Quarterly report pursuant to Section 13 or 15(d)

Segment reporting

v3.24.2.u1
Segment reporting
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Segment reporting

Note 10 – Segment reporting

 

The Company currently has two operating segments in addition to our corporate overhead, 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. First, 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 second, 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 six months ended June 30, 2024:

                       
    For the Six Months Ended June 30, 2024  
    Corporate     IoT Products     IoT Installation Services     Total  
                         
Revenue   $ –     $ 190,739     $ 48,172     $ 238,911  
                                 
Cost of revenue     –       93,156       158,035       251,191  
                                 
Gross profit (loss)     –       97,583       (109,863 )     (12,280 )
                                 
Total operating expense     2,637,653       32,028       16,986       2,686,667  
                                 
Income (loss) from operations     (2,637,653 )     65,555       (126,849 )     (2,698,947 )
                                 
Total other income (expense)     15,176       907       2,161       18,244  
                                 
Net income (loss)   $ (2,622,477 )   $ 66,462     $ (124,688 )   $ (2,680,703 )

 

The following tables summarize the financial information of each operating segment of the Company for the six months ended June 30, 2023:

                         
    For the Six Months Ended June 30, 2023  
    Corporate     IoT Products     IoT Installation Services     Total  
                         
Revenue   $ –     $ 78,148     $ 373,338     $ 451,486  
                                 
Cost of revenue     –       56,355       273,648       330,003  
                                 
Gross profit     –       21,793       99,690       121,483  
                                 
Total operating expense     2,290,714       41,038       102,191       2,433,943  
                                 
Loss from operations     (2,290,714 )     (19,245 )     (2,501 )     (2,312,460 )
                                 
Total other income (expense)     181,483       2,002       (3,434 )     180,051  
                                 
Net loss   $ (2,109,231 )   $ (17,243 )   $ (5,935 )   $ (2,132,409 )