Annual report pursuant to Section 13 and 15(d)

NOTE 14 - SEGMENT REPORTING

v3.5.0.2
NOTE 14 - SEGMENT REPORTING
 12 Months Ended
Dec. 31, 2015
Segment Reporting [Abstract]  
NOTE 14 - SEGMENT REPORTING

NOTE 14– SEGMENT REPORTING: 

The Company follows paragraph 280 of the FASB Accounting Standards Codification for disclosures about segment reporting. This statement requires companies to report information about operating segments in interim and annual financial statements. It also requires segment disclosures about products and services, geographic areas, and major customers.

 

The Company has two reportable operating segments as determined by management using the “management approach” as defined by the authoritative guidance on Disclosures about Segments of an Enterprise and Related Information:  Corporate administration costs, which include, but are not limited to, general accounting, human resources, legal and credit and collections, are partially allocated to the two operating segments.

 

Summarized in the following tables are net sales and operating revenues, depreciation and amortization expense, income from continuing operations before taxes, capital expenditures and assets for the Company's reportable segments as of and for the fiscal years ended December 31, 2015 and December 31, 2014: 

 

 

 

    Fiscal Year Ended
    December 31,   December 31,
    2015   2014
 Revenues:                
 Worlds Online   $ 798     $ 806  
 MariMed     1,326,003       87,578  
 Consolidated revenues   $ 1,270,176     $ 88,384  
                 
 Depreciation and amortization:                
Worlds Online   $ —       $ —    
 MariMed     1,206,003       20,000  
 Depreciation and amortization   $ 1,206,003     $ 20,000  
                 
 Loss before taxes                
 Worlds Online   $ (600,378 )   $ (6,817,846 )
 MariMed     (1,246,525 )     (603,445 )
 Loss before taxes   $ (1,846,903 )   $ (7,421,291 )

 

Capital Expenditures:

                
 Worlds Online   $ —       $ —    
 MariMed     3,048,776       2,666  
 Combined capital expenditures   $ 3,048,776     $ 2,666  
                 
 Assets:                
 Worlds Online   $ 40,935     $ 224,018  
 MariMed     3,676,798       1,428,281  
   Combined assets   $ 3,717,733     $ 1,652,298