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SEGMENT REPORTING AND GEOGRAPHIC INFORMATION | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
SEGMENT REPORTING AND GEOGRAPHIC INFORMATION | NOTE 12—SEGMENT REPORTING AND GEOGRAPHIC INFORMATION (a) General Information As of December 31, 2024, 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 CODM as each business requires different technology and marketing strategies. The CODM is the Company’s Chief Executive Officer (CEO). (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 by segment based on revenue (driven by the number of connections), gross profit and 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. Segment expense that is routinely provided to the CODM is COGS and R&D expense. R&D expense is allocated to each segment based on estimated time on projects within the segment. SG&A expense and interest income is allocated to each segment based on the percentage of segment revenue to total revenue instead of being specifically identified to each segment since the Company’s resources have a high level of shared utilization between the segments. Further, the CODM does not review the assets by segment. The following tables represent segmented data for the years ended December 31, 2024 and 2023 (in thousands). SUMMARY OF SEGMENTED DATA
|  | PG |  |  | CP |  |  | Total |
Year ended December 31, 2024: |  |  |  |  |  |  |  |  |  |  |  |
Revenues from external customers |  | $ | 9,882 |  |  | $ | 1,104 |  |  | $ | 10,986 |
COGS |  |  | 2,548 |  |  |  | 439 |  |  |  | 2,987 |
Segment gross profit |  |  | 7,334 |  |  |  | 665 |  |  |  | 7,999 |
R&D expense |  |  | 851 |  |  |  | 161 |  |  |  | 1,012 |
SG&A expense |  |  | 3,609 |  |  |  | 421 |  |  |  | 4,030 |
Segment operating income |  |  | 2,874 |  |  |  | 83 |  |  |  | 2,957 |
Interest income, net |  |  | 64 |  |  |  | 6 |  |  |  | 70 |
Segment income before income taxes |  | $ | 2,938 |  |  | $ | 89 |  |  | $ | 3,027 |
Year ended December 31, 2023: |  |  |  |  |  |  |  |  |  |  |  |
Revenues from external customers |  | $ | 7,000 |  |  | $ | 1,059 |  |  | $ | 8,059 |
COGS |  |  | 1,627 |  |  |  | 428 |  |  |  | 2,055 |
Segment gross profit |  |  | 5,373 |  |  |  | 631 |  |  |  | 6,004 |
R&D expense |  |  | 737 |  |  |  | 138 |  |  |  | 875 |
SG&A expense |  |  | 3,471 |  |  |  | 527 |  |  |  | 3,998 |
Segment operating income (loss) |  |  | 1,165 |  |  |  | (34 | ) |  |  | 1,131 |
Interest income, net |  |  | 55 |  |  |  | 8 |  |  |  | 63 |
Segment income (loss) before income taxes |  | $ | 1,220 |  |  | $ | (26 | ) |  | $ | 1,194 |
(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, 2024 and 2023 (in thousands): SCHEDULE OF RECONCILIATION OF SEGMENT DATA TO CONSOLIDATED STATEMENT OF OPERATIONS
|  | 2024 |  |  | 2023 |
|  | Year ended December 31, |
|  | 2024 |  |  | 2023 |
Total net income before income taxes for reportable segments |  | $ | 3,027 |  |  | $ | 1,194 |
Unallocated cost of corporate headquarters |  |  | (1,017 | ) |  |  | (1,056 | )
Consolidated net income before income taxes |  | $ | 2,010 |  |  | $ | 138 |
SCHEDULE OF RECONCILIATION OF SEGMENT DATA TO CONSOLIDATED STATEMENT BALANCE SHEET
|  | 2024 |  |  | 2023 |
|  | As of December 31, |
|  | 2024 |  |  | 2023 |
Assets: |  |  |  |  |  |  |  |
Total assets for OmniMetrix subsidiary |  | $ | 5,901 |  |  | $ | 5,163 |
Assets of corporate headquarters |  |  | 260 |  |  |  | 286 |
Deferred tax assets |  |  | 4,435 |  |  |  | — |
Total consolidated assets |  | $ | 10,596 |  |  | $ | 5,449 |
SCHEDULE OF REVENUE FROM CUSTOMERS BY GEOGRAPHICAL AREAS
|  | 2024 |  |  | 2023 |
|  | Year ended December 31, |
|  | 2024 |  |  | 2023 |
Revenues based on location of customer: |  |  |  |  |  |  |  |
United States |  | $ | 10,955 |  |  | $ | 7,992 |
Other |  |  | 31 |  |  |  | 67 |
Revenues |  | $ | 10,986 |  |  | $ | 8,059 |
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): SCHEDULE OF REVENUES AND ACCOUNTS RECEIVABLE BALANCES FROM MAJOR CUSTOMERS
|  | Invoiced Sales |  |  | Accounts Receivable |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Customer |  | Total |  |  | % |  |  | Total |  |  | % |  |  | Balance |  |  | % |  |  | Balance |  |  | % |
A |  | $ | 1,843 |  |  |  | 19 | % |  | $ | -* |  |  |  | -* | % |  | $ | 1,188 |  |  |  | 61 | % |  | $ | -* |  |  |  | -* | %
B |  | $ | -* |  |  |  | -* | % |  | $ | -* |  |  |  | -* | % |  | $ | - * |  |  |  | -* | % |  | $ | 134 |  |  |  | 25 | %
* | * | Balance is not significant.
|  | The revenue and accounts receivable of both customer A and B are within the PG segment.

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