General form of registration statement for all companies including face-amount certificate companies

16. Segment reporting

v3.21.1
16. Segment reporting
 3 Months Ended 12 Months Ended
Mar. 31, 2021
Dec. 31, 2020
Segment Reporting [Abstract]    
Segment reporting

Note 12 – 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 specializing 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.

 

    Three months ended March 31, 2021  
    Focus     AVX     Total  
                   
Revenue   $ 313,530     $ 39,742     $ 353,272  
Revenue - related party     10,191       –       10,191  
Total revenue     323,721       39,742       363,463  
                         
Cost of Revenue     254,223       38,040       292,263  
                         
Gross Profit     69,498       1,702       71,200  
                         
Operating Expenses:                        
Selling     332       180       512  
Compensation - officers     39,100       –       39,100  
Research and development     63,150       –       63,150  
Professional fees     376,633       914       377,547  
General and administrative     239,513       70,571       310,084  
Total Operating Expenses     718,728       71,665       790,393  
                         
Loss from Operations     (649,230 )     (69,963 )     (719,193 )
                         
Other Income (Expense):                        
Interest income (expense), net     (6,670 )     (863 )     (7,533 )
Interest (expense) – related party     –       –       –  
Other income (expense), net     45,385       (1,175 )     44,210  
Total other income (expense)     38,715       (2,038 )     36,677  
                         
Loss before income taxes     (610, 515       (72,003 )     (682,516 )
                         
Tax expense     –       –       –  
                         
Net Loss   $ (610,515 )   $ (72,003 )   $ (682,516 )

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 )