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REVENUE | 3 Months Ended
--- | ---
Mar. 31, 2024
Schedule Of Deferred Charges Activity |
REVENUE | NOTE 10—REVENUE The following table disaggregates the Company’s revenue for the three-month periods ended March 31, 2024 and 2023 (in thousands): SCHEDULE OF DISAGGREGATES OF REVENUE
|  | Hardware |  |  | Monitoring |  |  | Total |
Three months ended March 31, 2024: |  |  |  |  |  |  |  |  |  |  |  |
PG Segment |  | $ | 753 |  |  | $ | 1,041 |  |  | $ | 1,794 |
CP Segment |  |  | 277 |  |  |  | 61 |  |  |  | 338 |
Total Revenue |  | $ | 1,030 |  |  | $ | 1,102 |  |  | $ | 2,132 |
|  | Hardware |  |  | Monitoring |  |  | Total |
Three months ended March 31, 2023: |  |  |  |  |  |  |  |  |  |  |  |
PG Segment |  | $ | 549 |  |  | $ | 958 |  |  | $ | 1,507 |
CP Segment |  |  | 176 |  |  |  | 66 |  |  |  | 242 |
Total Revenue |  | $ | 725 |  |  | $ | 1,024 |  |  | $ | 1,749 |
Deferred revenue activity for the three-month period ended March 31, 2024 can be seen in the table below (in thousands): SCHEDULE OF DEFERRED REVENUE ACTIVITY
|  | Hardware |  |  | Monitoring |  |  | Total |
Balance at December 31, 2023 |  | $ | 2,965 |  |  | $ | 2,619 |  |  | $ | 5,584 |
Additions during the period |  |  | — |  |  |  | 1,081 |  |  |  | 1,081 |
Recognized as revenue |  |  | (535 | ) |  |  | (1,102 | ) |  |  | (1,637 | )
Balance at March 31, 2024 |  | $ | 2,430 |  |  | $ | 2,598 |  |  | $ | 5,028 |
Amounts to be recognized as revenue in the twelve-month-period ending: |  |  |  |  |  |  |  |  |  |  |  |
March 31, 2025 |  | $ | 1,621 |  |  | $ | 2,202 |  |  | $ | 3,823 |
March 31, 2026 |  |  | 751 |  |  |  | 393 |  |  |  | 1,144 |
March 31, 2027 and thereafter |  |  | 58 |  |  |  | 3 |  |  |  | 61 |
Total |  | $ | 2,430 |  |  | $ | 2,598 |  |  | $ | 5,028 |
The amount of hardware revenue recognized during the three-month period ended March 31, 2024 that was included in deferred revenue at the beginning of the fiscal year was $535,000. The amount of monitoring revenue during the three-month period ended March 31, 2024 that was included in deferred revenue at the beginning of the fiscal year was $954,000. The following table provides a reconciliation of the Company’s hardware revenue for the three-month periods ended March 31, 2024 and 2023 (in thousands): SCHEDULE OF RECONCILIATION OF HARDWARE REVENUE
Reconciliation of Hardware Revenue |  | 2024 |  |  | 2023 |
|  | Three months ended March 31, |
Reconciliation of Hardware Revenue |  | 2024 |  |  | 2023 |
Amortization of deferred revenue |  | $ | 535 |  |  | $ | 585 |
Hardware sales (new product versions) |  |  | 376 |  |  |  | — |
Other accessories, services, shipping and miscellaneous charges |  |  | 119 |  |  |  | 140 |
Total hardware revenue |  | $ | 1,030 |  |  | $ | 725 |
Deferred COGS relate only to the sale of equipment. Deferred COGS activity for the three-month period ended March 31, 2024 can be seen in the table below (in thousands): SCHEDULE OF DEFERRED CHARGES ACTIVITY
Balance at December 31, 2023 |  | $ | 1,285 |
Additions, net of adjustments, during the period |  |  | — |
Recognized as cost of sales |  |  | (235 | )
Balance at March 31, 2024 |  | $ | 1,050 |
Amounts to be recognized as COGS in the twelve-month-period ending: |  |  |  |
March 31, 2025 |  | $ | 709 |
March 31, 2026 |  |  | 316 |
March 31, 2027 and thereafter |  |  | 25 |
|  | $ | 1,050 |
The following table provides a reconciliation of the Company’s COGS expense for the three-month periods ended March 31, 2024 and 2023 (in thousands): SCHEDULE OF RECONCILIATION OF COGS EXPENSE
Reconciliation of COGS Expense |  | 2024 |  |  | 2023 |
|  | Three months ended March 31, |
Reconciliation of COGS Expense |  | 2024 |  |  | 2023 |
Amortization of deferred COGS |  | $ | 235 |  |  | $ | 268 |
COGS of hardware sales (new product versions) |  |  | 163 |  |  |  | — |
Data costs for monitoring |  |  | 62 |  |  |  | 75 |
Other COGS of accessories, services, shipping and miscellaneous charges |  |  | 81 |  |  |  | 90 |
Total COGS expense |  | $ | 541 |  |  | $ | 433 |
The following table provides a reconciliation of the Company’s sales commissions contract assets for the three-month period ended March 31, 2024 (in thousands): SCHEDULE OF SALES COMMISSIONS CONTRACT ASSETS
|  | Hardware |  |  | Monitoring |  |  | Total |
Balance at December 31, 2023 |  | $ | 268 |  |  | $ | 96 |  |  | $ | 364 |
Additions during the period |  |  | — |  |  |  | 8 |  |  |  | 8 |
Amortization of sales commissions |  |  | (48 | ) |  |  | (10 | ) |  |  | (58 | )
Balance at March 31, 2024 |  | $ | 220 |  |  | $ | 94 |  |  | $ | 314 |
The capitalized sales commissions are included in other current assets ($184,000) and other assets ($130,000) in the Company’s unaudited condensed consolidated balance sheet at March 31, 2024. The capitalized sales commissions are included in other current assets ($202,000) and other assets ($162,000) in the Company’s condensed consolidated balance sheet at December 31, 2023. Amounts to be recognized as sales commission expense in the twelve-month-period ending (in thousands): SCHEDULE OF SALES COMMISSIONS EXPENSE
March 31, 2025 |  | $ | 184 |
March 31, 2026 |  |  | 101 |
March 31, 2027 and thereafter |  |  | 29 |
Total |  | $ | 314 |

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