NOTE 13 – SEGMENTS

We define our segments as those operations whose results our chief operating decision maker ("CODM") reviews to analyze performance and allocate resources. As described in Note 2 under the caption “Assets Held for Sale and Discontinued Operations,” as well as Note 4,"Discontinued Operations", effective as of the fourth quarter of fiscal 2025, we no longer report the Ammunition segment; we now report our financial performance based on one segment.

Our CODM is our chief executive officer. The CODM assesses the performance of the Company and decides how to allocate resources based on consolidated earnings before interest expense, income taxes, depreciation and amortization ("EBITDA"). The CODM uses consolidated EBITDA to analyze how profitable the business is, including reviewing in comparison to budget and in comparison to the prior year performance when making decisions on allocating capital and resources. Significant expense categories regularly provided to and reviewed by the CODM are those presented in the consolidated statement of operations.

Our CODM does not use asset book values in assessing performance or allocating resources for our operating segments and therefore this information is not disclosed.

The following table presents consolidated EBITDA for our reportable segment:

 

For the Year Ended March 31,

 

 

 

2026

 

 

2025

 

 

 

 

 

 

 

 

 

 

Net revenues

 

$

51,125,398

 

 

$

49,401,547

 

 

Cost of revenues

 

 

6,524,437

 

 

 

6,468,031

 

 

Selling and marketing

 

 

550,333

 

 

 

610,926

 

 

Corporate and administrative

 

 

22,674,572

 

 

 

70,594,542

 

 

Employee salaries and related expenses

 

 

13,271,678

 

 

 

17,851,628

 

 

Consolidated EBITDA

 

 

8,104,378

 

 

 

(46,123,580

)

 

Adjustments and reconciling items:

 

 

 

 

 

 

 

Depreciation and amortization

 

 

(14,396,813

)

 

 

(13,589,698

)

 

Other income/(expense)

 

 

2,364,142

 

 

 

860,293

 

 

Interest expense

 

 

(1,769,656

)

 

 

(82,173

)

 

Gain on the extinguishment of debt

 

 

801,894

 

 

 

 

 

Provision for income taxes

 

 

(49,537

)

 

 

(6,286,305

)

 

Net loss from continuing operations

 

$

(4,945,592

)

 

$

(65,221,463

)

 

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Historical Timeline

Fiscal YearFiled
2026Jun 22, 2026Showing above
2025Jun 16, 2025
2024Jun 13, 2024
2023Jun 14, 2023
2022Jun 29, 2022

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.