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SEGMENT REPORTING | 6 Months Ended
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Jun. 30, 2022
Segment Reporting [Abstract] |
SEGMENT REPORTING | NOTE 7— SEGMENT REPORTING As of June 30, 2022, the Company operates in two reportable operating segments, both of which are performed through the Company’s OmniMetrix subsidiary:
| ● | The PG (Power Generation) (“PG”) 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 line of annunciators.
| ● | The CP (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 six-month and three-month periods ended June 30, 2022 and 2021 (in thousands): SUMMARY OF SEGMENTED DATA
|  | PG |  |  | CP |  |  | Total |
Six months ended June 30, 2022: |  |  |  |  |  |  |  |  |  |  |  |
Revenues from external customers |  | $ | 2,825 |  |  | $ | 547 |  |  | $ | 3,372 |
Segment gross profit |  |  | 2,164 |  |  |  | 340 |  |  |  | 2,504 |
Depreciation and amortization |  |  | 41 |  |  |  | 8 |  |  |  | 49 |
Segment income (loss) before income taxes* | * | $ | 262 |  |  | $ | (45 | ) |  | $ | 217 |
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 |
Three months ended June 30, 2022: |  |  |  |  |  |  |  |  |  |  |  |
Revenues from external customers |  | $ | 1,380 |  |  | $ | 241 |  |  | $ | 1,621 |
Segment gross profit |  |  | 1,091 |  |  |  | 155 |  |  |  | 1,246 |
Depreciation and amortization |  |  | 24 |  |  |  | 5 |  |  |  | 29 |
Segment income (loss) before income taxes* | * | $ | 73 |  |  | $ | (24 | ) |  | $ | 49 |
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 |
* | The software impairment of $51,000 is not related to a specific segment and, thus, is not included in the “Segment income (loss) before income taxes” for the six and three months ended June 30, 2022.
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 (Loss) Income to Consolidated Net (Loss) Income Before Income Taxes SCHEDULE OF RECONCILIATION OF SEGMENT DATA TO CONSOLIDATED NET INCOME LOSS BEFORE INCOME TAXES
|  | Six months ended June 30, |  |  | Three months ended June 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Total net income before income taxes for reportable segments* | * | $ | 217 |  |  | $ | 493 |  |  | $ | 49 |  |  | $ | 230 |
Unallocated cost of corporate headquarters |  |  | (510 | ) |  |  | (467 | ) |  |  | (220 | ) |  |  | (226 | )
Consolidated net (loss) income before income taxes |  | $ | (293 | ) |  | $ | 26 |  |  | $ | (171 | ) |  | $ | 4 |
* | The software impairment of $51,000 is not related to a specific segment and, thus, is not included in the “Total net income before income taxes for reportable segments” for the six and three months ended June 30, 2022.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
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