Annual report pursuant to Section 13 and 15(d)

Segment reporting

v3.24.1
Segment reporting
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Segment reporting

Note 11 – Segment reporting

 

The Company currently has two operating segments. First, Focus and Focus Shenzhen collectively operate our “Corporate and R&D” segment, 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 that spread across all functional categories and research and development of technology products. Second, 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 third, 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 year ended December 31, 2023:

                       
    Year Ended December 31, 2023  
    Corporate     IoT Products     IoT Installation Services     Total  
                         
Revenue   $ –     $ 281,117     $ 705,538     $ 986,655  
Revenue - related party     –       28,375       37,168       65,543  
Total revenue     –       309,492       742,706       1,052,198  
                                 
Cost of revenue     –       214,943       743,470       958,413  
                                 
Gross profit     –       94,549       (764 )     93,785  
                                 
Total operating expense     4,957,244       72,825       26,523       5,056,592  
                                 
Income (loss) from operations     (4,957,244 )     21,724       (27,287 )     (4,962,807 )
                                 
Total other income (expense)     214,225       (5,680 )     36,120       244,665  
                                 
Net income (loss)   $ (4,743,019 )   $ 16,044     $ 8,833     $ (4,718,142 )

 

The following tables summarize the financial information of each operating segment of the Company for the year ended December 31, 2022:

                         
    Year Ended December 31, 2022  
    Corporate     IoT Products     IoT Installation Services     Total  
                         
Revenue   $ –     $ 51,302     $ 252,535     $ 303,837  
Revenue - related party     –       41,536       8,246       49,782  
Total revenue     –       92,838       260,781       353,619  
                                 
Cost of revenue     –       84,296       246,603       330,899  
                                 
Gross profit     –       8,542       14,178       22,720  
                                 
Total operating expense     4,463,852       449,060       315,454       5,228,366  
                                 
Loss from operations     (4,463,852 )      (440,518 )     (301,276 )     (5,205,646 )
                                 
Total other income (expense)     127,165       158,259       (6,715 )     278,709  
                                 
Net loss   $ (4,336,687 )   $ (282,259 )   $ (307,991 )   $ (4,926,937 )