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SEGMENT REPORTING | 9 Months Ended
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Sep. 30, 2023
Segment Reporting [Abstract] |
SEGMENT REPORTING | NOTE 9— SEGMENT REPORTING As of September 30, 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 touchscreen 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 nine-month and three-month periods ended September 30, 2023 and 2022 (in thousands): SUMMARY OF SEGMENTED DATA
|  | PG |  |  | CP |  |  | Total |
Nine months ended September 30, 2023: |  |  |  |  |  |  |  |  |  |  |  |
Revenues from external customers |  | $ | 4,994 |  |  | $ | 815 |  |  | $ | 5,809 |
Segment gross profit |  |  | 3,876 |  |  |  | 480 |  |  |  | 4,356 |
Depreciation and amortization |  |  | 99 |  |  |  | 16 |  |  |  | 115 |
Segment income (loss) before income taxes |  | $ | 891 |  |  | $ | (35 | ) |  | $ | 856 |
Nine months ended September 30, 2022: |  |  |  |  |  |  |  |  |  |  |  |
Revenues from external customers |  | $ | 4,335 |  |  | $ | 820 |  |  | $ | 5,155 |
Segment gross profit |  |  | 3,256 |  |  |  | 463 |  |  |  | 3,719 |
Depreciation and amortization |  |  | 72 |  |  |  | 13 |  |  |  | 85 |
Segment income (loss) before income taxes* |  | $ | 340 |  |  | $ | (103 | ) |  | $ | 237 |
Three months ended September 30, 2023: |  |  |  |  |  |  |  |  |  |  |  |
Revenues from external customers |  | $ | 1,798 |  |  | $ | 289 |  |  | $ | 2,087 |
Segment gross profit |  |  | 1,381 |  |  |  | 169 |  |  |  | 1,550 |
Depreciation and amortization |  |  | 36 |  |  |  | 5 |  |  |  | 41 |
Segment income before income taxes |  | $ | 361 |  |  | $ | 5 |  |  | $ | 366 |
Three months ended September 30, 2022: |  |  |  |  |  |  |  |  |  |  |  |
Revenues from external customers |  | $ | 1,510 |  |  | $ | 273 |  |  | $ | 1,783 |
Segment gross profit |  |  | 1,092 |  |  |  | 123 |  |  |  | 1,215 |
Depreciation and amortization |  |  | 31 |  |  |  | 5 |  |  |  | 36 |
Segment income (loss) before income taxes |  | $ | 78 |  |  | $ | (58 | ) |  | $ | 20 |
* | 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 nine months ended September 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 Income (Loss) to Consolidated Net Income (Loss) Before Income Taxes SCHEDULE OF RECONCILIATION OF SEGMENT DATA TO CONSOLIDATED STATEMENT OF OPERATIONS
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
|  | Nine months ended September 30, |  |  | Three months ended September 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Total net income before income taxes for reportable segments |  | $ | 856 |  |  | $ | 237 |  |  | $ | 366 |  |  | $ | 20 |
Unallocated software impairment |  |  |  |  |  |  | (51 | ) |  |  |  |  |  |  |  |
Unallocated cost of corporate headquarters |  |  | (814 | ) |  |  | (741 | ) |  |  | (339 | ) |  |  | (230 | )
Consolidated net income (loss) before income taxes |  | $ | 42 |  |  | $ | (555 | ) |  | $ | 27 |  |  | $ | (210 | )

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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 -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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