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

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also based in Reno, Nevada, specializes in custom cabinetry and countertops. The
automotive supplies segment is comprised of the business of Wolo, which is based in Deer Park, New York, and designs and sells horn and
safety products (electric, air, truck, marine, motorcycle and industrial equipment), and offers vehicle emergency and safety warning
lights for cars, trucks, industrial equipment and emergency vehicles. We
provide general corporate services to our 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. Discontinued
Operations On
April 19, 2021, we entered into a stock purchase agreement with Alan Neese and Katherine Neese, pursuant to which they purchased our
55% ownership interest in 1847 Neese Inc. (“1847 Neese”), a company that we originally acquired in March 2017, for a purchase
price of $325,000 in cash. As a result of this transaction, 1847 Neese is no longer a subsidiary of the Company. All financial information
of 1847 Neese previously presented as part of land management services operations are classified as discontinued operations and not presented
as part of continuing operations for the nine months ended September 30, 2021. 28 Results
of Operations Comparison
of the Three Months Ended September 30, 2022 and 2021 The
following table sets forth key components of our results of operations during the three months ended September 30, 2022 and 2021, both
in dollars and as a percentage of our revenues. Three
Months Ended September 30, 2022 2021 Amount %
of Revenues Amount %
of Revenues Revenues $ 14,472,361 100.0 % $ 6,735,028 100.0 % Operating Expenses Cost of sales 9,596,387 66.3 % 4,573,123 67.9 % Personnel 3,182,286 22.0 % 876,991 13.0 % Depreciation and amortization 516,414 3.6 % 299,477 4.4 % General
and administrative 2,688,877 18.6 % 1,844,979 27.4 % Total Operating Expenses 15,983,964 110.4 % 7,594,570 112.8 % Loss From Operations (1,511,603 ) (10.4 )% (859,542 ) (12.8 )% Other Income (Expenses) Other income 2,756 0.0 % 3,539 0.1 % Interest expense (1,875,757 ) (13.0 )% (128,199 ) (1.9 )% Gain on sale of property
and equipment 15,614 0.1 % 10,885 0.2 % Loss on extinguishment
of debt (2,039,815 ) (14.1 )% - - Loss
on write-down of contingent note payable (158,817 ) (1.1 )% - - Total Other Income (Expense) (4,056,019 ) (28.0 )% (113,775 ) (1.7 )% Net Loss Before Income Taxes (5,567,622 ) (38.5 )% (973,317 ) (14.5 )% Income
tax benefit 1,095,000 7.6 % - - Net Loss From Continuing
Operations $ (4,472,622 ) (30.9 )% $ (973,317 ) (14.5 )% Revenues .
Our total revenues were $14,472,361 for the three months ended September 30, 2022, as compared to $6,735,028 for the three months ended
September 30, 2021. The
retail and appliances segment generates revenue through the sales of home furnishings, including appliances and related products. Revenues
from the retail and appliances segment decreased by $211,250, or 6.7%, to $2,934,705 for the three months ended September 30, 2022 from
$3,145,955 for the three months ended September 30, 2021. Such decrease was primarily due to ongoing supply chain delays and cost increases
with appliance manufacturers, increased time it takes to receive products, and decreased customer demand. The
construction segment generates revenue through the sale of finished carpentry products and services, including doors, door frames, base
boards, crown molding, cabinetry, bathroom sinks and cabinets, bookcases, built-in closets, and fireplace mantles, among others, as well
as kitchen countertops. Revenues from the construction segment increased by $8,709,518, or 650.7%, to $10,047,946 for the three months
ended September 30, 2022 from $1,338,428 for the three months ended September 30, 2021. Such increase was primarily due to the acquisitions
of High Mountain and Innovative Cabinets, which were acquired in the fourth quarter of 2021. Excluding these acquisitions, revenues from
the construction segment increased by $409,929, or 30.6%. Such increase was primarily due to increases in the average customer contract
in the construction segment. The
automotive supplies segment generates revenue through the design and sale of horn and safety products (electric, air, truck, marine,
motorcycle and industrial equipment), including vehicle emergency and safety warning lights for cars, trucks, industrial equipment and
emergency vehicles. Revenues from the automotive supplies segment decreased by $760,935, or 33.8%, to $1,489,710 for the three months
ended September 30, 2022 from $2,250,645 for the three months ended September 30, 2021. Such decrease was primarily due to ongoing supply
chain delays and cost increases, increased time it takes to receive products, and decreased customer demand. Cost
of sales . Our total cost of sales was $9,596,387 for the three months ended September 30, 2022, as compared to $4,573,123 for
the three months ended September 30, 2021. 29 Cost
of sales for the retail and appliances segment consists of the cost of purchased merchandise plus the cost of delivering merchandise
and where applicable installation, net of promotional rebates and other incentives received from vendors. Cost of sales for the retail
and appliances segment decreased by $116,691, or 5.1%, to $2,183,972 for the three months ended September 30, 2022 from $2,300,663 for
the three months ended September 30, 2021. Such decrease was primarily due to the corresponding decrease in revenues from the retail
and appliance segment. As a percentage of retail and appliances revenues, cost of sales for the retail and appliances segment was 74.4%
and 73.1% for the three months ended September 30, 2022 and 2021, respectively. Cost
