amount %
of Revenues Amount %
of Revenues Revenues $ 34,794,277 100.0 % $ 24,965,121 100.0 % Operating expenses Cost of revenues 22,037,203 63.3 % 15,513,476 62.1 % Personnel 6,891,453 19.8 % 3,793,850 15.2 % Depreciation and amortization 1,192,406 3.4 % 1,010,345 4.0 % General and administrative 5,583,148 16.0 % 4,232,211 17.0 % Total operating expenses 35,704,210 102.5 % 24,549,882 98.3 % Income (loss) from operations (909,933 ) (2.6 )% 415,239 1.7 % Other income (expenses) Other income 51,968 0.1 % 675 0.0 % Interest expense (4,043,130 ) (11.6 )% (1,838,866 ) (7.4 )% Loss on sale of property
and equipment - - 32,076 0.1 % Gain on bargain purchase 2,639,861 7.6 % - - Total other expense (1,351,301 ) (3.9 )% (1,806,115 ) (7.2 )% Net loss before income taxes (2,261,234 ) (6.5 )% (1,390,876 ) (5.6 )% Income tax benefit (expense) (661,321 ) (1.9 )% 316,000 1.3 % Net loss $ (2,922,555 ) (8.4 )% $ (1,074,876 ) (4.3 )% 34 Revenues .
Our total revenues were $34,794,277 for the six months ended June 30, 2023, as compared to $24,965,121 for the six months ended June
30, 2022. Revenues
from the retail and appliances segment decreased by $921,214, or 17.1%, to $4,466,581 for the six months ended June 30, 2023, from $5,387,795
for the six months ended June 30, 2022. The decline in revenues was primarily attributed to ongoing supply chain delays and cost increases
with appliance manufacturers, increased time it takes to receive products, and decreased customer demand. Revenues
for the retail and eyewear segment were $7,286,773 for the period from February 9, 2023 (date of acquisition) to June 30, 2023. Revenues
from the construction segment increased by $4,464,339, or 28.0%, to $20,416,620 for the six months ended June 30, 2023, from $15,952,281
for the six months ended June 30, 2022. The increase in revenues was primarily attributed to growth in the average customer contract
value within the construction segment. Revenues
from the automotive supplies segment decreased by $1,000,742, or 27.6%, to $2,624,303 for the six months ended June 30, 2023 from $3,625,045
for the six months ended June 30, 2022. The decline in revenues was primarily attributed to ongoing supply chain delays with manufacturers,
increased time it takes to receive products, and decreased customer demand. Cost
of revenues . Our total cost of revenues was $22,037,203 for the six months ended June 30, 2023, as compared to $15,513,476 for
the six months ended June 30, 2022. Cost
of revenues for the retail and appliances segment decreased by $576,186, or 14.2%, to $3,485,835 for the six months ended June 30, 2023,
from $4,062,021 for the six months ended June 30, 2022. Such decrease was primarily attributed to the corresponding decrease in revenues,
offset by increased product costs from the retail and appliance segment. As a percentage of retail and appliances revenues, cost of revenues
for the retail and appliances segment was 78.0% and 75.4% for the six months ended June 30, 2023 and 2022, respectively. Cost
of revenues for the retail and eyewear segment was $4,440,322, or 60.9% of retail and eyewear revenues, for the period from February
9, 2023 (date of acquisition) to June 30, 2023. Cost
of revenues for the construction segment increased by $3,284,691, or 35.4%, to $12,575,678 for the six months ended June 30, 2023, from
$9,290,987 for the six months ended June 30, 2022. Such increase was primarily attributed to the corresponding increase in revenues and
cost of materials from the construction segment. As a percentage of construction revenues, cost of revenues for the construction segment
was 61.6% and 58.2% for the six months ended June 30, 2023 and 2022, respectively. Cost
of revenues for the automotive supplies segment decreased by $625,100, or 28.9%, to $1,535,368 for the six months ended June 30, 2023,
from $2,160,468 for the six months ended June 30, 2022. Such decrease was primarily attributed to the corresponding decrease in revenues
and freight costs from the automotive supplies segment. As a percentage of automotive supplies revenues, cost of revenues for the automotive
supplies segment was 58.5% and 59.6% for the six months ended June 30, 2023 and 2022, respectively. Personnel
costs . Our total personnel costs were $6,891,453 for the six months ended June 30, 2023, as compared to $3,793,850 for the six
months ended June 30, 2022. Personnel
costs for the retail and appliances segment decreased by $1,336, or 0.3%, to $383,294 for the six months ended June 30, 2023, from $384,630
for the six months ended June 30, 2022. Such decrease was primarily attributed to decreased employee headcount as a result of decreased
revenues, offset by annual wage increases in the retail and appliances segment. As a percentage of retail and appliances revenue, personnel
costs for the retail and appliances segment were 8.6% and 7.1% for the six months ended June 30, 2023 and 2022, respectively. Personnel
costs for the retail and eyewear segment was $2,256,740, or 31.0% of retail and eyewear revenues, for the period from February 9, 2023
(date of acquisition) to June 30, 2023. Personnel
costs for the construction segment increased by $1,007,827, or 43.6%, to $3,317,051 for the six months ended June 30, 2023, from $2,309,224
for the six months ended June 30, 2022. Such increase was primarily attributed to increased employee headcount as a result of increased
revenues, offset by annual wage increases in the construction segment. As a percentage of construction revenue, personnel costs for the
construction segment were 16.2% and 14.5% for the six months ended June 30, 2023 and 2022, respectively. 35 Personnel
costs for the automotive supplies segment decreased by $77,876, or 13.7%, to $492,129 for the six months ended June 30, 2023, from $570,005
for the six months ended June 30, 2022. Such decrease was primarily attributed to decreased employee headcount as a result of decreased
revenues, offset by annual wage increases in the automotive supplies segment. As a percentage of automotive supplies revenue, personnel
costs for the automotive supplies segment were 18.8% and 15.7% for the six months ended June 30, 2023 and 2022, respectively. Personnel
costs for the corporate services segment decreased by $87,752, or 16.6%, to $442,239 for the six months ended June 30, 2023, from $529,991
for the three months ended June 30, 2022. Such decrease was primarily attributed a decrease in accrued bonuses management bonuses, offset
by increased wages in the corporate services segment. Depreciation
and amortization . Our total depreciation and amortization expense increased by $182,061, or 18.0%, to $1,192,406 for the six
months ended June 30, 2023, from $1,010,345 for the six months ended June 30, 2022. General
and administrative expenses . Our total general and administrative expenses were $5,583,148 for the six months ended June 30,
2023, as compared to $4,232,211 for the six months ended June 30, 2022. General
and administrative expenses for the retail and appliances segment decreased by $205,097, or 20.8%, to $780,649 for the six months ended
June 30, 2023, from $985,746 for the six months ended June 30, 2022. Such decrease was primarily attributed to the decrease in revenues,
offset by increased rent and office expenses from the retail and appliance segment. As a percentage of retail and appliances revenue,

