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BUSINESS SEGMENT, GEOGRAPHIC AND CUSTOMER INFORMATION
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
BUSINESS SEGMENT, GEOGRAPHIC AND CUSTOMER INFORMATION

14. 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. In determining operating and reportable segments in accordance with Financial Accounting Standards Board Accounting Standards Codification 280, Segment Reporting, the Company concluded that it has two reportable segments, which are also its operating segments: Electrical Infrastructure and Critical Power. The Critical Power reportable segment is the Company’s Titan Energy Systems, Inc. business unit. The Electrical Infrastructure reportable segment is the Company’s Pioneer Custom Electrical Products Corp. business unit.

 

The Electrical Infrastructure segment is involved in the design, manufacture and sale of electrical distribution and control equipment used primarily by large industrial and commercial operations to manage their electrical power distribution needs. The Critical Power segment is involved in the sale and service of power generation equipment and provides mobile high-capacity charging solutions, as well as aftermarket field-services, in order to help customers secure mobile fast-charging where fixed charging infrastructure does not exist.

 

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

 

   2023   2022 
   Year Ended 
   December 31, 
   2023   2022
(Restated)		 
Revenues        
Electrical Infrastructure          
Equipment  $30,302   $16,260 
Service   75    10 
Revenues   30,377    16,270 
Critical Power Solutions          
Equipment   3,413    2,229 
Service   7,703    7,379 
Revenues   11,116    9,608 
Consolidated  $41,493   $25,878 

 

   2023   2022 
   Year Ended 
   December 31, 
   2023   2022 
Depreciation and amortization          
Electrical Infrastructure  $73   $56 
Critical Power Solutions   639    384 
Unallocated corporate overhead expenses   9    26 
Consolidated  $721   $466 

 

   2023   2022 
   Year Ended 
   December 31, 
   2023   2022
(Restated)		 
Operating income (loss)          
Electrical Infrastructure  $4,380   $3 
Critical Power Solutions   (2,515)   (2,003)
Unallocated corporate overhead expenses   (4,519)   (3,810)
Consolidated  $(2,654)  $(5,810)

 

 

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

 

   2023   2022 
   December 31, 
   2023   2022
(Restated)		 
Assets        
Electrical Infrastructure  $14,320   $16,409 
Critical Power Solutions   9,409    8,009 
Corporate   9,293    10,970 
Consolidated  $33,022   $35,388 

 

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

 

   Year Ended 
   December 31, 
   2023   2022
(Restated)		 
Revenues        
United States  $41,493   $25,878 

 

Approximately 42% and 20% of the Company’s sales during the year ended December 31, 2023 were made to Enchanted Rock Electric, LLC and Sequel Electrical Supply, LLC, respectively. Approximately 43% and 10% of the Company’s sales during the year ended December 31, 2022 were made to Enchanted Rock Electric, LLC and Southern California Gas Company, respectively.

 

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

 

   December 31, 
   2023   2022 
Property and equipment          
United States  $3,899   $1,800