Quarterly report pursuant to Section 13 or 15(d)

Segment reporting

v3.24.1.1.u2
Segment reporting
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
Segment reporting

Note 10 – Segment reporting

 

The Company currently has three 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 three months ended March 31, 2024:

                       
    For the Three Months Ended March 31, 2024  
    Corporate     IoT Products     IoT Installation Services     Total  
                         
Revenue   $ –     $ 179,505     $ 39,653     $ 219,158  
                                 
Cost of revenue     –       105,082       114,275       219,357  
                                 
Gross profit (loss)     –       74,423       (74,622 )     (199 )
                                 
Total operating expense     1,299,360       16,664       3,587       1,319,611  
                                 
Income (loss) from operations     (1,299,360 )     57,759       (78,209 )     (1,319,810 )
                                 
Total other income (expense)     2,737       335       1,141       4,213  
                                 
Net income (loss)   $ (1,296,623 )   $ 58,094     $ (77,068 )   $ (1,315,597 )

 

The following tables summarize the financial information of each operating segment of the Company for the three months ended March 31, 2023:

                         
    For the Three Months Ended March 31, 2023  
    Corporate     IoT Products     IoT Installation Services     Total  
                         
Revenue   $ –     $ 13,281     $ 222,814     $ 236,095  
                                 
Cost of revenue     –       8,803       171,941       180,744  
                                 
Gross profit     –       4,478       50,873       55,351  
                                 
Total operating expense     1,237,660       6,421       52,244       1,296,325  
                                 
Loss from operations     (1,237,660 )     (1,943 )     (1,371 )     (1,240,974 )
                                 
Total other income (expense)     128,835       109       (2,213 )     126,731  
                                 
Net loss   $ (1,108,825 )   $ (1,834 )   $ (3,584 )   $ (1,114,243 )