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SEGMENT REPORTING
 3 Months Ended
Mar. 31, 2022
Segment Reporting [Abstract]  
SEGMENT REPORTING

NOTE 7— SEGMENT REPORTING

 

As of March 31, 2022, the Company operates in two reportable operating segments, both of which are performed through the Company’s OmniMetrix subsidiary:

 

  ● The Power Generation (“PG”) segment provides wireless remote monitoring and control systems and services for critical assets as well as Internet of Things applications.
     
  ● The Cathodic Protection (“CP”) 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 periods ended March 31, 2022 and 2021 (in thousands):

 

   PG   CP   Total 
Three months ended March 31, 2022:               
Revenues from external customers  $1,445   $306   $1,751 
Segment gross profit   1,073    185    1,258 
Depreciation and amortization   17    3    20 
Segment income (loss) before income taxes  $189   $(21)  $168 
                
Three months ended March 31, 2021:               
Revenues from external customers  $1,458   $247   $1,705 
Segment gross profit   1,068    142    1,210 
Depreciation and amortization   16    2    18 
Segment income (loss) before income taxes  $276   $(13)  $263 

 

 

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 Net Income (Loss) to Consolidated Net (Loss) Income Before Income Taxes

 

   2022   2021 
  

Three months ended

March 31,

 
   2022   2021 
Total net income before income taxes for reportable segments  $168   $263 
Unallocated cost of corporate headquarters   (290)   (241)
Consolidated net (loss) income before income taxes  $(122)  $22