$269,677 for the three months ended June 30, 2022. Such decrease was primarily attributed to decreased employee headcount as a result

of decreased revenues, offset by annual wage increases in the automotive supplies segment. As a percentage of automotive supplies revenue,

personnel costs for the automotive supplies segment were 16.9% and 13.6% for the three months ended June 30, 2023 and 2022, respectively. Personnel

costs for the corporate services segment decreased by $32,203, or 11.7%, to $243,150 for the three months ended June 30, 2023, from $275,353

for the three months ended June 30, 2022. Such decrease was primarily attributed a decrease in accrued management bonuses, offset by

increased wages in the corporate services segment. Depreciation

and amortization . Our total depreciation and amortization expense increased by $119,823, or 24.0%, to $618,797 for the three

months ended June 30, 2023, from $498,974 for the three months ended June 30, 2022. 33 General

and administrative expenses . Our general and administrative expenses consist primarily of professional advisor fees, stock-based

compensation, bad debts reserve, rent expense, advertising, bank fees, and other expenses incurred in connection with general operations.

Our total general and administrative expenses were $3,268,087 for the three months ended June 30, 2023, as compared to $2,181,361 for

the three months ended June 30, 2022. General

and administrative expenses for the retail and appliances segment decreased by $105,269, or 20.6%, to $405,215 for the three months ended

June 30, 2023, from $510,484 for the three months ended June 30, 2022. Such decrease was primarily attributed to the decrease in revenues,

offset by increased rent and office expenses from the retail and appliance segment. As a percentage of retail and appliances revenue,

general and administrative expenses for the retail and appliances segment were 20.0% and 17.8% for the three months ended June 30, 2023

and 2022, respectively. General

and administrative expenses for the retail and eyewear segment was $697,632, or 15.5% of retail and eyewear revenues, for the three months

ended June 30, 2023. General

and administrative expenses for the construction segment increased by $190,064, or 14.9%, to $1,463,347 for the three months ended June

