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REVENUE | 6 Months Ended
--- | ---
Jun. 30, 2024
Revenue from Contract with Customer [Abstract] |
REVENUE | NOTE 10—REVENUE The following table disaggregates the Company’s revenue for the six- and three-month periods ended June 30, 2024 and 2023 (in thousands): SCHEDULE OF DISAGGREGATES OF REVENUE
|  | Hardware |  |  | Monitoring |  |  | Total |
Six months ended June 30, 2024: |  |  |  |  |  |  |  |  |  |  |  |
PG Segment |  | $ | 1,767 |  |  | $ | 2,088 |  |  | $ | 3,855 |
CP Segment |  |  | 428 |  |  |  | 124 |  |  |  | 552 |
Total Revenue |  | $ | 2,195 |  |  | $ | 2,212 |  |  | $ | 4,407 |
|  | Hardware |  |  | Monitoring |  |  | Total |
Six months ended June 30, 2023: |  |  |  |  |  |  |  |  |  |  |  |
PG Segment |  | $ | 1,237 |  |  | $ | 1,959 |  |  | $ | 3,196 |
CP Segment |  |  | 396 |  |  |  | 130 |  |  |  | 526 |
Total Revenue |  | $ | 1,633 |  |  | $ | 2,089 |  |  | $ | 3,722 |
|  | Hardware |  |  | Monitoring |  |  | Total |
Three months ended June 30, 2024: |  |  |  |  |  |  |  |  |  |  |  |
PG Segment |  | $ | 1,014 |  |  | $ | 1,047 |  |  | $ | 2,061 |
CP Segment |  |  | 151 |  |  |  | 63 |  |  |  | 214 |
Total Revenue |  | $ | 1,165 |  |  | $ | 1,110 |  |  | $ | 2,275 |
|  | Hardware |  |  | Monitoring |  |  | Total |
Three months ended June 30, 2023: |  |  |  |  |  |  |  |  |  |  |  |
PG Segment |  | $ | 688 |  |  | $ | 1,001 |  |  | $ | 1,689 |
CP Segment |  |  | 220 |  |  |  | 64 |  |  |  | 284 |
Total Revenue |  | $ | 908 |  |  | $ | 1,065 |  |  | $ | 1,973 |
Deferred revenue activity for the six months ended June 30, 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 |  |  | — |  |  |  | 2,235 |  |  |  | 2,235 |
Recognized as revenue |  |  | (1,027 | ) |  |  | (2,212 | ) |  |  | (3,239 | )
Balance at June 30, 2024 |  | $ | 1,938 |  |  | $ | 2,642 |  |  | $ | 4,580 |
Amounts to be recognized as revenue in the twelve-month-period ending: |  |  |  |  |  |  |  |  |  |  |  |
June 30, 2025 |  | $ | 1,400 |  |  |  | 2,190 |  |  |  | 3,590 |
June 30, 2026 |  |  | 534 |  |  |  | 448 |  |  |  | 982 |
June 30, 2027 and thereafter |  |  | 4 |  |  |  | 4 |  |  |  | 8 |
Total |  | $ | 1,938 |  |  |  | 2,642 |  |  |  | 4,580 |
The amount of hardware revenue recognized during the six months ended June 30, 2024 that was included in deferred revenue at the beginning of the fiscal year was $1,027,000. The amount of monitoring revenue during the six months ended June 30, 2024 that was included in deferred revenue at the beginning of the fiscal year was $1,633,000. The following table provides a reconciliation of the Company’s hardware revenue for the six- and three-month periods ended June 30, 2024 and 2023 (in thousands): SCHEDULE OF RECONCILIATION OF HARDWARE REVENUE
Reconciliation of Hardware Revenue |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
|  | Six months ended June 30, |  |  | Three months ended June 30, |
Reconciliation of Hardware Revenue |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Amortization of deferred revenue |  | $ | 1,027 |  |  | $ | 1,192 |  |  | $ | 492 |  |  | $ | 607 |
Sales of custom designed units and related accessories |  |  | — |  |  |  | 92 |  |  |  | — |  |  |  | 92 |
Hardware sales (new product versions) |  |  | 955 |  |  |  | — |  |  |  | 579 |  |  |  | — |
Other accessories, services, shipping and miscellaneous charges |  |  | 213 |  |  |  | 349 |  |  |  | 94 |  |  |  | 209 |
Total hardware revenue |  | $ | 2,195 |  |  | $ | 1,633 |  |  | $ | 1,165 |  |  | $ | 908 |
Deferred COGS relate only to the sale of equipment. Deferred COGS activity for the six-month period ended June 30, 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 COGS |  |  | (451 | )
Balance at June 30, 2024 |  | $ | 834 |
Amounts to be recognized as COGS in the twelve-month-period ending: |  |  |  |
June 30, 2025 |  | $ | 608 |
June 30, 2026 |  |  | 224 |
June 30, 2027 and thereafter |  |  | 2 |
|  | $ | 834 |
The following table provides a reconciliation of the Company’s COGS expense for the six- and three-month periods ended June 30, 2024 and 2023 (in thousands): SCHEDULE OF RECONCILIATION OF COGS EXPENSE
Reconciliation of COGS Expense |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
|  | Six months ended June 30, |  |  | Three months ended June 30, |
Reconciliation of COGS Expense |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Amortization of deferred COGS |  | $ | 451 |  |  | $ | 540 |  |  | $ | 216 |  |  | $ | 272 |
COGS of custom designed units and related accessories |  |  | — |  |  |  | 23 |  |  |  | — |  |  |  | 23 |
COGS of hardware sales (new product versions) |  |  | 430 |  |  |  | — |  |  |  | 268 |  |  |  | — |
Data costs for monitoring |  |  | 123 |  |  |  | 148 |  |  |  | 61 |  |  |  | 73 |
Other COGS of accessories, services, shipping and miscellaneous charges |  |  | 147 |  |  |  | 205 |  |  |  | 66 |  |  |  | 115 |
Total COGS expense |  | $ | 1,151 |  |  | $ | 916 |  |  | $ | 610 |  |  | $ | 483 |
The following table provides a reconciliation of the Company’s sales commissions contract assets for the six-month period ended June 30, 2024 (in thousands): SCHEDULE OF SALES COMMISSIONS CONTRACT ASSETS
|  | Hardware |  |  | Monitoring |  |  | Total |
Balance at December 31, 2023 |  | $ | 268 |  |  | $ | 96 |  |  | $ | 364 |
Additions during the period |  |  | — |  |  |  | 21 |  |  |  | 21 |
Amortization of sales commissions |  |  | (91 | ) |  |  | (21 | ) |  |  | (112 | )
Balance at June 30, 2024 |  | $ | 177 |  |  |  | 96 |  |  |  | 273 |
The capitalized sales commissions are included in other current assets ($167,000) and other assets ($106,000) in the Company’s unaudited condensed consolidated balance sheet at June 30, 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
June 30, 2025 |  | $ | 167 |
June 30, 2026 |  |  | 82 |
June 30, 2027 and thereafter |  |  | 24 |
Total |  | $ | 273 |

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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