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BUSINESS SEGMENT, GEOGRAPHIC AND CUSTOMER INFORMATION
 12 Months Ended
Dec. 31, 2022
Segment Reporting [Abstract]  
BUSINESS SEGMENT, GEOGRAPHIC AND CUSTOMER INFORMATION

13. BUSINESS SEGMENT, GEOGRAPHIC AND CUSTOMER INFORMATION

 

The Company follows ASC 280 - Segment Reporting in determining its reportable segments. The Company considered the way its management team, most notably its chief operating decision maker, makes operating decisions and assesses performance and considered which components of the Company’s enterprise have discrete financial information available. As the Company makes decisions using a manufactured products vs. distributed products and services group focus, its analysis resulted in two reportable segments: T&D Solutions and Critical Power. The Critical Power reportable segment is the Company’s Titan Energy Systems, Inc. business unit. The T&D Solutions reportable segment is the Company’s Pioneer Custom Electrical Products Corp. business unit.

 

The T&D Solutions segment is involved in the design, manufacture and distribution of switchgear used primarily by large industrial and commercial operations to manage their electrical power distribution needs. The Critical Power segment provides power generation equipment and aftermarket field-services primarily to help customers ensure smooth, uninterrupted power to operations during times of emergency.

 

The following tables present information about segment income (loss):

 

   2022   2021 
   Year Ended 
   December 31, 
   2022   2021 
Revenues        
T&D Solutions          
Power Systems  $17,382   $9,484 
Service   10    - 
Revenues   17,392    9,484 
Critical Power Solutions          
Equipment   2,229    1,891 
Service   7,379    6,936 
Revenues   9,608    8,827 
Consolidated  $27,000   $18,311 

 

   2022   2021 
   Year Ended 
   December 31, 
   2022   2021 
Depreciation and amortization          
T&D Solutions  $56   $61 
Critical Power Solutions   384    349 
Unallocated corporate overhead expenses   26    28 
Consolidated  $466   $438 

 

   2022   2021 
   Year Ended 
   December 31, 
   2022   2021 
Operating income (loss)          
T&D Solutions  $1,784   $(1,060)
Critical Power Solutions   (2,003)   (385)
Unallocated corporate overhead expenses   (3,810)   (2,417)
Consolidated  $(4,029)  $(3,862)

 

The following table presents information which reconciles segment assets to consolidated total assets:

 

   2022   2021 
   December 31, 
   2022   2021 
Assets        
T&D Solutions  $18,196   $6,490 
Critical Power Solutions   8,009    3,573 
Corporate   10,970    17,864 
Consolidated  $37,175   $27,927 

 

Corporate assets consisted primarily of cash on hand.

 

 

Revenues are attributable to countries based on the location of the Company’s customers:

 

   Year Ended 
   December 31, 
   2022   2021 
Revenues        
United States  $27,000   $18,311 

 

Sales to Enchanted Rock Electric, LLC accounted for approximately 45% of the Company’s total sales during the year ended December 31, 2022. The Company had no sales to Enchanted Rock Electric, LLC during the year ended December 31, 2021.

 

The distribution of the Company’s property and equipment by geographic location is approximately as follows:

 

   December 31, 
   2022   2021 
Property and equipment          
United States  $1,800   $516