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SEGMENT REPORTING
 6 Months Ended
Jun. 30, 2021
Segment Reporting [Abstract]  
SEGMENT REPORTING

NOTE 8— SEGMENT REPORTING

 

As of June 30, 2021, the Company operates in two reportable operating segments, both of which are performed through the Company’s OmniMetrix subsidiary:

 

  ● The PG (Power Generation) segment provides wireless remote monitoring and control systems and services for critical assets as well as Internet of Things applications. The PG segment includes OmniMetrix’s monitoring device for industrial air compressors and dryers, and a new line of annunciators.
     
  ● The CP (Cathodic Protection) segment provides remote monitoring of cathodic protection systems on gas pipelines for gas utilities and pipeline companies.

 

The Company’s reportable segments are strategic business units, offering different products and services, and are managed separately as each business requires different technology and marketing strategies.

 

The following tables represent segmented data for the three-month and six-month periods ended June 30, 2021 and 2020 (in thousands):

 

   PG   CP   Total 
Six months ended June 30, 2021:               
Revenues from external customers  $2,837   $479   $3,316 
Segment gross profit   2,150    282    2,432 
Depreciation and amortization   32    5    37 
Segment income(loss) before income taxes  $510   $(17)  $493 
                
Six months ended June 30, 2020:               
Revenues from external customers  $2,371   $435   $2,806 
Segment gross profit   1,720    224    1,944 
Depreciation and amortization   17    4    21 
Segment income(loss) before income taxes  $204   $(72)  $132 
                
Three months ended June 30, 2021:               
Revenues from external customers  $1,379   $232   $1,611 
Segment gross profit   1,082    140    1,222 
Depreciation and amortization   19    3    22 
Segment income(loss) before income taxes  $234   $(4)  $230 
                
Three months ended June 30, 2020:               
Revenues from external customers  $1,262   $206   $1,468 
Segment gross profit   915    107    1,022 
Depreciation and amortization   4    1    5 
Segment income(loss) before income taxes  $199   $(10)  $189 

 

 

The Company does not currently break out total assets by reportable segment as there is a high level of shared utilization between the segments. Further, the Chief Decision Maker does not review the assets by segment.

 

Reconciliation of Segment Income (Loss) to Consolidated Net Income (Loss) Before Income Taxes

 

                             
  

Six months ended

June 30,

  

Three months ended

June 30,

 
   2021   2020   2021   2020 
Total net income before income taxes for reportable segments  $493   $132   $230   $189 
Unallocated cost of corporate headquarters   (467)   (448)   (226)   (221)
Consolidated net income (loss) before income taxes  $26   $(316)  $4   $(32)