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SEGMENT REPORTING AND GEOGRAPHIC INFORMATION
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
SEGMENT REPORTING AND GEOGRAPHIC INFORMATION

NOTE 12—SEGMENT REPORTING AND GEOGRAPHIC INFORMATION

 

(a) General Information

 

As of December 31, 2023, the Company continues to operate in two reportable operating segments, PG and CP, both of which are performed through the Company’s OmniMetrix subsidiary. See Note 1, Nature of Operations, for a description of these segments.

 

The Company’s reportable segments are strategic business units, offering different products and services and are managed separately by the Chief Decision Maker (CDM) as each business requires different technology and marketing strategies.

 

 

(b) Information about profit or loss and assets

 

The accounting policies of all the segments are those described in the summary of significant accounting policies. The Company evaluates performance based on net income or loss before taxes.

 

The Company does not systematically allocate assets to the divisions of the subsidiaries constituting its consolidated group, unless the division constitutes a significant operation. Accordingly, where a division of a subsidiary constitutes a segment that does not meet the quantitative thresholds of applicable accounting principles, depreciation expense is recorded against the operations of such segment, without allocating the related depreciable assets to that segment. However, where a division of a subsidiary constitutes a segment that does meet the quantitative thresholds, related depreciable assets, along with other identifiable assets, are allocated to such division.

 

The following tables represent segmented data for the years ended December 31, 2023 and 2022 (in thousands). 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 CDM does not review the assets by segment.

 

   PG   CP   Total 
Year ended December 31, 2023:               
Revenues from customers  $7,000   $1,059   $8,059 
Segment gross profit   5,373    631    6,004 
Depreciation and amortization   140    21    161 
Segment income (loss) before income taxes   1,220    (26)   1,194 
                
Year ended December 31, 2022:               
Revenues from customers  $5,894   $1,106   $7,000 
Segment gross profit   4,426    645    5,071 
Depreciation and amortization   103    19    122 
Segment income (loss) before income taxes*   489    (107)   382 

 

* The software impairment of $51,000 recorded during 2022 is not related to a specific segment and, thus, is not included in the “Segment income (loss) before income taxes” for the year ended December 31, 2022.

 

(c) The following tables represent a reconciliation of the segment data to the consolidated statement of operations and balance sheet data for the years ended and as of December 31, 2023 and 2022 (in thousands):

 

   2023   2022 
  

Year ended

December 31,

 
   2023   2022 
Total net income before income taxes for reportable segments  $1,194   $331 
Unallocated net cost of corporate headquarters   (1,056)   (962)
Consolidated net income (loss) before taxes on income  $138   $(631)

 

 

   2023   2022 
   As of December 31, 
   2023   2022 
Assets:          
Total assets for OmniMetrix subsidiary  $5,163   $5,931 
Assets of corporate headquarters   286    53 
Total consolidated assets  $5,449   $5,984 

 

   2023   2022 
  

Year ended

December 31,

 
   2023   2022 
Revenues based on location of customer:          
United States  $7,992   $6,960 
Other   67    40 
Revenues  $8,059   $7,000 

 

All of the Company’s long-lived assets are located in the United States.

 

 

(d) Revenues and Accounts Receivable Balances from Major Customers (in thousands):

 

   Invoiced Sales   Accounts Receivable 
   2023   2022   2023   2022 
Customer  Total   %   Total   %   Balance   %   Balance   % 
A  $    *    * %  $*    * %  $*    * %  $    72    12%
B  $*    *%  $    *    *%  $   134    25%  $—    — 

 

*   Balance is not significant.