Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v3.22.1
Segment Information
 3 Months Ended
Mar. 31, 2022
Segment Information [Abstract]  
Segment Information NOTE 12 – SEGMENT INFORMATION

The Company classifies its business operations into two segments as follows:

Solar: generates revenue through the sale and installation of residential and commercial solar systems, battery storage, and grid service solutions.

IT Solutions & Services: provides technology solutions that address prevalent IT challenges, including network resiliency, security products and services, network virtualization, and cloud migrations, IT managed services, wired and wireless network design and implementation, and converged infrastructure configuration, deployment and management.

Our chief operating decision maker evaluates segment financial performance based on segment revenues and segment operating income and allocates resources to achieve our operating profit goals through these two operating segments. Management has chosen to organize the Company and disclose reportable segments based on our products and services. Intercompany revenues are eliminated upon consolidation.

Information concerning the Company’s operations in its segments for the three-month periods ended March 31, 2022 and 2021 are as follows:

IT Solutions &

Solar

Services

Total

Three Months Ended March 31, 2022

Sales

$

232,000

$

87,000

$

319,000

Cost of sales

166,000

58,000

224,000

Gross profit

66,000

29,000

95,000

Selling, general and

administrative expenses

256,000

41,000

297,000

Amortization expense

357,000

—

357,000

Transaction costs

950,000

19,000

969,000

Operating loss

(1,497,000)

(31,000)

(1,528,000)

Other expense

(351,000)

(5,000)

(356,000)

Loss before income tax

$

(1,848,000)

$

(36,000)

$

(1,884,000)

Depreciation and amortization

$

358,000

$

4,000

$

362,000

Assets

$

43,021,000

$

16,771,000

$

59,792,000

IT Solutions &

Solar

Services

Total

Three Months Ended March 31, 2021

Sales

$

—

$

—

$

—

Cost of sales

—

—

—

Gross profit

—

—

—

Selling, general and

administrative expenses

231,000

—

231,000

Amortization expense

357,000

—

357,000

Transaction costs

169,000

—

169,000

Operating loss

(757,000)

—

(757,000)

Other expense

(311,000)

—

(311,000)

Loss before income tax

$

(1,068,000)

$

—

$

(1,068,000)

Depreciation and amortization

$

357,000

$

—

$

357,000

Assets

$

4,163,000

$

—

$

4,163,000