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SEGMENT REPORTING
 3 Months Ended
Mar. 31, 2023
Segment Reporting [Abstract]  
SEGMENT REPORTING

NOTE 9— SEGMENT REPORTING

 

As of March 31, 2023, the Company operates in two reportable operating segments, both of which are performed through the Company’s OmniMetrix subsidiary:

 

  ● Power Generation (“PG”). OmniMetrix’s PG services provide wireless remote monitoring and control systems and IoT applications for residential and commercial/industrial power generation equipment. This includes OmniMetrix’s AIRGuard product, which remotely monitors and controls industrial air compressors and its Smart Annunciator product which is typically sold to commercial customers that require a visual representation of the generator’s status and has a touch-screen display that indicates the current state of that generator.
     
  ● Cathodic Protection (“CP”). OmniMetrix’s CP services provide remote monitoring and control products for cathodic protection systems on oil and gas pipelines serving the gas utilities market and pipeline operators. The CP product lineup includes solutions to remotely monitor and control rectifiers, test stations and bonds. OmniMetrix also offers the industry’s first RADTM (Remote AC Mitigation Disconnect) that mounts onto existing Solid-state Decouplers in the field and can remotely disconnect/connect these AC mitigation tools which can drastically reduce a company’s expense while increasing employee safety.

 

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, 2023 and 2022 (in thousands):

 

   PG   CP   Total 
Three months ended March 31, 2023:               
Revenues from external customers  $1,507   $242   $1,749 
Segment gross profit   1,179    137    1,316 
Depreciation and amortization   33    5    38 
Segment income (loss) before income taxes  $199   $(48)  $151 
                
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 

 

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 Before Income Taxes

 

   2023   2022 
  

Three months ended

March 31,

 
   2023   2022 
Total net income before income taxes for reportable segments  $151   $168 
Unallocated cost of corporate headquarters   (235)   (290)
Consolidated net loss before income taxes  $(84)  $(122)