of sales for the construction segment consists of finished goods, lumber, hardware and materials and plus direct labor and related costs,
net of any material discounts from vendors. Cost of sales for the construction segment increased by $5,739,330, or 712.5%, to $6,544,843
for the three months ended September 30, 2022 from $805,513 for the three months ended September 30, 2021. Such increase was primarily
due to the acquisitions of High Mountain and Innovative Cabinets, which were acquired in the fourth quarter of 2021. Excluding these
acquisitions, cost of sales for the construction segment increased by $101,508, or 12.6%. Such increase was primarily due to corresponding
the increase in revenues from the construction segment, offset by increased product and delivery costs. As a percentage of construction
revenues, cost of sales for the construction segment was 65.1% and 60.2% for the three months ended September 30, 2022 and 2021, respectively. Cost
of sales for the automotive supplies segment consists of the costs of purchased finished goods plus freight and tariff costs. Cost of
sales for the automotive supplies segment decreased by $599,375, or 40.9%, to $867,572 for the three months ended September 30, 2022
from $1,466,947 for the three months ended September 30, 2021. Such decrease was primarily due to the corresponding decrease in revenues
from the automotive segment. As a percentage of automotive supplies revenues, cost of sales for the automotive supplies segment was 58.2%
and 65.2% for the three months ended September 30, 2022 and 2021, respectively. Personnel
costs . Personnel costs include employee salaries and bonuses plus related payroll taxes. It also includes health insurance premiums,
401(k) contributions, and training costs. Our total personnel costs were $3,182,286 for the three months ended September 30, 2022, as
compared to $876,991 for the three months ended September 30, 2021. Personnel
costs for the retail and appliances segment increased by $5,851, or 3.0%, to $202,443 for the three months ended September 30, 2022 from
$196,592 for the three months ended September 30, 2021. Such increase was primarily due to increased employee headcount as a result of
previous staffing shortages in the retail and appliances segment. As a percentage of retail and appliances revenue, personnel costs for
the retail and appliances segment were 6.9% and 6.2% for the three months ended September 30, 2022 and 2021, respectively. Personnel
costs for the construction segment increased by $2,132,829, or 780.2%, to $2,406,195 for the three months ended September 30, 2022 from
$273,366 for the three months ended September 30, 2021. Such increase was primarily due to the acquisitions of High Mountain and Innovative
Cabinets, which were acquired in the fourth quarter of 2021. Excluding these acquisitions, personnel costs for the construction segment
increased by $44,380, or 16.2%. Such increase was primarily due to increased operations in the construction segment. As a percentage
of construction revenue, personnel costs for the construction segment were 23.9% and 20.4% for the three months ended September 30, 2022
and 2021, respectively. 30 Personnel
costs for the automotive supplies segment decreased by $129,636, or 31.8%, to $277,398 for the three months ended September 30, 2022
from $407,034 for the three months ended September 30, 2021. Such decrease was primarily due to decreased employee headcount and officer
compensation. As a percentage of automotive supplies revenue, personnel costs for the automotive supplies segment were 18.6% and 18.1%
for the three months ended September 30, 2022 and 2021, respectively. Personnel
costs for our holding company were $296,250 for the three months ended September 30, 2022, as compared to $0 for the three months ended
September 30, 2021. Such increase was primarily due to accrued management bonuses during the period. Depreciation
and amortization . Our total depreciation and amortization expense increased by $216,937, or 72.4%, to $516,414 for the three
months ended September 30, 2022 from $299,477 for the three months ended September 30, 2021. Such increase was primarily as a result
of the intangible assets and property and equipment acquired in the acquisitions of High Mountain and Innovative Cabinets, which were
acquired in the fourth quarter of 2021. 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 $2,688,877 for the three months ended September 30, 2022, as compared to $1,844,979
for the three months ended September 30, 2021. General
and administrative expenses for the retail and appliances segment increased by $55,305, or 12.6%, to $494,719 for the three months ended
September 30, 2022 from $439,414 for the three months ended September 30, 2021. Such increase was primarily due to increased marketing
and professional fees. As a percentage of retail and appliances revenue, general and administrative expenses for the retail and appliances
segment were 16.9% and 14.0% for the three months ended September 30, 2022 and 2021, respectively. General
and administrative expenses for the construction segment increased by $989,266, or 385.8%, to $1,245,668 for the three months ended September
30, 2022 from $256,402 for the three months ended September 30, 2021. Such increase was primarily due to the acquisitions of High Mountain
and Innovative Cabinets, which were acquired in the fourth quarter of 2021. Excluding these acquisitions, general and administrative
expenses for the construction segment increased by $55,517, or 21.7%. Such increase was primarily due to increased rent from new facility
leases, as well as increased professional fees in the construction segment. As a percentage of construction revenue, general and administrative

