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Segment Information
 9 Months Ended
Jun. 30, 2020
Segment Reporting [Abstract]  
Segment Information

NOTE 4 – SEGMENT INFORMATION

 

The Company reports and evaluates financial information for two segments: Advanced Technologies (AT) segment, and the Industrial Services (IS) segment. The AT segment develops smart devices and provides progressive design and development solutions to create impactful experiences for mobile, web, virtual and augmented reality, wearables and television as well as providing cutting edge, mission critical security and video surveillance. The IS segment offers single-source expertise and services for rigging, millwrighting, in plant maintenance, equipment erection, relocation, and disassembly to diversified customers in USA in industries such as: chemical, steel, printing, construction, & petrochemical.

  

The following tables summarize the Company’s segment information:

 

    For the three months ended     For the nine months ended  
    June 30,     June 30,  
    2020     2019     2020     2019  
Revenues from external customers                                
Advanced Technologies   $ 4,977,424     $ 6,528,486     $ 18,389,057     $ 13,924,097  
Industrial Services     3,463,443       4,400,447       14,385,740       14,447,830  
Total revenues   $ 8,440,867     $ 10,928,933     $ 32,774,797     $ 28,371,927  
                                 
Gross profit                                
Advanced Technologies   $ 1,837,957     $ 2,528,340     $ 8,712,543     $ 5,831,813  
Industrial Services     1,441,895       1,529,673       5,261,899       5,220,582  
Total gross profit   $ 3,279,852     $ 4,058,013     $ 13,974,442     $ 11,052,395  
                                 
Operating loss                                
Advanced Technologies   $ (1,854,346 )   $ (391,053 )   $ (2,494,371 )   $ (4,058,782 )
Industrial Services     (804,397 )     106,132       (832,532 )     (391,511 )
Total operating loss   $ (2,658,743 )   $ (284,921 )   $ (3,326,903 )   $ (4,450,293 )
                                 
Other expense                                
Advanced Technologies   $ (1,795,637 )   $ (351,466 )   $ (2,868,033 )   $ (545,851 )
Industrial Services     (28,330 )     (1,811,388 )     (114,637 )     (2,596,361 )
Total other expense   $ (1,823,967 )   $ (2,162,854 )   $ (2,982,670 )   $ (3,142,212 )
                                 
Depreciation and Amortization                                
Advanced Technologies   $ 253,712     $ 245,248     $ 1,019,779     $ 1,112,240  
Industrial Services     477,508       750,293       1,139,159       2,096,693  
Total depreciation and amortization   $ 731,220     $ 995,541     $ 2,158,938     $ 3,208,933  

 

    June 30,     September 30,  
    2020     2019  
Identifiable Assets                
Advanced Technologies   $ 38,335,385     $ 19,365,582  
Industrial Services     15,673,359       16,209,838  
Discontinued operations     8,817,277     $ 8,817,277  
Total Assets   $ 62,826,021     $ 44,392,697  

 

 

The Company generates revenue from product sales and services from its subsidiaries located in the United States, The United Kingdom, and India. Revenue information for the Company is as follows:

 

    For the three months ended     For the nine months ended  
    June 30,     June 30,     June 30,     June 30,  
Revenues   2020     2019     2020     2019  
U.S. Operations   $ 8,341,384     $ 10,811,119     $ 32,464,794     $ 27,987,544  
Non-U.S. Operations     99,483       117,814       310,003       384,383  
    $ 8,440,867     $ 10,928,933     $ 32,774,797     $ 28,371,927