30, 2023, from $1,273,283 for the three months ended June 30, 2022. Such increase was primarily attributed to increased revenues in the

construction segment, offset by decreased professional fees. As a percentage of construction revenue, general and administrative expenses

for the construction segment were 12.7% and 15.8% for the three months ended June 30, 2023 and 2022, respectively. General

and administrative expenses for the automotive supplies segment decreased by $48,964, or 15.7%, to $263,639 for the three months ended

June 30, 2023, from $312,603 for the three months ended June 30, 2022. Such decrease was primarily attributed to the decrease in revenues,

offset by increased office expenses in the automotive supplies segment. As a percentage of automotive supplies revenue, general and administrative

expenses for the automotive supplies segment were 19.3% and 15.8% for the three months ended June 30, 2023 and 2022, respectively. General

and administrative expenses for the corporate services segment increased by $353,263, or 415.6%, to $438,254 for the three months ended

June 30, 2023, from $84,991 for the three months ended June 30, 2022. Such increase was primarily attributed to the increased professional

fees, insurance expenses, and board fees in the corporate services segment. Total

other income (expense) . We had $2,206,615 in total other expense, net, for the three months ended June 30, 2023, as compared

to other expense, net, of $932,437 for the three months ended June 30, 2022. Other expense, net, for the three months ended June 30,

2023, consisted of interest expense of $2,225,415, offset by other income of $18,800, while other expense, net, for the three months

ended June 30, 2022, consisted of interest expense of $932,123 and a loss on disposal of property and equipment of $671, offset by other

income of $357. Income

tax benefit (expense) . We had an income tax expense of $931,321 and an income tax benefit $439,000 for the three months

ended June 30, 2023 and 2022, respectively. Net

loss . As a result of the cumulative effect of the factors described above, we had a net loss of $3,970,036 and $147,668 for the

three months ended June 30, 2023 and 2022, respectively. Comparison

of the Six Months Ended June 30, 2023 and 2022 The

following table sets forth key components of our results of operations during the six months ended June 30, 2023 and 2022, both in dollars

and as a percentage of our revenues. Six

Months Ended June 30, 2023 2022 Amount %

of Revenues Amount %

of Revenues Revenues $ 34,794,277 100.0 % $ 24,965,121 100.0 % Operating expenses Cost of revenues 22,037,203 63.3 % 15,513,476 62.1 % Personnel 6,891,453 19.8 % 3,793,850 15.2 % Depreciation and amortization 1,192,406 3.4 % 1,010,345 4.0 % General and administrative 5,583,148 16.0 % 4,232,211 17.0 % Total operating expenses 35,704,210 102.5 % 24,549,882 98.3 % Income (loss) from operations (909,933 ) (2.6 )% 415,239 1.7 % Other income (expenses) Other income 51,968 0.1 % 675 0.0 % Interest expense (4,043,130 ) (11.6 )% (1,838,866 ) (7.4 )% Loss on sale of property

and equipment - - 32,076 0.1 % Gain on bargain purchase 2,639,861 7.6 % - - Total other expense (1,351,301 ) (3.9 )% (1,806,115 ) (7.2 )% Net loss before income taxes (2,261,234 ) (6.5 )% (1,390,876 ) (5.6 )% Income tax benefit (expense) (661,321 ) (1.9 )% 316,000 1.3 % Net loss $ (2,922,555 ) (8.4 )% $ (1,074,876 ) (4.3 )% 34 Revenues .

Our total revenues were $34,794,277 for the six months ended June 30, 2023, as compared to $24,965,121 for the six months ended June

30, 2022. Revenues

from the retail and appliances segment decreased by $921,214, or 17.1%, to $4,466,581 for the six months ended June 30, 2023, from $5,387,795

for the six months ended June 30, 2022. The decline in revenues was primarily attributed to ongoing supply chain delays and cost increases

with appliance manufacturers, increased time it takes to receive products, and decreased customer demand. Revenues

for the retail and eyewear segment were $7,286,773 for the period from February 9, 2023 (date of acquisition) to June 30, 2023. Revenues

from the construction segment increased by $4,464,339, or 28.0%, to $20,416,620 for the six months ended June 30, 2023, from $15,952,281

for the six months ended June 30, 2022. The increase in revenues was primarily attributed to growth in the average customer contract

value within the construction segment. Revenues

from the automotive supplies segment decreased by $1,000,742, or 27.6%, to $2,624,303 for the six months ended June 30, 2023 from $3,625,045

for the six months ended June 30, 2022. The decline in revenues was primarily attributed to ongoing supply chain delays with manufacturers,