also based in Reno, Nevada, specializes in custom cabinetry and countertops. The

automotive supplies segment is comprised of the business of Wolo, which is based in Deer Park, New York, and designs and sells horn and

safety products (electric, air, truck, marine, motorcycle and industrial equipment), and offers vehicle emergency and safety warning

lights for cars, trucks, industrial equipment and emergency vehicles. We

provide general corporate services to our 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. Discontinued

Operations On

April 19, 2021, we entered into a stock purchase agreement with Alan Neese and Katherine Neese, pursuant to which they purchased our

55% ownership interest in 1847 Neese Inc. (“1847 Neese”), a company that we originally acquired in March 2017, for a purchase

price of $325,000 in cash. As a result of this transaction, 1847 Neese is no longer a subsidiary of the Company. All financial information

of 1847 Neese previously presented as part of land management services operations are classified as discontinued operations and not presented

as part of continuing operations for the nine months ended September 30, 2021. 28 Results

of Operations Comparison

of the Three Months Ended September 30, 2022 and 2021 The

following table sets forth key components of our results of operations during the three months ended September 30, 2022 and 2021, both

in dollars and as a percentage of our revenues. Three

Months Ended September 30, 2022 2021 Amount %

of Revenues Amount %

of Revenues Revenues $ 14,472,361 100.0 % $ 6,735,028 100.0 % Operating Expenses Cost of sales 9,596,387 66.3 % 4,573,123 67.9 % Personnel 3,182,286 22.0 % 876,991 13.0 % Depreciation and amortization 516,414 3.6 % 299,477 4.4 % General

and administrative 2,688,877 18.6 % 1,844,979 27.4 % Total Operating Expenses 15,983,964 110.4 % 7,594,570 112.8 % Loss From Operations (1,511,603 ) (10.4 )% (859,542 ) (12.8 )% Other Income (Expenses) Other income 2,756 0.0 % 3,539 0.1 % Interest expense (1,875,757 ) (13.0 )% (128,199 ) (1.9 )% Gain on sale of property

