Quarterly report pursuant to Section 13 or 15(d)

15. Segment reporting

v3.20.2
15. Segment reporting
9 Months Ended
Sep. 30, 2020
Segment Reporting [Abstract]  
Segment reporting

Note 15 – 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 specializeing in high performance and easy to use audio/gideo, home theater, lighting control, automation, and integration. The table below discloses income statement information by segment.

 

    Nine months ended September 30, 2020  
    Focus     AVX     Total  
                   
Revenue   $ 667,443     $ 600,450     $ 1,267,893  
Revenue - related party     21,267             21,267  
Total revenue     688,710       600,450       1,289,160  
                         
Cost of Revenue     492,533       543,067       1,035,600  
                         
Gross Profit     196,177       57,383       253,560  
                         
Operating Expenses:                        
Selling     8,936       8,760       17,696  
Compensation - officers     102,000             102,000  
Research and development     194,232             194,232  
Professional fees     1,066,525       4,844       1,071,369  
General and administrative     729,186       244,939       974,125  
Total Operating Expenses     2,100,879       258,543       2,359,422  
                         
Loss from Operations     (1,904,702 )     (201,160 )     (2,105,862 )
                         
Other Income (Expense):                        
Interest income (expense), net     (994 )     (849 )     (1,843 )
Interest (expense) – related party     (81 )           (81 )
Other income     113,706       5,747       119,453  
Total other income (expense)     112,631       4,898       117,729  
                         
Loss before income taxes     (1,792,071 )     (196,262 )     (1,988,333 )
                         
Tax expense                  
                         
Net Loss   $ (1,792,071 )   $ (196,262 )   $ (1,988,333 )