Annual report pursuant to Section 13 and 15(d)

Segment reporting

v3.22.0.1
Segment reporting
12 Months Ended
Dec. 31, 2021
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. 

                       
    Year ended December 31, 2021  
    Focus     AVX     Total  
                   
Revenue   $ 1,152,404     $ 252,958     $ 1,405,362  
Revenue - related party     29,084             29,084  
Total revenue     1,181,488       252,958       1,434,446  
                         
Cost and Operating Expenses                        
Cost of Revenue, excluding depreciation & amortization     926,907       209,408       1,136,315  
Selling expense     26,512       13,309       39,821  
Compensation - officers and directors     661,171             661,171  
Research and development     220,469             220,469  
Professional fees     1,025,812       4,347       1,030,159  
General and administrative     1,081,627       281,471       1,363,098  
Total Cost and Operating Expenses     3,942,498       508,535       4,451,033  
                         
Loss from Operations     (2,761,010 )     (255,577 )     (3,016,587 )
                         
Other Income (Expense):                        
Interest income (expense), net     (35,731 )     (1,877 )     (37,608 )
Gain on extinguishment of debt     152,990       218,128       371,118  
Change in fair value of warrant liability     (1,284,780 )           (1,284,780 )
Gain on settlement of derivative liability     550,406             550,406  
Other income (expense), net     201,212       (4,738 )     196,474  
Total other income (expense)     (415,903 )     211,513       (204,390 )
                         
Loss before income taxes     (3,176,913 )     (44,064 )     (3,220,977 )
                         
Tax expense                  
                         
Net Loss   $ (3,176,913 )   $ (44,064 )   $ (3,220,977 )