| Segment Reporting |
Note 12 – Segment Reporting
ASC Topic 280, “Segment Reporting,”
requires use of the “management approach” model for segment reporting. The management approach model is based on the way a
company’s management organizes segments within the company for making operating decisions and assessing performance. The Company
has two reportable segments: Optron and Overhoff. Optron is located in Canoga Park, California and Overhoff is located in Milford, Ohio.
The assets and operations of the Company’s recent acquisition of the assets of Electronic Control Concepts are included with Overhoff
in the table below. The assets and operations of the Company’s subsidiary, Cali From Above, are through March 3, 2023, which is
the date the Company divested its interest in Cali and are included with Optron in the table below.
The following tables summarize the Company’s
segment information for the three and six months ended June 30, 2023, and 2022:
| | |
Three Months Ended | | |
Six Months Ended | |
| | |
June 30, | | |
June 30, | |
| | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| | |
| | |
| | |
| | |
| |
| Sales | |
| | |
| | |
| | |
| |
| Optron | |
$ | (135,587 | ) | |
$ | 22,176 | | |
$ | 95,764 | | |
$ | 79,213 | |
| Overhoff | |
| 480,387 | | |
| 560,349 | | |
| 898,743 | | |
| 842,870 | |
| Corporate | |
| - | | |
| - | | |
| - | | |
| - | |
| | |
$ | 346,801 | | |
$ | 582,525 | | |
$ | 994,507 | | |
$ | 922,083 | |
| | |
| | | |
| | | |
| | | |
| | |
| Gross profit | |
| | | |
| | | |
| | | |
| | |
| Optron | |
$ | (198,201 | ) | |
$ | 127 | | |
$ | (39,681 | ) | |
$ | 44,209 | |
| Overhoff | |
| 232,855 | | |
| 262,627 | | |
| 509,924 | | |
| 445,822 | |
| Corporate | |
| - | | |
| - | | |
| - | | |
| - | |
| | |
$ | 34,654 | | |
$ | 262,754 | | |
$ | 470,243 | | |
$ | 490,031 | |
| | |
| | | |
| | | |
| | | |
| | |
| Income (loss) from operations | |
| | | |
| | | |
| | | |
| | |
| Optron | |
$ | (425,377 | ) | |
$ | (353,012 | ) | |
$ | (479,350 | ) | |
$ | (571,850 | ) |
| Overhoff | |
| (3,445 | ) | |
| 193,058 | | |
| 33,542 | | |
| (122,294 | ) |
| Corporate | |
| (248,656 | ) | |
| (106,045 | ) | |
| (531,906 | ) | |
| (224,081 | ) |
| | |
$ | (677,477 | ) | |
$ | (265,999 | ) | |
$ | (977,713 | ) | |
$ | (918,225 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Interest Expenses | |
| | | |
| | | |
| | | |
| | |
| Optron | |
$ | 4,618 | | |
$ | 1,411 | | |
$ | 9,890 | | |
$ | 3,856 | |
| Overhoff | |
| 4,935 | | |
| 1,112 | | |
| 8,591 | | |
| 2,084 | |
| Corporate | |
| 11,147 | | |
| - | | |
| 24,359 | | |
| - | |
| | |
$ | 20,700 | | |
$ | 2,523 | | |
$ | 42,840 | | |
$ | 5,940 | |
| | |
| | | |
| | | |
| | | |
| | |
| Net income (loss) | |
| | | |
| | | |
| | | |
| | |
| Optron | |
$ | (422,455 | ) | |
$ | (348,423 | ) | |
$ | (489,240 | ) | |
$ | (563,706 | ) |
| Overhoff | |
| (13,380 | ) | |
| 179,946 | | |
| 24,951 | | |
| (136,378 | ) |
| Corporate | |
| (435,683 | ) | |
| (349,051 | ) | |
| (1,071,763 | ) | |
| (415,856 | ) |
| | |
$ | (871,518 | ) | |
$ | (517,528 | ) | |
$ | (1,536,052 | ) | |
$ | (1,115,940 | ) |
| | |
As
of
June 30,
2023 | | |
As of
December 31,
2022 | |
| Total Assets | |
| | |
| |
| Optron | |
$ | 720,964 | | |
$ | 1,021,817 | |
| Overhoff | |
| 2,228,777 | | |
| 2,037,988 | |
| Corporate | |
| 24,354 | | |
| 48,932 | |
| | |
$ | 2,974,095 | | |
$ | 3,108,737 | |
| | |
| | | |
| | |
| Goodwill | |
| | | |
| | |
| Optron | |
$ | - | | |
$ | - | |
| Overhoff | |
| 570,176 | | |
| 570,176 | |
| Corporate | |
| - | | |
| - | |
| | |
$ | 570,176 | | |
$ | 570,176 | |
|