Quarterly report pursuant to Section 13 or 15(d)

Segment reporting

v3.23.2
Segment reporting
 6 Months Ended
Jun. 30, 2023
Segment Reporting [Abstract]  
Segment reporting

Note 12 – 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.

                               
    Six Months Ended June 30, 2023  
   

Corporate

and R&D

    

IoT

Products

    

IoT Installation

Services

     Total  
                         
Revenue   $ –     $ 78,148     $ 373,338     $ 451,486  
Revenue – related party     –       –       –       –  
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  
                                 
Operating Expenses                                
Selling expense     31,462       32,660       10,812       74,934  
Compensation – officers and directors     560,937       –       –       560,937  
Research and development     619,473       –       –       619,473  
Professional fees     373,964       –       –       373,964  
General and administrative     704,878       8,378       91,380       804,635  
Total Cost and Operating Expenses     2,290,714       41,038       102,192       2,433,943  
                                 
Loss from Operations     (2,290,714 )     (19,245 )     (2,501 )     (2,312,460 )
                                 
Other Income (Expense):                                
Interest income (expense), net     30,591       3       (40 )     30,554  
Gain on bargain purchase     61,747       –       –       61,747  
Unrealized loss on marketable equity securities     27,565       –       –       27,565  
Realized loss on marketable equity securities     (14,249 )     –       –       (14,249 )
Rental income     80,293       –       –       80,293  
Other income (expense), net     (4,464 )     1,999       (3,394 )     (5,859 )
Total other income (expense)     181,483       2,002       (3,434 )     180,051  
                                 
Loss before income taxes     (2,109,231 )     (17,243 )     (5,935 )     (2,132,409 )
                                 
Tax expense     –       –       –       –  
                                 
Net Loss   $ (2,109,231 )   $ (17,243 )   $ (5,935 )   $ (2,132,409 )

 

 

                         
    Six Months Ended June 30, 2022  
   

Corporate

and R&D

    

IoT

Products

    

IoT Installation

Services

     Total  
                         
Revenue   $ –     $ 47,650     $ 140,339     $ 187,989  
Revenue – related party     –       31,542       2,278       33,820  
Total revenue     –       79,192       142,617       221,809  
                                 
Cost of revenue     –       61,310       139,861       201,171  
                                 
Gross Profit     –       17,882       2,756       20,638  
                                 
Operating Expenses                                
Selling expense     –       48,085       7,802       55,887  
Compensation – officers and directors     604,290       –       –       604,290  
Research and development     729,105       –       –       729,105  
Professional fees     535,207       –       –       535,207  
General and administrative     970,132       123,108       132,118       1,225,358  
Total Cost and Operating Expenses     2,838,734       171,193       139,920       3,149,847  
                                 
Loss from Operations     (2,838,734 )     (153,311 )     (137,164 )     (3,129,209 )
                                 
Other Income (Expense):                                
Interest income (expense), net     490       (288 )     48       250  
Gain on bargain purchase     –       –       –       –  
Unrealized loss on marketable equity securities     (74,626 )     –       –       (74,626 )
Realized loss on marketable equity securities     10,281       –       –       10,281  
Rental income     78,342       –       –       78,342  
Other income (expense), net     28,218       160,117       (3,600 )     184,735  
Total other income (expense)     42,705       159,829       (3,552 )     198,982  
                                 
Loss before income taxes     (2,796,029 )     6,518       (140,716 )     (2,930,227 )
                                 
Tax expense     –       –       –       –  
                                 
Net Loss   $ (2,796,029 )   $ 6,518     $ (140,716 )   $ (2,930,227 )