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SEGMENT INFORMATION
 6 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
SEGMENT INFORMATION

NOTE 6 – SEGMENT INFORMATION

 

The Company reports and evaluates financial information for two reportable segments: the Security segment and the Industrial Services segment.

 

The following tables summarize the Company’s reportable segment information and unallocated corporate expenses:

 

   Security   Industrial Services   Corporate   Consolidated   Security   Industrial Services   Corporate   Consolidated 
   Three months ended March 31, 2024   Three months ended March 31, 2023  
  Reportable Segments            Reportable Segments          
   Security   Industrial Services   Corporate   Consolidated   Security   Industrial Services   Corporate   Consolidated 
Revenues  $8,084,932   $9,074,663   $-   $17,159,595   $9,913,898   $6,159,499   $-   $16,073,397 
Cost of revenues   3,971,963    6,248,216    -    10,220,179    4,793,817    3,941,099    -    8,734,916 
Gross profit  $4,112,969   $2,826,447   $-   $6,939,416   $5,120,081   $2,218,400   $-   $7,338,481 
Operating expenses                                        
Sales, general, and administrative   3,833,596    1,897,269    984,403    6,715,268    2,965,659    1,336,313    807,242    5,109,214 
Depreciation and amortization   71,260    233,629    -    304,889    31,543    157,385    20,125    209,053 
Research and development   951,400    -    -    951,400    1,615,341    -    -    1,615,341 
Operating income/(loss)  $(743,287)  $695,549   $(984,403)  $(1,032,141)   507,538    724,702    (827,367)   404,873 
                                         
Other income/(expense)  $(138,633)  $(78,289)  $(231,117)  $(448,039)  $337,191   $(29,866)  $(1,265,959)  $(958,634)

 

   Security   Industrial Services   Corporate   Consolidated   Security   Industrial Services   Corporate   Consolidated 
   Six months ended March 31, 2024   Six months ended March 31, 2023  
   Reportable Segments             Reportable Segments           
   Security   Industrial Services   Corporate   Consolidated   Security   Industrial Services   Corporate   Consolidated 
Revenues  $17,252,733   $16,785,028   $-   $34,037,761   $16,918,642   $11,124,997   $-   $28,043,639 
Cost of revenues   8,622,817    11,393,129    -    20,015,946    8,394,871    7,267,672    -    15,662,543 
Gross profit  $8,629,916   $5,391,899   $-   $14,021,815   $8,523,771   $3,857,325   $-   $12,381,096 
Operating expenses                                        
General, and administrative   8,161,224    3,426,532    1,731,177    13,318,933    5,715,088    2,525,178    1,793,951    10,034,217 
Depreciation and amortization   199,412    473,778    -    673,190    71,203    324,906    52,279    448,388 
Research and development   1,800,205    -    -    1,800,205    3,445,054    -    -    3,445,054 
Operating (loss)/income  $(1,530,925)  $1,491,589   $(1,731,177)  $(1,770,513)  $(707,574)  $1,007,241   $(1,846,230)  $(1,546,563)
                                         
Other income/(expense)  $(272,894)  $(186,433)  $(493,984)  $(953,311)  $224,792   $(61,426)  $(2,267,317)  $(2,103,951)

 

Unallocated corporate expenses mainly relate to payroll and benefits for corporate officers, investor relation expenses, accounting expenses related audit and taxes, legal expenses related to corporate matters, and interest expense on notes payable.