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Segment reporting
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Segment reporting

Note 10 – Segment reporting

 

The Company currently has two operating segments in addition to our corporate overhead, which involves the non-specific financing, executive expense, operations and investor relations of our public entity, and the general shared management and costs across the Company’s subsidiaries. First, Perfecular, AVX (doing business as Smart AVX) and Lusher jointly operate the “IoT Products” segment, which involves the wholesale, marketing, and production of our universal smart instruments and devices in the hydroponic and controlled agriculture segments and of our smart instruments into the commercial and home automation sectors. And second, AVX (exclusive of the smart IoT Products sales under Smart AVX) and AT Tech Systems cooperatively run our “IoT Installation Services” segment, which handles our IoT installation and management business specializing in high performance and easy to use audio/video systems, home theaters, lighting control, automation, and integration.

 

The following tables summarize the financial information of each operating segment of the Company for the six months ended June 30, 2024:

                
   For the Six Months Ended June 30, 2024 
   Corporate   IoT Products   IoT Installation Services   Total 
                 
Revenue  $–   $190,739   $48,172   $238,911 
                     
Cost of revenue   –    93,156    158,035    251,191 
                     
Gross profit (loss)   –    97,583    (109,863)   (12,280)
                     
Total operating expense   2,637,653    32,028    16,986    2,686,667 
                     
Income (loss) from operations   (2,637,653)   65,555    (126,849)   (2,698,947)
                     
Total other income (expense)   15,176    907    2,161    18,244 
                     
Net income (loss)  $(2,622,477)  $66,462   $(124,688)  $(2,680,703)

 

The following tables summarize the financial information of each operating segment of the Company for the six months ended June 30, 2023:

                 
   For the Six Months Ended June 30, 2023 
   Corporate   IoT Products   IoT Installation Services   Total 
                 
Revenue  $–   $78,148   $373,338   $451,486 
                     
Cost of revenue   –    56,355    273,648    330,003 
                     
Gross profit   –    21,793    99,690    121,483 
                     
Total operating expense   2,290,714    41,038    102,191    2,433,943 
                     
Loss from operations   (2,290,714)   (19,245)   (2,501)   (2,312,460)
                     
Total other income (expense)   181,483    2,002    (3,434)   180,051 
                     
Net loss  $(2,109,231)  $(17,243)  $(5,935)  $(2,132,409)