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SEGMENT REPORTING | 9 Months Ended
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Sep. 30, 2024
Segment Reporting [Abstract] |
SEGMENT REPORTING | NOTE 9— SEGMENT REPORTING As of September 30, 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 TrueGuard power generator monitors and 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 nine-month and three-month periods ended September 30, 2024 and 2023 (in thousands): SUMMARY OF SEGMENTED DATA
|  | PG |  |  | CP |  |  | Total |
Nine months ended September 30, 2024: |  |  |  |  |  |  |  |  |  |  |  |
Revenues from external customers |  | $ | 6,681 |  |  | $ | 776 |  |  | $ | 7,457 |
Segment gross profit |  | $ | 4,988 |  |  | $ | 455 |  |  | $ | 5,443 |
Depreciation and amortization |  | $ | 81 |  |  | $ | 10 |  |  | $ | 91 |
Segment income before income taxes |  | $ | 1,902 |  |  | $ | 13 |  |  | $ | 1,915 |
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 |
Three months ended September 30, 2024: |  |  |  |  |  |  |  |  |  |  |  |
Revenues from external customers |  | $ | 2,826 |  |  | $ | 224 |  |  | $ | 3,050 |
Segment gross profit |  | $ | 2,054 |  |  | $ | 133 |  |  | $ | 2,187 |
Depreciation and amortization |  | $ | 30 |  |  | $ | 3 |  |  | $ | 33 |
Segment income before income taxes |  | $ | 966 |  |  | $ | 46 |  |  | $ | 1,012 |
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 |
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 to Consolidated Net Income Before Income Taxes SCHEDULE OF RECONCILIATION OF SEGMENT DATA TO CONSOLIDATED STATEMENT OF OPERATIONS
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
|  | Nine months ended September 30, |  |  | Three months ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Total net income before income taxes for reportable segments |  | $ | 1,915 |  |  | $ | 856 |  |  | $ | 1,012 |  |  | $ | 366 |
Unallocated cost of corporate headquarters |  |  | (770 | ) |  |  | (814 | ) |  |  | (236 | ) |  |  | (339 | )
Consolidated net income (before income taxes |  | $ | 1,145 |  |  | $ | 42 |  |  | $ | 776 |  |  | $ | 27 |

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