Annual report pursuant to Section 13 and 15(d)

Segment Information

v2.4.1.9
Segment Information
12 Months Ended
Dec. 31, 2014
Segment Reporting [Abstract]  
Segment Information

NOTE 20 – SEGMENT INFORMATION

 

The Company’s operations are classified into the sales of products within the United States and outside the United States. We determined our operating segments in accordance with FASB Topic 280, Segment Reporting.

 

Results of the operating segments are as follows:

 

December 31, 2014:

 

    Domestic     International     Total  
                   
Sales   $ 31,761     $ 1,732,597     $ 1,764,358  
Cost of goods sold     39,304       2,292,403       2,331,707  
Gross profit   $ (7,543 )   $ (559,806 )   $ (567,349 )
                         
Accounts receivable, gross   $ 31,986     $ 1,013,938     $ 1,045,924  

 

The Company presents its financial statements in two segments as shown above. Except for the accounts receivable, as shown above, which relate to the international business, all assets and liabilities are domiciled in the United States, and are therefore, associated with the domestic business. While the gross margin information is shown above, allocated between the domestic and international business based on sales, the majority of the expenses are paid in the United States, the domestic segment. 

 

December 31, 2013:

 

    Domestic     International     Total  
                   
Sales   $ 34,746     $ 860,815     $ 895,561  
Cost of goods sold     57,854       1,433,312       1,491,166  
Gross profit   $ (23,108 )   $ (572,497 )   $ (595,605 )
                         
Accounts receivable   $ 22,354     $ 379,195     $ 401,549  

 

The Company presents its financial statements in two segments as shown above. Except for the accounts receivable, as shown above, which relate to the international business, all assets and liabilities are domiciled in the United States and are therefore associated with the domestic business. While the gross margin information is shown above allocated between the domestic and international business based on sales, the majority of the expenses are paid in the United States, the domestic segment.