Annual report pursuant to Section 13 and 15(d)

16. Segment reporting

v3.20.1
16. Segment reporting
12 Months Ended
Dec. 31, 2019
Segment Reporting [Abstract]  
Segment reporting

Note 16 – Segment reporting

 

The Company consists of two types of operations. Focus Universal, Inc. and Perfecular Inc. (“Focus”) involves 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, 2019  
    Focus     AVX     Total  
                   
Revenue   $ 628,953     $ 817,233     $ 1,446,186  
Revenue - related party     14,184             14,184  
Total revenue     643,137       817,233       1,460,370  
                         
Cost of Revenue     461,076       881,063       1,342,139  
                         
Gross Profit     182,061       (63,830 )     118,231  
                         
Operation Expenses:                        
Selling     23,907       22,717       46,624  
Compensation - officers     150,154             150,154  
Research and development     255,232             255,232  
Professional fees     1,370,262       6,733       1,376,995  
General and administrative     835,999       277,202       1,113,201  
Goodwill impairment     458,490             458,490  
Intangible assets impairment     47,975             47,975  
Total Operating Expenses     3,142,019       306,652       3,448,671  
                         
Loss from Operations     (2,959,958 )     (370,482 )     (3,330,440 )
                         
Other Income (Expense)                        
Interest income (expense), net     2,273       (16 )     2,257  
Interest (expense) – related party     (1,750 )           (1,750 )
Other income     154,390             154,390  
Total other income (expense)     154,913       (16 )     154,897  
                         
Loss before income taxes     (2,805,045 )     (370,498 )     (3,175,543 )
                         
Tax expense                  
                         
Net Loss   $ (2,805,045 )   $ (370,498 )   $ (3,175,543 )