and equipment 15,614 0.1 % 10,885 0.2 % Loss on extinguishment

of debt (2,039,815 ) (14.1 )% - - Loss

on write-down of contingent note payable (158,817 ) (1.1 )% - - Total Other Income (Expense) (4,056,019 ) (28.0 )% (113,775 ) (1.7 )% Net Loss Before Income Taxes (5,567,622 ) (38.5 )% (973,317 ) (14.5 )% Income

tax benefit 1,095,000 7.6 % - - Net Loss From Continuing

Operations $ (4,472,622 ) (30.9 )% $ (973,317 ) (14.5 )% Revenues .

Our total revenues were $14,472,361 for the three months ended September 30, 2022, as compared to $6,735,028 for the three months ended

September 30, 2021. The

retail and appliances segment generates revenue through the sales of home furnishings, including appliances and related products. Revenues

from the retail and appliances segment decreased by $211,250, or 6.7%, to $2,934,705 for the three months ended September 30, 2022 from

$3,145,955 for the three months ended September 30, 2021. Such decrease was primarily due to ongoing supply chain delays and cost increases

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

construction segment generates revenue through the sale of finished carpentry products and services, including doors, door frames, base

boards, crown molding, cabinetry, bathroom sinks and cabinets, bookcases, built-in closets, and fireplace mantles, among others, as well

as kitchen countertops. Revenues from the construction segment increased by $8,709,518, or 650.7%, to $10,047,946 for the three months

ended September 30, 2022 from $1,338,428 for the three months ended September 30, 2021. Such increase was primarily due to the acquisitions

of High Mountain and Innovative Cabinets, which were acquired in the fourth quarter of 2021. Excluding these acquisitions, revenues from

the construction segment increased by $409,929, or 30.6%. Such increase was primarily due to increases in the average customer contract

in the construction segment. The

automotive supplies segment generates revenue through the design and sale of horn and safety products (electric, air, truck, marine,

motorcycle and industrial equipment), including vehicle emergency and safety warning lights for cars, trucks, industrial equipment and

emergency vehicles. Revenues from the automotive supplies segment decreased by $760,935, or 33.8%, to $1,489,710 for the three months

ended September 30, 2022 from $2,250,645 for the three months ended September 30, 2021. Such decrease was primarily due to ongoing supply

chain delays and cost increases, increased time it takes to receive products, and decreased customer demand. Cost

of sales . Our total cost of sales was $9,596,387 for the three months ended September 30, 2022, as compared to $4,573,123 for

the three months ended September 30, 2021. 29 Cost

of sales for the retail and appliances segment consists of the cost of purchased merchandise plus the cost of delivering merchandise

and where applicable installation, net of promotional rebates and other incentives received from vendors. Cost of sales for the retail

and appliances segment decreased by $116,691, or 5.1%, to $2,183,972 for the three months ended September 30, 2022 from $2,300,663 for

the three months ended September 30, 2021. Such decrease was primarily due to the corresponding decrease in revenues from the retail

and appliance segment. As a percentage of retail and appliances revenues, cost of sales for the retail and appliances segment was 74.4%

and 73.1% for the three months ended September 30, 2022 and 2021, respectively. Cost

of sales for the construction segment consists of finished goods, lumber, hardware and materials and plus direct labor and related costs,

net of any material discounts from vendors. Cost of sales for the construction segment increased by $5,739,330, or 712.5%, to $6,544,843

for the three months ended September 30, 2022 from $805,513 for the three months ended September 30, 2021. Such increase was primarily

due to the acquisitions of High Mountain and Innovative Cabinets, which were acquired in the fourth quarter of 2021. Excluding these

acquisitions, cost of sales for the construction segment increased by $101,508, or 12.6%. Such increase was primarily due to corresponding

the increase in revenues from the construction segment, offset by increased product and delivery costs. As a percentage of construction

revenues, cost of sales for the construction segment was 65.1% and 60.2% for the three months ended September 30, 2022 and 2021, respectively. Cost

