Annual report pursuant to Section 13 and 15(d)

16. Segment reporting

v3.21.1
16. Segment reporting
12 Months Ended
Dec. 31, 2020
Segment Reporting [Abstract]  
Segment reporting

Note 16 – Segment reporting

 

The Company consists of two types of operations. Focus Universal, Inc. and Perfecular Inc. (“Focus”) involve wholesale, research and development of universal smart instrument and farming devices. AVX Design & Integration, Inc. (“AVX”) is an IoT installation and management company, specializes in high performance and easy to use Audio/Video, Home Theater, Lighting Control, Automation and Integration. The table below discloses income statement information by segment.

 

    Year ended December 31, 2020  
    Focus     AVX     Total  
                   
Revenue   $ 946,641     $ 705,877     $ 1,652,518  
Revenue - related party     26,449             26,449  
Total revenue     973,090       705,877       1,678,967  
                         
Cost of Revenue     728,597       666,590       1,395,187  
                         
Gross Profit     244,493       39,287       283,780  
                         
Operating Expenses:                        
Selling     13,650       8,940       22,590  
Compensation - officers     142,100             142,100  
Research and development     256,636             256,636  
Professional fees     1,291,729       5,431       1,297,160  
General and administrative     959,426       309,781       1,269,207  
Total Operating Expenses     2,663,541       324,152       2,987,693  
                         
Loss from Operations     (2,419,048 )     (284,865 )     (2,703,913 )
                         
Other Income (Expense):                        
Interest income (expense), net     (2,073 )     (1,999 )     (4,072 )
Interest (expense) – related party     (81 )           (81 )
Other income     154,194       16,759       170,953  
Total other income (expense)     152,040       14,760       166,800  
                         
Loss before income taxes     (2,267,008 )     (270,105 )     (2,537,113 )
                         
Tax expense                  
                         
Net Loss   $ (2,267,008 )   $ (270,105 )   $ (2,537,113 )