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BUSINESS SEGMENT AND GEOGRAPHIC INFORMATION
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
BUSINESS SEGMENT AND GEOGRAPHIC INFORMATION

9. BUSINESS SEGMENT AND GEOGRAPHIC 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: 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 circuit protection and controls equipment used primarily by large industrial and commercial operations to manage their electrical power distribution needs. The Critical Power segment provides mobile high capacity charging equipment, power generation equipment and aftermarket field-services in order to help customers secure fast vehicle charging where fixed charging infrastructure does not exist, and additionally to ensure smooth, uninterrupted power to operations during times of emergency.

 

The following tables present information about segment loss and income:

 

 

   2024   2023 (Restated) 
   Three Months Ended 
   March 31, 
   2024   2023 (As Restated) 
Revenues        
Electrical Infrastructure          
Equipment  $5,275   $6,809 
Service   -    - 
Revenues   5,275    6,809 
Critical Power Solutions          
Equipment   1,327    684 
Service   1,988    2,062 
Revenues   3,315    2,746 
Consolidated  $8,590   $9,555 

 

   2024   2023 
   Three Months Ended 
   March 31, 
   2024   2023 
Depreciation and amortization          
Electrical Infrastructure  $24   $15 
Critical Power Solutions   128    186 
Unallocated corporate overhead expenses   2    2 
Consolidated  $154   $203 

 

   2024   2023 (Restated) 
   Three Months Ended 
   March 31, 
   2024   2023 (As Restated) 
Operating (loss) income          
Electrical Infrastructure  $620   $1,862 
Critical Power Solutions   (560)   (436)
Unallocated corporate overhead expenses   (1,166)   (751)
Consolidated  $(1,106)  $675 

 

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

 

   Three Months Ended 
   March 31, 
   2024   2023 (As Restated) 
Revenues          
United States  $8,590   $9,555