of sales for the automotive supplies segment consists of the costs of purchased finished goods plus freight and tariff costs. Cost of

sales for the automotive supplies segment decreased by $599,375, or 40.9%, to $867,572 for the three months ended September 30, 2022

from $1,466,947 for the three months ended September 30, 2021. Such decrease was primarily due to the corresponding decrease in revenues

from the automotive segment. As a percentage of automotive supplies revenues, cost of sales for the automotive supplies segment was 58.2%

and 65.2% for the three months ended September 30, 2022 and 2021, respectively. Personnel

costs . Personnel costs include employee salaries and bonuses plus related payroll taxes. It also includes health insurance premiums,

401(k) contributions, and training costs. Our total personnel costs were $3,182,286 for the three months ended September 30, 2022, as

compared to $876,991 for the three months ended September 30, 2021. Personnel

costs for the retail and appliances segment increased by $5,851, or 3.0%, to $202,443 for the three months ended September 30, 2022 from

$196,592 for the three months ended September 30, 2021. Such increase was primarily due to increased employee headcount as a result of

previous staffing shortages in the retail and appliances segment. As a percentage of retail and appliances revenue, personnel costs for

the retail and appliances segment were 6.9% and 6.2% for the three months ended September 30, 2022 and 2021, respectively. Personnel

costs for the construction segment increased by $2,132,829, or 780.2%, to $2,406,195 for the three months ended September 30, 2022 from

$273,366 for the three months ended September 30, 2021. Such increase was primarily due to the acquisitions of High Mountain and Innovative

Cabinets, which were acquired in the fourth quarter of 2021. Excluding these acquisitions, personnel costs for the construction segment

increased by $44,380, or 16.2%. Such increase was primarily due to increased operations in the construction segment. As a percentage

of construction revenue, personnel costs for the construction segment were 23.9% and 20.4% for the three months ended September 30, 2022

and 2021, respectively. 30 Personnel

costs for the automotive supplies segment decreased by $129,636, or 31.8%, to $277,398 for the three months ended September 30, 2022

from $407,034 for the three months ended September 30, 2021. Such decrease was primarily due to decreased employee headcount and officer

compensation. As a percentage of automotive supplies revenue, personnel costs for the automotive supplies segment were 18.6% and 18.1%

for the three months ended September 30, 2022 and 2021, respectively. Personnel

costs for our holding company were $296,250 for the three months ended September 30, 2022, as compared to $0 for the three months ended

September 30, 2021. Such increase was primarily due to accrued management bonuses during the period. Depreciation

and amortization . Our total depreciation and amortization expense increased by $216,937, or 72.4%, to $516,414 for the three

months ended September 30, 2022 from $299,477 for the three months ended September 30, 2021. Such increase was primarily as a result

of the intangible assets and property and equipment acquired in the acquisitions of High Mountain and Innovative Cabinets, which were

acquired in the fourth quarter of 2021. 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 $2,688,877 for the three months ended September 30, 2022, as compared to $1,844,979

for the three months ended September 30, 2021. General

and administrative expenses for the retail and appliances segment increased by $55,305, or 12.6%, to $494,719 for the three months ended

September 30, 2022 from $439,414 for the three months ended September 30, 2021. Such increase was primarily due to increased marketing

and professional fees. As a percentage of retail and appliances revenue, general and administrative expenses for the retail and appliances

segment were 16.9% and 14.0% for the three months ended September 30, 2022 and 2021, respectively. General

and administrative expenses for the construction segment increased by $989,266, or 385.8%, to $1,245,668 for the three months ended September

30, 2022 from $256,402 for the three months ended September 30, 2021. Such increase was primarily due to the acquisitions of High Mountain

and Innovative Cabinets, which were acquired in the fourth quarter of 2021. Excluding these acquisitions, general and administrative

expenses for the construction segment increased by $55,517, or 21.7%. Such increase was primarily due to increased rent from new facility

leases, as well as increased professional fees in the construction segment. As a percentage of construction revenue, general and administrative