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SEGMENT REPORTING | 3 Months Ended
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Mar. 31, 2024
Segment Reporting [Abstract] |
SEGMENT REPORTING | NOTE 9— SEGMENT REPORTING As of March 31, 2024, 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 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, 2024 and 2023 (in thousands): SUMMARY OF SEGMENTED DATA
|  | PG |  |  | CP |  |  | Total |
Three months ended March 31, 2024: |  |  |  |  |  |  |  |  |  |  |  |
Revenues from external customers |  | $ | 1,794 |  |  | $ | 338 |  |  | $ | 2,132 |
Segment gross profit |  |  | 1,398 |  |  |  | 193 |  |  |  | 1,591 |
Depreciation and amortization |  |  | 24 |  |  |  | 4 |  |  |  | 28 |
Segment income (loss) before income taxes |  | $ | 416 |  |  | $ | (18 | ) |  | $ | 398 |
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 |
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 Income (Loss) Before Income Taxes SCHEDULE OF RECONCILIATION OF SEGMENT DATA TO CONSOLIDATED STATEMENT OF OPERATIONS
|  | 2024 |  |  | 2023 |
|  | Three months ended March 31, |
|  | 2024 |  |  | 2023 |
|  | (in thousands) |
Total net income before income taxes for reportable segments |  | $ | 398 |  |  | $ | 151 |
Unallocated cost of corporate headquarters |  |  | (305 | ) |  |  | (235 | )
Consolidated net income (loss) before income taxes |  | $ | 93 |  |  | $ | (84 | )

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- Definition The entire disclosure for reporting segments including data and tables. 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