increased time it takes to receive products, and decreased customer demand. Cost

of revenues . Our total cost of revenues was $22,037,203 for the six months ended June 30, 2023, as compared to $15,513,476 for

the six months ended June 30, 2022. Cost

of revenues for the retail and appliances segment decreased by $576,186, or 14.2%, to $3,485,835 for the six months ended June 30, 2023,

from $4,062,021 for the six months ended June 30, 2022. Such decrease was primarily attributed to the corresponding decrease in revenues,

offset by increased product costs from the retail and appliance segment. As a percentage of retail and appliances revenues, cost of revenues

for the retail and appliances segment was 78.0% and 75.4% for the six months ended June 30, 2023 and 2022, respectively. Cost

of revenues for the retail and eyewear segment was $4,440,322, or 60.9% of retail and eyewear revenues, for the period from February

9, 2023 (date of acquisition) to June 30, 2023. Cost

of revenues for the construction segment increased by $3,284,691, or 35.4%, to $12,575,678 for the six months ended June 30, 2023, from

$9,290,987 for the six months ended June 30, 2022. Such increase was primarily attributed to the corresponding increase in revenues and

cost of materials from the construction segment. As a percentage of construction revenues, cost of revenues for the construction segment

was 61.6% and 58.2% for the six months ended June 30, 2023 and 2022, respectively. Cost

of revenues for the automotive supplies segment decreased by $625,100, or 28.9%, to $1,535,368 for the six months ended June 30, 2023,

from $2,160,468 for the six months ended June 30, 2022. Such decrease was primarily attributed to the corresponding decrease in revenues

and freight costs from the automotive supplies segment. As a percentage of automotive supplies revenues, cost of revenues for the automotive

supplies segment was 58.5% and 59.6% for the six months ended June 30, 2023 and 2022, respectively. Personnel

costs . Our total personnel costs were $6,891,453 for the six months ended June 30, 2023, as compared to $3,793,850 for the six

months ended June 30, 2022. Personnel

costs for the retail and appliances segment decreased by $1,336, or 0.3%, to $383,294 for the six months ended June 30, 2023, from $384,630

for the six months ended June 30, 2022. Such decrease was primarily attributed to decreased employee headcount as a result of decreased

revenues, offset by annual wage increases in the retail and appliances segment. As a percentage of retail and appliances revenue, personnel

costs for the retail and appliances segment were 8.6% and 7.1% for the six months ended June 30, 2023 and 2022, respectively. Personnel

costs for the retail and eyewear segment was $2,256,740, or 31.0% of retail and eyewear revenues, for the period from February 9, 2023

(date of acquisition) to June 30, 2023. Personnel

costs for the construction segment increased by $1,007,827, or 43.6%, to $3,317,051 for the six months ended June 30, 2023, from $2,309,224

for the six months ended June 30, 2022. Such increase was primarily attributed to increased employee headcount as a result of increased

revenues, offset by annual wage increases in the construction segment. As a percentage of construction revenue, personnel costs for the

construction segment were 16.2% and 14.5% for the six months ended June 30, 2023 and 2022, respectively. 35 Personnel

costs for the automotive supplies segment decreased by $77,876, or 13.7%, to $492,129 for the six months ended June 30, 2023, from $570,005

for the six months ended June 30, 2022. Such decrease was primarily attributed to decreased employee headcount as a result of decreased

revenues, offset by annual wage increases in the automotive supplies segment. As a percentage of automotive supplies revenue, personnel

costs for the automotive supplies segment were 18.8% and 15.7% for the six months ended June 30, 2023 and 2022, respectively. Personnel

costs for the corporate services segment decreased by $87,752, or 16.6%, to $442,239 for the six months ended June 30, 2023, from $529,991

for the three months ended June 30, 2022. Such decrease was primarily attributed a decrease in accrued bonuses management bonuses, offset

by increased wages in the corporate services segment. Depreciation

and amortization . Our total depreciation and amortization expense increased by $182,061, or 18.0%, to $1,192,406 for the six

months ended June 30, 2023, from $1,010,345 for the six months ended June 30, 2022. General

and administrative expenses . Our total general and administrative expenses were $5,583,148 for the six months ended June 30,

2023, as compared to $4,232,211 for the six months ended June 30, 2022. General

and administrative expenses for the retail and appliances segment decreased by $205,097, or 20.8%, to $780,649 for the six months ended

June 30, 2023, from $985,746 for the six months ended June 30, 2022. Such decrease was primarily attributed to the decrease in revenues,

offset by increased rent and office expenses from the retail and appliance segment. As a percentage of retail and appliances revenue,